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FADMX vs. TRBUX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FADMX vs. TRBUX

Last updated Jun 24, 2026

FADMX (Fidelity Strategic Income Fund) and TRBUX (T. Rowe Price Ultra Short-Term Bond Fund) are both mutual funds - FADMX is a Total Bond Market fund managed by Fidelity, while TRBUX is a Ultrashort Bond fund managed by T. Rowe Price. Over the past 5 years, FADMX returned 3.23%/yr vs 4.28%/yr for TRBUX. At a 0.30 correlation, their price movements are largely independent. FADMX charges 0.66%/yr vs 0.31%/yr for TRBUX.

Performance

FADMX vs. TRBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Strategic Income Fund (FADMX) and T. Rowe Price Ultra Short-Term Bond Fund (TRBUX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FADMX achieves a 3.37% return, which is significantly higher than TRBUX's 1.39% return.

FADMX

1D
-0.08%
1M
1.34%
YTD
3.37%
6M
3.78%
1Y
9.26%
3Y*
8.21%
5Y*
3.23%
10Y*
—

TRBUX

1D
0.00%
1M
0.36%
YTD
1.39%
6M
2.18%
1Y
6.22%
3Y*
6.68%
5Y*
4.28%
10Y*
3.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FADMX vs. TRBUX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FADMX
Fidelity Strategic Income Fund		3.37%9.01%6.02%9.55%-11.84%3.46%6.72%11.06%-2.02%
TRBUX
T. Rowe Price Ultra Short-Term Bond Fund		1.39%6.88%7.88%6.99%-1.28%0.22%3.11%3.60%1.59%

Correlation

The correlation between FADMX and TRBUX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.25

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (5Y)
Calculated over the trailing 5-year period

0.31

Correlation (All Time)
Calculated using the full available price history since Apr 30, 2018

0.30

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Strategic Income Fund

T. Rowe Price Ultra Short-Term Bond Fund

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Often compared with TRBUX:
TRBUX vs. SGOVTRBUX vs. PRCOXTRBUX vs. RPIFXTRBUX vs. VTAPXTRBUX vs. BIAFXTRBUX vs. PIAMXTRBUX vs. GQETX

Return for Risk

FADMX vs. TRBUX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FADMX
FADMX Risk / Return Rank: 8787
Overall Rank
FADMX Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
FADMX Sortino Ratio Rank: 8888
Sortino Ratio Rank
FADMX Omega Ratio Rank: 8686
Omega Ratio Rank
FADMX Calmar Ratio Rank: 8383
Calmar Ratio Rank
FADMX Martin Ratio Rank: 8888
Martin Ratio Rank
TRBUX
TRBUX Risk / Return Rank: 9999
Overall Rank
TRBUX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
TRBUX Sortino Ratio Rank: 9999
Sortino Ratio Rank
TRBUX Omega Ratio Rank: 9999
Omega Ratio Rank
TRBUX Calmar Ratio Rank: 9999
Calmar Ratio Rank
TRBUX Martin Ratio Rank: 9999
Martin Ratio Rank
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.

FADMX vs. TRBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Strategic Income Fund (FADMX) and T. Rowe Price Ultra Short-Term Bond Fund (TRBUX). 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.

FADMXTRBUXDifference
Sharpe ratioReturn per unit of total volatility
2.63
3.69

-1.06

Sortino ratioReturn per unit of downside risk
3.95
9.03

-5.08

Omega ratioGain probability vs. loss probability

1.55

3.56

-2.01

Calmar ratioReturn relative to maximum drawdown

3.66

16.38

-12.72

Martin ratioReturn relative to average drawdown

15.86

61.02

-45.16

FADMX vs. TRBUX - Sharpe Ratio Comparison

The current FADMX Sharpe Ratio is 2.63, which is comparable to the TRBUX Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of FADMX and TRBUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FADMX vs. TRBUX - Drawdown Comparison

The maximum FADMX drawdown since its inception was -15.98%, which is greater than TRBUX's maximum drawdown of -4.15%. Use the drawdown chart below to compare losses from any high point for FADMX and TRBUX.

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Drawdown Indicators

FADMXTRBUXDifference

Max Drawdown

Largest peak-to-trough decline

-15.98%

-4.15%

-11.83%

Max Drawdown (1Y)

Largest decline over 1 year

-2.62%

-0.39%

-2.23%

Max Drawdown (3Y)

Largest decline over 3 years

-3.99%

-0.78%

-3.21%

Max Drawdown (5Y)

Largest decline over 5 years

-15.98%

-2.68%

-13.30%

Max Drawdown (10Y)

Largest decline over 10 years

—

-4.15%

—

Current Drawdown

Current decline from peak

-0.08%

-0.20%

+0.12%

Average Drawdown

Average peak-to-trough decline

-3.05%

-0.21%

-2.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.60%

0.10%

+0.50%

Volatility

FADMX vs. TRBUX - Volatility Comparison

Fidelity Strategic Income Fund (FADMX) has a higher volatility of 1.35% compared to T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) at 0.58%. This indicates that FADMX's price experiences larger fluctuations and is considered to be riskier than TRBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FADMXTRBUXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.35%

0.58%

+0.77%

Volatility (6M)

Calculated over the trailing 6-month period

3.06%

1.19%

+1.87%

Volatility (1Y)

Calculated over the trailing 1-year period

3.64%

1.75%

+1.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.54%

1.69%

+2.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.77%

1.51%

+3.26%

FADMX vs. TRBUX - Expense Ratio Comparison

FADMX has a 0.66% expense ratio, which is higher than TRBUX's 0.31% expense ratio.

Dividends

FADMX vs. TRBUX - Dividend Comparison

FADMX's dividend yield for the trailing twelve months is around 4.28%, less than TRBUX's 6.04% yield.

PositionTTM20252024202320222021202020192018201720162015
FADMX
Fidelity Strategic Income Fund		4.28%4.33%4.16%4.31%2.91%4.23%3.82%4.34%2.74%0.00%0.00%0.00%
TRBUX
T. Rowe Price Ultra Short-Term Bond Fund		6.04%6.23%6.36%4.48%1.53%1.21%1.86%2.73%2.47%1.62%1.18%0.81%

Frequently Asked Questions

FADMX and TRBUX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FADMX has higher volatility (1.35%) compared to TRBUX (0.58%). In terms of maximum drawdown, FADMX dropped -15.98% vs TRBUX's -4.15%.

TRBUX currently has the higher Sharpe Ratio (3.69 vs 2.63), 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.

Portfolio Optimizer

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