OBND vs. FTBD

Last updated Jun 4, 2026

OBND (SPDR Loomis Sayles Opportunistic Bond ETF) and FTBD (Fidelity Tactical Bond ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past 3 years, OBND returned 6.89%/yr vs 5.08%/yr for FTBD. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.

Performance

OBND vs. FTBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Loomis Sayles Opportunistic Bond ETF (OBND) and Fidelity Tactical Bond ETF (FTBD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBND achieves a 1.31% return, which is significantly higher than FTBD's 0.99% return.

OBND

• 1D: -0.23%
• 1M: 0.37%
• YTD: 1.31%
• 6M: 1.22%
• 1Y: 6.61%
• 3Y*: 6.89%
• 5Y*: —
• 10Y*: —

FTBD

• 1D: -0.17%
• 1M: 0.44%
• YTD: 0.99%
• 6M: 0.67%
• 1Y: 6.48%
• 3Y*: 5.08%
• 5Y*: —
• 10Y*: —

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

OBND vs. FTBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OBND SPDR Loomis Sayles Opportunistic Bond ETF	1.31%	7.85%	4.80%	5.20%
FTBD Fidelity Tactical Bond ETF	0.99%	8.35%	1.77%	3.73%

Correlation

The correlation between OBND and FTBD is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 27, 2023	0.86

The correlation between OBND and FTBD has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

OBND vs. FTBD - Sectors Allocation Comparison

Sectors	OBND	FTBD
Financial Services	98.1%	-
Energy	0.6%	100.0%
Technology	0.5%	-
Consumer Defensive	0.3%	-
Healthcare	0.2%	-
Communication Services	0.2%	-
Real Estate	0.1%	-
Consumer Cyclical	0.0%	-
Basic Materials	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

OBND vs. FTBD — Risk / Return Rank

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

OBND

OBND Risk / Return Rank: 58
OBND Sharpe Ratio Rank: 58
OBND Sortino Ratio Rank: 64
OBND Omega Ratio Rank: 62
OBND Calmar Ratio Rank: 47
OBND Martin Ratio Rank: 58

FTBD

FTBD Risk / Return Rank: 44
FTBD Sharpe Ratio Rank: 42
FTBD Sortino Ratio Rank: 45
FTBD Omega Ratio Rank: 41
FTBD Calmar Ratio Rank: 44
FTBD Martin Ratio Rank: 46

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.

OBND vs. FTBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Loomis Sayles Opportunistic Bond ETF (OBND) and Fidelity Tactical Bond ETF (FTBD). 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.

	OBND	FTBD	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.51	+0.46
Sortino ratio: Return per unit of downside risk	2.95	2.22	+0.72
Omega ratio: Gain probability vs. loss probability	1.37	1.27	+0.11
Calmar ratio: Return relative to maximum drawdown	2.30	2.18	+0.12
Martin ratio: Return relative to average drawdown	10.09	7.50	+2.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBND vs. FTBD - Sharpe Ratio Comparison

The current OBND Sharpe Ratio is 1.97, which is higher than the FTBD Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of OBND and FTBD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OBND	FTBD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.51	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.75	-0.26

Drawdowns

OBND vs. FTBD - Drawdown Comparison

The maximum OBND drawdown since its inception was -15.86%, which is greater than FTBD's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for OBND and FTBD.

Drawdown Indicators

	OBND	FTBD	Difference
Max Drawdown Largest peak-to-trough decline	-15.86%	-6.98%	-8.88%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-2.98%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-3.17%	-6.56%	+3.39%
Current Drawdown Current decline from peak	-0.29%	-1.15%	+0.86%
Average Drawdown Average peak-to-trough decline	-4.41%	-1.57%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.87%	-0.21%

Volatility

OBND vs. FTBD - Volatility Comparison

The current volatility for SPDR Loomis Sayles Opportunistic Bond ETF (OBND) is 1.08%, while Fidelity Tactical Bond ETF (FTBD) has a volatility of 1.47%. This indicates that OBND experiences smaller price fluctuations and is considered to be less risky than FTBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBND	FTBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	1.47%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	3.17%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	4.32%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.66%	5.87%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.66%	5.87%	-1.21%

OBND vs. FTBD - Expense Ratio Comparison

Both OBND and FTBD have an expense ratio of 0.55%.

Dividends

OBND vs. FTBD - Dividend Comparison

OBND's dividend yield for the trailing twelve months is around 6.28%, more than FTBD's 5.03% yield.

Position	TTM	2025	2024	2023	2022	2021
FTBD Fidelity Tactical Bond ETF	5.03%	5.04%	4.76%	4.69%	0.00%	0.00%
OBND SPDR Loomis Sayles Opportunistic Bond ETF	6.28%	6.26%	6.53%	6.01%	4.56%	0.55%

Frequently Asked Questions

Can I hold both OBND and FTBD in my portfolio?

OBND and FTBD have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBND or FTBD?

FTBD has higher volatility (1.47%) compared to OBND (1.08%). In terms of maximum drawdown, OBND dropped -15.86% vs FTBD's -6.98%.

Which ETF is better, OBND or FTBD?

On 3-year performance, OBND leads with 6.89% vs 5.08% for FTBD. Both ETFs have the same 0.55% expense ratio. On volatility, OBND has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBND or FTBD?

Over the 3-year period, OBND has performed better with a 6.89% return vs 5.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBND or FTBD?

OBND and FTBD have the same expense ratio: 0.55% per year.

Which ETF pays a higher dividend yield, OBND or FTBD?

OBND has the higher dividend yield at 6.28%, compared with 5.03% for FTBD.

What is the main difference between OBND and FTBD?

They also come from different issuers: State Street and Fidelity.

Which has better risk-adjusted returns?

OBND currently has the higher Sharpe Ratio (1.97 vs 1.51), 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.