FGOVX vs. VSBIX

Last updated Aug 1, 2026

FGOVX (Fidelity Government Income Fund) and VSBIX (Vanguard Short-Term Treasury Index Fund Institutional Shares) are both Government Bonds funds. Over the past 10 years, FGOVX returned 0.58%/yr vs 1.77%/yr for VSBIX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. FGOVX charges 0.45%/yr vs 0.05%/yr for VSBIX.

Performance

FGOVX vs. VSBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Government Income Fund (FGOVX) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGOVX achieves a -0.58% return, which is significantly lower than VSBIX's 0.83% return. Over the past 10 years, FGOVX has underperformed VSBIX with an annualized return of 0.58%, while VSBIX has yielded a comparatively higher 1.77% annualized return.

FGOVX

• 1D: 0.00%
• 1M: -1.09%
• 6M: -0.63%
• YTD: -0.58%
• 1Y: 1.55%
• 3Y*: 2.92%
• 5Y*: -1.03%
• 10Y*: 0.58%
• ALL TIME*: 3.51%

VSBIX

• 1D: 0.04%
• 1M: 0.12%
• 6M: 0.63%
• YTD: 0.83%
• 1Y: 2.64%
• 3Y*: 4.41%
• 5Y*: 1.94%
• 10Y*: 1.77%
• ALL TIME*: 1.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FGOVX Fidelity Government Income Fund	$0.00	$0.00	$0.00
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	$0.00	$0.00	$0.00

FGOVX vs. VSBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGOVX Fidelity Government Income Fund	-0.58%	6.57%	0.09%	4.23%	-13.09%	-2.25%	6.79%	6.41%	0.63%	2.22%
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	0.83%	5.11%	4.37%	4.28%	-3.87%	-0.67%	3.11%	3.53%	1.52%	0.40%

Correlation

The correlation between FGOVX and VSBIX is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	0.76

The correlation between FGOVX and VSBIX has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

FGOVX vs. VSBIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FGOVX

FGOVX Risk / Return Rank: 19
FGOVX Sharpe Ratio Rank: 21
FGOVX Sortino Ratio Rank: 20
FGOVX Omega Ratio Rank: 19
FGOVX Calmar Ratio Rank: 19
FGOVX Martin Ratio Rank: 16

VSBIX

VSBIX Risk / Return Rank: 94
VSBIX Sharpe Ratio Rank: 94
VSBIX Sortino Ratio Rank: 95
VSBIX Omega Ratio Rank: 92
VSBIX Calmar Ratio Rank: 94
VSBIX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FGOVX vs. VSBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Income Fund (FGOVX) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX). 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.

	FGOVX	VSBIX	Difference
Sharpe ratio: Return per unit of total volatility	0.74	2.45	-1.71
Sortino ratio: Return per unit of downside risk	1.10	3.94	-2.84
Omega ratio: Gain probability vs. loss probability	1.13	1.51	-0.38
Calmar ratio: Return relative to maximum drawdown	0.90	3.94	-3.04
Martin ratio: Return relative to average drawdown	2.22	15.79	-13.56

FGOVX vs. VSBIX - Sharpe Ratio Comparison

The current FGOVX Sharpe Ratio is 0.74, which is lower than the VSBIX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of FGOVX and VSBIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FGOVX vs. VSBIX - Drawdown Comparison

The maximum FGOVX drawdown since its inception was -19.93%, which is greater than VSBIX's maximum drawdown of -5.74%. Use the drawdown chart below to compare losses from any high point for FGOVX and VSBIX.

Drawdown Indicators

	FGOVX	VSBIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.93%	-5.74%	-14.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-0.81%	-2.25%
Max Drawdown (3Y) Largest decline over 3 years	-5.19%	-0.81%	-4.38%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-5.70%	-12.30%
Max Drawdown (10Y) Largest decline over 10 years	-19.93%	-5.74%	-14.19%
Current Drawdown Current decline from peak	-7.54%	0.00%	-7.54%
Average Drawdown Average peak-to-trough decline	-3.94%	-0.58%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	0.20%	+1.03%

Volatility

FGOVX vs. VSBIX - Volatility Comparison

Fidelity Government Income Fund (FGOVX) has a higher volatility of 0.95% compared to Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) at 0.35%. This indicates that FGOVX's price experiences larger fluctuations and is considered to be riskier than VSBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGOVX	VSBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.35%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	0.99%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	1.30%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.09%	1.96%	+4.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	1.54%	+3.50%

FGOVX vs. VSBIX - Expense Ratio Comparison

FGOVX has a 0.45% expense ratio, which is higher than VSBIX's 0.05% expense ratio.

Dividends

FGOVX vs. VSBIX - Dividend Comparison

FGOVX's dividend yield for the trailing twelve months is around 3.24%, less than VSBIX's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGOVX Fidelity Government Income Fund	3.24%	3.37%	3.20%	2.57%	1.13%	0.60%	2.39%	2.10%	2.08%	1.81%	2.69%	2.25%
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	3.50%	3.99%	4.52%	3.31%	1.14%	0.65%	1.74%	2.28%	1.81%	1.11%	0.80%	0.74%

Frequently Asked Questions

Can I hold both FGOVX and VSBIX in my portfolio?

FGOVX and VSBIX have a correlation of 0.80, 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 VSBIX?

FGOVX has higher volatility (0.95%) compared to VSBIX (0.35%). In terms of maximum drawdown, FGOVX dropped -19.93% vs VSBIX's -5.74%.

Which has better risk-adjusted returns?

VSBIX currently has the higher Sharpe Ratio (2.45 vs 0.74), 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.