FHNFX vs. VGLT

Last updated Jun 4, 2026

FHNFX (Fidelity Series Government Bond Index Fund) and VGLT (Vanguard Long-Term Treasury ETF) are both Government Bonds funds. Over the past 5 years, FHNFX returned -0.07%/yr vs -5.30%/yr for VGLT. Their correlation of 0.93 suggests significant overlap in exposure. FHNFX charges 0.00%/yr vs 0.03%/yr for VGLT.

Performance

FHNFX vs. VGLT - Performance Comparison

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

Returns By Period

In the year-to-date period, FHNFX achieves a 0.05% return, which is significantly higher than VGLT's -0.41% return.

FHNFX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 0.05%
• 6M: -0.17%
• 1Y: 4.08%
• 3Y*: 3.40%
• 5Y*: -0.07%
• 10Y*: —

VGLT

• 1D: -0.40%
• 1M: 0.71%
• YTD: -0.41%
• 6M: -1.68%
• 1Y: 5.25%
• 3Y*: -0.72%
• 5Y*: -5.30%
• 10Y*: -1.10%

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

FHNFX vs. VGLT - 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%
VGLT Vanguard Long-Term Treasury ETF	-0.41%	5.35%	-6.28%	3.27%	-29.34%	-4.98%	17.57%	14.30%	1.63%

Correlation

The correlation between FHNFX and VGLT is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.93

The correlation between FHNFX and VGLT has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

FHNFX vs. VGLT — Risk / Return Rank

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

FHNFX

FHNFX Risk / Return Rank: 14
FHNFX Sharpe Ratio Rank: 14
FHNFX Sortino Ratio Rank: 15
FHNFX Omega Ratio Rank: 13
FHNFX Calmar Ratio Rank: 14
FHNFX Martin Ratio Rank: 14

VGLT

VGLT Risk / Return Rank: 18
VGLT Sharpe Ratio Rank: 18
VGLT Sortino Ratio Rank: 17
VGLT Omega Ratio Rank: 16
VGLT Calmar Ratio Rank: 18
VGLT Martin Ratio Rank: 18

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. VGLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Government Bond Index Fund (FHNFX) and Vanguard Long-Term Treasury ETF (VGLT). 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	VGLT	Difference
Sharpe ratio: Return per unit of total volatility	1.06	0.59	+0.46
Sortino ratio: Return per unit of downside risk	1.62	0.92	+0.70
Omega ratio: Gain probability vs. loss probability	1.19	1.10	+0.08
Calmar ratio: Return relative to maximum drawdown	1.32	0.75	+0.57
Martin ratio: Return relative to average drawdown	3.91	1.96	+1.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHNFX vs. VGLT - Sharpe Ratio Comparison

The current FHNFX Sharpe Ratio is 1.06, which is higher than the VGLT Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of FHNFX and VGLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FHNFX	VGLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	0.59	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	-0.37	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.19	+0.09

Drawdowns

FHNFX vs. VGLT - Drawdown Comparison

The maximum FHNFX drawdown since its inception was -19.42%, smaller than the maximum VGLT drawdown of -46.18%. Use the drawdown chart below to compare losses from any high point for FHNFX and VGLT.

Drawdown Indicators

	FHNFX	VGLT	Difference
Max Drawdown Largest peak-to-trough decline	-19.42%	-46.18%	+26.76%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-7.01%	+3.99%
Max Drawdown (3Y) Largest decline over 3 years	-5.38%	-17.68%	+12.30%
Max Drawdown (5Y) Largest decline over 5 years	-16.71%	-40.98%	+24.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.18%	—
Current Drawdown Current decline from peak	-5.98%	-36.83%	+30.85%
Average Drawdown Average peak-to-trough decline	-7.73%	-15.06%	+7.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	2.68%	-1.66%

Volatility

FHNFX vs. VGLT - Volatility Comparison

The current volatility for Fidelity Series Government Bond Index Fund (FHNFX) is 1.16%, while Vanguard Long-Term Treasury ETF (VGLT) has a volatility of 2.59%. This indicates that FHNFX experiences smaller price fluctuations and is considered to be less risky than VGLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHNFX	VGLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	2.59%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	2.60%	5.94%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.79%	8.88%	-5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.76%	14.58%	-8.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.43%	13.81%	-8.38%

FHNFX vs. VGLT - Expense Ratio Comparison

FHNFX has a 0.00% expense ratio, which is lower than VGLT's 0.03% 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. VGLT - Dividend Comparison

FHNFX's dividend yield for the trailing twelve months is around 3.82%, less than VGLT's 4.61% 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%
VGLT Vanguard Long-Term Treasury ETF	4.61%	4.44%	4.33%	3.33%	2.84%	1.82%	2.15%	2.46%	2.71%	2.55%	2.69%	3.21%

Frequently Asked Questions

Can I hold both FHNFX and VGLT in my portfolio?

FHNFX and VGLT have a correlation of 0.88, 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 VGLT?

VGLT has higher volatility (2.59%) compared to FHNFX (1.16%). In terms of maximum drawdown, FHNFX dropped -19.42% vs VGLT's -46.18%.

Which has better risk-adjusted returns?

FHNFX currently has the higher Sharpe Ratio (1.06 vs 0.59), 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.