SPAB vs. FBND
SPAB (SPDR Portfolio Aggregate Bond ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - SPAB is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. SPAB is passively managed, while FBND is actively managed. Over the past 10 years, SPAB returned 1.50%/yr vs 2.53%/yr for FBND. Their correlation of 0.84 suggests significant overlap in exposure. SPAB charges 0.03%/yr vs 0.36%/yr for FBND.
Performance
SPAB vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, SPAB achieves a 0.41% return, which is significantly lower than FBND's 0.61% return. Over the past 10 years, SPAB has underperformed FBND with an annualized return of 1.50%, while FBND has yielded a comparatively higher 2.53% annualized return.
SPAB
- 1D
- -0.27%
- 1M
- 0.58%
- YTD
- 0.41%
- 6M
- 0.45%
- 1Y
- 4.54%
- 3Y*
- 3.95%
- 5Y*
- 0.04%
- 10Y*
- 1.50%
FBND
- 1D
- -0.26%
- 1M
- 0.58%
- YTD
- 0.61%
- 6M
- 0.71%
- 1Y
- 4.87%
- 3Y*
- 4.69%
- 5Y*
- 0.78%
- 10Y*
- 2.53%
SPAB vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPAB SPDR Portfolio Aggregate Bond ETF | 0.41% | 7.25% | 1.25% | 5.56% | -13.04% | -1.77% | 7.39% | 8.67% | -0.18% | 3.71% |
FBND Fidelity Total Bond ETF | 0.61% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
Correlation
The correlation between SPAB and FBND is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.84 |
The correlation between SPAB and FBND shifts across timeframes, from 0.84 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPAB vs. FBND — Risk / Return Rank
SPAB
FBND
SPAB vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Aggregate Bond ETF (SPAB) 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.
| SPAB | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.22 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.83 | -0.17 |
| Martin ratioReturn relative to average drawdown | 4.66 | 5.27 | -0.60 |
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Drawdowns
SPAB vs. FBND - Drawdown Comparison
The maximum SPAB drawdown since its inception was -18.56%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for SPAB and FBND.
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Drawdown Indicators
| SPAB | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.56% | -17.25% | -1.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -2.66% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -6.08% | -5.94% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -17.25% | -0.71% |
Max Drawdown (10Y)Largest decline over 10 years | -18.56% | -17.25% | -1.31% |
Current DrawdownCurrent decline from peak | -2.15% | -1.32% | -0.83% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -3.34% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.93% | +0.04% |
Volatility
SPAB vs. FBND - Volatility Comparison
SPDR Portfolio Aggregate Bond ETF (SPAB) and Fidelity Total Bond ETF (FBND) have volatilities of 1.09% and 1.12%, 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
| SPAB | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.12% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 2.85% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 3.83% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 5.93% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.55% | 6.10% | -0.55% |
SPAB vs. FBND - Expense Ratio Comparison
SPAB has a 0.03% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
SPAB vs. FBND - Dividend Comparison
SPAB's dividend yield for the trailing twelve months is around 4.05%, 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% |
SPAB SPDR Portfolio Aggregate Bond ETF | 4.05% | 3.97% | 3.86% | 3.34% | 2.59% | 2.11% | 2.43% | 2.92% | 2.96% | 2.67% | 2.63% | 2.59% |
Frequently Asked Questions
With a correlation of 0.98, SPAB and FBND move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FBND has higher volatility (1.12%) compared to SPAB (1.09%). In terms of maximum drawdown, SPAB dropped -18.56% vs FBND's -17.25%.
On 10-year performance, FBND leads with 2.53% vs 1.50% for SPAB. On fees, SPAB is cheaper at 0.03% 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, FBND has performed better with a 2.53% return vs 1.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPAB is cheaper with a 0.03% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.70%, compared with 4.05% for SPAB.
SPAB is categorized as Total Bond Market, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.03% for SPAB and 0.36% for FBND.
FBND currently has the higher Sharpe Ratio (1.28 vs 1.22), 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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