FBNAX vs. VFIIX

Last updated Jun 4, 2026

FBNAX (Fidelity Advisor Short-Term Bond Fund Class A) and VFIIX (Vanguard GNMA Fund Investor Shares) are both Total Bond Market funds. Over the past 5 years, FBNAX returned 2.01%/yr vs 0.47%/yr for VFIIX. A 0.67 correlation means they provide meaningful diversification when combined. FBNAX charges 0.65%/yr vs 0.21%/yr for VFIIX.

Performance

FBNAX vs. VFIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Short-Term Bond Fund Class A (FBNAX) and Vanguard GNMA Fund Investor Shares (VFIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBNAX achieves a 0.60% return, which is significantly lower than VFIIX's 0.79% return.

FBNAX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 0.60%
• 6M: 0.90%
• 1Y: 3.54%
• 3Y*: 4.51%
• 5Y*: 2.01%
• 10Y*: —

VFIIX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 0.79%
• 6M: 0.89%
• 1Y: 6.35%
• 3Y*: 4.25%
• 5Y*: 0.47%
• 10Y*: 1.31%

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

FBNAX vs. VFIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBNAX Fidelity Advisor Short-Term Bond Fund Class A	0.60%	5.15%	4.63%	4.72%	-4.00%	-1.08%	3.61%	4.01%	1.00%	0.95%
VFIIX Vanguard GNMA Fund Investor Shares	0.79%	7.73%	1.07%	5.17%	-10.81%	-1.24%	3.73%	5.84%	0.89%	1.88%

Correlation

The correlation between FBNAX and VFIIX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jul 25, 2016	0.67

The correlation between FBNAX and VFIIX has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

Return for Risk

FBNAX vs. VFIIX — Risk / Return Rank

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

FBNAX

FBNAX Risk / Return Rank: 59
FBNAX Sharpe Ratio Rank: 44
FBNAX Sortino Ratio Rank: 74
FBNAX Omega Ratio Rank: 77
FBNAX Calmar Ratio Rank: 52
FBNAX Martin Ratio Rank: 50

VFIIX

VFIIX Risk / Return Rank: 32
VFIIX Sharpe Ratio Rank: 31
VFIIX Sortino Ratio Rank: 32
VFIIX Omega Ratio Rank: 30
VFIIX Calmar Ratio Rank: 36
VFIIX Martin Ratio Rank: 33

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.

FBNAX vs. VFIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Short-Term Bond Fund Class A (FBNAX) and Vanguard GNMA Fund Investor Shares (VFIIX). 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.

	FBNAX	VFIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.60	+0.33
Sortino ratio: Return per unit of downside risk	3.59	2.36	+1.22
Omega ratio: Gain probability vs. loss probability	1.50	1.29	+0.21
Calmar ratio: Return relative to maximum drawdown	2.76	2.25	+0.51
Martin ratio: Return relative to average drawdown	10.30	7.47	+2.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBNAX vs. VFIIX - Sharpe Ratio Comparison

The current FBNAX Sharpe Ratio is 1.93, which is comparable to the VFIIX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of FBNAX and VFIIX, 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

	FBNAX	VFIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.60	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.08	+0.86
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.64	+0.42

Drawdowns

FBNAX vs. VFIIX - Drawdown Comparison

The maximum FBNAX drawdown since its inception was -6.64%, smaller than the maximum VFIIX drawdown of -25.80%. Use the drawdown chart below to compare losses from any high point for FBNAX and VFIIX.

Drawdown Indicators

	FBNAX	VFIIX	Difference
Max Drawdown Largest peak-to-trough decline	-6.64%	-25.80%	+19.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-2.83%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-1.29%	-6.97%	+5.68%
Max Drawdown (5Y) Largest decline over 5 years	-6.42%	-15.79%	+9.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.20%	—
Current Drawdown Current decline from peak	-0.23%	-1.38%	+1.15%
Average Drawdown Average peak-to-trough decline	-1.02%	-2.98%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.85%	-0.51%

Volatility

FBNAX vs. VFIIX - Volatility Comparison

The current volatility for Fidelity Advisor Short-Term Bond Fund Class A (FBNAX) is 0.53%, while Vanguard GNMA Fund Investor Shares (VFIIX) has a volatility of 1.54%. This indicates that FBNAX experiences smaller price fluctuations and is considered to be less risky than VFIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBNAX	VFIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	1.54%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	1.29%	2.94%	-1.65%
Volatility (1Y) Calculated over the trailing 1-year period	1.84%	4.01%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.15%	6.21%	-4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.81%	4.70%	-2.89%

FBNAX vs. VFIIX - Expense Ratio Comparison

FBNAX has a 0.65% expense ratio, which is higher than VFIIX's 0.21% expense ratio.

Dividends

FBNAX vs. VFIIX - Dividend Comparison

FBNAX's dividend yield for the trailing twelve months is around 3.97%, more than VFIIX's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBNAX Fidelity Advisor Short-Term Bond Fund Class A	3.97%	4.06%	3.79%	2.53%	0.67%	0.87%	2.52%	1.94%	1.58%	1.07%	0.41%	0.00%
VFIIX Vanguard GNMA Fund Investor Shares	3.69%	3.62%	3.58%	3.23%	2.34%	0.63%	1.87%	2.76%	2.90%	2.64%	3.01%	2.84%

Frequently Asked Questions

Can I hold both FBNAX and VFIIX in my portfolio?

FBNAX and VFIIX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBNAX or VFIIX?

VFIIX has higher volatility (1.54%) compared to FBNAX (0.53%). In terms of maximum drawdown, FBNAX dropped -6.64% vs VFIIX's -25.80%.

Which has better risk-adjusted returns?

FBNAX currently has the higher Sharpe Ratio (1.93 vs 1.60), 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.