FCNVX vs. FSRNX

Last updated Jun 9, 2026

FCNVX (Fidelity Conservative Income Bond Institutional Class) and FSRNX (Fidelity Real Estate Index Fund) are both mutual funds - FCNVX is a Total Bond Market fund managed by Fidelity, while FSRNX is a REIT fund tracking the MSCI US IMI Real Estate 25/25 Index. Over the past 10 years, FCNVX returned 2.58%/yr vs 4.27%/yr for FSRNX. At a 0.03 correlation, their price movements are largely independent. FCNVX charges 0.25%/yr vs 0.07%/yr for FSRNX.

Performance

FCNVX vs. FSRNX - Performance Comparison

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

Returns By Period

In the year-to-date period, FCNVX achieves a 1.50% return, which is significantly lower than FSRNX's 10.29% return. Over the past 10 years, FCNVX has underperformed FSRNX with an annualized return of 2.58%, while FSRNX has yielded a comparatively higher 4.27% annualized return.

FCNVX

• 1D: 0.00%
• 1M: 0.33%
• YTD: 1.50%
• 6M: 1.85%
• 1Y: 4.24%
• 3Y*: 5.03%
• 5Y*: 3.58%
• 10Y*: 2.58%

FSRNX

• 1D: 0.69%
• 1M: 0.24%
• YTD: 10.29%
• 6M: 10.53%
• 1Y: 11.80%
• 3Y*: 9.85%
• 5Y*: 2.65%
• 10Y*: 4.27%

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

FCNVX vs. FSRNX - 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%
FSRNX Fidelity Real Estate Index Fund	10.29%	3.03%	4.99%	11.93%	-26.14%	40.66%	-11.31%	23.78%	-4.91%	3.15%

Correlation

The correlation between FCNVX and FSRNX 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	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Sep 12, 2011	0.03

Return for Risk

FCNVX vs. FSRNX — Risk / Return Rank

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

FCNVX

FCNVX Risk / Return Rank: 99
FCNVX Sharpe Ratio Rank: 97
FCNVX Sortino Ratio Rank: 100
FCNVX Omega Ratio Rank: 100
FCNVX Calmar Ratio Rank: 100
FCNVX Martin Ratio Rank: 100

FSRNX

FSRNX Risk / Return Rank: 15
FSRNX Sharpe Ratio Rank: 13
FSRNX Sortino Ratio Rank: 12
FSRNX Omega Ratio Rank: 12
FSRNX Calmar Ratio Rank: 19
FSRNX Martin Ratio Rank: 19

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. FSRNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Conservative Income Bond Institutional Class (FCNVX) and Fidelity Real Estate Index Fund (FSRNX). 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	FSRNX	Difference
Sharpe ratio: Return per unit of total volatility	3.52	0.93	+2.59
Sortino ratio: Return per unit of downside risk	23.50	1.35	+22.16
Omega ratio: Gain probability vs. loss probability	13.78	1.17	+12.61
Calmar ratio: Return relative to maximum drawdown	41.82	1.47	+40.35
Martin ratio: Return relative to average drawdown	153.67	4.64	+149.04
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. FSRNX - Sharpe Ratio Comparison

The current FCNVX Sharpe Ratio is 3.52, which is higher than the FSRNX Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of FCNVX and FSRNX, 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

	FCNVX	FSRNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	0.93	+2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.78	0.14	+2.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.48	0.20	+2.28
Sharpe Ratio (All Time) Calculated using the full available price history	2.20	0.35	+1.85

Drawdowns

FCNVX vs. FSRNX - Drawdown Comparison

The maximum FCNVX drawdown since its inception was -2.19%, smaller than the maximum FSRNX drawdown of -44.26%. Use the drawdown chart below to compare losses from any high point for FCNVX and FSRNX.

Drawdown Indicators

	FCNVX	FSRNX	Difference
Max Drawdown Largest peak-to-trough decline	-2.19%	-44.26%	+42.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-8.47%	+8.37%
Max Drawdown (3Y) Largest decline over 3 years	-0.30%	-17.49%	+17.19%
Max Drawdown (5Y) Largest decline over 5 years	-0.59%	-34.27%	+33.68%
Max Drawdown (10Y) Largest decline over 10 years	-2.19%	-44.26%	+42.07%
Current Drawdown Current decline from peak	0.00%	-1.37%	+1.37%
Average Drawdown Average peak-to-trough decline	-0.05%	-9.69%	+9.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	2.67%	-2.64%

Volatility

FCNVX vs. FSRNX - Volatility Comparison

The current volatility for Fidelity Conservative Income Bond Institutional Class (FCNVX) is 0.33%, while Fidelity Real Estate Index Fund (FSRNX) has a volatility of 4.00%. This indicates that FCNVX experiences smaller price fluctuations and is considered to be less risky than FSRNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCNVX	FSRNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	4.00%	-3.67%
Volatility (6M) Calculated over the trailing 6-month period	0.78%	9.53%	-8.75%
Volatility (1Y) Calculated over the trailing 1-year period	1.18%	13.36%	-12.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	18.90%	-17.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.04%	21.40%	-20.36%

FCNVX vs. FSRNX - Expense Ratio Comparison

FCNVX has a 0.25% expense ratio, which is higher than FSRNX's 0.07% 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. FSRNX - Dividend Comparison

FCNVX's dividend yield for the trailing twelve months is around 4.15%, more than FSRNX's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FSRNX Fidelity Real Estate Index Fund	2.68%	2.77%	2.86%	2.84%	2.66%	1.25%	3.33%	4.52%	3.62%	2.27%	3.40%	2.57%

Frequently Asked Questions

Can I hold both FCNVX and FSRNX in my portfolio?

FCNVX and FSRNX 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.

Which is riskier, FCNVX or FSRNX?

FSRNX has higher volatility (4.00%) compared to FCNVX (0.33%). In terms of maximum drawdown, FCNVX dropped -2.19% vs FSRNX's -44.26%.

Which has better risk-adjusted returns?

FCNVX currently has the higher Sharpe Ratio (3.52 vs 0.93), 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.