FHQFX vs. SHY

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Series Treasury Bill Index Fund (FHQFX) and iShares 1-3 Year Treasury Bond ETF (SHY).

FHQFX is managed by Fidelity. It was launched on Aug 28, 2018. SHY is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. 1-3 Year Treasury Bond Index. It was launched on Jul 22, 2002.

Performance

FHQFX vs. SHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Treasury Bill Index Fund (FHQFX) and iShares 1-3 Year Treasury Bond ETF (SHY). The values are adjusted to include any dividend payments, if applicable.

FHQFX vs. SHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FHQFX Fidelity Series Treasury Bill Index Fund	0.48%	4.37%	5.56%	4.47%	-0.50%	0.01%	-0.04%
SHY iShares 1-3 Year Treasury Bond ETF	0.26%	4.95%	3.92%	4.16%	-3.88%	-0.71%	0.05%

Returns By Period

In the year-to-date period, FHQFX achieves a 0.48% return, which is significantly higher than SHY's 0.26% return.

FHQFX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.48%
• 6M: 1.58%
• 1Y: 3.76%
• 3Y*: 4.57%
• 5Y*: 2.85%
• 10Y*: —

SHY

• 1D: -0.00%
• 1M: -0.29%
• YTD: 0.26%
• 6M: 1.22%
• 1Y: 3.57%
• 3Y*: 3.88%
• 5Y*: 1.70%
• 10Y*: 1.65%

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

FHQFX vs. SHY - Expense Ratio Comparison

FHQFX has a 0.00% expense ratio, which is lower than SHY's 0.15% 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%.

SHY

iShares 1-3 Year Treasury Bond ETF

FHQFX

Fidelity Series Treasury Bill Index Fund

Return for Risk

FHQFX vs. SHY — Risk / Return Rank

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

FHQFX

FHQFX Risk / Return Rank: 100
FHQFX Sharpe Ratio Rank: 99
FHQFX Sortino Ratio Rank: 100
FHQFX Omega Ratio Rank: 100
FHQFX Calmar Ratio Rank: 100
FHQFX Martin Ratio Rank: 100

SHY

SHY Risk / Return Rank: 96
SHY Sharpe Ratio Rank: 95
SHY Sortino Ratio Rank: 98
SHY Omega Ratio Rank: 96
SHY Calmar Ratio Rank: 95
SHY Martin Ratio Rank: 95

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.

FHQFX vs. SHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Treasury Bill Index Fund (FHQFX) and iShares 1-3 Year Treasury Bond ETF (SHY). 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.

	FHQFX	SHY	Difference
Sharpe ratio Return per unit of total volatility	3.41	2.48	+0.93
Sortino ratio Return per unit of downside risk	21.55	4.07	+17.47
Omega ratio Gain probability vs. loss probability	13.27	1.52	+11.75
Calmar ratio Return relative to maximum drawdown	41.17	4.06	+37.11
Martin ratio Return relative to average drawdown	99.69	15.56	+84.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHQFX vs. SHY - Sharpe Ratio Comparison

The current FHQFX Sharpe Ratio is 3.41, which is higher than the SHY Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FHQFX and SHY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FHQFX	SHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.41	2.48	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.35	0.87	+1.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	1.29	+0.95

Correlation

The correlation between FHQFX and SHY is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FHQFX vs. SHY - Dividend Comparison

FHQFX's dividend yield for the trailing twelve months is around 3.68%, less than SHY's 3.72% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHQFX Fidelity Series Treasury Bill Index Fund	3.68%	4.16%	5.09%	4.67%	0.00%	0.01%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%
SHY iShares 1-3 Year Treasury Bond ETF	3.72%	3.81%	3.92%	2.99%	1.30%	0.26%	0.94%	2.12%	1.72%	0.98%	0.71%	0.54%

Drawdowns

FHQFX vs. SHY - Drawdown Comparison

The maximum FHQFX drawdown since its inception was -0.70%, smaller than the maximum SHY drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for FHQFX and SHY.

Drawdown Indicators

	FHQFX	SHY	Difference
Max Drawdown Largest peak-to-trough decline	-0.70%	-5.71%	+5.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-0.89%	+0.79%
Max Drawdown (5Y) Largest decline over 5 years	-0.70%	-5.71%	+5.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-5.71%	—
Current Drawdown Current decline from peak	0.00%	-0.47%	+0.47%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.52%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.23%	-0.19%

Volatility

FHQFX vs. SHY - Volatility Comparison

The current volatility for Fidelity Series Treasury Bill Index Fund (FHQFX) is 0.00%, while iShares 1-3 Year Treasury Bond ETF (SHY) has a volatility of 0.58%. This indicates that FHQFX experiences smaller price fluctuations and is considered to be less risky than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHQFX	SHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.58%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	0.78%	0.89%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	1.19%	1.45%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.23%	1.97%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.18%	1.56%	-0.38%