FHNFX vs. FTABX
FHNFX (Fidelity Series Government Bond Index Fund) and FTABX (Fidelity Tax-Free Bond Fund) are both mutual funds - FHNFX is a Government Bonds fund managed by Fidelity, while FTABX is a Municipal Bonds fund actively managed by Fidelity. Over the past 5 years, FHNFX returned -0.75%/yr vs 0.51%/yr for FTABX. Their 0.50 correlation means they have sometimes moved together and sometimes differently. FHNFX charges 0.00%/yr vs 0.25%/yr for FTABX.
Performance
FHNFX vs. FTABX - Performance Comparison
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Returns By Period
In the year-to-date period, FHNFX achieves a -0.85% return, which is significantly lower than FTABX's 0.05% return.
FHNFX
- 1D
- 0.22%
- 1M
- -1.10%
- 6M
- -0.84%
- YTD
- -0.85%
- 1Y
- 0.94%
- 3Y*
- 3.53%
- 5Y*
- -0.75%
- 10Y*
- —
- ALL TIME*
- 1.35%
FTABX
- 1D
- 0.09%
- 1M
- -2.15%
- 6M
- -0.84%
- YTD
- 0.05%
- 1Y
- 4.74%
- 3Y*
- 3.98%
- 5Y*
- 0.51%
- 10Y*
- 2.07%
- ALL TIME*
- 3.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FHNFX vs. FTABX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FHNFX Fidelity Series Government Bond Index Fund | -0.85% | 7.52% | 1.03% | 4.03% | -12.72% | -2.54% | 7.50% | 6.82% | 1.65% |
FTABX Fidelity Tax-Free Bond Fund | 0.05% | 5.60% | 1.54% | 7.51% | -10.74% | 2.20% | 4.80% | 8.58% | 1.37% |
Correlation
The correlation between FHNFX and FTABX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2018 | 0.50 |
The correlation between FHNFX and FTABX shifts across timeframes, from 0.50 (all time) to 0.62 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FHNFX vs. FTABX — Risk / Return Rank
FHNFX
FTABX
FHNFX vs. FTABX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Government Bond Index Fund (FHNFX) and Fidelity Tax-Free Bond Fund (FTABX). 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 | FTABX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.39 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 1.56 | -1.25 |
| Martin ratioReturn relative to average drawdown | 0.74 | 4.92 | -4.18 |
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Drawdowns
FHNFX vs. FTABX - Drawdown Comparison
The maximum FHNFX drawdown since its inception was -19.42%, which is greater than FTABX's maximum drawdown of -16.14%. Use the drawdown chart below to compare losses from any high point for FHNFX and FTABX.
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Drawdown Indicators
| FHNFX | FTABX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.42% | -16.14% | -3.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -3.11% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -4.52% | -5.18% | +0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -16.55% | -16.00% | -0.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.14% | — |
Current DrawdownCurrent decline from peak | -6.82% | -2.15% | -4.67% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -2.11% | -5.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 0.99% | +0.29% |
Volatility
FHNFX vs. FTABX - Volatility Comparison
Fidelity Series Government Bond Index Fund (FHNFX) and Fidelity Tax-Free Bond Fund (FTABX) have volatilities of 0.97% and 0.99%, 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.
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Volatility by Period
| FHNFX | FTABX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.99% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 2.32% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.59% | 2.83% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.75% | 4.18% | +1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 4.29% | +1.11% |
FHNFX vs. FTABX - Expense Ratio Comparison
FHNFX has a 0.00% expense ratio, which is lower than FTABX's 0.25% 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. FTABX - Dividend Comparison
FHNFX's dividend yield for the trailing twelve months is around 3.55%, more than FTABX's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
FTABX Fidelity Tax-Free Bond Fund | 3.00% | 4.18% | 2.81% | 2.90% | 2.16% | 2.27% | 2.64% | 2.94% | 3.01% | 3.49% | 4.22% | 3.29% |
Frequently Asked Questions
FHNFX and FTABX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTABX has higher volatility (0.99%) compared to FHNFX (0.97%). In terms of maximum drawdown, FHNFX dropped -19.42% vs FTABX's -16.14%.
FTABX currently has the higher Sharpe Ratio (1.72 vs 0.26), 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.
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