FHNFX vs. FGMNX

Last updated Jun 24, 2026

FHNFX (Fidelity Series Government Bond Index Fund) and FGMNX (Fidelity GNMA Fund) are both Government Bonds funds from Fidelity. Over the past 5 years, FHNFX returned -0.23%/yr vs 0.29%/yr for FGMNX. Their correlation of 0.82 suggests significant overlap in exposure. FHNFX charges 0.00%/yr vs 0.45%/yr for FGMNX.

Performance

FHNFX vs. FGMNX - Performance Comparison

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

Returns By Period

In the year-to-date period, FHNFX achieves a -0.17% return, which is significantly lower than FGMNX's 0.89% return.

FHNFX

• 1D: -0.33%
• 1M: 0.55%
• YTD: -0.17%
• 6M: 0.15%
• 1Y: 3.06%
• 3Y*: 3.40%
• 5Y*: -0.23%
• 10Y*: —

FGMNX

• 1D: -0.19%
• 1M: 0.70%
• YTD: 0.89%
• 6M: 1.18%
• 1Y: 5.63%
• 3Y*: 4.15%
• 5Y*: 0.29%
• 10Y*: 1.18%

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

FHNFX vs. FGMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FHNFX Fidelity Series Government Bond Index Fund	-0.17%	7.52%	1.03%	4.03%	-12.72%	-2.54%	7.50%	6.82%	1.65%
FGMNX Fidelity GNMA Fund	0.89%	7.89%	0.43%	5.46%	-11.52%	-1.03%	3.74%	5.72%	1.47%

Correlation

The correlation between FHNFX and FGMNX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 31, 2018	0.82

The correlation between FHNFX and FGMNX shifts across timeframes, from 0.82 (all time) to 0.94 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FHNFX vs. FGMNX — Risk / Return Rank

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

FHNFX

FHNFX Risk / Return Rank: 12
FHNFX Sharpe Ratio Rank: 12
FHNFX Sortino Ratio Rank: 13
FHNFX Omega Ratio Rank: 11
FHNFX Calmar Ratio Rank: 12
FHNFX Martin Ratio Rank: 11

FGMNX

FGMNX Risk / Return Rank: 35
FGMNX Sharpe Ratio Rank: 33
FGMNX Sortino Ratio Rank: 35
FGMNX Omega Ratio Rank: 32
FGMNX Calmar Ratio Rank: 39
FGMNX Martin Ratio Rank: 33

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.

FHNFX vs. FGMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Government Bond Index Fund (FHNFX) and Fidelity GNMA Fund (FGMNX). 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	FGMNX	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.53	-0.65
Sortino ratio: Return per unit of downside risk	1.34	2.31	-0.97
Omega ratio: Gain probability vs. loss probability	1.15	1.28	-0.13
Calmar ratio: Return relative to maximum drawdown	1.09	2.27	-1.18
Martin ratio: Return relative to average drawdown	2.99	6.92	-3.93

FHNFX vs. FGMNX - Sharpe Ratio Comparison

The current FHNFX Sharpe Ratio is 0.88, which is lower than the FGMNX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of FHNFX and FGMNX, 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. FGMNX - Drawdown Comparison

The maximum FHNFX drawdown since its inception was -19.42%, which is greater than FGMNX's maximum drawdown of -16.84%. Use the drawdown chart below to compare losses from any high point for FHNFX and FGMNX.

Drawdown Indicators

	FHNFX	FGMNX	Difference
Max Drawdown Largest peak-to-trough decline	-19.42%	-16.84%	-2.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-2.54%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-5.38%	-7.23%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	-16.71%	-16.50%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.84%	—
Current Drawdown Current decline from peak	-6.19%	-1.28%	-4.91%
Average Drawdown Average peak-to-trough decline	-7.71%	-1.91%	-5.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.83%	+0.27%

Volatility

FHNFX vs. FGMNX - Volatility Comparison

Fidelity Series Government Bond Index Fund (FHNFX) and Fidelity GNMA Fund (FGMNX) have volatilities of 1.21% and 1.17%, 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.

Volatility by Period

	FHNFX	FGMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	1.17%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	2.77%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.76%	3.77%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.77%	6.26%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.42%	4.68%	+0.74%

FHNFX vs. FGMNX - Expense Ratio Comparison

FHNFX has a 0.00% expense ratio, which is lower than FGMNX's 0.45% expense ratio.

Dividends

FHNFX vs. FGMNX - Dividend Comparison

FHNFX's dividend yield for the trailing twelve months is around 3.83%, more than FGMNX's 3.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGMNX Fidelity GNMA Fund	3.62%	3.61%	3.23%	3.45%	1.68%	0.76%	1.61%	2.46%	2.19%	2.17%	2.61%	2.25%
FHNFX Fidelity Series Government Bond Index Fund	3.83%	4.91%	3.69%	2.50%	1.30%	0.86%	2.69%	2.78%	1.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FHNFX and FGMNX in my portfolio?

With a correlation of 0.94, FHNFX and FGMNX 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, FHNFX or FGMNX?

FHNFX has higher volatility (1.21%) compared to FGMNX (1.17%). In terms of maximum drawdown, FHNFX dropped -19.42% vs FGMNX's -16.84%.

Which has better risk-adjusted returns?

FGMNX currently has the higher Sharpe Ratio (1.53 vs 0.88), 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.