EVGOX vs. FUMBX

Last updated Jun 26, 2026

EVGOX (Eaton Vance Government Opportunities Fund) and FUMBX (Fidelity Short-Term Treasury Bond Index Fund) are both mutual funds - EVGOX is a Government Bonds fund managed by Eaton Vance, while FUMBX is a Short-Term Bond fund tracking the Bloomberg U.S. 1-5 Year Treasury Bond Index. Over the past 5 years, EVGOX returned 1.41%/yr vs 1.37%/yr for FUMBX. A 0.66 correlation means they provide meaningful diversification when combined. EVGOX charges 1.05%/yr vs 0.03%/yr for FUMBX.

Performance

EVGOX vs. FUMBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Government Opportunities Fund (EVGOX) and Fidelity Short-Term Treasury Bond Index Fund (FUMBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVGOX achieves a 0.39% return, which is significantly higher than FUMBX's 0.09% return.

EVGOX

• 1D: 0.57%
• 1M: 0.85%
• YTD: 0.39%
• 6M: 0.85%
• 1Y: 4.79%
• 3Y*: 4.79%
• 5Y*: 1.41%
• 10Y*: 1.61%

FUMBX

• 1D: 0.10%
• 1M: 0.17%
• YTD: 0.09%
• 6M: 0.44%
• 1Y: 2.79%
• 3Y*: 4.10%
• 5Y*: 1.37%
• 10Y*: —

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

EVGOX vs. FUMBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EVGOX Eaton Vance Government Opportunities Fund	0.39%	10.50%	0.07%	4.56%	-6.57%	-1.20%	4.59%	2.43%	0.72%	0.23%
FUMBX Fidelity Short-Term Treasury Bond Index Fund	0.09%	5.83%	3.25%	4.47%	-5.84%	-1.38%	4.22%	4.19%	1.47%	-0.33%

Correlation

The correlation between EVGOX and FUMBX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017	0.66

Over the past year, EVGOX and FUMBX have become more correlated (0.87) than their long-term average of 0.66, meaning their price movements have been converging.

Return for Risk

EVGOX vs. FUMBX — Risk / Return Rank

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

EVGOX

EVGOX Risk / Return Rank: 22
EVGOX Sharpe Ratio Rank: 21
EVGOX Sortino Ratio Rank: 22
EVGOX Omega Ratio Rank: 22
EVGOX Calmar Ratio Rank: 24
EVGOX Martin Ratio Rank: 21

FUMBX

FUMBX Risk / Return Rank: 32
FUMBX Sharpe Ratio Rank: 31
FUMBX Sortino Ratio Rank: 36
FUMBX Omega Ratio Rank: 36
FUMBX Calmar Ratio Rank: 32
FUMBX Martin Ratio Rank: 27

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.

EVGOX vs. FUMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Government Opportunities Fund (EVGOX) and Fidelity Short-Term Treasury Bond Index Fund (FUMBX). 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.

	EVGOX	FUMBX	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.35	-0.29
Sortino ratio: Return per unit of downside risk	1.59	2.12	-0.53
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.07
Calmar ratio: Return relative to maximum drawdown	1.51	1.82	-0.31
Martin ratio: Return relative to average drawdown	4.33	5.30	-0.97

EVGOX vs. FUMBX - Sharpe Ratio Comparison

The current EVGOX Sharpe Ratio is 1.06, which is comparable to the FUMBX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of EVGOX and FUMBX, 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

EVGOX vs. FUMBX - Drawdown Comparison

The maximum EVGOX drawdown since its inception was -23.97%, which is greater than FUMBX's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for EVGOX and FUMBX.

Drawdown Indicators

	EVGOX	FUMBX	Difference
Max Drawdown Largest peak-to-trough decline	-23.97%	-8.83%	-15.14%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-1.54%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	-6.74%	-1.57%	-5.17%
Max Drawdown (5Y) Largest decline over 5 years	-11.06%	-8.60%	-2.46%
Max Drawdown (10Y) Largest decline over 10 years	-11.44%	—	—
Current Drawdown Current decline from peak	-1.57%	-0.87%	-0.70%
Average Drawdown Average peak-to-trough decline	-3.42%	-1.85%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.53%	+0.62%

Volatility

EVGOX vs. FUMBX - Volatility Comparison

Eaton Vance Government Opportunities Fund (EVGOX) has a higher volatility of 1.64% compared to Fidelity Short-Term Treasury Bond Index Fund (FUMBX) at 0.70%. This indicates that EVGOX's price experiences larger fluctuations and is considered to be riskier than FUMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVGOX	FUMBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	0.70%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	3.64%	1.56%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	4.71%	2.08%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.37%	2.93%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	2.49%	+1.57%

EVGOX vs. FUMBX - Expense Ratio Comparison

EVGOX has a 1.05% expense ratio, which is higher than FUMBX's 0.03% expense ratio.

Dividends

EVGOX vs. FUMBX - Dividend Comparison

EVGOX's dividend yield for the trailing twelve months is around 5.48%, more than FUMBX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EVGOX Eaton Vance Government Opportunities Fund	5.48%	5.38%	5.24%	4.58%	2.75%	1.77%	2.19%	3.24%	3.34%	3.54%	3.30%	3.81%
FUMBX Fidelity Short-Term Treasury Bond Index Fund	3.76%	3.51%	2.91%	1.64%	0.86%	1.15%	1.41%	1.88%	1.64%	0.34%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVGOX and FUMBX in my portfolio?

EVGOX and FUMBX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVGOX or FUMBX?

EVGOX has higher volatility (1.64%) compared to FUMBX (0.70%). In terms of maximum drawdown, EVGOX dropped -23.97% vs FUMBX's -8.83%.

Which has better risk-adjusted returns?

FUMBX currently has the higher Sharpe Ratio (1.35 vs 1.06), 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.