FBLTX vs. VBLAX

Last updated Jun 23, 2026

FBLTX (Fidelity SAI Long-Term Treasury Bond Index Fund) and VBLAX (Vanguard Long-Term Bond Index Fund Admiral Shares) are both mutual funds - FBLTX is a Government Bonds fund managed by Fidelity, while VBLAX is a Total Bond Market fund managed by Vanguard. Over the past 5 years, FBLTX returned -6.98%/yr vs -3.90%/yr for VBLAX. With a 0.97 correlation, they move nearly in lockstep. FBLTX charges 0.03%/yr vs 0.07%/yr for VBLAX.

Performance

FBLTX vs. VBLAX - 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 Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBLTX achieves a 0.98% return, which is significantly higher than VBLAX's 0.93% return.

FBLTX

• 1D: 0.45%
• 1M: 2.83%
• YTD: 0.98%
• 6M: 1.18%
• 1Y: 4.79%
• 3Y*: -1.52%
• 5Y*: -6.98%
• 10Y*: -1.63%

VBLAX

• 1D: 0.38%
• 1M: 2.27%
• YTD: 0.93%
• 6M: 1.42%
• 1Y: 6.11%
• 3Y*: 2.07%
• 5Y*: -3.90%
• 10Y*: —

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

FBLTX vs. VBLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	0.98%	4.39%	-8.05%	2.71%	-31.84%	-4.89%	18.27%	14.43%
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares	0.93%	6.57%	-4.14%	7.55%	-27.22%	-3.36%	15.75%	16.45%

Correlation

The correlation between FBLTX and VBLAX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.97

The correlation between FBLTX and VBLAX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

FBLTX vs. VBLAX — Risk / Return Rank

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

FBLTX

FBLTX Risk / Return Rank: 6
FBLTX Sharpe Ratio Rank: 7
FBLTX Sortino Ratio Rank: 6
FBLTX Omega Ratio Rank: 6
FBLTX Calmar Ratio Rank: 7
FBLTX Martin Ratio Rank: 6

VBLAX

VBLAX Risk / Return Rank: 10
VBLAX Sharpe Ratio Rank: 10
VBLAX Sortino Ratio Rank: 10
VBLAX Omega Ratio Rank: 9
VBLAX Calmar Ratio Rank: 11
VBLAX Martin Ratio Rank: 9

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. VBLAX - 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 Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX). 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	VBLAX	Difference
Sharpe ratio: Return per unit of total volatility	0.50	0.75	-0.26
Sortino ratio: Return per unit of downside risk	0.78	1.13	-0.35
Omega ratio: Gain probability vs. loss probability	1.09	1.13	-0.04
Calmar ratio: Return relative to maximum drawdown	0.61	1.01	-0.40
Martin ratio: Return relative to average drawdown	1.48	2.49	-1.02

FBLTX vs. VBLAX - Sharpe Ratio Comparison

The current FBLTX Sharpe Ratio is 0.50, which is lower than the VBLAX Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of FBLTX and VBLAX, 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. VBLAX - Drawdown Comparison

The maximum FBLTX drawdown since its inception was -49.06%, which is greater than VBLAX's maximum drawdown of -38.62%. Use the drawdown chart below to compare losses from any high point for FBLTX and VBLAX.

Drawdown Indicators

	FBLTX	VBLAX	Difference
Max Drawdown Largest peak-to-trough decline	-49.06%	-38.62%	-10.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.66%	-5.98%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-14.92%	-4.20%
Max Drawdown (5Y) Largest decline over 5 years	-44.19%	-36.32%	-7.87%
Max Drawdown (10Y) Largest decline over 10 years	-49.06%	—	—
Current Drawdown Current decline from peak	-40.38%	-24.15%	-16.23%
Average Drawdown Average peak-to-trough decline	-21.07%	-18.14%	-2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	2.42%	+0.74%

Volatility

FBLTX vs. VBLAX - Volatility Comparison

Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX) and Vanguard Long-Term Bond Index Fund Admiral Shares (VBLAX) have volatilities of 2.11% and 2.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBLTX	VBLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	2.04%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	6.53%	5.74%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	9.43%	8.01%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.65%	12.86%	+2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.59%	12.62%	+1.97%

FBLTX vs. VBLAX - Expense Ratio Comparison

FBLTX has a 0.03% expense ratio, which is lower than VBLAX's 0.07% expense ratio. Despite the difference, 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. VBLAX - Dividend Comparison

FBLTX's dividend yield for the trailing twelve months is around 4.12%, less than VBLAX's 4.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	4.12%	4.04%	3.60%	3.29%	2.25%	1.81%	6.73%	2.39%	2.87%	2.68%	3.70%	0.39%
VBLAX Vanguard Long-Term Bond Index Fund Admiral Shares	4.72%	4.64%	4.61%	4.08%	4.13%	2.62%	5.39%	3.25%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBLTX and VBLAX in my portfolio?

With a correlation of 0.98, FBLTX and VBLAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FBLTX or VBLAX?

FBLTX has higher volatility (2.11%) compared to VBLAX (2.04%). In terms of maximum drawdown, FBLTX dropped -49.06% vs VBLAX's -38.62%.

Which has better risk-adjusted returns?

VBLAX currently has the higher Sharpe Ratio (0.75 vs 0.50), 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.