FBKWX vs. VWIUX

Last updated Jun 5, 2026

FBKWX (Fidelity Advisor Total Bond Fund Class Z) and VWIUX (Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares) are both mutual funds - FBKWX is a Total Bond Market fund managed by Fidelity, while VWIUX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, FBKWX returned 2.47%/yr vs 2.47%/yr for VWIUX. A 0.56 correlation means they provide meaningful diversification when combined. FBKWX charges 0.36%/yr vs 0.09%/yr for VWIUX.

Performance

FBKWX vs. VWIUX - 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 Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBKWX achieves a 0.40% return, which is significantly lower than VWIUX's 1.26% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: FBKWX at 2.47% and VWIUX at 2.47%.

FBKWX

• 1D: -0.21%
• 1M: 0.16%
• YTD: 0.40%
• 6M: 0.44%
• 1Y: 5.07%
• 3Y*: 4.71%
• 5Y*: 0.59%
• 10Y*: 2.47%

VWIUX

• 1D: -0.07%
• 1M: 0.50%
• YTD: 1.26%
• 6M: 1.76%
• 1Y: 6.74%
• 3Y*: 4.53%
• 5Y*: 1.69%
• 10Y*: 2.47%

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

FBKWX vs. VWIUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBKWX Fidelity Advisor Total Bond Fund Class Z	0.40%	7.60%	2.20%	6.56%	-13.55%	-0.27%	9.46%	9.88%	-0.56%	4.39%
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	1.26%	5.99%	2.34%	5.90%	-6.83%	0.81%	5.23%	7.10%	1.34%	4.65%

Correlation

The correlation between FBKWX and VWIUX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.56

The correlation between FBKWX and VWIUX shifts across timeframes, from 0.56 (10 years) to 0.67 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FBKWX vs. VWIUX — Risk / Return Rank

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

FBKWX

FBKWX Risk / Return Rank: 25
FBKWX Sharpe Ratio Rank: 25
FBKWX Sortino Ratio Rank: 26
FBKWX Omega Ratio Rank: 23
FBKWX Calmar Ratio Rank: 28
FBKWX Martin Ratio Rank: 24

VWIUX

VWIUX Risk / Return Rank: 70
VWIUX Sharpe Ratio Rank: 89
VWIUX Sortino Ratio Rank: 93
VWIUX Omega Ratio Rank: 95
VWIUX Calmar Ratio Rank: 37
VWIUX Martin Ratio Rank: 35

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. VWIUX - 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 Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX). 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.

	FBKWX	VWIUX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.95	-1.53
Sortino ratio: Return per unit of downside risk	2.14	4.73	-2.59
Omega ratio: Gain probability vs. loss probability	1.25	1.79	-0.54
Calmar ratio: Return relative to maximum drawdown	1.96	2.32	-0.36
Martin ratio: Return relative to average drawdown	5.82	7.71	-1.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBKWX vs. VWIUX - Sharpe Ratio Comparison

The current FBKWX Sharpe Ratio is 1.42, which is lower than the VWIUX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of FBKWX and VWIUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FBKWX	VWIUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	2.95	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.52	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.72	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.13	-0.57

Drawdowns

FBKWX vs. VWIUX - Drawdown Comparison

The maximum FBKWX drawdown since its inception was -18.31%, which is greater than VWIUX's maximum drawdown of -11.38%. Use the drawdown chart below to compare losses from any high point for FBKWX and VWIUX.

Drawdown Indicators

	FBKWX	VWIUX	Difference
Max Drawdown Largest peak-to-trough decline	-18.31%	-11.38%	-6.93%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-2.99%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-5.82%	-4.40%	-1.42%
Max Drawdown (5Y) Largest decline over 5 years	-18.31%	-11.38%	-6.93%
Max Drawdown (10Y) Largest decline over 10 years	-18.31%	-11.38%	-6.93%
Current Drawdown Current decline from peak	-1.49%	-0.95%	-0.54%
Average Drawdown Average peak-to-trough decline	-3.66%	-1.44%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.90%	+0.07%

Volatility

FBKWX vs. VWIUX - Volatility Comparison

Fidelity Advisor Total Bond Fund Class Z (FBKWX) has a higher volatility of 1.33% compared to Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares (VWIUX) at 0.88%. This indicates that FBKWX's price experiences larger fluctuations and is considered to be riskier than VWIUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBKWX	VWIUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	0.88%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	1.86%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	2.35%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.70%	3.27%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.76%	3.43%	+1.33%

FBKWX vs. VWIUX - Expense Ratio Comparison

FBKWX has a 0.36% expense ratio, which is higher than VWIUX's 0.09% expense ratio.

Dividends

FBKWX vs. VWIUX - Dividend Comparison

FBKWX's dividend yield for the trailing twelve months is around 4.45%, more than VWIUX's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBKWX Fidelity Advisor Total Bond Fund Class Z	4.45%	4.45%	4.22%	3.52%	2.59%	1.97%	5.32%	3.11%	3.30%	3.07%	3.71%	3.38%
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares	3.33%	4.06%	3.63%	2.78%	2.51%	1.89%	2.40%	2.88%	2.89%	2.82%	2.91%	2.96%

Frequently Asked Questions

Can I hold both FBKWX and VWIUX in my portfolio?

FBKWX and VWIUX have a correlation of 0.64, 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 VWIUX?

FBKWX has higher volatility (1.33%) compared to VWIUX (0.88%). In terms of maximum drawdown, FBKWX dropped -18.31% vs VWIUX's -11.38%.

Which has better risk-adjusted returns?

VWIUX currently has the higher Sharpe Ratio (2.95 vs 1.42), 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.