FGBCX vs. VTBNX

Last updated Aug 1, 2026

FGBCX (Fidelity Advisor Investment Grade Bond Fund Class C) and VTBNX (Vanguard Total Bond Market II Index Fund) are both Total Bond Market funds. Over the past 10 years, FGBCX returned 0.76%/yr vs 1.28%/yr for VTBNX. Their correlation of 0.94 means they have usually moved in the same direction. FGBCX charges 1.53%/yr vs 0.02%/yr for VTBNX.

Performance

FGBCX vs. VTBNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Investment Grade Bond Fund Class C (FGBCX) and Vanguard Total Bond Market II Index Fund (VTBNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGBCX achieves a -1.12% return, which is significantly lower than VTBNX's -0.71% return. Over the past 10 years, FGBCX has underperformed VTBNX with an annualized return of 0.76%, while VTBNX has yielded a comparatively higher 1.28% annualized return.

FGBCX

• 1D: 0.14%
• 1M: -1.11%
• 6M: -1.21%
• YTD: -1.12%
• 1Y: 0.63%
• 3Y*: 2.60%
• 5Y*: -1.47%
• 10Y*: 0.76%
• ALL TIME*: 1.52%

VTBNX

• 1D: 0.11%
• 1M: -1.16%
• 6M: -0.84%
• YTD: -0.71%
• 1Y: 1.70%
• 3Y*: 3.69%
• 5Y*: -0.44%
• 10Y*: 1.28%
• ALL TIME*: 1.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FGBCX Fidelity Advisor Investment Grade Bond Fund Class C	$0.00	$0.00	$0.00
VTBNX Vanguard Total Bond Market II Index Fund	$0.00	$0.00	$0.00

FGBCX vs. VTBNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGBCX Fidelity Advisor Investment Grade Bond Fund Class C	-1.12%	6.08%	0.04%	5.09%	-14.63%	-1.98%	8.73%	8.49%	-1.43%	2.68%
VTBNX Vanguard Total Bond Market II Index Fund	-0.71%	7.18%	1.32%	5.68%	-13.12%	-1.82%	7.39%	8.71%	-0.27%	3.62%

Correlation

The correlation between FGBCX and VTBNX is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Jan 22, 2016	0.94

The correlation between FGBCX and VTBNX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

FGBCX vs. VTBNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FGBCX

FGBCX Risk / Return Rank: 10
FGBCX Sharpe Ratio Rank: 11
FGBCX Sortino Ratio Rank: 10
FGBCX Omega Ratio Rank: 10
FGBCX Calmar Ratio Rank: 11
FGBCX Martin Ratio Rank: 10

VTBNX

VTBNX Risk / Return Rank: 21
VTBNX Sharpe Ratio Rank: 22
VTBNX Sortino Ratio Rank: 22
VTBNX Omega Ratio Rank: 20
VTBNX Calmar Ratio Rank: 23
VTBNX Martin Ratio Rank: 19

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FGBCX vs. VTBNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Investment Grade Bond Fund Class C (FGBCX) and Vanguard Total Bond Market II Index Fund (VTBNX). 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.

	FGBCX	VTBNX	Difference
Sharpe ratio: Return per unit of total volatility	0.46	0.77	-0.31
Sortino ratio: Return per unit of downside risk	0.69	1.15	-0.46
Omega ratio: Gain probability vs. loss probability	1.08	1.13	-0.05
Calmar ratio: Return relative to maximum drawdown	0.54	1.03	-0.49
Martin ratio: Return relative to average drawdown	1.25	2.56	-1.31

FGBCX vs. VTBNX - Sharpe Ratio Comparison

The current FGBCX Sharpe Ratio is 0.46, which is lower than the VTBNX Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of FGBCX and VTBNX, 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

FGBCX vs. VTBNX - Drawdown Comparison

The maximum FGBCX drawdown since its inception was -19.98%, which is greater than VTBNX's maximum drawdown of -18.71%. Use the drawdown chart below to compare losses from any high point for FGBCX and VTBNX.

Drawdown Indicators

	FGBCX	VTBNX	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-18.71%	-1.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-2.83%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-5.36%	-4.92%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-19.42%	-17.98%	-1.44%
Max Drawdown (10Y) Largest decline over 10 years	-19.98%	-18.71%	-1.27%
Current Drawdown Current decline from peak	-8.01%	-3.22%	-4.79%
Average Drawdown Average peak-to-trough decline	-5.28%	-4.83%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	1.14%	+0.24%

Volatility

FGBCX vs. VTBNX - Volatility Comparison

Fidelity Advisor Investment Grade Bond Fund Class C (FGBCX) has a higher volatility of 1.08% compared to Vanguard Total Bond Market II Index Fund (VTBNX) at 1.00%. This indicates that FGBCX's price experiences larger fluctuations and is considered to be riskier than VTBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGBCX	VTBNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	1.00%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	2.96%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.77%	3.81%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.94%	5.96%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.96%	4.93%	+0.03%

FGBCX vs. VTBNX - Expense Ratio Comparison

FGBCX has a 1.53% expense ratio, which is higher than VTBNX's 0.02% expense ratio.

Dividends

FGBCX vs. VTBNX - Dividend Comparison

FGBCX's dividend yield for the trailing twelve months is around 2.63%, less than VTBNX's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGBCX Fidelity Advisor Investment Grade Bond Fund Class C	2.63%	2.82%	2.44%	2.27%	1.10%	0.47%	3.73%	1.69%	1.76%	0.99%	1.54%	1.64%
VTBNX Vanguard Total Bond Market II Index Fund	3.78%	3.95%	3.77%	3.13%	2.54%	1.82%	3.12%	2.79%	2.56%	2.52%	2.55%	0.00%

Frequently Asked Questions

Can I hold both FGBCX and VTBNX in my portfolio?

With a correlation of 0.94, FGBCX and VTBNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FGBCX or VTBNX?

FGBCX has higher volatility (1.08%) compared to VTBNX (1.00%). In terms of maximum drawdown, FGBCX dropped -19.98% vs VTBNX's -18.71%.

Which has better risk-adjusted returns?

VTBNX currently has the higher Sharpe Ratio (0.77 vs 0.46), 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.