FGBTX vs. VTBNX
FGBTX (Fidelity Advisor Investment Grade Bond Fund Class M) and VTBNX (Vanguard Total Bond Market II Index Fund) are both Total Bond Market funds. Over the past 10 years, FGBTX returned 1.73%/yr vs 1.47%/yr for VTBNX. Their correlation of 0.94 suggests significant overlap in exposure. FGBTX charges 0.75%/yr vs 0.02%/yr for VTBNX.
Performance
FGBTX vs. VTBNX - Performance Comparison
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Returns By Period
In the year-to-date period, FGBTX achieves a 0.08% return, which is significantly higher than VTBNX's 0.01% return. Over the past 10 years, FGBTX has outperformed VTBNX with an annualized return of 1.73%, while VTBNX has yielded a comparatively lower 1.47% annualized return.
FGBTX
- 1D
- -0.28%
- 1M
- 0.58%
- YTD
- 0.08%
- 6M
- 0.37%
- 1Y
- 3.80%
- 3Y*
- 3.59%
- 5Y*
- -0.36%
- 10Y*
- 1.73%
VTBNX
- 1D
- -0.32%
- 1M
- 0.56%
- YTD
- 0.01%
- 6M
- 0.45%
- 1Y
- 4.11%
- 3Y*
- 3.90%
- 5Y*
- 0.01%
- 10Y*
- 1.47%
FGBTX vs. VTBNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FGBTX Fidelity Advisor Investment Grade Bond Fund Class M | 0.08% | 6.91% | 0.70% | 5.86% | -14.25% | -1.38% | 9.71% | 9.34% | -0.67% | 3.55% |
VTBNX Vanguard Total Bond Market II Index Fund | 0.01% | 7.18% | 1.32% | 5.68% | -13.12% | -1.82% | 7.39% | 8.71% | -0.27% | 3.62% |
Correlation
The correlation between FGBTX and VTBNX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2016 | 0.94 |
The correlation between FGBTX and VTBNX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
FGBTX vs. VTBNX — Risk / Return Rank
FGBTX
VTBNX
FGBTX vs. VTBNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Investment Grade Bond Fund Class M (FGBTX) 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.
| FGBTX | VTBNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 1.54 | -0.25 |
| Martin ratioReturn relative to average drawdown | 3.58 | 4.30 | -0.73 |
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Drawdowns
FGBTX vs. VTBNX - Drawdown Comparison
The maximum FGBTX drawdown since its inception was -19.03%, roughly equal to the maximum VTBNX drawdown of -18.71%. Use the drawdown chart below to compare losses from any high point for FGBTX and VTBNX.
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Drawdown Indicators
| FGBTX | VTBNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -18.71% | -0.32% |
Max Drawdown (1Y)Largest decline over 1 year | -3.07% | -2.83% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -6.15% | -5.97% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -18.88% | -18.05% | -0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -19.03% | -18.71% | -0.32% |
Current DrawdownCurrent decline from peak | -3.55% | -2.52% | -1.03% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -4.86% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 1.01% | +0.10% |
Volatility
FGBTX vs. VTBNX - Volatility Comparison
Fidelity Advisor Investment Grade Bond Fund Class M (FGBTX) and Vanguard Total Bond Market II Index Fund (VTBNX) have volatilities of 1.18% and 1.13%, 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
| FGBTX | VTBNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.13% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 2.86% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 3.88% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.99% | 5.96% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 4.93% | +0.07% |
FGBTX vs. VTBNX - Expense Ratio Comparison
FGBTX has a 0.75% expense ratio, which is higher than VTBNX's 0.02% expense ratio.
Dividends
FGBTX vs. VTBNX - Dividend Comparison
FGBTX's dividend yield for the trailing twelve months is around 3.63%, less than VTBNX's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGBTX Fidelity Advisor Investment Grade Bond Fund Class M | 3.63% | 3.59% | 3.10% | 2.98% | 1.73% | 1.09% | 4.50% | 2.45% | 2.53% | 1.83% | 2.33% | 2.33% |
VTBNX Vanguard Total Bond Market II Index Fund | 4.07% | 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
With a correlation of 0.95, FGBTX 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.
FGBTX has higher volatility (1.18%) compared to VTBNX (1.13%). In terms of maximum drawdown, FGBTX dropped -19.03% vs VTBNX's -18.71%.
VTBNX currently has the higher Sharpe Ratio (1.12 vs 0.97), 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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