FCNVX vs. TRSTX

Last updated Jun 24, 2026

FCNVX (Fidelity Conservative Income Bond Institutional Class) and TRSTX (T. Rowe Price Ultra Short-Term Bond Fund Class I) are both mutual funds - FCNVX is a Total Bond Market fund managed by Fidelity, while TRSTX is a Ultrashort Bond fund actively managed by T. Rowe Price. Over the past 5 years, FCNVX returned 3.58%/yr vs 3.59%/yr for TRSTX. At a 0.41 correlation, their price movements are largely independent. FCNVX charges 0.25%/yr vs 0.20%/yr for TRSTX.

Performance

FCNVX vs. TRSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Conservative Income Bond Institutional Class (FCNVX) and T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCNVX achieves a 1.40% return, which is significantly lower than TRSTX's 1.64% return.

FCNVX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.40%
• 6M: 1.75%
• 1Y: 4.03%
• 3Y*: 5.00%
• 5Y*: 3.58%
• 10Y*: 2.57%

TRSTX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.64%
• 6M: 2.04%
• 1Y: 4.70%
• 3Y*: 5.74%
• 5Y*: 3.59%
• 10Y*: —

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

FCNVX vs. TRSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FCNVX Fidelity Conservative Income Bond Institutional Class	1.40%	4.51%	5.43%	5.86%	0.85%	-0.06%	1.10%	3.00%	1.38%
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I	1.64%	5.34%	6.41%	5.89%	-1.20%	0.29%	3.19%	3.65%	1.60%

Correlation

The correlation between FCNVX and TRSTX is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 30, 2018	0.41

Over the past year, the correlation between FCNVX and TRSTX has dropped to 0.02 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

FCNVX vs. TRSTX — 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: 98
FCNVX Sortino Ratio Rank: 100
FCNVX Omega Ratio Rank: 100
FCNVX Calmar Ratio Rank: 100
FCNVX Martin Ratio Rank: 100

TRSTX

TRSTX Risk / Return Rank: 99
TRSTX Sharpe Ratio Rank: 96
TRSTX Sortino Ratio Rank: 99
TRSTX Omega Ratio Rank: 100
TRSTX Calmar Ratio Rank: 100
TRSTX Martin Ratio Rank: 99

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. TRSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Conservative Income Bond Institutional Class (FCNVX) and T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX). 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.

	FCNVX	TRSTX	Difference
Sharpe ratio: Return per unit of total volatility	3.44	3.15	+0.29
Sortino ratio: Return per unit of downside risk	22.92	9.73	+13.19
Omega ratio: Gain probability vs. loss probability	13.46	4.91	+8.56
Calmar ratio: Return relative to maximum drawdown	40.73	24.71	+16.03
Martin ratio: Return relative to average drawdown	139.01	55.77	+83.24

FCNVX vs. TRSTX - Sharpe Ratio Comparison

The current FCNVX Sharpe Ratio is 3.44, which is comparable to the TRSTX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of FCNVX and TRSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FCNVX vs. TRSTX - Drawdown Comparison

The maximum FCNVX drawdown since its inception was -2.19%, smaller than the maximum TRSTX drawdown of -4.34%. Use the drawdown chart below to compare losses from any high point for FCNVX and TRSTX.

Drawdown Indicators

	FCNVX	TRSTX	Difference
Max Drawdown Largest peak-to-trough decline	-2.19%	-4.34%	+2.15%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.20%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-0.30%	-0.59%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-0.59%	-2.58%	+1.99%
Max Drawdown (10Y) Largest decline over 10 years	-2.19%	—	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.30%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.09%	-0.06%

Volatility

FCNVX vs. TRSTX - Volatility Comparison

The current volatility for Fidelity Conservative Income Bond Institutional Class (FCNVX) is 0.35%, while T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX) has a volatility of 0.37%. This indicates that FCNVX experiences smaller price fluctuations and is considered to be less risky than TRSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCNVX	TRSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	0.37%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	1.14%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	1.18%	1.54%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	1.65%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.04%	1.62%	-0.58%

FCNVX vs. TRSTX - Expense Ratio Comparison

FCNVX has a 0.25% expense ratio, which is higher than TRSTX's 0.20% 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. TRSTX - Dividend Comparison

FCNVX's dividend yield for the trailing twelve months is around 4.15%, less than TRSTX's 4.59% 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%
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I	4.59%	4.79%	5.19%	3.46%	1.61%	1.28%	1.94%	2.78%	1.98%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCNVX and TRSTX in my portfolio?

FCNVX and TRSTX have a correlation of 0.02, 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 TRSTX?

TRSTX has higher volatility (0.37%) compared to FCNVX (0.35%). In terms of maximum drawdown, FCNVX dropped -2.19% vs TRSTX's -4.34%.

Which has better risk-adjusted returns?

FCNVX currently has the higher Sharpe Ratio (3.44 vs 3.15), 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.