DFGP vs FBND: Grades, Fees and Holdings Compared

Dimensional Global Core Plus Fixed Income ETF

DFGPANasdaq

Fidelity Total Bond ETF

FBNDANYSE Arca

Overlap

0.1%by weight

Expense ratio

DFGP −0.14pt a year

DFGP0.22%FBND0.36%

Avg volume · 30D

FBND 9.0×the volume

DFGP425KFBND3.83M

DFGP vs FBND Performance

Oct 31, 2025 – Oct 30, 2026

−0.1%DFGP−0.2%FBND

Expense ratio: DFGP 0.22%, better; FBND 0.36%
Fund size: DFGP $3.79B; FBND $27.9B
1Y total return: DFGP −0.1%, better; FBND −0.2%
Yield (12M): DFGP 4.85%, better; FBND 4.80%
Holdings: DFGP 1619; FBND 4840
Avg volume (30D): DFGP 425K sh; FBND 3.83M sh, better
NAV per share: DFGP $52.60; FBND $44.10
52W range

ETF.net Grade

Pillar letters and Scores for DFGP, FBND, with each pillar’s weight
Pillar	DFGP	FBND
Cost30% weight	A89Higher	B64
Mission25% weight	A100	A100
Risk15% weight	C49Higher	D36
Tradability15% weight	B65	A83Higher
Holdings10% weight	A88Higher	B64
Durability5% weight	B61	A89Higher

Rank among Global Aggregate Bond (Unhedged) funds

How we build Categories ›

Same Category. DFGP and FBND are both graded against the same 28 Global Aggregate Bond (Unhedged) funds, so their Grades compare head to head.

Global Aggregate Bond (Unhedged)⁠

Category · 28 funds

See all 28 ›

DFGP ranks 1st and FBND 6th of 28 funds in the Global Aggregate Bond (Unhedged) Category.

Rank 1ADFGPDimensional Global Core Plus Fixed Income ETFScore 80
Rank 2ABNDWVanguard Total World Bond ETFScore 77
Rank 6AEVTREaton Vance Total Return Bond ETFScore 73
Rank 6AFBNDFidelity Total Bond ETFScore 73
Rank 8BBINCiShares Flexible Income Active ETFScore 68

Our read on each fund

ETF.net Research

DFGPADimensional Global Core Plus Fixed Income ETF

FBNDAFidelity Total Bond ETF

In short

DFGP Dimensional's global bond playbook in ETF form: roughly 1,300 US and foreign bonds, chosen by rules that chase credit and term premiums, at 0.22% net of a waiver through February 28, 2027.

FBND An active core bond fund in an ETF wrapper: Fidelity treats the Bloomberg U.S. Aggregate as a benchmark, not a cage, adding high-yield and emerging-market debt to the investment-grade base. Pays monthly.

Stated mandate

DFGP The fund seeks its objective through investments in U.S. and foreign fixed-income securities.

FBND The fund seeks a high level of current income. It normally invests at least 80% of assets in debt securities and repurchase agreements, diversifying across investment-grade, high-yield, and emerging-market debt.

Why people hold it

DFGP Charges 0.22% net of a waiver through February 28, 2027 (0.23% gross), below the median fee among the 29 funds in its global bond category.
Roughly 1,300 holdings spanning US and foreign issuers, so no single borrower or government steers the whole portfolio.sec.gov
Rules-driven, not hunch-driven: the strategy targets expected credit and term premiums, and the book matches the mandate in its filings.sec.gov
Stands among the strongest builds in a 29-fund global bond group on our review.

FBND Active where the core-bond aisle is mostly passive: the mandate spans investment-grade, high-yield and emerging-market debt, so the manager can go where the index barely reaches.fidelity.com
Roughly 2,700 bonds across the credit spectrum, with income paid monthly. One ticket instead of three separate sleeves.
Trading since 2014 at 0.36%, the median fee for its category. Fidelity isn't charging a premium for the active label.
A multi-billion-dollar fund that trades actively, so getting in or out is rarely the hard part.

Worth knowing

DFGP Credit is part of the design: the strategy pursues credit premiums and can use credit default swaps, so spread stress shows up here more than in a Treasury-only fund.sec.gov
Index routes cost less: BNDW charges 0.05% for a plain total-world bond basket, without the active credit work.
Payouts arrive on an irregular schedule, not a fixed monthly one, and the shares are moderately traded rather than a volume giant.

FBND The index Aggs are far cheaper: BND, AGG and SPAB all run 0.03%. That gap is the hurdle the active calls have to clear every year.
High-yield and emerging-market debt add credit risk that a pure Aggregate tracker does not carry.fidelity.com
Outcomes ride on the manager's decisions, not index replication. The Aggregate is the yardstick here, not the holdings list.

