FGMNX vs. DPIGX
FGMNX (Fidelity GNMA Fund) and DPIGX (Dupree Intermediate Government Bond Series) are both Government Bonds funds. Over the past 10 years, FGMNX returned 1.18%/yr vs 1.52%/yr for DPIGX. A 0.71 correlation means they provide meaningful diversification when combined. FGMNX charges 0.45%/yr vs 0.70%/yr for DPIGX.
Performance
FGMNX vs. DPIGX - Performance Comparison
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Returns By Period
In the year-to-date period, FGMNX achieves a 0.89% return, which is significantly higher than DPIGX's -0.39% return. Over the past 10 years, FGMNX has underperformed DPIGX with an annualized return of 1.18%, while DPIGX has yielded a comparatively higher 1.52% annualized return.
FGMNX
- 1D
- -0.19%
- 1M
- 0.70%
- YTD
- 0.89%
- 6M
- 1.18%
- 1Y
- 5.63%
- 3Y*
- 4.15%
- 5Y*
- 0.29%
- 10Y*
- 1.18%
DPIGX
- 1D
- -0.21%
- 1M
- 0.18%
- YTD
- -0.39%
- 6M
- -0.00%
- 1Y
- 2.26%
- 3Y*
- 3.98%
- 5Y*
- 1.74%
- 10Y*
- 1.52%
FGMNX vs. DPIGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FGMNX Fidelity GNMA Fund | 0.89% | 7.89% | 0.43% | 5.46% | -11.52% | -1.03% | 3.74% | 5.72% | 0.62% | 1.74% |
DPIGX Dupree Intermediate Government Bond Series | -0.39% | 5.66% | 3.67% | 3.90% | -3.50% | -1.47% | 3.92% | 4.50% | 0.68% | 1.35% |
Correlation
The correlation between FGMNX and DPIGX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 1992 | 0.71 |
The correlation between FGMNX and DPIGX has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
FGMNX vs. DPIGX — Risk / Return Rank
FGMNX
DPIGX
FGMNX vs. DPIGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity GNMA Fund (FGMNX) and Dupree Intermediate Government Bond Series (DPIGX). 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.
| FGMNX | DPIGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 1.63 | +0.63 |
| Martin ratioReturn relative to average drawdown | 6.92 | 4.68 | +2.24 |
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Drawdowns
FGMNX vs. DPIGX - Drawdown Comparison
The maximum FGMNX drawdown since its inception was -16.84%, which is greater than DPIGX's maximum drawdown of -10.25%. Use the drawdown chart below to compare losses from any high point for FGMNX and DPIGX.
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Drawdown Indicators
| FGMNX | DPIGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.84% | -10.25% | -6.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -1.46% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -1.46% | -5.77% |
Max Drawdown (5Y)Largest decline over 5 years | -16.50% | -5.89% | -10.61% |
Max Drawdown (10Y)Largest decline over 10 years | -16.84% | -6.59% | -10.25% |
Current DrawdownCurrent decline from peak | -1.28% | -1.14% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -1.91% | -1.57% | -0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.51% | +0.32% |
Volatility
FGMNX vs. DPIGX - Volatility Comparison
Fidelity GNMA Fund (FGMNX) has a higher volatility of 1.17% compared to Dupree Intermediate Government Bond Series (DPIGX) at 0.70%. This indicates that FGMNX's price experiences larger fluctuations and is considered to be riskier than DPIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGMNX | DPIGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.70% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 1.67% | +1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 2.18% | +1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.26% | 2.14% | +4.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 2.32% | +2.36% |
FGMNX vs. DPIGX - Expense Ratio Comparison
FGMNX has a 0.45% expense ratio, which is lower than DPIGX's 0.70% expense ratio.
Dividends
FGMNX vs. DPIGX - Dividend Comparison
FGMNX's dividend yield for the trailing twelve months is around 3.62%, more than DPIGX's 3.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DPIGX Dupree Intermediate Government Bond Series | 3.44% | 4.00% | 3.39% | 2.84% | 2.51% | 1.91% | 2.29% | 2.39% | 2.76% | 2.55% | 2.51% | 2.51% |
FGMNX Fidelity GNMA Fund | 3.62% | 3.61% | 3.23% | 3.45% | 1.68% | 0.76% | 1.61% | 2.46% | 2.19% | 2.17% | 2.61% | 2.25% |
Frequently Asked Questions
FGMNX and DPIGX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FGMNX has higher volatility (1.17%) compared to DPIGX (0.70%). In terms of maximum drawdown, FGMNX dropped -16.84% vs DPIGX's -10.25%.
FGMNX currently has the higher Sharpe Ratio (1.53 vs 1.09), 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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