NFLT vs. FBND

Last updated Jun 13, 2026

NFLT (Virtus Newfleet Multi-Sector Bond ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - NFLT is a Multisector Bonds fund actively managed by Virtus, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past 10 years, NFLT returned 4.09%/yr vs 2.54%/yr for FBND. At a 0.45 correlation, their price movements are largely independent. NFLT charges 0.50%/yr vs 0.36%/yr for FBND.

Performance

NFLT vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Multi-Sector Bond ETF (NFLT) and Fidelity Total Bond ETF (FBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFLT achieves a 1.75% return, which is significantly higher than FBND's 0.70% return. Over the past 10 years, NFLT has outperformed FBND with an annualized return of 4.09%, while FBND has yielded a comparatively lower 2.54% annualized return.

NFLT

• 1D: -0.65%
• 1M: 0.30%
• YTD: 1.75%
• 6M: 2.23%
• 1Y: 7.85%
• 3Y*: 7.50%
• 5Y*: 3.13%
• 10Y*: 4.09%

FBND

• 1D: -0.13%
• 1M: 0.43%
• YTD: 0.70%
• 6M: 1.04%
• 1Y: 4.85%
• 3Y*: 4.89%
• 5Y*: 0.76%
• 10Y*: 2.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NFLT vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NFLT Virtus Newfleet Multi-Sector Bond ETF	1.75%	8.77%	6.05%	9.16%	-9.49%	1.18%	8.02%	10.13%	-2.68%	6.30%
FBND Fidelity Total Bond ETF	0.70%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between NFLT and FBND is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 11, 2015	0.45

The correlation between NFLT and FBND shifts across timeframes, from 0.45 (all time) to 0.64 (5 years), reflecting how their relationship changes across market environments.

NFLT vs. FBND - Sectors Allocation Comparison

Sectors	NFLT	FBND
Utilities	2.7%	27.5%
Financial Services	0.9%	0.2%
Healthcare	0.0%	-
Real Estate	0.0%	-
Technology	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	1.1%
Industrials	-	71.4%

Return for Risk

NFLT vs. FBND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NFLT

NFLT Risk / Return Rank: 72
NFLT Sharpe Ratio Rank: 65
NFLT Sortino Ratio Rank: 71
NFLT Omega Ratio Rank: 68
NFLT Calmar Ratio Rank: 73
NFLT Martin Ratio Rank: 82

FBND

FBND Risk / Return Rank: 40
FBND Sharpe Ratio Rank: 41
FBND Sortino Ratio Rank: 42
FBND Omega Ratio Rank: 38
FBND Calmar Ratio Rank: 41
FBND Martin Ratio Rank: 38

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NFLT vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Multi-Sector Bond ETF (NFLT) and Fidelity Total Bond ETF (FBND). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NFLT	FBND	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.27	+0.61
Sortino ratio: Return per unit of downside risk	2.79	1.90	+0.89
Omega ratio: Gain probability vs. loss probability	1.35	1.22	+0.13
Calmar ratio: Return relative to maximum drawdown	3.26	1.83	+1.43
Martin ratio: Return relative to average drawdown	14.29	5.32	+8.97

NFLT vs. FBND - Sharpe Ratio Comparison

The current NFLT Sharpe Ratio is 1.88, which is higher than the FBND Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of NFLT and FBND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NFLT vs. FBND - Drawdown Comparison

The maximum NFLT drawdown since its inception was -15.17%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for NFLT and FBND.

Drawdown Indicators

	NFLT	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-17.25%	+2.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-2.66%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-3.24%	-5.94%	+2.70%
Max Drawdown (5Y) Largest decline over 5 years	-13.42%	-17.25%	+3.83%
Max Drawdown (10Y) Largest decline over 10 years	-15.17%	-17.25%	+2.08%
Current Drawdown Current decline from peak	-0.65%	-1.23%	+0.58%
Average Drawdown Average peak-to-trough decline	-2.10%	-3.34%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.91%	-0.36%

Volatility

NFLT vs. FBND - Volatility Comparison

Virtus Newfleet Multi-Sector Bond ETF (NFLT) has a higher volatility of 1.64% compared to Fidelity Total Bond ETF (FBND) at 1.35%. This indicates that NFLT's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFLT	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.35%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	3.12%	2.81%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	4.20%	3.83%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.47%	5.92%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.95%	6.10%	-1.15%

NFLT vs. FBND - Expense Ratio Comparison

NFLT has a 0.50% expense ratio, which is higher than FBND's 0.36% expense ratio.

Dividends

NFLT vs. FBND - Dividend Comparison

NFLT's dividend yield for the trailing twelve months is around 5.48%, more than FBND's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.69%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
NFLT Virtus Newfleet Multi-Sector Bond ETF	5.48%	5.74%	5.76%	6.02%	4.16%	3.41%	3.63%	4.33%	4.81%	6.23%	5.30%	0.67%

Frequently Asked Questions

Can I hold both NFLT and FBND in my portfolio?

NFLT and FBND have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFLT or FBND?

NFLT has higher volatility (1.64%) compared to FBND (1.35%). In terms of maximum drawdown, NFLT dropped -15.17% vs FBND's -17.25%.

Which ETF is better, NFLT or FBND?

On 10-year performance, NFLT leads with 4.09% vs 2.54% for FBND. On fees, FBND is cheaper at 0.36% per year. On volatility, FBND has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFLT or FBND?

Over the 10-year period, NFLT has performed better with a 4.09% return vs 2.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLT or FBND?

FBND is cheaper with a 0.36% expense ratio, compared with 0.50% for NFLT.

Which ETF pays a higher dividend yield, NFLT or FBND?

NFLT has the higher dividend yield at 5.48%, compared with 4.69% for FBND.

What is the main difference between NFLT and FBND?

NFLT is categorized as Multisector Bonds, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: Virtus and Fidelity. Their fees differ too: 0.50% for NFLT and 0.36% for FBND.

Which has better risk-adjusted returns?

NFLT currently has the higher Sharpe Ratio (1.88 vs 1.27), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.