FGOVX vs. FGRTX

Last updated Jun 5, 2026

FGOVX (Fidelity Government Income Fund) and FGRTX (Fidelity Mega Cap Stock Fund) are both mutual funds - FGOVX is a Government Bonds fund managed by Fidelity, while FGRTX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, FGOVX returned 0.77%/yr vs 16.36%/yr for FGRTX. At a correlation of -0.21, they often move in opposite directions. FGOVX charges 0.45%/yr vs 0.61%/yr for FGRTX.

Performance

FGOVX vs. FGRTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Government Income Fund (FGOVX) and Fidelity Mega Cap Stock Fund (FGRTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGOVX achieves a 0.11% return, which is significantly lower than FGRTX's 9.38% return. Over the past 10 years, FGOVX has underperformed FGRTX with an annualized return of 0.77%, while FGRTX has yielded a comparatively higher 16.36% annualized return.

FGOVX

• 1D: -0.22%
• 1M: 0.09%
• YTD: 0.11%
• 6M: 0.24%
• 1Y: 3.97%
• 3Y*: 2.96%
• 5Y*: -0.58%
• 10Y*: 0.77%

FGRTX

• 1D: -1.01%
• 1M: 1.54%
• YTD: 9.38%
• 6M: 11.06%
• 1Y: 29.86%
• 3Y*: 25.16%
• 5Y*: 15.94%
• 10Y*: 16.36%

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

FGOVX vs. FGRTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGOVX Fidelity Government Income Fund	0.11%	6.57%	0.09%	4.23%	-13.09%	-2.25%	6.79%	6.41%	0.63%	2.22%
FGRTX Fidelity Mega Cap Stock Fund	9.38%	26.92%	25.98%	26.51%	-8.98%	26.29%	12.96%	31.07%	-7.44%	16.98%

Correlation

The correlation between FGOVX and FGRTX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Dec 29, 1998	-0.21

The correlation between FGOVX and FGRTX shifts across timeframes, from -0.21 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FGOVX vs. FGRTX — Risk / Return Rank

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

FGOVX

FGOVX Risk / Return Rank: 17
FGOVX Sharpe Ratio Rank: 18
FGOVX Sortino Ratio Rank: 18
FGOVX Omega Ratio Rank: 17
FGOVX Calmar Ratio Rank: 18
FGOVX Martin Ratio Rank: 17

FGRTX

FGRTX Risk / Return Rank: 73
FGRTX Sharpe Ratio Rank: 74
FGRTX Sortino Ratio Rank: 68
FGRTX Omega Ratio Rank: 66
FGRTX Calmar Ratio Rank: 74
FGRTX Martin Ratio Rank: 82

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.

FGOVX vs. FGRTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Income Fund (FGOVX) and Fidelity Mega Cap Stock Fund (FGRTX). 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.

	FGOVX	FGRTX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.51	-1.33
Sortino ratio: Return per unit of downside risk	1.77	3.46	-1.69
Omega ratio: Gain probability vs. loss probability	1.21	1.46	-0.24
Calmar ratio: Return relative to maximum drawdown	1.49	3.36	-1.86
Martin ratio: Return relative to average drawdown	4.50	15.23	-10.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGOVX vs. FGRTX - Sharpe Ratio Comparison

The current FGOVX Sharpe Ratio is 1.19, which is lower than the FGRTX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of FGOVX and FGRTX, 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

	FGOVX	FGRTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	2.51	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	0.96	-1.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.91	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.47	+0.24

Drawdowns

FGOVX vs. FGRTX - Drawdown Comparison

The maximum FGOVX drawdown since its inception was -19.93%, smaller than the maximum FGRTX drawdown of -56.17%. Use the drawdown chart below to compare losses from any high point for FGOVX and FGRTX.

Drawdown Indicators

	FGOVX	FGRTX	Difference
Max Drawdown Largest peak-to-trough decline	-19.93%	-56.17%	+36.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-8.99%	+5.93%
Max Drawdown (3Y) Largest decline over 3 years	-6.33%	-18.51%	+12.18%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-23.35%	+5.35%
Max Drawdown (10Y) Largest decline over 10 years	-19.93%	-35.18%	+15.25%
Current Drawdown Current decline from peak	-6.89%	-1.33%	-5.56%
Average Drawdown Average peak-to-trough decline	-3.93%	-8.72%	+4.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	1.98%	-0.97%

Volatility

FGOVX vs. FGRTX - Volatility Comparison

The current volatility for Fidelity Government Income Fund (FGOVX) is 1.29%, while Fidelity Mega Cap Stock Fund (FGRTX) has a volatility of 2.87%. This indicates that FGOVX experiences smaller price fluctuations and is considered to be less risky than FGRTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGOVX	FGRTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	2.87%	-1.58%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	9.09%	-6.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.86%	12.02%	-8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.09%	16.71%	-10.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	18.12%	-13.08%

FGOVX vs. FGRTX - Expense Ratio Comparison

FGOVX has a 0.45% expense ratio, which is lower than FGRTX's 0.61% expense ratio.

Dividends

FGOVX vs. FGRTX - Dividend Comparison

FGOVX's dividend yield for the trailing twelve months is around 3.49%, less than FGRTX's 3.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGOVX Fidelity Government Income Fund	3.49%	3.37%	3.20%	2.57%	1.13%	0.60%	2.39%	2.10%	2.08%	1.81%	2.69%	2.25%
FGRTX Fidelity Mega Cap Stock Fund	3.55%	3.89%	2.68%	2.06%	4.38%	4.79%	7.96%	12.98%	21.72%	15.57%	1.97%	4.16%

Frequently Asked Questions

Can I hold both FGOVX and FGRTX in my portfolio?

FGOVX and FGRTX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGOVX or FGRTX?

FGRTX has higher volatility (2.87%) compared to FGOVX (1.29%). In terms of maximum drawdown, FGOVX dropped -19.93% vs FGRTX's -56.17%.

Which has better risk-adjusted returns?

FGRTX currently has the higher Sharpe Ratio (2.51 vs 1.19), 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.