FCNVX vs. BIL
FCNVX (Fidelity Conservative Income Bond Institutional Class) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both funds - FCNVX is a Total Bond Market fund managed by Fidelity, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Over the past 10 years, FCNVX returned 2.58%/yr vs 2.18%/yr for BIL. At a 0.01 correlation, their price movements are largely independent. FCNVX charges 0.25%/yr vs 0.14%/yr for BIL.
Performance
FCNVX vs. BIL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FCNVX having a 1.50% return and BIL slightly lower at 1.49%. Over the past 10 years, FCNVX has outperformed BIL with an annualized return of 2.58%, while BIL has yielded a comparatively lower 2.18% annualized return.
FCNVX
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 1.50%
- 6M
- 1.85%
- 1Y
- 4.14%
- 3Y*
- 5.03%
- 5Y*
- 3.58%
- 10Y*
- 2.58%
BIL
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.49%
- 6M
- 1.76%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
FCNVX vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCNVX Fidelity Conservative Income Bond Institutional Class | 1.50% | 4.51% | 5.43% | 5.86% | 0.85% | -0.06% | 1.10% | 3.00% | 1.82% | 1.42% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between FCNVX and BIL is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 27, 2011 | 0.01 |
The correlation between FCNVX and BIL shifts across timeframes, from -0.08 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FCNVX vs. BIL — Risk / Return Rank
FCNVX
BIL
FCNVX vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Conservative Income Bond Institutional Class (FCNVX) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| FCNVX | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.11 | ||
| Sortino ratioReturn per unit of downside risk | -150.08 | ||
| Omega ratioGain probability vs. loss probability | 14.09 | 87.91 | -73.81 |
| Calmar ratioReturn relative to maximum drawdown | 42.87 | 355.35 | -312.48 |
| Martin ratioReturn relative to average drawdown | 146.17 | 2,817.77 | -2,671.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCNVX | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.60 | 19.71 | -16.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.79 | 13.15 | -10.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.48 | 8.51 | -6.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.20 | 2.78 | -0.57 |
Drawdowns
FCNVX vs. BIL - Drawdown Comparison
The maximum FCNVX drawdown since its inception was -2.19%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for FCNVX and BIL.
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Drawdown Indicators
| FCNVX | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.19% | -0.78% | -1.41% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.01% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -0.30% | -0.01% | -0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -0.59% | -0.10% | -0.49% |
Max Drawdown (10Y)Largest decline over 10 years | -2.19% | -0.21% | -1.98% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -0.26% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.00% | +0.03% |
Volatility
FCNVX vs. BIL - Volatility Comparison
Fidelity Conservative Income Bond Institutional Class (FCNVX) has a higher volatility of 0.33% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that FCNVX's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCNVX | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | 0.06% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 0.78% | 0.13% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.18% | 0.20% | +0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.29% | 0.26% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.04% | 0.26% | +0.78% |
FCNVX vs. BIL - Expense Ratio Comparison
FCNVX has a 0.25% expense ratio, which is higher than BIL's 0.14% 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
FCNVX vs. BIL - Dividend Comparison
FCNVX's dividend yield for the trailing twelve months is around 4.15%, more than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
FCNVX Fidelity Conservative Income Bond Institutional Class | 4.15% | 4.41% | 5.17% | 4.97% | 1.24% | 0.24% | 0.99% | 2.45% | 2.21% | 1.30% | 1.01% | 0.48% |
Frequently Asked Questions
FCNVX and BIL have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCNVX has higher volatility (0.33%) compared to BIL (0.06%). In terms of maximum drawdown, FCNVX dropped -2.19% vs BIL's -0.78%.
BIL currently has the higher Sharpe Ratio (19.71 vs 3.60), 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.
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