^CASHX vs. FXNAX

Last updated Apr 2, 2026

Compare and contrast key facts about US Money Market Index (^CASHX) and Fidelity U.S. Bond Index Fund (FXNAX).

FXNAX is managed by Fidelity.

Performance

^CASHX vs. FXNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Money Market Index (^CASHX) and Fidelity U.S. Bond Index Fund (FXNAX). The values are adjusted to include any dividend payments, if applicable.

^CASHX vs. FXNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^CASHX US Money Market Index	0.89%	4.21%	5.16%	5.03%	1.68%	0.08%	0.37%	2.16%	1.83%	1.00%
FXNAX Fidelity U.S. Bond Index Fund	-0.26%	7.14%	1.35%	5.82%	-13.55%	-2.10%	7.63%	8.50%	0.04%	3.50%

Returns By Period

In the year-to-date period, ^CASHX achieves a 0.89% return, which is significantly higher than FXNAX's -0.26% return. Over the past 10 years, ^CASHX has outperformed FXNAX with an annualized return of 2.26%, while FXNAX has yielded a comparatively lower 1.54% annualized return.

^CASHX

• 1D: 0.01%
• 1M: 0.28%
• YTD: 0.89%
• 6M: 1.85%
• 1Y: 4.03%
• 3Y*: 4.72%
• 5Y*: 3.39%
• 10Y*: 2.26%

FXNAX

• 1D: 0.19%
• 1M: -1.60%
• YTD: -0.26%
• 6M: 0.47%
• 1Y: 3.69%
• 3Y*: 3.52%
• 5Y*: 0.10%
• 10Y*: 1.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

^CASHX vs. FXNAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXNAX

FXNAX Risk / Return Rank: 46
FXNAX Sharpe Ratio Rank: 44
FXNAX Sortino Ratio Rank: 42
FXNAX Omega Ratio Rank: 30
FXNAX Calmar Ratio Rank: 70
FXNAX Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^CASHX vs. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Money Market Index (^CASHX) and Fidelity U.S. Bond Index Fund (FXNAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^CASHX	FXNAX	Difference
Sharpe ratio Return per unit of total volatility	265.80	0.93	+264.88
Sortino ratio Return per unit of downside risk	—	1.33	—
Omega ratio Gain probability vs. loss probability	—	1.16	—
Calmar ratio Return relative to maximum drawdown	—	1.66	—
Martin ratio Return relative to average drawdown	—	4.68	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^CASHX vs. FXNAX - Sharpe Ratio Comparison

The current ^CASHX Sharpe Ratio is 265.80, which is higher than the FXNAX Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of ^CASHX and FXNAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^CASHX	FXNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	265.80	0.93	+264.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	33.37	0.02	+33.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	23.27	0.31	+22.96
Sharpe Ratio (All Time) Calculated using the full available price history	25.97	0.45	+25.52

Correlation

The correlation between ^CASHX and FXNAX is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Drawdowns

^CASHX vs. FXNAX - Drawdown Comparison

The maximum ^CASHX drawdown since its inception was 0.00%, smaller than the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for ^CASHX and FXNAX.

Drawdown Indicators

	^CASHX	FXNAX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-19.51%	+19.51%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-2.71%	+2.71%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-18.54%	+18.54%
Max Drawdown (10Y) Largest decline over 10 years	0.00%	-19.51%	+19.51%
Current Drawdown Current decline from peak	0.00%	-3.53%	+3.53%
Average Drawdown Average peak-to-trough decline	0.00%	-3.87%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.96%	-0.96%

Volatility

^CASHX vs. FXNAX - Volatility Comparison

The current volatility for US Money Market Index (^CASHX) is 0.00%, while Fidelity U.S. Bond Index Fund (FXNAX) has a volatility of 1.55%. This indicates that ^CASHX experiences smaller price fluctuations and is considered to be less risky than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^CASHX	FXNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	1.55%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	0.01%	2.58%	-2.57%
Volatility (1Y) Calculated over the trailing 1-year period	0.01%	4.35%	-4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.08%	6.04%	-5.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.08%	4.99%	-4.91%