FBLTX vs. GUSTX

Last updated Aug 1, 2026

FBLTX (Fidelity SAI Long-Term Treasury Bond Index Fund) and GUSTX (GMO U.S. Treasury Fund) are both Government Bonds funds. Over the past 10 years, FBLTX returned -2.52%/yr vs -13.73%/yr for GUSTX. Their 0.06 correlation means their historical movements had little consistent relationship. FBLTX charges 0.03%/yr vs 0.01%/yr for GUSTX.

Performance

FBLTX vs. GUSTX - 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 GMO U.S. Treasury Fund (GUSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBLTX achieves a -3.37% return, which is significantly lower than GUSTX's 1.59% return. Over the past 10 years, FBLTX has outperformed GUSTX with an annualized return of -2.52%, while GUSTX has yielded a comparatively lower -13.73% annualized return.

FBLTX

• 1D: -0.16%
• 1M: -3.63%
• 6M: -3.28%
• YTD: -3.37%
• 1Y: -2.17%
• 3Y*: -2.29%
• 5Y*: -8.31%
• 10Y*: -2.52%
• ALL TIME*: -1.05%

GUSTX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.34%
• YTD: 1.59%
• 1Y: 3.31%
• 3Y*: 2.99%
• 5Y*: 1.97%
• 10Y*: -13.73%
• ALL TIME*: -8.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	$0.00	$0.00	$0.00
GUSTX GMO U.S. Treasury Fund	$0.00	$0.00	$0.00

FBLTX vs. GUSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	-3.37%	4.39%	-8.05%	2.71%	-31.84%	-4.89%	18.27%	14.36%	-1.24%	9.06%
GUSTX GMO U.S. Treasury Fund	1.59%	4.45%	2.21%	2.52%	-0.73%	-0.06%	0.89%	0.14%	-79.59%	0.43%

Correlation

The correlation between FBLTX and GUSTX is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (3Y) Balances recent behavior with more history.	0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	0.03
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Oct 16, 2015	0.06

Return for Risk

FBLTX vs. GUSTX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FBLTX

FBLTX Risk / Return Rank: 4
FBLTX Sharpe Ratio Rank: 4
FBLTX Sortino Ratio Rank: 4
FBLTX Omega Ratio Rank: 4
FBLTX Calmar Ratio Rank: 4
FBLTX Martin Ratio Rank: 4

GUSTX

GUSTX Risk / Return Rank: 99
GUSTX Sharpe Ratio Rank: 98
GUSTX Sortino Ratio Rank: 99
GUSTX Omega Ratio Rank: 100
GUSTX Calmar Ratio Rank: 100
GUSTX Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FBLTX vs. GUSTX - 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 GMO U.S. Treasury Fund (GUSTX). 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	GUSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	3.03	-3.07
Sortino ratio: Return per unit of downside risk	0.01	8.29	-8.28
Omega ratio: Gain probability vs. loss probability	1.00	4.63	-3.63
Calmar ratio: Return relative to maximum drawdown	-0.05	19.21	-19.26
Martin ratio: Return relative to average drawdown	-0.10	50.60	-50.70

FBLTX vs. GUSTX - Sharpe Ratio Comparison

The current FBLTX Sharpe Ratio is -0.04, which is lower than the GUSTX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of FBLTX and GUSTX, 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. GUSTX - Drawdown Comparison

The maximum FBLTX drawdown since its inception was -49.06%, smaller than the maximum GUSTX drawdown of -79.98%. Use the drawdown chart below to compare losses from any high point for FBLTX and GUSTX.

Drawdown Indicators

	FBLTX	GUSTX	Difference
Max Drawdown Largest peak-to-trough decline	-49.06%	-79.98%	+30.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.66%	-0.20%	-7.46%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-1.19%	-13.56%
Max Drawdown (5Y) Largest decline over 5 years	-44.19%	-1.19%	-43.00%
Max Drawdown (10Y) Largest decline over 10 years	-49.06%	-79.98%	+30.92%
Current Drawdown Current decline from peak	-42.95%	-77.65%	+34.70%
Average Drawdown Average peak-to-trough decline	-21.28%	-36.43%	+15.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	0.07%	+3.47%

Volatility

FBLTX vs. GUSTX - Volatility Comparison

Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX) has a higher volatility of 2.48% compared to GMO U.S. Treasury Fund (GUSTX) at 0.00%. This indicates that FBLTX's price experiences larger fluctuations and is considered to be riskier than GUSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBLTX	GUSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	0.00%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	6.79%	0.94%	+5.85%
Volatility (1Y) Calculated over the trailing 1-year period	9.26%	1.27%	+7.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.57%	1.74%	+13.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	25.45%	-10.94%

FBLTX vs. GUSTX - Expense Ratio Comparison

FBLTX has a 0.03% expense ratio, which is higher than GUSTX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FBLTX vs. GUSTX - Dividend Comparison

FBLTX's dividend yield for the trailing twelve months is around 3.97%, more than GUSTX's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	3.97%	4.04%	3.60%	3.29%	2.25%	1.81%	6.73%	2.39%	2.87%	2.68%	3.70%	0.39%
GUSTX GMO U.S. Treasury Fund	3.46%	4.15%	1.98%	2.28%	0.26%	0.14%	0.09%	0.14%	8.96%	0.50%	0.05%	0.04%

Frequently Asked Questions

Can I hold both FBLTX and GUSTX in my portfolio?

FBLTX and GUSTX have a correlation of 0.06, 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 GUSTX?

FBLTX has higher volatility (2.48%) compared to GUSTX (0.00%). In terms of maximum drawdown, FBLTX dropped -49.06% vs GUSTX's -79.98%.

Which has better risk-adjusted returns?

GUSTX currently has the higher Sharpe Ratio (3.03 vs -0.04), 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.