FBNDX vs. FMBPX
FBNDX (Fidelity Investment Grade Bond Fund) and FMBPX (Federated Hermes Mortgage Strategy Portfolio) are both Intermediate Core Bond funds. Over the past 10 years, FBNDX returned 2.11%/yr vs 1.44%/yr for FMBPX. A 0.77 correlation means they provide meaningful diversification when combined. FBNDX charges 0.45%/yr vs 0.02%/yr for FMBPX.
Performance
FBNDX vs. FMBPX - Performance Comparison
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Returns By Period
In the year-to-date period, FBNDX achieves a 0.62% return, which is significantly lower than FMBPX's 0.92% return. Over the past 10 years, FBNDX has outperformed FMBPX with an annualized return of 2.11%, while FMBPX has yielded a comparatively lower 1.44% annualized return.
FBNDX
- 1D
- 0.42%
- 1M
- 0.89%
- YTD
- 0.62%
- 6M
- 0.80%
- 1Y
- 4.25%
- 3Y*
- 4.18%
- 5Y*
- 0.13%
- 10Y*
- 2.11%
FMBPX
- 1D
- 0.47%
- 1M
- 0.77%
- YTD
- 0.92%
- 6M
- 1.33%
- 1Y
- 6.39%
- 3Y*
- 4.53%
- 5Y*
- 0.39%
- 10Y*
- 1.44%
FBNDX vs. FMBPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FBNDX Fidelity Investment Grade Bond Fund | 0.62% | 7.37% | 0.93% | 6.51% | -14.04% | -1.13% | 9.79% | 9.82% | -0.35% | 3.92% |
FMBPX Federated Hermes Mortgage Strategy Portfolio | 0.92% | 9.03% | 1.04% | 4.44% | -12.21% | -1.35% | 4.77% | 6.30% | 1.13% | 2.76% |
Correlation
The correlation between FBNDX and FMBPX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2009 | 0.77 |
Over the past year, the correlation between FBNDX and FMBPX has dropped to 0.46 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.
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Return for Risk
FBNDX vs. FMBPX — Risk / Return Rank
FBNDX
FMBPX
FBNDX vs. FMBPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Investment Grade Bond Fund (FBNDX) and Federated Hermes Mortgage Strategy Portfolio (FMBPX). 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.
| FBNDX | FMBPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.30 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 2.16 | -0.74 |
| Martin ratioReturn relative to average drawdown | 3.93 | 6.86 | -2.93 |
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Drawdowns
FBNDX vs. FMBPX - Drawdown Comparison
The maximum FBNDX drawdown since its inception was -42.76%, which is greater than FMBPX's maximum drawdown of -18.34%. Use the drawdown chart below to compare losses from any high point for FBNDX and FMBPX.
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Drawdown Indicators
| FBNDX | FMBPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.76% | -18.34% | -24.42% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -3.15% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -6.09% | -7.69% | +1.60% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | -18.02% | -0.72% |
Max Drawdown (10Y)Largest decline over 10 years | -18.74% | -18.34% | -0.40% |
Current DrawdownCurrent decline from peak | -1.35% | -1.11% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -10.33% | -3.26% | -7.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 0.99% | +0.09% |
Volatility
FBNDX vs. FMBPX - Volatility Comparison
The current volatility for Fidelity Investment Grade Bond Fund (FBNDX) is 1.24%, while Federated Hermes Mortgage Strategy Portfolio (FMBPX) has a volatility of 1.38%. This indicates that FBNDX experiences smaller price fluctuations and is considered to be less risky than FMBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FBNDX | FMBPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.38% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 3.32% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.10% | 4.60% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.04% | 6.79% | -0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.03% | 5.13% | -0.10% |
FBNDX vs. FMBPX - Expense Ratio Comparison
FBNDX has a 0.45% expense ratio, which is higher than FMBPX's 0.02% expense ratio.
Dividends
FBNDX vs. FMBPX - Dividend Comparison
FBNDX's dividend yield for the trailing twelve months is around 3.90%, less than FMBPX's 5.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBNDX Fidelity Investment Grade Bond Fund | 3.90% | 3.87% | 3.34% | 3.56% | 1.98% | 1.34% | 4.70% | 2.75% | 2.86% | 2.18% | 2.72% | 2.66% |
FMBPX Federated Hermes Mortgage Strategy Portfolio | 5.02% | 4.87% | 4.29% | 3.46% | 2.29% | 1.96% | 2.68% | 3.23% | 3.14% | 2.83% | 2.72% | 2.65% |
Frequently Asked Questions
FBNDX and FMBPX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMBPX has higher volatility (1.38%) compared to FBNDX (1.24%). In terms of maximum drawdown, FBNDX dropped -42.76% vs FMBPX's -18.34%.
FMBPX currently has the higher Sharpe Ratio (1.48 vs 1.05), 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.
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