FBKWX vs. VO

Last updated Jul 21, 2026

FBKWX (Fidelity Advisor Total Bond Fund Class Z) and VO (Vanguard Mid-Cap ETF) are both funds - FBKWX is a Total Bond Market fund managed by Fidelity, while VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index. Over the past 10 years, FBKWX returned 2.26%/yr vs 11.23%/yr for VO. At a 0.05 correlation, their price movements are largely independent. FBKWX charges 0.36%/yr vs 0.03%/yr for VO.

Performance

FBKWX vs. VO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Total Bond Fund Class Z (FBKWX) and Vanguard Mid-Cap ETF (VO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBKWX achieves a 0.22% return, which is significantly lower than VO's 10.92% return. Over the past 10 years, FBKWX has underperformed VO with an annualized return of 2.26%, while VO has yielded a comparatively higher 11.23% annualized return.

FBKWX

• 1D: 0.00%
• 1M: -0.38%
• 6M: 0.33%
• YTD: 0.22%
• 1Y: 4.39%
• 3Y*: 4.42%
• 5Y*: 0.28%
• 10Y*: 2.26%
• ALL TIME*: 2.51%

VO

• 1D: -0.40%
• 1M: 0.09%
• 6M: 7.17%
• YTD: 10.92%
• 1Y: 13.90%
• 3Y*: 13.82%
• 5Y*: 7.77%
• 10Y*: 11.23%
• ALL TIME*: 10.28%

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

FBKWX vs. VO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBKWX Fidelity Advisor Total Bond Fund Class Z	0.22%	7.60%	2.20%	6.56%	-13.55%	-0.27%	9.46%	9.88%	-0.56%	4.39%
VO Vanguard Mid-Cap ETF	10.92%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%

Correlation

The correlation between FBKWX and VO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.05

Over the past year, FBKWX and VO have become more correlated (0.34) than their long-term average of 0.05, meaning their price movements have been converging.

Return for Risk

FBKWX vs. VO — Risk / Return Rank

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

FBKWX

FBKWX Risk / Return Rank: 27
FBKWX Sharpe Ratio Rank: 29
FBKWX Sortino Ratio Rank: 31
FBKWX Omega Ratio Rank: 26
FBKWX Calmar Ratio Rank: 28
FBKWX Martin Ratio Rank: 23

VO

VO Risk / Return Rank: 43
VO Sharpe Ratio Rank: 40
VO Sortino Ratio Rank: 40
VO Omega Ratio Rank: 38
VO Calmar Ratio Rank: 44
VO Martin Ratio Rank: 51

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.

FBKWX vs. VO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Total Bond Fund Class Z (FBKWX) and Vanguard Mid-Cap ETF (VO). 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.

	FBKWX	VO	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.10	+0.10
Sortino ratio: Return per unit of downside risk	1.80	1.63	+0.17
Omega ratio: Gain probability vs. loss probability	1.21	1.20	+0.01
Calmar ratio: Return relative to maximum drawdown	1.60	1.71	-0.10
Martin ratio: Return relative to average drawdown	4.33	6.44	-2.12

FBKWX vs. VO - Sharpe Ratio Comparison

The current FBKWX Sharpe Ratio is 1.20, which is comparable to the VO Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of FBKWX and VO, 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

FBKWX vs. VO - Drawdown Comparison

The maximum FBKWX drawdown since its inception was -18.31%, smaller than the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for FBKWX and VO.

Drawdown Indicators

	FBKWX	VO	Difference
Max Drawdown Largest peak-to-trough decline	-18.31%	-58.87%	+40.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-8.17%	+5.29%
Max Drawdown (3Y) Largest decline over 3 years	-5.47%	-19.02%	+13.55%
Max Drawdown (5Y) Largest decline over 5 years	-18.31%	-27.57%	+9.26%
Max Drawdown (10Y) Largest decline over 10 years	-18.31%	-39.37%	+21.06%
Current Drawdown Current decline from peak	-1.66%	-1.26%	-0.40%
Average Drawdown Average peak-to-trough decline	-3.64%	-7.82%	+4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	2.16%	-1.09%

Volatility

FBKWX vs. VO - Volatility Comparison

The current volatility for Fidelity Advisor Total Bond Fund Class Z (FBKWX) is 1.00%, while Vanguard Mid-Cap ETF (VO) has a volatility of 2.21%. This indicates that FBKWX experiences smaller price fluctuations and is considered to be less risky than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBKWX	VO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	2.21%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	9.64%	-6.73%
Volatility (1Y) Calculated over the trailing 1-year period	3.86%	12.67%	-8.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.71%	17.60%	-11.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.76%	18.87%	-14.11%

FBKWX vs. VO - Expense Ratio Comparison

FBKWX has a 0.36% expense ratio, which is higher than VO's 0.03% expense ratio.

Dividends

FBKWX vs. VO - Dividend Comparison

FBKWX's dividend yield for the trailing twelve months is around 4.46%, more than VO's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBKWX Fidelity Advisor Total Bond Fund Class Z	4.46%	4.45%	4.22%	3.52%	2.59%	1.97%	5.32%	3.11%	3.30%	3.07%	3.71%	3.38%
VO Vanguard Mid-Cap ETF	1.34%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both FBKWX and VO in my portfolio?

FBKWX and VO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBKWX or VO?

VO has higher volatility (2.21%) compared to FBKWX (1.00%). In terms of maximum drawdown, FBKWX dropped -18.31% vs VO's -58.87%.

Which has better risk-adjusted returns?

FBKWX currently has the higher Sharpe Ratio (1.20 vs 1.10), 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.