FBND vs GRNB: Grades, Fees and Holdings Compared

Fidelity Total Bond ETF

FBNDANYSE Arca

VanEck Green Bond ETF

GRNBANYSE Arca

Overlap

0.0%by weight

Expense ratio

GRNB −0.16pt a year

FBND0.36%GRNB0.20%

Avg volume · 30D

FBND 112.1×the volume

FBND3.83MGRNB34.2K

5Y return · a year

GRNB +0.3pt

FBND+0.5%GRNB+0.8%

FBND vs GRNB Performance

Oct 29, 2021 – Oct 30, 2026

+2.4%FBND+4.0%GRNB

Expense ratio: FBND 0.36%; GRNB 0.20%, better
Fund size: FBND $27.9B; GRNB $196M
1Y total return: FBND −0.2%; GRNB +0.2%, better
Yield (12M): FBND 4.80%, better; GRNB 4.52%
Holdings: FBND 4840; GRNB 475
Avg volume (30D): FBND 3.83M sh, better; GRNB 34.2K sh
NAV per share: FBND $44.10; GRNB $23.46
52W range

ETF.net Grade

Pillar letters and Scores for FBND, GRNB, with each pillar’s weight
Pillar	FBND	GRNB
Cost30% weight	B64	A95Higher
Mission25% weight	A100Higher	A93
Risk15% weight	D36	B65Higher
Tradability15% weight	A83Higher	D26
Holdings10% weight	B64	A100Higher
Durability5% weight	A89Higher	C48

Rank among Global Aggregate Bond (Unhedged) funds

How we build Categories ›

Same Category. FBND and GRNB 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 ›

GRNB ranks 2nd 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 2AGRNBVanEck Green Bond ETFScore 77
Rank 4ADFGXDimensional International Core Fixed Income ETFScore 75
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

FBNDAFidelity Total Bond ETF

GRNBAVanEck Green Bond ETF

In short

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.

GRNB Its peer group is stacked with total-bond-market giants. GRNB goes narrow instead: only dollar-denominated green bonds funding environmental projects, issued worldwide by governments, supranationals and companies. A 2017-vintage specialist at 0.20%.

Stated mandate

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.

GRNB The fund seeks to track the S&P Green Bond U.S. Dollar Select Index before fees and expenses. The index covers U.S.-dollar-denominated green bonds financing environmentally friendly projects and issued globally by supranational, government, and corporate entities.

Why people hold it

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.

GRNB The mandate is the point: bonds whose proceeds fund environmentally friendly projects, tracked to the S&P Green Bond U.S. Dollar Select Index instead of a generic aggregate benchmark.vaneck.com
0.20% a year runs below the typical fund in its category, and it sits in the top quartile of a large aggregate-bond peer group on how closely it tracks and what it holds.
Global sourcing, dollar pricing: supranational, government and corporate issuers, roughly 500 bonds, all USD-denominated, so no currency translation layered on top.
Distributions land monthly, and the fund has been running since 2017.

Worth knowing

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.

GRNB Thinly traded next to core bond giants like BND, so spreads and order type matter more here.
Green describes what the proceeds fund, not an issuer's whole business; the credit still sits with governments, supranationals and companies.
The screen costs extra: plain aggregate rivals like BND and SPAB list expense ratios near 0.03%.

Full FBND profile⁠

Full GRNB profile⁠

FBND vs GRNB Holdings

How FBND and GRNB differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of FBND and 0.0% of GRNB.

Level by level

Holdings0 in both0.0%
Countryby domicile32.9%

Sector

No Sector split for GRNB.

Country, concentration and asset class

Country by domicile

Country weights in FBND and GRNB, widest gap first
Country	More in FBNDMore in GRNB	FBND	GRNB
Brazil	FBND +38.7 points	38.7%	0.0%
Ireland	FBND +28.4 points	30.3%	1.9%
Cayman Islands	GRNB +17.0 points	0.0%	17.0%
United States	GRNB +8.3 points	31.0%	39.3%
Hong Kong	GRNB +7.9 points	0.0%	7.9%
South Korea	GRNB +6.0 points	0.0%	6.0%
Luxembourg	GRNB +5.8 points	0.0%	5.8%
Chile	GRNB +3.2 points	0.0%	3.2%
Other countries (20)	GRNB +18.9 points	0.0%	18.9%

Outside the US: FBND 44% developed, 56% emerging. GRNB 45% developed, 55% emerging.

