FCNVX vs. FAPGX

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Conservative Income Bond Institutional Class (FCNVX) and Fidelity Sustainable Low Duration Bond (FAPGX).

FCNVX is managed by Fidelity. It was launched on Mar 3, 2011. FAPGX is managed by Fidelity. It was launched on Apr 29, 2022.

Performance

FCNVX vs. FAPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Conservative Income Bond Institutional Class (FCNVX) and Fidelity Sustainable Low Duration Bond (FAPGX). The values are adjusted to include any dividend payments, if applicable.

FCNVX vs. FAPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FCNVX Fidelity Conservative Income Bond Institutional Class	0.52%	4.51%	5.43%	5.86%	1.09%
FAPGX Fidelity Sustainable Low Duration Bond	0.49%	4.57%	5.32%	5.28%	0.57%

Returns By Period

In the year-to-date period, FCNVX achieves a 0.52% return, which is significantly higher than FAPGX's 0.49% return.

FCNVX

• 1D: 0.00%
• 1M: -0.10%
• YTD: 0.52%
• 6M: 1.54%
• 1Y: 3.88%
• 3Y*: 5.02%
• 5Y*: 3.41%
• 10Y*: 2.51%

FAPGX

• 1D: 0.00%
• 1M: -0.10%
• YTD: 0.49%
• 6M: 1.44%
• 1Y: 3.92%
• 3Y*: 4.83%
• 5Y*: —
• 10Y*: —

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

FCNVX vs. FAPGX - Expense Ratio Comparison

Both FCNVX and FAPGX have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

FCNVX

Fidelity Conservative Income Bond Institutional Class

FAPGX

Fidelity Sustainable Low Duration Bond

Return for Risk

FCNVX vs. FAPGX — Risk / Return Rank

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

FCNVX

FCNVX Risk / Return Rank: 100
FCNVX Sharpe Ratio Rank: 98
FCNVX Sortino Ratio Rank: 100
FCNVX Omega Ratio Rank: 100
FCNVX Calmar Ratio Rank: 100
FCNVX Martin Ratio Rank: 100

FAPGX

FAPGX Risk / Return Rank: 99
FAPGX Sharpe Ratio Rank: 99
FAPGX Sortino Ratio Rank: 99
FAPGX Omega Ratio Rank: 99
FAPGX Calmar Ratio Rank: 100
FAPGX Martin Ratio Rank: 100

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.

FCNVX vs. FAPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Conservative Income Bond Institutional Class (FCNVX) and Fidelity Sustainable Low Duration Bond (FAPGX). 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	FAPGX	Difference
Sharpe ratio Return per unit of total volatility	3.18	3.63	-0.45
Sortino ratio Return per unit of downside risk	14.52	8.39	+6.13
Omega ratio Gain probability vs. loss probability	6.34	2.75	+3.59
Calmar ratio Return relative to maximum drawdown	21.58	14.12	+7.46
Martin ratio Return relative to average drawdown	84.59	56.83	+27.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCNVX vs. FAPGX - Sharpe Ratio Comparison

The current FCNVX Sharpe Ratio is 3.18, which is comparable to the FAPGX Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of FCNVX and FAPGX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCNVX	FAPGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.18	3.63	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.69	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.17	3.87	-1.70

Correlation

The correlation between FCNVX and FAPGX is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FCNVX vs. FAPGX - Dividend Comparison

FCNVX's dividend yield for the trailing twelve months is around 3.91%, less than FAPGX's 4.26% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNVX Fidelity Conservative Income Bond Institutional Class	3.91%	4.41%	5.17%	4.97%	1.24%	0.24%	0.99%	2.45%	2.21%	1.30%	1.01%	0.48%
FAPGX Fidelity Sustainable Low Duration Bond	4.26%	4.40%	4.81%	3.44%	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FCNVX vs. FAPGX - Drawdown Comparison

The maximum FCNVX drawdown since its inception was -2.19%, which is greater than FAPGX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for FCNVX and FAPGX.

Drawdown Indicators

	FCNVX	FAPGX	Difference
Max Drawdown Largest peak-to-trough decline	-2.19%	-0.49%	-1.70%
Max Drawdown (1Y) Largest decline over 1 year	-0.20%	-0.29%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-0.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-2.19%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.20%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.07%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.07%	-0.02%

Volatility

FCNVX vs. FAPGX - Volatility Comparison

The current volatility for Fidelity Conservative Income Bond Institutional Class (FCNVX) is 0.10%, while Fidelity Sustainable Low Duration Bond (FAPGX) has a volatility of 0.26%. This indicates that FCNVX experiences smaller price fluctuations and is considered to be less risky than FAPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCNVX	FAPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	0.26%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	0.81%	0.82%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.28%	1.10%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.27%	1.06%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.03%	1.06%	-0.03%