DODIX vs. FXNAX

Last updated Jun 23, 2026

DODIX (Dodge & Cox Income Fund) and FXNAX (Fidelity U.S. Bond Index Fund) are both mutual funds - DODIX is a Intermediate Core-Plus Bond fund actively managed by Dodge & Cox, while FXNAX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. DODIX is actively managed, while FXNAX is passively managed. Over the past 10 years, DODIX returned 2.92%/yr vs 1.50%/yr for FXNAX. Their correlation of 0.89 suggests significant overlap in exposure. DODIX charges 0.41%/yr vs 0.03%/yr for FXNAX.

Performance

DODIX vs. FXNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dodge & Cox Income Fund (DODIX) 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, DODIX achieves a 0.67% return, which is significantly higher than FXNAX's 0.40% return. Over the past 10 years, DODIX has outperformed FXNAX with an annualized return of 2.92%, while FXNAX has yielded a comparatively lower 1.50% annualized return.

DODIX

• 1D: 0.23%
• 1M: 0.95%
• YTD: 0.67%
• 6M: 0.83%
• 1Y: 5.75%
• 3Y*: 5.20%
• 5Y*: 1.20%
• 10Y*: 2.92%

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)

DODIX vs. FXNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DODIX Dodge & Cox Income Fund	0.67%	8.32%	2.25%	7.69%	-11.42%	-0.92%	9.46%	9.73%	-0.31%	4.36%
FXNAX Fidelity U.S. Bond Index Fund	0.40%	7.14%	1.35%	5.82%	-13.55%	-2.10%	7.63%	8.50%	0.04%	3.50%

Correlation

The correlation between DODIX and FXNAX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.89

The correlation between DODIX and FXNAX has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

Return for Risk

DODIX vs. FXNAX — Risk / Return Rank

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

DODIX

DODIX Risk / Return Rank: 27
DODIX Sharpe Ratio Rank: 28
DODIX Sortino Ratio Rank: 30
DODIX Omega Ratio Rank: 28
DODIX Calmar Ratio Rank: 27
DODIX Martin Ratio Rank: 23

FXNAX

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

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.

DODIX vs. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Income Fund (DODIX) 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.

	DODIX	FXNAX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.22	+0.20
Sortino ratio: Return per unit of downside risk	2.11	1.85	+0.26
Omega ratio: Gain probability vs. loss probability	1.26	1.22	+0.04
Calmar ratio: Return relative to maximum drawdown	1.82	1.62	+0.20
Martin ratio: Return relative to average drawdown	5.22	4.68	+0.54

DODIX vs. FXNAX - Sharpe Ratio Comparison

The current DODIX Sharpe Ratio is 1.43, which is comparable to the FXNAX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of DODIX 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

DODIX vs. FXNAX - Drawdown Comparison

The maximum DODIX drawdown since its inception was -16.89%, smaller than the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for DODIX and FXNAX.

Drawdown Indicators

	DODIX	FXNAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.89%	-19.51%	+2.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.17%	-2.94%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	-6.16%	+0.48%
Max Drawdown (5Y) Largest decline over 5 years	-16.89%	-18.54%	+1.65%
Max Drawdown (10Y) Largest decline over 10 years	-16.89%	-19.51%	+2.62%
Current Drawdown Current decline from peak	-1.48%	-2.89%	+1.41%
Average Drawdown Average peak-to-trough decline	-1.50%	-3.86%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	1.02%	+0.08%

Volatility

DODIX vs. FXNAX - Volatility Comparison

Dodge & Cox Income Fund (DODIX) and Fidelity U.S. Bond Index Fund (FXNAX) have volatilities of 1.18% and 1.23%, 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

	DODIX	FXNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	1.23%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	2.89%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	3.90%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.57%	6.08%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	5.01%	-0.56%

DODIX vs. FXNAX - Expense Ratio Comparison

DODIX has a 0.41% expense ratio, which is higher than FXNAX's 0.03% expense ratio.

Dividends

DODIX vs. FXNAX - Dividend Comparison

DODIX's dividend yield for the trailing twelve months is around 4.25%, more than FXNAX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODIX Dodge & Cox Income Fund	4.25%	4.23%	4.24%	3.86%	2.19%	3.23%	4.66%	3.63%	3.43%	3.03%	3.25%	3.09%
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 DODIX and FXNAX in my portfolio?

With a correlation of 0.92, DODIX 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, DODIX or FXNAX?

FXNAX has higher volatility (1.23%) compared to DODIX (1.18%). In terms of maximum drawdown, DODIX dropped -16.89% vs FXNAX's -19.51%.

Which has better risk-adjusted returns?

DODIX currently has the higher Sharpe Ratio (1.43 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.