BLV vs. FNBGX

Last updated Aug 4, 2026

BLV (Vanguard Long-Term Bond ETF) and FNBGX (Fidelity Long-Term Treasury Bond Index Fund) are both funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index, while FNBGX is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Bond Index. Both are passively managed. Over the past 5 years, BLV returned -5.11%/yr vs -7.27%/yr for FNBGX. Their correlation of 0.94 means they have usually moved in the same direction. Both charge a 0.03% expense ratio.

Performance

BLV vs. FNBGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Bond ETF (BLV) and Fidelity Long-Term Treasury Bond Index Fund (FNBGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BLV achieves a -2.38% return, which is significantly higher than FNBGX's -3.60% return.

BLV

• 1D: 0.44%
• 1M: -3.14%
• 6M: -2.34%
• YTD: -2.38%
• 1Y: -0.29%
• 3Y*: 2.08%
• 5Y*: -5.11%
• 10Y*: 0.32%
• ALL TIME*: 4.05%

FNBGX

• 1D: -0.68%
• 1M: -3.83%
• 6M: -3.19%
• YTD: -3.60%
• 1Y: -2.02%
• 3Y*: -0.74%
• 5Y*: -7.27%
• 10Y*: —
• ALL TIME*: -1.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BLV Vanguard Long-Term Bond ETF	$51.99M	$52.76M	$45.16M
FNBGX Fidelity Long-Term Treasury Bond Index Fund	$0.00	$0.00	$0.00

BLV vs. FNBGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BLV Vanguard Long-Term Bond ETF	-2.38%	6.44%	-3.65%	7.35%	-26.95%	-2.89%	16.13%	18.99%	-4.17%	2.28%
FNBGX Fidelity Long-Term Treasury Bond Index Fund	-3.60%	5.30%	-6.18%	3.20%	-29.89%	-5.17%	17.58%	14.24%	-1.62%	1.86%

Correlation

The correlation between BLV and FNBGX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017	0.94

The correlation between BLV and FNBGX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

BLV vs. FNBGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BLV

BLV Risk / Return Rank: 10
BLV Sharpe Ratio Rank: 11
BLV Sortino Ratio Rank: 10
BLV Omega Ratio Rank: 9
BLV Calmar Ratio Rank: 10
BLV Martin Ratio Rank: 10

FNBGX

FNBGX Risk / Return Rank: 3
FNBGX Sharpe Ratio Rank: 3
FNBGX Sortino Ratio Rank: 3
FNBGX Omega Ratio Rank: 3
FNBGX Calmar Ratio Rank: 3
FNBGX Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BLV vs. FNBGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) and Fidelity Long-Term Treasury Bond Index Fund (FNBGX). 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.

	BLV	FNBGX	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	-0.09	+0.05
Sortino ratio: Return per unit of downside risk	0.00	-0.06	+0.07
Omega ratio: Gain probability vs. loss probability	1.00	0.99	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.05	-0.10	+0.05
Martin ratio: Return relative to average drawdown	-0.11	-0.23	+0.12

BLV vs. FNBGX - Sharpe Ratio Comparison

The current BLV Sharpe Ratio is -0.04, which is higher than the FNBGX Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of BLV and FNBGX, 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

BLV vs. FNBGX - Drawdown Comparison

The maximum BLV drawdown since its inception was -38.29%, smaller than the maximum FNBGX drawdown of -46.86%. Use the drawdown chart below to compare losses from any high point for BLV and FNBGX.

Drawdown Indicators

	BLV	FNBGX	Difference
Max Drawdown Largest peak-to-trough decline	-38.29%	-46.86%	+8.57%
Max Drawdown (1Y) Largest decline over 1 year	-5.92%	-7.38%	+1.46%
Max Drawdown (3Y) Largest decline over 3 years	-11.70%	-13.48%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-36.27%	-41.54%	+5.27%
Max Drawdown (10Y) Largest decline over 10 years	-38.29%	—	—
Current Drawdown Current decline from peak	-26.16%	-39.51%	+13.35%
Average Drawdown Average peak-to-trough decline	-9.64%	-21.94%	+12.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	3.29%	-0.63%

Volatility

BLV vs. FNBGX - Volatility Comparison

Vanguard Long-Term Bond ETF (BLV) and Fidelity Long-Term Treasury Bond Index Fund (FNBGX) have volatilities of 2.19% and 2.25%, 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

	BLV	FNBGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	2.25%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	5.97%	6.37%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	7.77%	8.46%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.91%	14.46%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.95%	14.11%	-2.16%

BLV vs. FNBGX - Expense Ratio Comparison

Both BLV and FNBGX have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

BLV vs. FNBGX - Dividend Comparison

BLV's dividend yield for the trailing twelve months is around 4.97%, more than FNBGX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLV Vanguard Long-Term Bond ETF	4.97%	4.67%	5.09%	4.06%	4.17%	3.37%	6.12%	3.57%	4.07%	3.63%	4.16%	4.37%
FNBGX Fidelity Long-Term Treasury Bond Index Fund	3.82%	3.88%	3.75%	3.20%	2.26%	2.47%	3.96%	2.63%	2.93%	0.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BLV and FNBGX in my portfolio?

With a correlation of 0.97, BLV and FNBGX 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, BLV or FNBGX?

FNBGX has higher volatility (2.25%) compared to BLV (2.19%). In terms of maximum drawdown, BLV dropped -38.29% vs FNBGX's -46.86%.

Which has better risk-adjusted returns?

BLV currently has the higher Sharpe Ratio (-0.04 vs -0.09), 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.