SHY vs. FLTB
SHY (iShares 1-3 Year Treasury Bond ETF) and FLTB (Fidelity Limited Term Bond ETF) are both exchange-traded funds - SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while FLTB is a Short-Term Bond fund actively managed by Fidelity. SHY is passively managed, while FLTB is actively managed. Over the past 10 years, SHY returned 1.66%/yr vs 2.43%/yr for FLTB. A 0.64 correlation means they provide meaningful diversification when combined. SHY charges 0.15%/yr vs 0.25%/yr for FLTB.
Performance
SHY vs. FLTB - Performance Comparison
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Returns By Period
In the year-to-date period, SHY achieves a 0.76% return, which is significantly lower than FLTB's 1.06% return. Over the past 10 years, SHY has underperformed FLTB with an annualized return of 1.66%, while FLTB has yielded a comparatively higher 2.43% annualized return.
SHY
- 1D
- 0.00%
- 1M
- 0.14%
- 6M
- 0.77%
- YTD
- 0.76%
- 1Y
- 3.07%
- 3Y*
- 4.13%
- 5Y*
- 1.80%
- 10Y*
- 1.66%
FLTB
- 1D
- -0.06%
- 1M
- 0.06%
- 6M
- 0.92%
- YTD
- 1.06%
- 1Y
- 4.04%
- 3Y*
- 5.51%
- 5Y*
- 2.31%
- 10Y*
- 2.43%
SHY vs. FLTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 0.76% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
FLTB Fidelity Limited Term Bond ETF | 1.06% | 6.60% | 5.14% | 5.94% | -5.88% | -1.20% | 5.57% | 5.87% | 1.06% | 2.10% |
Correlation
The correlation between SHY and FLTB is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.64 |
The correlation between SHY and FLTB shifts across timeframes, from 0.64 (all time) to 0.82 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHY vs. FLTB — Risk / Return Rank
SHY
FLTB
SHY vs. FLTB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) and Fidelity Limited Term Bond ETF (FLTB). 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.
| SHY | FLTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.36 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.47 | 2.67 | +0.81 |
| Martin ratioReturn relative to average drawdown | 13.62 | 11.18 | +2.44 |
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Drawdowns
SHY vs. FLTB - Drawdown Comparison
The maximum SHY drawdown since its inception was -5.71%, smaller than the maximum FLTB drawdown of -9.37%. Use the drawdown chart below to compare losses from any high point for SHY and FLTB.
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Drawdown Indicators
| SHY | FLTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.71% | -9.37% | +3.66% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | -1.52% | +0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -1.52% | +0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -5.71% | -9.26% | +3.55% |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | -9.37% | +3.66% |
Current DrawdownCurrent decline from peak | 0.00% | -0.14% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -1.39% | +0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.36% | -0.13% |
Volatility
SHY vs. FLTB - Volatility Comparison
iShares 1-3 Year Treasury Bond ETF (SHY) and Fidelity Limited Term Bond ETF (FLTB) have volatilities of 0.52% and 0.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHY | FLTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 0.53% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.06% | 1.67% | -0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.39% | 2.10% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.00% | 2.81% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 2.94% | -1.37% |
SHY vs. FLTB - Expense Ratio Comparison
SHY has a 0.15% expense ratio, which is lower than FLTB's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SHY vs. FLTB - Dividend Comparison
SHY's dividend yield for the trailing twelve months is around 3.65%, less than FLTB's 4.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLTB Fidelity Limited Term Bond ETF | 4.37% | 4.31% | 4.11% | 3.20% | 1.63% | 0.89% | 1.56% | 2.67% | 2.50% | 1.78% | 1.59% | 1.63% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.65% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
SHY and FLTB have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLTB has higher volatility (0.53%) compared to SHY (0.52%). In terms of maximum drawdown, SHY dropped -5.71% vs FLTB's -9.37%.
On 10-year performance, FLTB leads with 2.43% vs 1.66% for SHY. On fees, SHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FLTB has performed better with a 2.43% return vs 1.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHY is cheaper with a 0.15% expense ratio, compared with 0.25% for FLTB.
FLTB has the higher dividend yield at 4.37%, compared with 3.65% for SHY.
SHY is categorized as Government Bonds, while FLTB is Short-Term Bond. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.15% for SHY and 0.25% for FLTB.
SHY currently has the higher Sharpe Ratio (2.23 vs 1.94), 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.
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