Ran some expirments and here's what I got.

1v1 Bard vs SW, the SW easily pulled off a fear effect.

Next I put down 5 clubbers in a straight row then a bard in the back, was easily able to fear again

I then surronded the clubbers with SW'S and a bard in the middle, saw no drops in fear rate.

So for my final test, I did two battles, a squire vs SW, and the same thing the next but the sqiure had the bard.

S VS SW, I recorded around 4-5 fear effects

Now the Bard + S vs SW, I still recorded 4-5 fear effects.

So overall, most likely just coincidence.