FHNFX vs. BNDW

Last updated Aug 1, 2026

FHNFX (Fidelity Series Government Bond Index Fund) and BNDW (Vanguard Total World Bond ETF) are both funds - FHNFX is a Government Bonds fund managed by Fidelity, while BNDW is a Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index. Over the past 5 years, FHNFX returned -0.67%/yr vs -0.25%/yr for BNDW. Their correlation of 0.88 means they have usually moved in the same direction. FHNFX charges 0.00%/yr vs 0.05%/yr for BNDW.

Performance

FHNFX vs. BNDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Government Bond Index Fund (FHNFX) and Vanguard Total World Bond ETF (BNDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHNFX achieves a -0.74% return, which is significantly lower than BNDW's -0.20% return.

FHNFX

• 1D: 0.00%
• 1M: -0.99%
• 6M: -0.84%
• YTD: -0.74%
• 1Y: 1.06%
• 3Y*: 3.38%
• 5Y*: -0.67%
• 10Y*: —
• ALL TIME*: 1.37%

BNDW

• 1D: -0.28%
• 1M: -1.09%
• 6M: -0.59%
• YTD: -0.20%
• 1Y: 1.26%
• 3Y*: 3.97%
• 5Y*: -0.25%
• 10Y*: —
• ALL TIME*: 1.72%

*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)
BNDW Vanguard Total World Bond ETF	$6.34M	$6.07M	$7.03M
FHNFX Fidelity Series Government Bond Index Fund	$0.00	$0.00	$0.00

FHNFX vs. BNDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FHNFX Fidelity Series Government Bond Index Fund	-0.74%	7.52%	1.03%	4.03%	-12.72%	-2.54%	7.50%	6.82%	1.95%
BNDW Vanguard Total World Bond ETF	-0.20%	5.02%	2.42%	7.18%	-12.88%	-2.10%	6.22%	8.37%	1.27%

Correlation

The correlation between FHNFX and BNDW is 0.89, 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.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Sep 6, 2018	0.88

The correlation between FHNFX and BNDW has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

FHNFX vs. BNDW — Risk / Return Rank

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

FHNFX

FHNFX Risk / Return Rank: 15
FHNFX Sharpe Ratio Rank: 17
FHNFX Sortino Ratio Rank: 16
FHNFX Omega Ratio Rank: 15
FHNFX Calmar Ratio Rank: 16
FHNFX Martin Ratio Rank: 13

BNDW

BNDW Risk / Return Rank: 23
BNDW Sharpe Ratio Rank: 24
BNDW Sortino Ratio Rank: 22
BNDW Omega Ratio Rank: 21
BNDW Calmar Ratio Rank: 23
BNDW Martin Ratio Rank: 23

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.

FHNFX vs. BNDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Government Bond Index Fund (FHNFX) and Vanguard Total World Bond ETF (BNDW). 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.

	FHNFX	BNDW	Difference
Sharpe ratio: Return per unit of total volatility	0.62	0.55	+0.07
Sortino ratio: Return per unit of downside risk	0.94	0.79	+0.15
Omega ratio: Gain probability vs. loss probability	1.11	1.09	+0.01
Calmar ratio: Return relative to maximum drawdown	0.75	0.69	+0.06
Martin ratio: Return relative to average drawdown	1.81	1.67	+0.13

FHNFX vs. BNDW - Sharpe Ratio Comparison

The current FHNFX Sharpe Ratio is 0.62, which is comparable to the BNDW Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of FHNFX and BNDW, 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

FHNFX vs. BNDW - Drawdown Comparison

The maximum FHNFX drawdown since its inception was -19.42%, which is greater than BNDW's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for FHNFX and BNDW.

Drawdown Indicators

	FHNFX	BNDW	Difference
Max Drawdown Largest peak-to-trough decline	-19.42%	-17.22%	-2.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-2.70%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-4.52%	-3.57%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-16.71%	-16.93%	+0.22%
Current Drawdown Current decline from peak	-6.72%	-2.14%	-4.58%
Average Drawdown Average peak-to-trough decline	-7.69%	-4.90%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	1.11%	+0.15%

Volatility

FHNFX vs. BNDW - Volatility Comparison

The current volatility for Fidelity Series Government Bond Index Fund (FHNFX) is 0.90%, while Vanguard Total World Bond ETF (BNDW) has a volatility of 0.96%. This indicates that FHNFX experiences smaller price fluctuations and is considered to be less risky than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHNFX	BNDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.96%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	2.82%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	3.38%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.75%	5.22%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.40%	4.88%	+0.52%

FHNFX vs. BNDW - Expense Ratio Comparison

FHNFX has a 0.00% expense ratio, which is lower than BNDW's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FHNFX vs. BNDW - Dividend Comparison

FHNFX's dividend yield for the trailing twelve months is around 3.55%, less than BNDW's 4.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BNDW Vanguard Total World Bond ETF	3.99%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%
FHNFX Fidelity Series Government Bond Index Fund	3.55%	4.91%	3.69%	2.50%	1.30%	0.86%	2.69%	2.78%	1.02%

Frequently Asked Questions

Can I hold both FHNFX and BNDW in my portfolio?

FHNFX and BNDW have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHNFX or BNDW?

BNDW has higher volatility (0.96%) compared to FHNFX (0.90%). In terms of maximum drawdown, FHNFX dropped -19.42% vs BNDW's -17.22%.

Which has better risk-adjusted returns?

FHNFX currently has the higher Sharpe Ratio (0.62 vs 0.55), 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.