There's also openntpd, a lightweight version, although I don't see it available for Fedora.
In Arch I use ntpd to get the time once during boot, set the hwclock, then quit, with this in rc.local:
Code:
{ ntpd -qg; hwclock -w; } &
I haven't looked at chrony yet but it's on my list because whenever I reboot from Fedora 17 to Arch I get a boot message that the hwclock is off (by less than a day - fixed). Time is correct in Fedora, but something odd is going on there that does not occur when I boot between Arch systems. I might just disable chrony and let Arch handle the hwclock.