BKAG vs. FXNAX

Last updated Jun 21, 2026

BKAG (BNY Mellon Core Bond ETF) and FXNAX (Fidelity U.S. Bond Index Fund) are both Total Bond Market funds - BKAG tracks the Bloomberg US Aggregate Total Return Index while FXNAX tracks the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 5 years, BKAG returned 0.02%/yr vs -0.06%/yr for FXNAX. Their correlation of 0.94 suggests significant overlap in exposure. BKAG charges 0.00%/yr vs 0.03%/yr for FXNAX.

Performance

BKAG vs. FXNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Core Bond ETF (BKAG) and Fidelity U.S. Bond Index Fund (FXNAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKAG achieves a 0.63% return, which is significantly higher than FXNAX's 0.40% return.

BKAG

• 1D: 0.29%
• 1M: 0.94%
• YTD: 0.63%
• 6M: 0.69%
• 1Y: 4.65%
• 3Y*: 4.01%
• 5Y*: 0.02%
• 10Y*: —

FXNAX

• 1D: 0.19%
• 1M: 0.90%
• YTD: 0.40%
• 6M: 0.72%
• 1Y: 4.76%
• 3Y*: 4.02%
• 5Y*: -0.06%
• 10Y*: 1.50%

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

BKAG vs. FXNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKAG BNY Mellon Core Bond ETF	0.63%	7.23%	1.17%	5.67%	-13.29%	-1.46%	2.12%
FXNAX Fidelity U.S. Bond Index Fund	0.40%	7.14%	1.35%	5.82%	-13.55%	-2.10%	2.16%

Correlation

The correlation between BKAG and FXNAX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.94

The correlation between BKAG and FXNAX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

BKAG vs. FXNAX — Risk / Return Rank

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

BKAG

BKAG Risk / Return Rank: 36
BKAG Sharpe Ratio Rank: 37
BKAG Sortino Ratio Rank: 37
BKAG Omega Ratio Rank: 34
BKAG Calmar Ratio Rank: 36
BKAG Martin Ratio Rank: 34

FXNAX

FXNAX Risk / Return Rank: 23
FXNAX Sharpe Ratio Rank: 23
FXNAX Sortino Ratio Rank: 25
FXNAX Omega Ratio Rank: 21
FXNAX Calmar Ratio Rank: 24
FXNAX Martin Ratio Rank: 21

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.

BKAG vs. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Core Bond ETF (BKAG) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BKAG	FXNAX	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.22	+0.03
Sortino ratio: Return per unit of downside risk	1.85	1.85	0.00
Omega ratio: Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	1.74	1.62	+0.11
Martin ratio: Return relative to average drawdown	4.88	4.68	+0.19

BKAG vs. FXNAX - Sharpe Ratio Comparison

The current BKAG Sharpe Ratio is 1.26, which is comparable to the FXNAX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of BKAG and FXNAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BKAG vs. FXNAX - Drawdown Comparison

The maximum BKAG drawdown since its inception was -18.53%, smaller than the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for BKAG and FXNAX.

Drawdown Indicators

	BKAG	FXNAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.53%	-19.51%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-2.94%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-6.04%	-6.16%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-18.54%	+0.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.51%	—
Current Drawdown Current decline from peak	-1.99%	-2.89%	+0.90%
Average Drawdown Average peak-to-trough decline	-7.08%	-3.86%	-3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.02%	-0.04%

Volatility

BKAG vs. FXNAX - Volatility Comparison

The current volatility for BNY Mellon Core Bond ETF (BKAG) is 1.12%, while Fidelity U.S. Bond Index Fund (FXNAX) has a volatility of 1.23%. This indicates that BKAG 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

	BKAG	FXNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.23%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	2.89%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	3.90%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	6.08%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.54%	5.01%	+0.53%

BKAG vs. FXNAX - Expense Ratio Comparison

BKAG has a 0.00% expense ratio, which is lower than FXNAX's 0.03% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BKAG vs. FXNAX - Dividend Comparison

BKAG's dividend yield for the trailing twelve months is around 4.22%, more than FXNAX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKAG BNY Mellon Core Bond ETF	4.22%	4.17%	4.26%	3.33%	2.49%	1.55%	1.16%	0.00%	0.00%	0.00%	0.00%	0.00%
FXNAX Fidelity U.S. Bond Index Fund	3.71%	3.58%	3.40%	3.15%	1.81%	1.74%	2.92%	2.68%	2.74%	2.57%	2.76%	2.52%

Frequently Asked Questions

Can I hold both BKAG and FXNAX in my portfolio?

With a correlation of 0.90, BKAG and FXNAX 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, BKAG or FXNAX?

FXNAX has higher volatility (1.23%) compared to BKAG (1.12%). In terms of maximum drawdown, BKAG dropped -18.53% vs FXNAX's -19.51%.

Which has better risk-adjusted returns?

BKAG currently has the higher Sharpe Ratio (1.26 vs 1.22), 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.