FHPFX vs. FXNAX
FHPFX (Fidelity Series Investment Grade Securitized Fund) and FXNAX (Fidelity U.S. Bond Index Fund) are both Total Bond Market funds from Fidelity. Over the past 5 years, FHPFX returned 0.58%/yr vs -0.05%/yr for FXNAX. Their correlation of 0.91 suggests significant overlap in exposure. FHPFX charges 0.00%/yr vs 0.03%/yr for FXNAX.
Performance
FHPFX vs. FXNAX - Performance Comparison
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Returns By Period
In the year-to-date period, FHPFX achieves a 0.71% return, which is significantly higher than FXNAX's 0.11% return.
FHPFX
- 1D
- -0.33%
- 1M
- 0.59%
- YTD
- 0.71%
- 6M
- 1.06%
- 1Y
- 6.11%
- 3Y*
- 4.69%
- 5Y*
- 0.58%
- 10Y*
- —
FXNAX
- 1D
- -0.29%
- 1M
- 0.61%
- YTD
- 0.11%
- 6M
- 0.43%
- 1Y
- 4.25%
- 3Y*
- 3.88%
- 5Y*
- -0.05%
- 10Y*
- 1.44%
FHPFX vs. FXNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FHPFX Fidelity Series Investment Grade Securitized Fund | 0.71% | 8.76% | 1.81% | 5.29% | -12.28% | -1.06% | 4.84% | 6.69% | 1.41% |
FXNAX Fidelity U.S. Bond Index Fund | 0.11% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 7.63% | 8.50% | 1.37% |
Correlation
The correlation between FHPFX and FXNAX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2018 | 0.91 |
The correlation between FHPFX and FXNAX has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
FHPFX vs. FXNAX — Risk / Return Rank
FHPFX
FXNAX
FHPFX vs. FXNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Investment Grade Securitized Fund (FHPFX) and Fidelity U.S. Bond Index Fund (FXNAX). 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.
| FHPFX | FXNAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.20 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 1.52 | +0.87 |
| Martin ratioReturn relative to average drawdown | 7.19 | 4.36 | +2.83 |
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Drawdowns
FHPFX vs. FXNAX - Drawdown Comparison
The maximum FHPFX drawdown since its inception was -17.93%, smaller than the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for FHPFX and FXNAX.
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Drawdown Indicators
| FHPFX | FXNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.93% | -19.51% | +1.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -2.94% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -7.56% | -6.16% | -1.40% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -18.54% | +0.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.51% | — |
Current DrawdownCurrent decline from peak | -1.38% | -3.17% | +1.79% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -3.86% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 1.02% | -0.15% |
Volatility
FHPFX vs. FXNAX - Volatility Comparison
Fidelity Series Investment Grade Securitized Fund (FHPFX) has a higher volatility of 1.24% compared to Fidelity U.S. Bond Index Fund (FXNAX) at 1.16%. This indicates that FHPFX's price experiences larger fluctuations and is considered to be riskier than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FHPFX | FXNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.16% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 2.90% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 3.92% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.69% | 6.08% | +0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.64% | 5.01% | +0.63% |
FHPFX vs. FXNAX - Expense Ratio Comparison
FHPFX has a 0.00% expense ratio, which is lower than FXNAX'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
FHPFX vs. FXNAX - Dividend Comparison
FHPFX's dividend yield for the trailing twelve months is around 4.50%, more than FXNAX's 3.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHPFX Fidelity Series Investment Grade Securitized Fund | 4.50% | 4.41% | 4.54% | 3.53% | 1.70% | 0.58% | 3.20% | 3.81% | 1.16% | 0.00% | 0.00% | 0.00% |
FXNAX Fidelity U.S. Bond Index Fund | 3.72% | 3.58% | 3.40% | 3.15% | 1.81% | 1.74% | 2.92% | 2.68% | 2.74% | 2.57% | 2.76% | 2.52% |
Frequently Asked Questions
With a correlation of 0.96, FHPFX and FXNAX 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.
FHPFX has higher volatility (1.24%) compared to FXNAX (1.16%). In terms of maximum drawdown, FHPFX dropped -17.93% vs FXNAX's -19.51%.
FHPFX currently has the higher Sharpe Ratio (1.55 vs 1.14), 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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