FBLTX vs. FAGIX

Last updated Jun 26, 2026

FBLTX (Fidelity SAI Long-Term Treasury Bond Index Fund) and FAGIX (Fidelity Capital & Income Fund) are both mutual funds - FBLTX is a Government Bonds fund managed by Fidelity, while FAGIX is a High Yield Bonds fund actively managed by Fidelity. Over the past 10 years, FBLTX returned -1.67%/yr vs 8.18%/yr for FAGIX. At a correlation of -0.03, they often move in opposite directions. FBLTX charges 0.03%/yr vs 0.67%/yr for FAGIX.

Performance

FBLTX vs. FAGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX) and Fidelity Capital & Income Fund (FAGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBLTX achieves a 1.74% return, which is significantly lower than FAGIX's 7.39% return. Over the past 10 years, FBLTX has underperformed FAGIX with an annualized return of -1.67%, while FAGIX has yielded a comparatively higher 8.18% annualized return.

FBLTX

• 1D: 1.36%
• 1M: 3.12%
• YTD: 1.74%
• 6M: 1.19%
• 1Y: 4.48%
• 3Y*: -1.44%
• 5Y*: -6.35%
• 10Y*: -1.67%

FAGIX

• 1D: 0.00%
• 1M: 0.15%
• YTD: 7.39%
• 6M: 7.52%
• 1Y: 15.71%
• 3Y*: 13.03%
• 5Y*: 6.71%
• 10Y*: 8.18%

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

FBLTX vs. FAGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	1.74%	4.39%	-8.05%	2.71%	-31.84%	-4.89%	18.27%	14.36%	-1.24%	9.06%
FAGIX Fidelity Capital & Income Fund	7.39%	12.38%	10.69%	13.02%	-11.50%	11.13%	9.95%	18.96%	-7.17%	11.66%

Correlation

The correlation between FBLTX and FAGIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Oct 16, 2015	-0.03

The correlation between FBLTX and FAGIX shifts across timeframes, from -0.03 (all time) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FBLTX vs. FAGIX — Risk / Return Rank

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

FBLTX

FBLTX Risk / Return Rank: 8
FBLTX Sharpe Ratio Rank: 8
FBLTX Sortino Ratio Rank: 8
FBLTX Omega Ratio Rank: 7
FBLTX Calmar Ratio Rank: 8
FBLTX Martin Ratio Rank: 7

FAGIX

FAGIX Risk / Return Rank: 87
FAGIX Sharpe Ratio Rank: 84
FAGIX Sortino Ratio Rank: 83
FAGIX Omega Ratio Rank: 83
FAGIX Calmar Ratio Rank: 93
FAGIX Martin Ratio Rank: 94

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.

FBLTX vs. FAGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX) and Fidelity Capital & Income Fund (FAGIX). 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.

	FBLTX	FAGIX	Difference
Sharpe ratio: Return per unit of total volatility	0.49	2.40	-1.91
Sortino ratio: Return per unit of downside risk	0.77	3.38	-2.61
Omega ratio: Gain probability vs. loss probability	1.09	1.47	-0.38
Calmar ratio: Return relative to maximum drawdown	0.61	4.52	-3.91
Martin ratio: Return relative to average drawdown	1.46	18.30	-16.83

FBLTX vs. FAGIX - Sharpe Ratio Comparison

The current FBLTX Sharpe Ratio is 0.49, which is lower than the FAGIX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of FBLTX and FAGIX, 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

FBLTX vs. FAGIX - Drawdown Comparison

The maximum FBLTX drawdown since its inception was -49.06%, which is greater than FAGIX's maximum drawdown of -37.97%. Use the drawdown chart below to compare losses from any high point for FBLTX and FAGIX.

Drawdown Indicators

	FBLTX	FAGIX	Difference
Max Drawdown Largest peak-to-trough decline	-49.06%	-37.97%	-11.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.66%	-3.49%	-4.17%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-7.26%	-11.86%
Max Drawdown (5Y) Largest decline over 5 years	-44.19%	-15.42%	-28.77%
Max Drawdown (10Y) Largest decline over 10 years	-49.06%	-28.45%	-20.61%
Current Drawdown Current decline from peak	-39.93%	-1.30%	-38.63%
Average Drawdown Average peak-to-trough decline	-21.09%	-6.98%	-14.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	0.86%	+2.32%

Volatility

FBLTX vs. FAGIX - Volatility Comparison

The current volatility for Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX) is 2.46%, while Fidelity Capital & Income Fund (FAGIX) has a volatility of 3.04%. This indicates that FBLTX experiences smaller price fluctuations and is considered to be less risky than FAGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBLTX	FAGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	3.04%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	6.68%	5.47%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	9.55%	6.61%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	6.71%	+8.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.57%	7.83%	+6.74%

FBLTX vs. FAGIX - Expense Ratio Comparison

FBLTX has a 0.03% expense ratio, which is lower than FAGIX's 0.67% expense ratio.

Dividends

FBLTX vs. FAGIX - Dividend Comparison

FBLTX's dividend yield for the trailing twelve months is around 4.09%, less than FAGIX's 5.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAGIX Fidelity Capital & Income Fund	5.28%	4.74%	5.02%	5.28%	10.25%	6.08%	4.59%	5.00%	5.67%	5.05%	4.57%	4.51%
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	4.09%	4.04%	3.60%	3.29%	2.25%	1.81%	6.73%	2.39%	2.87%	2.68%	3.70%	0.39%

Frequently Asked Questions

Can I hold both FBLTX and FAGIX in my portfolio?

FBLTX and FAGIX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBLTX or FAGIX?

FAGIX has higher volatility (3.04%) compared to FBLTX (2.46%). In terms of maximum drawdown, FBLTX dropped -49.06% vs FAGIX's -37.97%.

Which has better risk-adjusted returns?

FAGIX currently has the higher Sharpe Ratio (2.40 vs 0.49), 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.