FGBAX vs. TLT
FGBAX (Fidelity Advisor Investment Grade Bond Fund Class A) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - FGBAX is a Total Bond Market fund managed by Fidelity, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, FGBAX returned 1.78%/yr vs -1.66%/yr for TLT. Their correlation of 0.82 suggests significant overlap in exposure. FGBAX charges 0.75%/yr vs 0.15%/yr for TLT.
Performance
FGBAX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, FGBAX achieves a 0.21% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, FGBAX has outperformed TLT with an annualized return of 1.78%, while TLT has yielded a comparatively lower -1.66% annualized return.
FGBAX
- 1D
- 0.00%
- 1M
- 0.31%
- YTD
- 0.21%
- 6M
- 0.00%
- 1Y
- 4.81%
- 3Y*
- 3.67%
- 5Y*
- -0.18%
- 10Y*
- 1.78%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
FGBAX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FGBAX Fidelity Advisor Investment Grade Bond Fund Class A | 0.21% | 6.90% | 0.67% | 5.86% | -14.15% | -1.38% | 9.59% | 9.33% | -0.54% | 3.46% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between FGBAX and TLT is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2002 | 0.82 |
The correlation between FGBAX and TLT has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.
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Return for Risk
FGBAX vs. TLT — Risk / Return Rank
FGBAX
TLT
FGBAX vs. TLT - 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 iShares 20+ Year Treasury Bond ETF (TLT). 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.
| FGBAX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.09 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 0.65 | +0.92 |
| Martin ratioReturn relative to average drawdown | 4.59 | 1.63 | +2.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FGBAX | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 0.51 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | -0.40 | +0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | -0.11 | +0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.26 | +0.24 |
Drawdowns
FGBAX vs. TLT - Drawdown Comparison
The maximum FGBAX drawdown since its inception was -18.94%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FGBAX and TLT.
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Drawdown Indicators
| FGBAX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.94% | -48.35% | +29.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.07% | -7.58% | +4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -6.16% | -19.18% | +13.02% |
Max Drawdown (5Y)Largest decline over 5 years | -18.88% | -43.70% | +24.82% |
Max Drawdown (10Y)Largest decline over 10 years | -18.94% | -48.35% | +29.41% |
Current DrawdownCurrent decline from peak | -3.34% | -40.44% | +37.10% |
Average DrawdownAverage peak-to-trough decline | -4.85% | -13.82% | +8.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 3.04% | -1.99% |
Volatility
FGBAX vs. TLT - Volatility Comparison
The current volatility for Fidelity Advisor Investment Grade Bond Fund Class A (FGBAX) is 1.33%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that FGBAX experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGBAX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 2.76% | -1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 6.50% | -3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.89% | 9.77% | -5.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 15.87% | -9.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 14.91% | -9.92% |
FGBAX vs. TLT - Expense Ratio Comparison
FGBAX has a 0.75% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
FGBAX vs. TLT - Dividend Comparison
FGBAX's dividend yield for the trailing twelve months is around 3.61%, less than TLT's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGBAX Fidelity Advisor Investment Grade Bond Fund Class A | 3.61% | 3.58% | 3.07% | 2.97% | 1.73% | 1.09% | 4.51% | 2.44% | 2.54% | 1.87% | 2.37% | 2.36% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
FGBAX and TLT have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to FGBAX (1.33%). In terms of maximum drawdown, FGBAX dropped -18.94% vs TLT's -48.35%.
FGBAX currently has the higher Sharpe Ratio (1.25 vs 0.51), 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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