FGBTX vs. VTBNX

Last updated Jun 4, 2026

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 1.80%/yr vs 1.55%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Investment Grade Bond Fund Class M (FGBTX) 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, FGBTX achieves a 0.35% return, which is significantly higher than VTBNX's 0.33% return. Over the past 10 years, FGBTX has outperformed VTBNX with an annualized return of 1.80%, while VTBNX has yielded a comparatively lower 1.55% annualized return.

FGBTX

• 1D: 0.00%
• 1M: 0.44%
• YTD: 0.35%
• 6M: 0.01%
• 1Y: 4.96%
• 3Y*: 3.73%
• 5Y*: -0.14%
• 10Y*: 1.80%

VTBNX

• 1D: 0.00%
• 1M: 0.45%
• YTD: 0.33%
• 6M: 0.25%
• 1Y: 5.21%
• 3Y*: 4.01%
• 5Y*: 0.20%
• 10Y*: 1.55%

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

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	0.35%	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	0.33%	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, 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	0.95
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 25, 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.

Return for Risk

FGBTX vs. VTBNX — Risk / Return Rank

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

FGBTX

FGBTX Risk / Return Rank: 17
FGBTX Sharpe Ratio Rank: 17
FGBTX Sortino Ratio Rank: 18
FGBTX Omega Ratio Rank: 16
FGBTX Calmar Ratio Rank: 19
FGBTX Martin Ratio Rank: 17

VTBNX

VTBNX Risk / Return Rank: 22
VTBNX Sharpe Ratio Rank: 22
VTBNX Sortino Ratio Rank: 24
VTBNX Omega Ratio Rank: 20
VTBNX Calmar Ratio Rank: 25
VTBNX Martin Ratio Rank: 21

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.

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.

	FGBTX	VTBNX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.34	-0.16
Sortino ratio: Return per unit of downside risk	1.78	2.03	-0.25
Omega ratio: Gain probability vs. loss probability	1.21	1.23	-0.03
Calmar ratio: Return relative to maximum drawdown	1.57	1.85	-0.28
Martin ratio: Return relative to average drawdown	4.68	5.53	-0.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGBTX vs. VTBNX - Sharpe Ratio Comparison

The current FGBTX Sharpe Ratio is 1.18, which is comparable to the VTBNX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of FGBTX 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.

Sharpe Ratios by Period

	FGBTX	VTBNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.34	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.03	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.32	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.38	+0.11

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.

Drawdown Indicators

	FGBTX	VTBNX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-3.29%	-2.21%	-1.08%
Average Drawdown Average peak-to-trough decline	-4.86%	-4.87%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.95%	+0.08%

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 1.33% and 1.33%, 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.

Volatility by Period

	FGBTX	VTBNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.33%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	2.81%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	3.93%	+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	4.99%	4.93%	+0.06%

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 3.61%, less than VTBNX's 4.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGBTX Fidelity Advisor Investment Grade Bond Fund Class M	3.61%	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	4.06%	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 FGBTX and VTBNX in my portfolio?

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.

Which is riskier, FGBTX or VTBNX?

VTBNX has higher volatility (1.33%) compared to FGBTX (1.33%). In terms of maximum drawdown, FGBTX dropped -19.03% vs VTBNX's -18.71%.

Which has better risk-adjusted returns?

VTBNX currently has the higher Sharpe Ratio (1.34 vs 1.18), 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.