BFFAX vs. FSMOX

Last updated Jun 5, 2026

BFFAX (American Funds The Bond Fund of America Class F-3) and FSMOX (Fidelity SAI Investment Grade Securitized Fund) are both Intermediate Core Bond funds. Over the past 3 years, BFFAX returned 3.95%/yr vs 4.13%/yr for FSMOX. With a 0.96 correlation, they move nearly in lockstep. BFFAX charges 0.20%/yr vs 0.33%/yr for FSMOX.

Performance

BFFAX vs. FSMOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds The Bond Fund of America Class F-3 (BFFAX) and Fidelity SAI Investment Grade Securitized Fund (FSMOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BFFAX achieves a -0.02% return, which is significantly lower than FSMOX's 0.77% return.

BFFAX

• 1D: -0.27%
• 1M: 0.02%
• YTD: -0.02%
• 6M: 0.18%
• 1Y: 4.47%
• 3Y*: 3.95%
• 5Y*: -0.03%
• 10Y*: —

FSMOX

• 1D: -0.20%
• 1M: 0.19%
• YTD: 0.77%
• 6M: 1.11%
• 1Y: 6.38%
• 3Y*: 4.13%
• 5Y*: —
• 10Y*: —

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

BFFAX vs. FSMOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BFFAX American Funds The Bond Fund of America Class F-3	-0.02%	7.54%	1.54%	2.34%
FSMOX Fidelity SAI Investment Grade Securitized Fund	0.77%	8.52%	1.45%	1.16%

Correlation

The correlation between BFFAX and FSMOX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.96

The correlation between BFFAX and FSMOX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

BFFAX vs. FSMOX — Risk / Return Rank

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

BFFAX

BFFAX Risk / Return Rank: 20
BFFAX Sharpe Ratio Rank: 21
BFFAX Sortino Ratio Rank: 22
BFFAX Omega Ratio Rank: 19
BFFAX Calmar Ratio Rank: 21
BFFAX Martin Ratio Rank: 19

FSMOX

FSMOX Risk / Return Rank: 39
FSMOX Sharpe Ratio Rank: 37
FSMOX Sortino Ratio Rank: 41
FSMOX Omega Ratio Rank: 36
FSMOX Calmar Ratio Rank: 43
FSMOX Martin Ratio Rank: 37

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.

BFFAX vs. FSMOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds The Bond Fund of America Class F-3 (BFFAX) and Fidelity SAI Investment Grade Securitized Fund (FSMOX). 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.

	BFFAX	FSMOX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.73	-0.43
Sortino ratio: Return per unit of downside risk	1.97	2.63	-0.66
Omega ratio: Gain probability vs. loss probability	1.23	1.31	-0.08
Calmar ratio: Return relative to maximum drawdown	1.67	2.46	-0.79
Martin ratio: Return relative to average drawdown	4.97	7.96	-2.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BFFAX vs. FSMOX - Sharpe Ratio Comparison

The current BFFAX Sharpe Ratio is 1.30, which is comparable to the FSMOX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of BFFAX and FSMOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BFFAX	FSMOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.73	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.63	-0.20

Drawdowns

BFFAX vs. FSMOX - Drawdown Comparison

The maximum BFFAX drawdown since its inception was -17.74%, which is greater than FSMOX's maximum drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for BFFAX and FSMOX.

Drawdown Indicators

	BFFAX	FSMOX	Difference
Max Drawdown Largest peak-to-trough decline	-17.74%	-8.65%	-9.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-2.84%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-8.47%	+2.37%
Max Drawdown (5Y) Largest decline over 5 years	-17.74%	—	—
Current Drawdown Current decline from peak	-1.83%	-1.36%	-0.47%
Average Drawdown Average peak-to-trough decline	-4.69%	-1.76%	-2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.87%	+0.16%

Volatility

BFFAX vs. FSMOX - Volatility Comparison

American Funds The Bond Fund of America Class F-3 (BFFAX) and Fidelity SAI Investment Grade Securitized Fund (FSMOX) have volatilities of 1.38% and 1.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFFAX	FSMOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	1.44%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	2.86%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.97%	4.04%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.96%	6.20%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	6.20%	-1.21%

BFFAX vs. FSMOX - Expense Ratio Comparison

BFFAX has a 0.20% expense ratio, which is lower than FSMOX's 0.33% expense ratio.

Dividends

BFFAX vs. FSMOX - Dividend Comparison

BFFAX's dividend yield for the trailing twelve months is around 4.51%, which matches FSMOX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BFFAX American Funds The Bond Fund of America Class F-3	4.51%	4.48%	4.67%	3.28%	2.46%	1.98%	5.38%	3.80%	2.72%	2.01%
FSMOX Fidelity SAI Investment Grade Securitized Fund	4.47%	4.44%	5.07%	1.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BFFAX and FSMOX in my portfolio?

With a correlation of 0.95, BFFAX and FSMOX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BFFAX or FSMOX?

FSMOX has higher volatility (1.44%) compared to BFFAX (1.38%). In terms of maximum drawdown, BFFAX dropped -17.74% vs FSMOX's -8.65%.

Which has better risk-adjusted returns?

FSMOX currently has the higher Sharpe Ratio (1.73 vs 1.30), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.