Full DFGP profile⁠

Full FBND profile⁠

DFGP vs FBND Holdings

How DFGP and FBND differ

Overlap by weight

0.1%

Shared holdings make up 0.5% of DFGP and 0.1% of FBND.

Level by level

Asset classFixed Income, Equity0.0%
Holdings7 in both0.1%
Countryby domicile31.3%

Sector

No Sector split for DFGP.

Country, concentration and asset class

Country by domicile

Country weights in DFGP and FBND, widest gap first
Country	More in DFGPMore in FBND	DFGP	FBND
Brazil	FBND +38.7 points	0.0%	38.7%
Ireland	FBND +30.0 points	0.3%	30.3%
United States	DFGP +23.6 points	54.6%	31.0%
Canada	DFGP +12.2 points	12.2%	0.0%
Japan	DFGP +6.3 points	6.3%	0.0%
France	DFGP +4.9 points	4.9%	0.0%
United Kingdom	DFGP +4.4 points	4.4%	0.0%
Netherlands	DFGP +3.5 points	3.5%	0.0%
Other countries (16)	DFGP +13.9 points	13.9%	0.0%

Outside the US: DFGP 99% developed, 1% emerging. FBND 44% developed, 56% emerging.

Concentration

Weight in the 10 largest Holdings

DFGP13.9%
FBND15.2%

Securities held

DFGP1,535
FBND4,793

Asset class

DFGP: Fixed Income
FBND: Equity

Holdings

Only in DFGP1,528
In both7
Only in FBND4,786

Only in DFGP

1,528 securities, 100% of DFGP by weight

Fnma 30YR Tba Nov 6%2.32%
Fnma 30YR Tba Nov 2.5%1.97%
Fnma 30YR Tba Nov 6.5%1.87%
Gnma 30YR Tba Nov 6%1.70%
Japan Gov .4% 03/20/361.40%
Citibank 5.57% 04/30/341.06%
Japan Gov 2.5% 06/20/360.93%
New Zeala 2.% 05/15/320.90%
Provin 4.45% 09/01/340.89%
Fnma 30YR Tba Nov 3.5%0.85%
Shell 6.375% 12/15/380.77%
New Zeala 4.25% 05/15/340.76%
New Zeala 3.5% 04/14/330.73%
Walmart I 5.25% 09/28/350.72%
Province 3.7% 06/02/350.72%
Cisco Sys 5.90% 02/15/390.71%
Japan Gov 1.% 12/20/350.70%
Fnma 30YR Tba Nov 5.5%0.69%
Province 4.% 06/18/350.68%
Province 3.8% 06/02/350.62%
Cno Finan 6.45% 06/15/340.61%
Province 4.% 09/01/350.60%
Province 4.15% 06/18/340.59%
Cdp Finan 3.65% 06/02/350.58%
Japan Gov .6% 12/20/370.58%
Us T-Note 4.125% 06/30/280.56%
Us T-Note 4.125% 08/31/280.56%
Caisse 3.125% 07/20/330.54%
Us T-Note 3.75% 04/30/280.54%
Us T-Note 4.25% 07/31/280.53%
Us T-Note 4% 05/31/280.53%
Province 3.95% 06/01/350.53%
Province 3.6% 06/02/350.52%
Block 5.375000% 09/15/320.52%
Japan Gov 2.5% 03/20/360.51%
Piedmont 5.625% 01/15/330.47%
Siemens F 3.375% 02/22/370.47%
Province 3.9% 06/18/360.46%
Japan Gov .4% 12/20/280.45%
Atlas War 5.25% 01/15/330.43%
Us T-Note 1.25% 05/31/280.43%
Berkshire 2.375% 06/19/390.43%
BlackRock 5.% 03/14/340.42%
Alphabet 3% 05/06/330.42%
Alphabet 3.375% 05/06/370.42%
Amazon.co 3.875% 08/22/370.41%
United Ki 4.25% 03/07/360.40%
Visa Inc 3.125% 05/15/330.40%
Electrici 5.5% 01/25/350.39%
Global At 3.125% 06/15/310.38%

