OBIL vs. FBND
OBIL (US Treasury 12 Month Bill ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - OBIL is a Government Bonds fund tracking the ICE BofA US 1-Year Treasury Bill Index - Benchmark TR Gross, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. OBIL is passively managed, while FBND is actively managed. Over the past 3 years, OBIL returned 4.54%/yr vs 4.80%/yr for FBND. A 0.56 correlation means they provide meaningful diversification when combined. OBIL charges 0.15%/yr vs 0.36%/yr for FBND.
Performance
OBIL vs. FBND - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OBIL achieves a 1.19% return, which is significantly higher than FBND's 0.61% return.
OBIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.19%
- 6M
- 1.55%
- 1Y
- 3.79%
- 3Y*
- 4.54%
- 5Y*
- —
- 10Y*
- —
FBND
- 1D
- 0.11%
- 1M
- 0.25%
- YTD
- 0.61%
- 6M
- 0.60%
- 1Y
- 5.08%
- 3Y*
- 4.80%
- 5Y*
- 0.86%
- 10Y*
- 2.57%
OBIL vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
OBIL US Treasury 12 Month Bill ETF | 1.19% | 4.19% | 4.94% | 4.69% | 0.53% |
FBND Fidelity Total Bond ETF | 0.61% | 7.57% | 2.13% | 6.81% | 0.71% |
Correlation
The correlation between OBIL and FBND is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2022 | 0.56 |
The correlation between OBIL and FBND has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OBIL vs. FBND — Risk / Return Rank
OBIL
FBND
OBIL vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 12 Month Bill ETF (OBIL) 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.
| OBIL | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.68 | ||
| Sortino ratioReturn per unit of downside risk | +14.04 | ||
| Omega ratioGain probability vs. loss probability | 3.67 | 1.23 | +2.44 |
| Calmar ratioReturn relative to maximum drawdown | 27.26 | 1.91 | +25.35 |
| Martin ratioReturn relative to average drawdown | 148.77 | 5.77 | +143.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| OBIL | FBND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.02 | 1.34 | +5.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.15 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 5.38 | 0.45 | +4.93 |
Drawdowns
OBIL vs. FBND - Drawdown Comparison
The maximum OBIL drawdown since its inception was -0.33%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for OBIL and FBND.
Loading charts...
Drawdown Indicators
| OBIL | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.33% | -17.25% | +16.92% |
Max Drawdown (1Y)Largest decline over 1 year | -0.14% | -2.66% | +2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -0.21% | -5.94% | +5.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.25% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.25% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.32% | +1.32% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -3.35% | +3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.88% | -0.85% |
Volatility
OBIL vs. FBND - Volatility Comparison
The current volatility for US Treasury 12 Month Bill ETF (OBIL) is 0.10%, while Fidelity Total Bond ETF (FBND) has a volatility of 1.26%. This indicates that OBIL experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| OBIL | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 1.26% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 0.33% | 2.73% | -2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.54% | 3.86% | -3.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 5.92% | -5.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.82% | 6.09% | -5.27% |
OBIL vs. FBND - Expense Ratio Comparison
OBIL has a 0.15% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
OBIL vs. FBND - Dividend Comparison
OBIL's dividend yield for the trailing twelve months is around 3.65%, less than FBND's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.70% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
OBIL US Treasury 12 Month Bill ETF | 3.65% | 3.83% | 4.56% | 4.92% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OBIL and FBND have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBND has higher volatility (1.26%) compared to OBIL (0.10%). In terms of maximum drawdown, OBIL dropped -0.33% vs FBND's -17.25%.
On 3-year performance, FBND leads with 4.80% vs 4.54% for OBIL. On fees, OBIL is cheaper at 0.15% per year. On volatility, OBIL has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FBND has performed better with a 4.80% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OBIL is cheaper with a 0.15% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.70%, compared with 3.65% for OBIL.
OBIL is categorized as Government Bonds, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: US Benchmark Series and Fidelity. Their fees differ too: 0.15% for OBIL and 0.36% for FBND.
OBIL currently has the higher Sharpe Ratio (7.02 vs 1.34), 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.
Find the right allocation for OBIL and FBND
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer