FHNFX vs. VGLT
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 -0.75%/yr vs -6.97%/yr for VGLT. Their correlation of 0.93 means they have usually moved in the same direction. FHNFX charges 0.00%/yr vs 0.03%/yr for VGLT.
Performance
FHNFX vs. VGLT - Performance Comparison
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Returns By Period
In the year-to-date period, FHNFX achieves a -0.85% return, which is significantly higher than VGLT's -2.15% 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%
VGLT
- 1D
- 0.78%
- 1M
- -2.40%
- 6M
- -1.94%
- YTD
- -2.15%
- 1Y
- -0.79%
- 3Y*
- 0.21%
- 5Y*
- -6.97%
- 10Y*
- -1.64%
- ALL TIME*
- 2.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $99.45M | $99.43M | $109.17M |
FHNFX vs. VGLT - 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% |
VGLT Vanguard Long-Term Treasury ETF | -2.15% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | 1.43% |
Correlation
The correlation between FHNFX and VGLT is 0.87, 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. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2018 | 0.93 |
The correlation between FHNFX and VGLT has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.
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Return for Risk
FHNFX vs. VGLT — Risk / Return Rank
FHNFX
VGLT
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.
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 | VGLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.99 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | -0.11 | +0.43 |
| Martin ratioReturn relative to average drawdown | 0.74 | -0.24 | +0.98 |
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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.
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Drawdown Indicators
| FHNFX | VGLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.42% | -46.18% | +26.76% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -7.03% | +4.01% |
Max Drawdown (3Y)Largest decline over 3 years | -4.52% | -13.38% | +8.86% |
Max Drawdown (5Y)Largest decline over 5 years | -16.55% | -40.98% | +24.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.18% | — |
Current DrawdownCurrent decline from peak | -6.82% | -37.93% | +31.11% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -15.28% | +7.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 3.24% | -1.96% |
Volatility
FHNFX vs. VGLT - Volatility Comparison
The current volatility for Fidelity Series Government Bond Index Fund (FHNFX) is 0.97%, while Vanguard Long-Term Treasury ETF (VGLT) has a volatility of 2.48%. 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.
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Volatility by Period
| FHNFX | VGLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 2.48% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 6.36% | -3.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.59% | 8.41% | -4.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.75% | 14.46% | -8.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 13.74% | -8.34% |
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 3.55%, less than VGLT's 4.74% 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% |
VGLT Vanguard Long-Term Treasury ETF | 4.74% | 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
FHNFX and VGLT have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGLT has higher volatility (2.48%) compared to FHNFX (0.97%). In terms of maximum drawdown, FHNFX dropped -19.42% vs VGLT's -46.18%.
FHNFX currently has the higher Sharpe Ratio (0.26 vs -0.09), 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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