FBNDX vs. FBNAX

Last updated Jun 5, 2026

FBNDX (Fidelity Investment Grade Bond Fund) and FBNAX (Fidelity Advisor Short-Term Bond Fund Class A) are both Total Bond Market funds from Fidelity. Over the past 5 years, FBNDX returned 0.04%/yr vs 1.96%/yr for FBNAX. A 0.68 correlation means they provide meaningful diversification when combined. FBNDX charges 0.45%/yr vs 0.65%/yr for FBNAX.

Performance

FBNDX vs. FBNAX - Performance Comparison

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

Returns By Period

In the year-to-date period, FBNDX achieves a 0.06% return, which is significantly lower than FBNAX's 0.48% return.

FBNDX

• 1D: -0.28%
• 1M: 0.05%
• YTD: 0.06%
• 6M: 0.15%
• 1Y: 4.25%
• 3Y*: 3.98%
• 5Y*: 0.04%
• 10Y*: 2.09%

FBNAX

• 1D: -0.12%
• 1M: 0.08%
• YTD: 0.48%
• 6M: 0.78%
• 1Y: 3.29%
• 3Y*: 4.46%
• 5Y*: 1.96%
• 10Y*: —

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

FBNDX vs. FBNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBNDX Fidelity Investment Grade Bond Fund	0.06%	7.37%	0.93%	6.51%	-14.04%	-1.13%	9.79%	9.82%	-0.35%	3.92%
FBNAX Fidelity Advisor Short-Term Bond Fund Class A	0.48%	5.15%	4.63%	4.72%	-4.00%	-1.08%	3.61%	4.01%	1.00%	0.95%

Correlation

The correlation between FBNDX and FBNAX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jul 25, 2016	0.68

The correlation between FBNDX and FBNAX has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

FBNDX vs. FBNAX — Risk / Return Rank

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

FBNDX

FBNDX Risk / Return Rank: 17
FBNDX Sharpe Ratio Rank: 17
FBNDX Sortino Ratio Rank: 17
FBNDX Omega Ratio Rank: 15
FBNDX Calmar Ratio Rank: 20
FBNDX Martin Ratio Rank: 18

FBNAX

FBNAX Risk / Return Rank: 56
FBNAX Sharpe Ratio Rank: 42
FBNAX Sortino Ratio Rank: 69
FBNAX Omega Ratio Rank: 73
FBNAX Calmar Ratio Rank: 50
FBNAX Martin Ratio Rank: 49

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.

FBNDX vs. FBNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Bond Fund (FBNDX) and Fidelity Advisor Short-Term Bond Fund Class A (FBNAX). 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.

	FBNDX	FBNAX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.86	-0.68
Sortino ratio: Return per unit of downside risk	1.77	3.44	-1.67
Omega ratio: Gain probability vs. loss probability	1.21	1.48	-0.27
Calmar ratio: Return relative to maximum drawdown	1.61	2.67	-1.06
Martin ratio: Return relative to average drawdown	4.79	9.92	-5.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBNDX vs. FBNAX - Sharpe Ratio Comparison

The current FBNDX Sharpe Ratio is 1.18, which is lower than the FBNAX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of FBNDX and FBNAX, 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

	FBNDX	FBNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.86	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.92	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.05	-0.53

Drawdowns

FBNDX vs. FBNAX - Drawdown Comparison

The maximum FBNDX drawdown since its inception was -42.76%, which is greater than FBNAX's maximum drawdown of -6.64%. Use the drawdown chart below to compare losses from any high point for FBNDX and FBNAX.

Drawdown Indicators

	FBNDX	FBNAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.76%	-6.64%	-36.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-1.29%	-1.73%
Max Drawdown (3Y) Largest decline over 3 years	-6.09%	-1.29%	-4.80%
Max Drawdown (5Y) Largest decline over 5 years	-18.74%	-6.42%	-12.32%
Max Drawdown (10Y) Largest decline over 10 years	-18.74%	—	—
Current Drawdown Current decline from peak	-1.89%	-0.35%	-1.54%
Average Drawdown Average peak-to-trough decline	-10.34%	-1.02%	-9.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.35%	+0.66%

Volatility

FBNDX vs. FBNAX - Volatility Comparison

Fidelity Investment Grade Bond Fund (FBNDX) has a higher volatility of 1.36% compared to Fidelity Advisor Short-Term Bond Fund Class A (FBNAX) at 0.53%. This indicates that FBNDX's price experiences larger fluctuations and is considered to be riskier than FBNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBNDX	FBNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	0.53%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	1.30%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	1.85%	+2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.03%	2.15%	+3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.02%	1.81%	+3.21%

FBNDX vs. FBNAX - Expense Ratio Comparison

FBNDX has a 0.45% expense ratio, which is lower than FBNAX's 0.65% expense ratio.

Dividends

FBNDX vs. FBNAX - Dividend Comparison

FBNDX's dividend yield for the trailing twelve months is around 3.92%, less than FBNAX's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBNAX Fidelity Advisor Short-Term Bond Fund Class A	3.98%	4.06%	3.79%	2.53%	0.67%	0.87%	2.52%	1.94%	1.58%	1.07%	0.41%	0.00%
FBNDX Fidelity Investment Grade Bond Fund	3.92%	3.87%	3.34%	3.56%	1.98%	1.34%	4.70%	2.75%	2.86%	2.18%	2.72%	2.66%

Frequently Asked Questions

Can I hold both FBNDX and FBNAX in my portfolio?

FBNDX and FBNAX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBNDX or FBNAX?

FBNDX has higher volatility (1.36%) compared to FBNAX (0.53%). In terms of maximum drawdown, FBNDX dropped -42.76% vs FBNAX's -6.64%.

Which has better risk-adjusted returns?

FBNAX currently has the higher Sharpe Ratio (1.86 vs 1.18), 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.