FIFZX vs. FMSFX
FIFZX (Fidelity Series Bond Index Fund) and FMSFX (Fidelity Mortgage Securities Fund) are both Total Bond Market funds from Fidelity. Over the past 5 years, FIFZX returned -0.53%/yr vs -0.13%/yr for FMSFX. Their correlation of 0.89 means they have usually moved in the same direction. FIFZX charges 0.00%/yr vs 0.45%/yr for FMSFX.
Performance
FIFZX vs. FMSFX - Performance Comparison
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Returns By Period
In the year-to-date period, FIFZX achieves a -0.66% return, which is significantly lower than FMSFX's -0.01% return.
FIFZX
- 1D
- 0.00%
- 1M
- -1.22%
- 6M
- -0.88%
- YTD
- -0.66%
- 1Y
- 1.78%
- 3Y*
- 3.68%
- 5Y*
- -0.53%
- 10Y*
- —
- ALL TIME*
- 1.24%
FMSFX
- 1D
- 0.00%
- 1M
- -1.11%
- 6M
- -0.50%
- YTD
- -0.01%
- 1Y
- 3.39%
- 3Y*
- 4.14%
- 5Y*
- -0.13%
- 10Y*
- 1.12%
- ALL TIME*
- 4.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FIFZX vs. FMSFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FIFZX Fidelity Series Bond Index Fund | -0.66% | 7.15% | 1.41% | 5.54% | -13.46% | -1.96% | 7.65% | 5.12% |
FMSFX Fidelity Mortgage Securities Fund | -0.01% | 8.29% | 1.00% | 4.91% | -12.61% | -1.20% | 4.41% | 4.36% |
Correlation
The correlation between FIFZX and FMSFX is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2019 | 0.89 |
The correlation between FIFZX and FMSFX has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.
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Return for Risk
FIFZX vs. FMSFX — Risk / Return Rank
FIFZX
FMSFX
FIFZX vs. FMSFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Bond Index Fund (FIFZX) and Fidelity Mortgage Securities Fund (FMSFX). 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.
| FIFZX | FMSFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.21 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.64 | -0.60 |
| Martin ratioReturn relative to average drawdown | 2.59 | 4.58 | -1.99 |
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Drawdowns
FIFZX vs. FMSFX - Drawdown Comparison
The maximum FIFZX drawdown since its inception was -19.27%, roughly equal to the maximum FMSFX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for FIFZX and FMSFX.
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Drawdown Indicators
| FIFZX | FMSFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.27% | -18.81% | -0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -2.91% | -2.81% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -5.11% | -6.97% | +1.86% |
Max Drawdown (5Y)Largest decline over 5 years | -18.47% | -18.59% | +0.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.81% | — |
Current DrawdownCurrent decline from peak | -3.83% | -2.07% | -1.76% |
Average DrawdownAverage peak-to-trough decline | -6.62% | -1.92% | -4.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.01% | +0.16% |
Volatility
FIFZX vs. FMSFX - Volatility Comparison
The current volatility for Fidelity Series Bond Index Fund (FIFZX) is 0.96%, while Fidelity Mortgage Securities Fund (FMSFX) has a volatility of 1.08%. This indicates that FIFZX experiences smaller price fluctuations and is considered to be less risky than FMSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIFZX | FMSFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 1.08% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | 3.03% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 3.89% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.08% | 6.82% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.59% | 5.14% | +0.45% |
FIFZX vs. FMSFX - Expense Ratio Comparison
FIFZX has a 0.00% expense ratio, which is lower than FMSFX's 0.45% expense ratio.
Dividends
FIFZX vs. FMSFX - Dividend Comparison
FIFZX's dividend yield for the trailing twelve months is around 3.74%, more than FMSFX's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIFZX Fidelity Series Bond Index Fund | 3.74% | 3.87% | 3.66% | 3.09% | 1.74% | 1.42% | 3.20% | 1.64% | 0.00% | 0.00% | 0.00% | 0.00% |
FMSFX Fidelity Mortgage Securities Fund | 3.60% | 3.93% | 4.12% | 3.50% | 1.43% | 0.62% | 2.40% | 2.62% | 2.57% | 2.60% | 2.65% | 2.05% |
Frequently Asked Questions
With a correlation of 0.95, FIFZX and FMSFX 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.
FMSFX has higher volatility (1.08%) compared to FIFZX (0.96%). In terms of maximum drawdown, FIFZX dropped -19.27% vs FMSFX's -18.81%.
FMSFX currently has the higher Sharpe Ratio (1.19 vs 0.79), 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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