FGBAX vs. PBDIX
FGBAX (Fidelity Advisor Investment Grade Bond Fund Class A) and PBDIX (T. Rowe Price QM U.S. Bond Index Fund) are both Total Bond Market funds. Over the past 10 years, FGBAX returned 1.73%/yr vs 2.23%/yr for PBDIX. Their correlation of 0.88 suggests significant overlap in exposure. FGBAX charges 0.75%/yr vs 0.23%/yr for PBDIX.
Performance
FGBAX vs. PBDIX - Performance Comparison
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Returns By Period
In the year-to-date period, FGBAX achieves a -0.06% return, which is significantly higher than PBDIX's -0.12% return. Over the past 10 years, FGBAX has underperformed PBDIX with an annualized return of 1.73%, while PBDIX has yielded a comparatively higher 2.23% annualized return.
FGBAX
- 1D
- -0.28%
- 1M
- 0.59%
- YTD
- -0.06%
- 6M
- 0.23%
- 1Y
- 3.65%
- 3Y*
- 3.53%
- 5Y*
- -0.37%
- 10Y*
- 1.73%
PBDIX
- 1D
- -0.31%
- 1M
- 0.68%
- YTD
- -0.12%
- 6M
- 0.45%
- 1Y
- 4.08%
- 3Y*
- 5.85%
- 5Y*
- 1.14%
- 10Y*
- 2.23%
FGBAX vs. PBDIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FGBAX Fidelity Advisor Investment Grade Bond Fund Class A | -0.06% | 6.90% | 0.67% | 5.86% | -14.15% | -1.38% | 9.59% | 9.33% | -0.54% | 3.46% |
PBDIX T. Rowe Price QM U.S. Bond Index Fund | -0.12% | 8.29% | 4.75% | 8.62% | -14.24% | -1.45% | 8.17% | 8.69% | -0.01% | 3.83% |
Correlation
The correlation between FGBAX and PBDIX is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2000 | 0.88 |
The correlation between FGBAX and PBDIX has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.
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Return for Risk
FGBAX vs. PBDIX — Risk / Return Rank
FGBAX
PBDIX
FGBAX vs. PBDIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Investment Grade Bond Fund Class A (FGBAX) and T. Rowe Price QM U.S. Bond Index Fund (PBDIX). 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.
| FGBAX | PBDIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.19 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 1.44 | -0.15 |
| Martin ratioReturn relative to average drawdown | 3.50 | 3.93 | -0.43 |
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Drawdowns
FGBAX vs. PBDIX - Drawdown Comparison
The maximum FGBAX drawdown since its inception was -18.94%, roughly equal to the maximum PBDIX drawdown of -19.20%. Use the drawdown chart below to compare losses from any high point for FGBAX and PBDIX.
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Drawdown Indicators
| FGBAX | PBDIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.94% | -19.20% | +0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.07% | -3.08% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -6.16% | -5.61% | -0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -18.88% | -19.10% | +0.22% |
Max Drawdown (10Y)Largest decline over 10 years | -18.94% | -19.20% | +0.26% |
Current DrawdownCurrent decline from peak | -3.61% | -1.91% | -1.70% |
Average DrawdownAverage peak-to-trough decline | -4.85% | -2.16% | -2.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 1.11% | +0.02% |
Volatility
FGBAX vs. PBDIX - Volatility Comparison
Fidelity Advisor Investment Grade Bond Fund Class A (FGBAX) and T. Rowe Price QM U.S. Bond Index Fund (PBDIX) have volatilities of 1.22% and 1.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGBAX | PBDIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 1.24% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 3.15% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.84% | 4.13% | -0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 6.12% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 5.03% | -0.03% |
FGBAX vs. PBDIX - Expense Ratio Comparison
FGBAX has a 0.75% expense ratio, which is higher than PBDIX's 0.23% expense ratio.
Dividends
FGBAX vs. PBDIX - Dividend Comparison
FGBAX's dividend yield for the trailing twelve months is around 3.62%, less than PBDIX's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGBAX Fidelity Advisor Investment Grade Bond Fund Class A | 3.62% | 3.58% | 3.07% | 2.97% | 1.73% | 1.09% | 4.51% | 2.44% | 2.54% | 1.87% | 2.37% | 2.36% |
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 4.26% | 5.19% | 7.21% | 6.39% | 2.01% | 1.84% | 3.59% | 3.18% | 2.94% | 2.75% | 2.82% | 2.99% |
Frequently Asked Questions
FGBAX and PBDIX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDIX has higher volatility (1.24%) compared to FGBAX (1.22%). In terms of maximum drawdown, FGBAX dropped -18.94% vs PBDIX's -19.20%.
PBDIX currently has the higher Sharpe Ratio (1.07 vs 1.03), 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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