TOBAX vs. FBNDX
TOBAX (Touchstone Active Bond Fund) and FBNDX (Fidelity Investment Grade Bond Fund) are both mutual funds - TOBAX is a Intermediate Core-Plus Bond fund managed by Touchstone, while FBNDX is a Intermediate Core Bond fund actively managed by Fidelity. Over the past 10 years, TOBAX returned 1.99%/yr vs 2.05%/yr for FBNDX. Their correlation of 0.85 suggests significant overlap in exposure. TOBAX charges 0.83%/yr vs 0.45%/yr for FBNDX.
Performance
TOBAX vs. FBNDX - Performance Comparison
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Returns By Period
In the year-to-date period, TOBAX achieves a 0.02% return, which is significantly lower than FBNDX's 0.06% return. Both investments have delivered pretty close results over the past 10 years, with TOBAX having a 1.99% annualized return and FBNDX not far ahead at 2.05%.
TOBAX
- 1D
- -0.42%
- 1M
- 0.46%
- YTD
- 0.02%
- 6M
- 0.36%
- 1Y
- 4.17%
- 3Y*
- 4.49%
- 5Y*
- 0.08%
- 10Y*
- 1.99%
FBNDX
- 1D
- -0.28%
- 1M
- 0.61%
- YTD
- 0.06%
- 6M
- 0.38%
- 1Y
- 4.11%
- 3Y*
- 3.98%
- 5Y*
- -0.03%
- 10Y*
- 2.05%
TOBAX vs. FBNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TOBAX Touchstone Active Bond Fund | 0.02% | 7.66% | 2.22% | 6.38% | -14.20% | -1.34% | 9.93% | 10.11% | -1.94% | 3.51% |
FBNDX Fidelity Investment Grade Bond Fund | 0.06% | 7.37% | 0.93% | 6.51% | -14.04% | -1.13% | 9.79% | 9.82% | -0.35% | 3.92% |
Correlation
The correlation between TOBAX and FBNDX is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 1994 | 0.85 |
The correlation between TOBAX and FBNDX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.
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Return for Risk
TOBAX vs. FBNDX — Risk / Return Rank
TOBAX
FBNDX
TOBAX vs. FBNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Touchstone Active Bond Fund (TOBAX) and Fidelity Investment Grade Bond Fund (FBNDX). 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.
| TOBAX | FBNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.18 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 1.41 | +0.16 |
| Martin ratioReturn relative to average drawdown | 4.45 | 3.96 | +0.50 |
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Drawdowns
TOBAX vs. FBNDX - Drawdown Comparison
The maximum TOBAX drawdown since its inception was -19.73%, smaller than the maximum FBNDX drawdown of -42.76%. Use the drawdown chart below to compare losses from any high point for TOBAX and FBNDX.
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Drawdown Indicators
| TOBAX | FBNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.73% | -42.76% | +23.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -3.02% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -6.12% | -6.09% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -19.73% | -18.74% | -0.99% |
Max Drawdown (10Y)Largest decline over 10 years | -19.73% | -18.74% | -0.99% |
Current DrawdownCurrent decline from peak | -1.68% | -1.89% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -10.34% | +7.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 1.08% | -0.07% |
Volatility
TOBAX vs. FBNDX - Volatility Comparison
The current volatility for Touchstone Active Bond Fund (TOBAX) is 1.04%, while Fidelity Investment Grade Bond Fund (FBNDX) has a volatility of 1.18%. This indicates that TOBAX experiences smaller price fluctuations and is considered to be less risky than FBNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TOBAX | FBNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 1.18% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 3.01% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 4.09% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.80% | 6.03% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.82% | 5.03% | -0.21% |
TOBAX vs. FBNDX - Expense Ratio Comparison
TOBAX has a 0.83% expense ratio, which is higher than FBNDX's 0.45% expense ratio.
Dividends
TOBAX vs. FBNDX - Dividend Comparison
TOBAX's dividend yield for the trailing twelve months is around 4.03%, more than FBNDX's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBNDX Fidelity Investment Grade Bond Fund | 3.92% | 3.87% | 3.34% | 3.56% | 1.98% | 1.34% | 4.70% | 2.75% | 2.86% | 2.18% | 2.72% | 2.66% |
TOBAX Touchstone Active Bond Fund | 4.03% | 3.52% | 3.72% | 3.63% | 3.10% | 2.24% | 2.58% | 2.59% | 2.79% | 2.29% | 2.65% | 2.99% |
Frequently Asked Questions
TOBAX and FBNDX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBNDX has higher volatility (1.18%) compared to TOBAX (1.04%). In terms of maximum drawdown, TOBAX dropped -19.73% vs FBNDX's -42.76%.
TOBAX currently has the higher Sharpe Ratio (1.22 vs 1.05), 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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