Concentration

Weight in the 10 largest Holdings

FBND15.2%
GRNB9.4%

Securities held

FBND4,793
GRNB262

Asset class

FBND: Equity
GRNB: Multi-Asset

Holdings

Only in FBND4,793
In both0
Only in GRNB262

Only in FBND

4,793 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%

Only in GRNB

262 securities, 97.7% of GRNB by weight

European Investment Bank4.46%
Hong Kong Government International Bond2.77%
Gaci First Investment Co2.62%
Fannie Mae-Aces2.52%
Kreditanstalt Fuer Wiederaufbau1.81%
Midamerican Energy Co1.77%
Export-Import Bank Of Korea1.66%
Verizon Communications Inc1.64%
Boston Properties Lp1.60%
Perusahaan Penerbit Sbsn Indonesia Iii1.44%
Ford Motor Co1.28%
Rwe Finance Us Llc1.25%
Lg Energy Solution Ltd1.22%
Wulf Compute Llc1.08%
Chile Government International Bond0.96%
Nxp Bv / Nxp Funding Llc / Nxp Usa Inc0.93%
Aes Corp/The0.93%
Zf North America Capital Inc0.91%
Turkiye Government International Bond0.90%
China Construction Bank Corp/Hong Kong0.88%
Clearway Energy Operating Llc0.87%
Smurfit Kappa Treasury Ulc0.85%
Equinix Inc0.83%
Bocom Leasing Management Hong Kong Co L0.83%
Pacificorp0.82%
New York State Electric & Gas Corp0.81%
Qatar Government International Bond0.80%
Abu Dhabi National Energy Co Pjsc0.79%
Northern States Power Co/Mn0.79%
Korea Electric Power Corp0.79%
General Motors Co0.75%
Saudi Electricity Sukuk Programme Co0.74%
Ardagh Metal Packaging Finance Usa Llc0.73%
Abn Amro Bank Nv0.73%
Sk Battery America Inc0.67%
International Finance Corp0.66%
Cmb International Leasing Management Lt0.64%
Alexandria Real Estate Equities Inc0.63%
Public Service Co Of Colorado0.63%
Japan Bank For International Cooperatio0.63%
Israel Government International Bond0.62%
Industrial & Commercial Bank Of China L0.62%
Smurfit Westrock Financing Dac0.61%
Aldar Investment Properties Sukuk Ltd0.60%
Pepsico Inc0.59%
Erp Operating Lp0.57%
Emirates Nbd Bank Pjsc0.56%
Dte Electric Co0.55%
Rec Ltd0.54%
Sk Hynix Inc0.52%

Weight gaps

FBND and GRNB share no securities.

All 2,742 FBND holdings⁠All 466 GRNB 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.

FBND vs GRNB Cost

Overpaying FBND vs GRNB

$3,165

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

FBND 0.36%
$7,320
GRNB 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

FBND 0.36%
GRNB 0.20%
Overpaying

Year by year

Year	FBND	GRNB	Overpaying
10	$652	$365	$287
20	$2,522	$1,421	$1,101
30	$7,320	$4,155	$3,165

Expense ratio

0.36%FBND
0.20%GRNB, cheaper

GRNB0.20%FBND0.36%

0.05%1.15%

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

GRNB 2nd cheapest of 28 funds

FBND 11th cheapest of 28 funds

FBND vs GRNB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FBND 4.80%, better; GRNB 4.52%
Payout (12M): FBND $2.12; GRNB $1.06
Last payment: FBND $0.18; GRNB $0.09
Ex-dividend: FBND Oct 29, 2026; GRNB Oct 1, 2026
Paid on: FBND Pays Nov 2, 2026; GRNB Oct 6, 2026
Frequency: FBND Monthly; GRNB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FBNDMonthly · 46 paymentsAll FBND payments⁠

GRNBMonthly · 45 paymentsAll GRNB payments⁠

FBND vs GRNB Risk

Fall from peak · 5 years

FBND
GRNB

Risk facts

VolatilityStd dev, 3 years: FBND 5.6%GRNB 4.4%, better
Return per unit of riskSharpe ratio, 3 years: FBND 0.26GRNB 0.30, better
Worst fallMax drawdown, 5 years: FBND −16.9%GRNB −16.4%, better
Market sensitivityBeta, 5 years: FBND 0.99GRNB 0.69; Market = 1

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