Data as of Oct 28, 2026.
FIXD vs GTO: Differences, Returns & Fees
FIXD's duration was 6.2 years on Aug 31, 2026 and GTO's 5.7 on Jul 31, 2026; GTO charges 0.35% to FIXD's 0.65%.
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Net assets on Oct 27, 2026: $2.8bn for First Trust Smith Opportunistic Fixed Income ETF and $2.6bn for Invesco Total Return Bond ETF.
Pair scorecard
GTO costs 0.30 points a year less; their one-year returns differ by 1.2 points; FIXD is 1.1 times larger.
| Measure | FIXD | GTO |
|---|---|---|
| Return | ||
| Total return, 1 year | −2.6% | −1.4% |
| Drawdown | ||
| Below its high | 5.7%, high on Aug 4, 2021 | 3.4%, high on Sep 14, 2021 |
| Benchmark | ||
| What it tracks | No index, actively managed | No index, actively managed |
| Cost and size | ||
| Expense ratio | 0.65% | 0.35% |
| Net assets, as of Oct 27, 2026 | $2.8bn | $2.6bn |
| Holdings | ||
| Holdings in common | 8% | |
Holdings in common uses holdings dated Jul 31, 2026 and Aug 31, 2026. Method
Risk and return
Feb 24, 2017 to Oct 23, 2026 · 504 weekly returns · each against AGGGTO returned more: +27.1% to +16.8%. GTO swung slightly less: 5.6% to 5.9%. FIXD and GTO fell about the same at their worst: −20.1% and −20.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FIXD | GTO | AGG | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +16.8% | +27.1% | GTO | Price change plus distributions, reinvested. | |
| Annualized | +1.6% | +2.5% | GTO | Total return as a yearly rate. | |
| Price return | −17.3% | −12.5% | GTO | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 5.9% | 5.6% | GTO (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.3% | 4.3% | Tie | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −20.1% | −20.2% | Tie | Deepest fall from a high to the low after it. | |
| Upside capture | 106.0% | 97.4% | 100.0% | FIXD (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 105.2% | 92.6% | 100.0% | GTO | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 1.08 | 0.93 | 1.00 | GTO lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.95 | 0.79 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | −0.14 | 0.01 | GTO | Return above Treasury bills per unit of volatility. | |
| Sortino | −0.19 | 0.01 | GTO | Return above Treasury bills per unit of downside deviation. | |
| Treynor | −0.007 | 0.000 | −0.009 | GTO | Return above Treasury bills per unit of beta. |
| Calmar | 0.08 | 0.12 | GTO | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | AGG | AGG | AGG | The ETF each fund is measured against. | |
| Alpha | +0.2% a year | +0.9% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.40 | 1.07 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −0.7% to +1.0% | −0.7% to +2.5% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | 0.07 | 0.37 | GTO | Return against its benchmark per unit of tracking error. | |
| Tracking error | 1.4% | 2.6% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 504 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, FIXD and GTO hold 8% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.
half
8% in common
Only in one fund ↓
Side by side
FIXD and GTO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FIXD and GTO are built for the same job. How do they differ in cost, holdings and results?
- Holdings in common. 8% of the weight is in the same securities (holdings dated Aug 31, 2026 and Jul 31, 2026).
- Number of holdings. FIXD holds 410 positions and GTO holds 1900.
- Cost. FIXD charges 0.65% of assets a year and GTO 0.35%, a gap of 0.30 points.
Data as of Oct 28, 2026.
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FIXD
FIXD is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned −2.6% with distributions reinvested, against −1.4% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The prospectus expense ratio is 0.65% a year. It sat 5.7% below its high of Aug 4, 2021 on Oct 28, 2026.
GTO
GTO is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned −1.4% with distributions reinvested, against −1.4% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The prospectus expense ratio is 0.35% a year. It sat 3.4% below its high of Sep 14, 2021 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, FIXD or GTO?
- In the year to Oct 28, 2026, with distributions reinvested, FIXD returned −2.6% and GTO −1.4%.
- Which is cheaper, FIXD or GTO?
- GTO is cheaper, by 0.30 percentage points a year. That is about $30 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, FIXD against GTO, data as of Oct 28, 2026. https://etfiq.com/compare/any/fixd-vs-gto
ETFIQ. (Oct 28, 2026). FIXD against GTO. Retrieved from https://etfiq.com/compare/any/fixd-vs-gto
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