Only in FBND

4,786 securities, 100% of FBND by weight

Ustn 4.125% 02/15/361.97%
Ustn 4.375% 05/15/361.86%
Ustn 4.25% 08/15/351.82%
Ustb 5% 05/15/561.36%
Ustb 4.25% 02/15/541.34%
Ustn 3.875% 12/31/321.33%
Umbs 30YR 2% 12/56 #tba1.24%
Ustb 4.5% 11/15/541.10%
Ustn 4% 01/31/331.03%
Ustn 4.25% 05/15/351.01%
Ustb 4.75% 08/15/550.98%
Ustb 5.125% 08/15/560.96%
Ustn 4.125% 05/31/320.92%
Ustb 4.75% 05/15/550.91%
Ustn 4.25% 11/15/340.90%
Ustb 4.75% 02/15/560.88%
Ustn 4% 11/15/350.85%
Ustn 4.625% 02/15/350.77%
Gnii Ii 5.5% 12/56 #tba0.73%
Ustb 4% 11/15/520.73%
Ustb 4.625% 05/15/540.71%
Ustb 4.625% 11/15/550.70%
Ustb 4.25% 08/15/540.65%
Gnii Ii 5.5% 11/56 #tba0.62%
Ustb 3.625% 02/15/530.53%
Ustn 3.5% 02/15/330.53%
Ustn 4.375% 07/31/330.53%
Ustn 3.875% 08/15/340.52%
Ustn 4.25% 06/30/330.52%
Ustn 3.375% 05/15/330.52%
Ustn 4.5% 11/15/330.50%
Gnii Ii 6% 12/56 #tba0.46%
Ustn 3.75% 02/28/330.45%
Ustn 4% 07/31/320.44%
Ustb 4.125% 08/15/530.41%
Jpmc Co 4.493%/VAR 03/24/310.41%
Gnma Ii 5% 07/56#MB12840.41%
Ustn 4.5% 08/31/330.40%
Ustn 4.625% 08/15/360.39%
Boa Corp 3.419%/VAR 12/20/280.38%
Ustn 3.75% 11/30/320.37%
Ustn 4% 06/30/320.37%
Jpmc Co 4.452%/VAR 12/05/290.36%
Ustb 4.625% 02/15/550.34%
Mstdw 4.431%/VAR 01/23/300.32%
Ustn 3.875% 08/15/330.31%
Ustn 4.125% 04/30/330.31%
Wellsfargo 4.478%/VAR 04/04/310.31%
Ustn 4.125% 03/31/320.31%
Boa Corp 2.592%/VAR 04/29/310.30%

Weight gaps

All 7 Holdings in both funds, largest gap first.

Holding weights in DFGP and FBND, widest gap first
Holding	More in DFGPMore in FBND	DFGP	FBND
Slm Corp 6.5% 01/31/30	DFGP +0.21 points	0.21%	<0.01%
Hess Corp 5.6% 02/15/41	DFGP +0.09 points	0.09%	<0.01%
Block Inc 3.5% 06/01/31	DFGP +0.05 points	0.06%	<0.01%
Hess Corp 7.125% 03/15/33	DFGP +0.03 points	0.08%	0.05%
Boeing Co 6.625% 02/15/38	DFGP +0.02 points	0.02%	<0.01%
Boeing Co 3.55% 03/01/38	DFGP +0.01 points	0.02%	0.01%
Boeing Co 3.25% 02/01/35	Same weight	<0.01%	<0.01%

All 1,323 DFGP holdings⁠All 2,742 FBND holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFGP vs FBND Cost

Overpaying FBND vs DFGP

$2,762

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFGP 0.22%
$4,558
FBND 0.36%
$7,320

Amount$10,000

Years30 years

Cost over time

DFGP 0.22%
FBND 0.36%
Overpaying

Year by year

Year	DFGP	FBND	Overpaying
10	$401	$652	$251
20	$1,561	$2,522	$961
30	$4,558	$7,320	$2,762

Expense ratio

0.22%DFGP, cheaper
0.36%FBND

DFGP0.22%FBND0.36%

0.05%1.15%

Middle half of Global Aggregate Bond (Unhedged) funds
Median 0.40%

DFGP 4th cheapest of 28 funds

FBND 11th cheapest of 28 funds

DFGP vs FBND Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFGP 4.85%, better; FBND 4.80%
Payout (12M): DFGP $2.56; FBND $2.12
Last payment: DFGP $0.25; FBND $0.18
Ex-dividend: DFGP Oct 20, 2026; FBND Oct 29, 2026
Paid on: DFGP Oct 22, 2026; FBND Pays Nov 2, 2026
Frequency: DFGP Irregular; FBND Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DFGPIrregular · 22 paymentsAll DFGP payments⁠

FBNDMonthly · 46 paymentsAll FBND payments⁠

DFGP vs FBND Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFGP 4.7%since Dec 2023FBND 5.6%
Return per unit of riskSharpe ratio, 3 years: DFGP 0.06since Dec 2023FBND 0.26
Worst fallMax drawdown, 5 years: DFGP −3.9%since Nov 2023FBND −16.9%
Market sensitivityBeta, 5 years: DFGP 0.22FBND 0.99; Market = 1

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