FGOVX vs. FXNAX

Last updated Jun 4, 2026

FGOVX (Fidelity Government Income Fund) and FXNAX (Fidelity U.S. Bond Index Fund) are both mutual funds - FGOVX is a Government Bonds fund managed by Fidelity, while FXNAX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Over the past 10 years, FGOVX returned 0.79%/yr vs 1.51%/yr for FXNAX. With a 0.96 correlation, they move nearly in lockstep. FGOVX charges 0.45%/yr vs 0.03%/yr for FXNAX.

Performance

FGOVX vs. FXNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Government Income Fund (FGOVX) and Fidelity U.S. Bond Index Fund (FXNAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGOVX achieves a 0.33% return, which is significantly lower than FXNAX's 0.40% return. Over the past 10 years, FGOVX has underperformed FXNAX with an annualized return of 0.79%, while FXNAX has yielded a comparatively higher 1.51% annualized return.

FGOVX

• 1D: 0.11%
• 1M: 0.42%
• YTD: 0.33%
• 6M: 0.24%
• 1Y: 4.78%
• 3Y*: 3.04%
• 5Y*: -0.48%
• 10Y*: 0.79%

FXNAX

• 1D: 0.00%
• 1M: 0.51%
• YTD: 0.40%
• 6M: 0.34%
• 1Y: 5.37%
• 3Y*: 4.02%
• 5Y*: 0.12%
• 10Y*: 1.51%

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

FGOVX vs. FXNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGOVX Fidelity Government Income Fund	0.33%	6.57%	0.09%	4.23%	-13.09%	-2.25%	6.79%	6.41%	0.63%	2.22%
FXNAX Fidelity U.S. Bond Index Fund	0.40%	7.14%	1.35%	5.82%	-13.55%	-2.10%	7.63%	8.50%	0.04%	3.50%

Correlation

The correlation between FGOVX and FXNAX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.96

The correlation between FGOVX and FXNAX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

FGOVX vs. FXNAX — Risk / Return Rank

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

FGOVX

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

FXNAX

FXNAX Risk / Return Rank: 23
FXNAX Sharpe Ratio Rank: 23
FXNAX Sortino Ratio Rank: 24
FXNAX Omega Ratio Rank: 22
FXNAX Calmar Ratio Rank: 24
FXNAX 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.

FGOVX vs. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Income Fund (FGOVX) and Fidelity U.S. Bond Index Fund (FXNAX). 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	FXNAX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.36	-0.15
Sortino ratio: Return per unit of downside risk	1.82	2.06	-0.24
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.53	1.83	-0.30
Martin ratio: Return relative to average drawdown	4.64	5.61	-0.96
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. FXNAX - Sharpe Ratio Comparison

The current FGOVX Sharpe Ratio is 1.22, which is comparable to the FXNAX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of FGOVX and FXNAX, 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	FXNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	1.36	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.02	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.30	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.45	+0.26

Drawdowns

FGOVX vs. FXNAX - Drawdown Comparison

The maximum FGOVX drawdown since its inception was -19.93%, roughly equal to the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for FGOVX and FXNAX.

Drawdown Indicators

	FGOVX	FXNAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.93%	-19.51%	-0.42%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-2.94%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-6.33%	-6.16%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-18.54%	+0.54%
Max Drawdown (10Y) Largest decline over 10 years	-19.93%	-19.51%	-0.42%
Current Drawdown Current decline from peak	-6.69%	-2.89%	-3.80%
Average Drawdown Average peak-to-trough decline	-3.93%	-3.87%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.96%	+0.05%

Volatility

FGOVX vs. FXNAX - Volatility Comparison

The current volatility for Fidelity Government Income Fund (FGOVX) is 1.32%, while Fidelity U.S. Bond Index Fund (FXNAX) has a volatility of 1.41%. This indicates that FGOVX experiences smaller price fluctuations and is considered to be less risky than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGOVX	FXNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.41%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	2.82%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.86%	3.97%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.09%	6.07%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	5.01%	+0.03%

FGOVX vs. FXNAX - Expense Ratio Comparison

FGOVX has a 0.45% expense ratio, which is higher than FXNAX's 0.03% expense ratio.

Dividends

FGOVX vs. FXNAX - Dividend Comparison

FGOVX's dividend yield for the trailing twelve months is around 3.48%, less than FXNAX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGOVX Fidelity Government Income Fund	3.48%	3.37%	3.20%	2.57%	1.13%	0.60%	2.39%	2.10%	2.08%	1.81%	2.69%	2.25%
FXNAX Fidelity U.S. Bond Index Fund	3.71%	3.58%	3.40%	3.15%	1.81%	1.74%	2.92%	2.68%	2.74%	2.57%	2.76%	2.52%

Frequently Asked Questions

Can I hold both FGOVX and FXNAX in my portfolio?

With a correlation of 0.96, FGOVX and FXNAX 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, FGOVX or FXNAX?

FXNAX has higher volatility (1.41%) compared to FGOVX (1.32%). In terms of maximum drawdown, FGOVX dropped -19.93% vs FXNAX's -19.51%.

Which has better risk-adjusted returns?

FXNAX currently has the higher Sharpe Ratio (1.36 vs 1.22), 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.