FHNFX vs. GOVT
FHNFX (Fidelity Series Government Bond Index Fund) and GOVT (iShares U.S. Treasury Bond ETF) are both Government Bonds funds. Over the past 5 years, FHNFX returned -0.07%/yr vs -0.45%/yr for GOVT. With a 0.96 correlation, they move nearly in lockstep. FHNFX charges 0.00%/yr vs 0.05%/yr for GOVT.
Performance
FHNFX vs. GOVT - Performance Comparison
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Returns By Period
In the year-to-date period, FHNFX achieves a 0.05% return, which is significantly higher than GOVT's -0.11% return.
FHNFX
- 1D
- 0.00%
- 1M
- 0.22%
- YTD
- 0.05%
- 6M
- -0.17%
- 1Y
- 4.08%
- 3Y*
- 3.40%
- 5Y*
- -0.07%
- 10Y*
- —
GOVT
- 1D
- -0.18%
- 1M
- 0.11%
- YTD
- -0.11%
- 6M
- -0.34%
- 1Y
- 3.87%
- 3Y*
- 2.83%
- 5Y*
- -0.45%
- 10Y*
- 0.87%
FHNFX vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FHNFX Fidelity Series Government Bond Index Fund | 0.05% | 7.52% | 1.03% | 4.03% | -12.72% | -2.54% | 7.50% | 6.82% | 1.65% |
GOVT iShares U.S. Treasury Bond ETF | -0.11% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | 7.36% | 1.04% |
Correlation
The correlation between FHNFX and GOVT is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018 | 0.96 |
The correlation between FHNFX and GOVT has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
FHNFX vs. GOVT — Risk / Return Rank
FHNFX
GOVT
FHNFX vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Government Bond Index Fund (FHNFX) and iShares U.S. Treasury Bond ETF (GOVT). 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.
| FHNFX | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.18 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 1.36 | -0.04 |
| Martin ratioReturn relative to average drawdown | 3.91 | 4.01 | -0.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FHNFX | GOVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.06 | 1.07 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | -0.08 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.26 | +0.02 |
Drawdowns
FHNFX vs. GOVT - Drawdown Comparison
The maximum FHNFX drawdown since its inception was -19.42%, roughly equal to the maximum GOVT drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for FHNFX and GOVT.
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Drawdown Indicators
| FHNFX | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.42% | -19.07% | -0.35% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -2.85% | -0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -5.38% | -5.43% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -16.71% | -16.60% | -0.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.07% | — |
Current DrawdownCurrent decline from peak | -5.98% | -7.17% | +1.19% |
Average DrawdownAverage peak-to-trough decline | -7.73% | -5.25% | -2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.97% | +0.05% |
Volatility
FHNFX vs. GOVT - Volatility Comparison
Fidelity Series Government Bond Index Fund (FHNFX) has a higher volatility of 1.16% compared to iShares U.S. Treasury Bond ETF (GOVT) at 1.09%. This indicates that FHNFX's price experiences larger fluctuations and is considered to be riskier than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FHNFX | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 1.09% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.60% | 2.51% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.79% | 3.63% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.76% | 6.04% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.43% | 5.22% | +0.21% |
FHNFX vs. GOVT - Expense Ratio Comparison
FHNFX has a 0.00% expense ratio, which is lower than GOVT'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. GOVT - Dividend Comparison
FHNFX's dividend yield for the trailing twelve months is around 3.82%, more than GOVT's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHNFX Fidelity Series Government Bond Index Fund | 3.82% | 4.91% | 3.69% | 2.50% | 1.30% | 0.86% | 2.69% | 2.78% | 1.02% | 0.00% | 0.00% | 0.00% |
GOVT iShares U.S. Treasury Bond ETF | 3.59% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
Frequently Asked Questions
With a correlation of 0.93, FHNFX and GOVT 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.
FHNFX has higher volatility (1.16%) compared to GOVT (1.09%). In terms of maximum drawdown, FHNFX dropped -19.42% vs GOVT's -19.07%.
GOVT currently has the higher Sharpe Ratio (1.07 vs 1.06), 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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