FGMNX vs. FGOVX
Compare and contrast key facts about Fidelity GNMA Fund (FGMNX) and Fidelity Government Income Fund (FGOVX).
FGMNX is managed by Fidelity. It was launched on Nov 8, 1985. FGOVX is managed by Fidelity. It was launched on Apr 4, 1979.
Performance
FGMNX vs. FGOVX - Performance Comparison
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FGMNX vs. FGOVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FGMNX Fidelity GNMA Fund | 0.46% | 7.89% | 0.43% | 5.46% | -11.52% | -1.03% | 3.74% | 5.72% | 0.62% | 1.74% |
FGOVX Fidelity Government Income Fund | -0.13% | 6.57% | 0.09% | 4.23% | -13.09% | -2.25% | 6.79% | 6.41% | 0.63% | 2.22% |
Returns By Period
In the year-to-date period, FGMNX achieves a 0.46% return, which is significantly higher than FGOVX's -0.13% return. Over the past 10 years, FGMNX has outperformed FGOVX with an annualized return of 1.22%, while FGOVX has yielded a comparatively lower 0.81% annualized return.
FGMNX
- 1D
- 0.19%
- 1M
- -1.33%
- YTD
- 0.46%
- 6M
- 1.56%
- 1Y
- 4.70%
- 3Y*
- 3.76%
- 5Y*
- 0.19%
- 10Y*
- 1.22%
FGOVX
- 1D
- 0.11%
- 1M
- -1.50%
- YTD
- -0.13%
- 6M
- 0.55%
- 1Y
- 3.06%
- 3Y*
- 2.54%
- 5Y*
- -0.49%
- 10Y*
- 0.81%
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FGMNX vs. FGOVX - Expense Ratio Comparison
Both FGMNX and FGOVX have an expense ratio of 0.45%.
Return for Risk
FGMNX vs. FGOVX — Risk / Return Rank
FGMNX
FGOVX
FGMNX vs. FGOVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity GNMA Fund (FGMNX) and Fidelity Government Income Fund (FGOVX). 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.
| FGMNX | FGOVX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.17 | 0.80 | +0.37 |
Sortino ratioReturn per unit of downside risk | 1.69 | 1.16 | +0.54 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.14 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.94 | 1.37 | +0.57 |
Martin ratioReturn relative to average drawdown | 5.55 | 3.62 | +1.93 |
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
| FGMNX | FGOVX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 0.80 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | -0.08 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.16 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.04 | 0.71 | +0.32 |
Correlation
The correlation between FGMNX and FGOVX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FGMNX vs. FGOVX - Dividend Comparison
FGMNX's dividend yield for the trailing twelve months is around 3.30%, more than FGOVX's 3.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGMNX Fidelity GNMA Fund | 3.30% | 3.61% | 3.23% | 3.45% | 1.68% | 0.76% | 1.61% | 2.46% | 2.19% | 2.17% | 2.61% | 2.25% |
FGOVX Fidelity Government Income Fund | 3.13% | 3.37% | 3.20% | 2.57% | 1.13% | 0.60% | 2.39% | 2.10% | 2.08% | 1.81% | 2.69% | 2.25% |
Drawdowns
FGMNX vs. FGOVX - Drawdown Comparison
The maximum FGMNX drawdown since its inception was -16.84%, smaller than the maximum FGOVX drawdown of -19.93%. Use the drawdown chart below to compare losses from any high point for FGMNX and FGOVX.
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Drawdown Indicators
| FGMNX | FGOVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.84% | -19.93% | +3.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -2.86% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -16.62% | -18.00% | +1.38% |
Max Drawdown (10Y)Largest decline over 10 years | -16.84% | -19.93% | +3.09% |
Current DrawdownCurrent decline from peak | -1.71% | -7.12% | +5.41% |
Average DrawdownAverage peak-to-trough decline | -1.91% | -3.92% | +2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.08% | -0.06% |
Volatility
FGMNX vs. FGOVX - Volatility Comparison
Fidelity GNMA Fund (FGMNX) and Fidelity Government Income Fund (FGOVX) have volatilities of 1.50% and 1.50%, 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
| FGMNX | FGOVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | 1.50% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 2.56% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.41% | 4.32% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 6.06% | +0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 5.03% | -0.38% |