FEBGX vs. MCFIX

Last updated Jun 6, 2026

FEBGX (Fidelity Environmental Bond Fund) and MCFIX (Mercer Core Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 3 years, FEBGX returned 3.93%/yr vs 3.73%/yr for MCFIX. Their correlation of 0.93 suggests significant overlap in exposure. FEBGX charges 0.36%/yr vs 0.16%/yr for MCFIX.

Performance

FEBGX vs. MCFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Environmental Bond Fund (FEBGX) and Mercer Core Fixed Income Fund (MCFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEBGX achieves a 0.27% return, which is significantly higher than MCFIX's -1.21% return.

FEBGX

• 1D: 0.12%
• 1M: -0.02%
• YTD: 0.27%
• 6M: 0.41%
• 1Y: 5.20%
• 3Y*: 3.93%
• 5Y*: —
• 10Y*: —

MCFIX

• 1D: 0.11%
• 1M: -0.34%
• YTD: -1.21%
• 6M: -0.92%
• 1Y: 2.77%
• 3Y*: 3.73%
• 5Y*: -0.12%
• 10Y*: —

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

FEBGX vs. MCFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FEBGX Fidelity Environmental Bond Fund	0.27%	7.04%	1.60%	5.35%	-13.98%	-0.06%
MCFIX Mercer Core Fixed Income Fund	-1.21%	6.64%	2.02%	6.47%	-13.69%	0.34%

Correlation

The correlation between FEBGX and MCFIX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 16, 2021	0.93

The correlation between FEBGX and MCFIX shifts across timeframes, from 0.82 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FEBGX vs. MCFIX — Risk / Return Rank

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

FEBGX

FEBGX Risk / Return Rank: 16
FEBGX Sharpe Ratio Rank: 16
FEBGX Sortino Ratio Rank: 16
FEBGX Omega Ratio Rank: 15
FEBGX Calmar Ratio Rank: 18
FEBGX Martin Ratio Rank: 17

MCFIX

MCFIX Risk / Return Rank: 9
MCFIX Sharpe Ratio Rank: 9
MCFIX Sortino Ratio Rank: 9
MCFIX Omega Ratio Rank: 8
MCFIX Calmar Ratio Rank: 9
MCFIX Martin Ratio Rank: 8

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.

FEBGX vs. MCFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Environmental Bond Fund (FEBGX) and Mercer Core Fixed Income Fund (MCFIX). 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.

	FEBGX	MCFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	0.70	+0.37
Sortino ratio: Return per unit of downside risk	1.58	1.03	+0.55
Omega ratio: Gain probability vs. loss probability	1.19	1.12	+0.07
Calmar ratio: Return relative to maximum drawdown	1.42	0.77	+0.66
Martin ratio: Return relative to average drawdown	4.32	2.16	+2.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEBGX vs. MCFIX - Sharpe Ratio Comparison

The current FEBGX Sharpe Ratio is 1.07, which is higher than the MCFIX Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of FEBGX and MCFIX, 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

	FEBGX	MCFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	0.70	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.14	-0.18

Drawdowns

FEBGX vs. MCFIX - Drawdown Comparison

The maximum FEBGX drawdown since its inception was -19.47%, smaller than the maximum MCFIX drawdown of -21.68%. Use the drawdown chart below to compare losses from any high point for FEBGX and MCFIX.

Drawdown Indicators

	FEBGX	MCFIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.47%	-21.68%	+2.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-3.75%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-6.38%	-6.32%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.72%	—
Current Drawdown Current decline from peak	-2.88%	-6.18%	+3.30%
Average Drawdown Average peak-to-trough decline	-8.79%	-8.54%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	1.29%	-0.28%

Volatility

FEBGX vs. MCFIX - Volatility Comparison

Fidelity Environmental Bond Fund (FEBGX) has a higher volatility of 1.44% compared to Mercer Core Fixed Income Fund (MCFIX) at 1.29%. This indicates that FEBGX's price experiences larger fluctuations and is considered to be riskier than MCFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEBGX	MCFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	1.29%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	2.75%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	4.12%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	6.04%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.90%	6.11%	-0.21%

FEBGX vs. MCFIX - Expense Ratio Comparison

FEBGX has a 0.36% expense ratio, which is higher than MCFIX's 0.16% expense ratio.

Dividends

FEBGX vs. MCFIX - Dividend Comparison

FEBGX's dividend yield for the trailing twelve months is around 3.92%, less than MCFIX's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021
FEBGX Fidelity Environmental Bond Fund	3.92%	3.82%	3.75%	2.67%	2.73%	0.64%
MCFIX Mercer Core Fixed Income Fund	4.32%	3.89%	4.54%	3.68%	3.31%	2.45%

Frequently Asked Questions

Can I hold both FEBGX and MCFIX in my portfolio?

FEBGX and MCFIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEBGX or MCFIX?

FEBGX has higher volatility (1.44%) compared to MCFIX (1.29%). In terms of maximum drawdown, FEBGX dropped -19.47% vs MCFIX's -21.68%.

Which has better risk-adjusted returns?

FEBGX currently has the higher Sharpe Ratio (1.07 vs 0.70), 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.