FIFZX vs. PBDIX

Last updated Jun 5, 2026

FIFZX (Fidelity Series Bond Index Fund) and PBDIX (T. Rowe Price QM U.S. Bond Index Fund) are both Total Bond Market funds. Over the past 5 years, FIFZX returned -0.02%/yr vs 0.40%/yr for PBDIX. With a 0.95 correlation, they move nearly in lockstep. FIFZX charges 0.00%/yr vs 0.23%/yr for PBDIX.

Performance

FIFZX vs. PBDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Bond Index Fund (FIFZX) and T. Rowe Price QM U.S. Bond Index Fund (PBDIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIFZX achieves a 0.23% return, which is significantly higher than PBDIX's -0.01% return.

FIFZX

• 1D: -0.22%
• 1M: 0.12%
• YTD: 0.23%
• 6M: 0.35%
• 1Y: 4.51%
• 3Y*: 3.98%
• 5Y*: -0.02%
• 10Y*: —

PBDIX

• 1D: -0.21%
• 1M: 0.05%
• YTD: -0.01%
• 6M: 0.62%
• 1Y: 5.91%
• 3Y*: 4.77%
• 5Y*: 0.40%
• 10Y*: 1.86%

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

FIFZX vs. PBDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FIFZX Fidelity Series Bond Index Fund	0.23%	7.15%	1.41%	5.54%	-13.46%	-1.96%	7.65%	5.12%
PBDIX T. Rowe Price QM U.S. Bond Index Fund	-0.01%	8.71%	2.66%	6.02%	-14.24%	-1.45%	8.17%	5.87%

Correlation

The correlation between FIFZX and PBDIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 29, 2019	0.95

The correlation between FIFZX and PBDIX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

FIFZX vs. PBDIX — Risk / Return Rank

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

FIFZX

FIFZX Risk / Return Rank: 22
FIFZX Sharpe Ratio Rank: 21
FIFZX Sortino Ratio Rank: 23
FIFZX Omega Ratio Rank: 20
FIFZX Calmar Ratio Rank: 24
FIFZX Martin Ratio Rank: 21

PBDIX

PBDIX Risk / Return Rank: 31
PBDIX Sharpe Ratio Rank: 31
PBDIX Sortino Ratio Rank: 33
PBDIX Omega Ratio Rank: 31
PBDIX Calmar Ratio Rank: 35
PBDIX Martin Ratio Rank: 27

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.

FIFZX vs. PBDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Bond Index Fund (FIFZX) and T. Rowe Price QM U.S. Bond Index Fund (PBDIX). 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.

	FIFZX	PBDIX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.60	-0.29
Sortino ratio: Return per unit of downside risk	2.00	2.42	-0.42
Omega ratio: Gain probability vs. loss probability	1.23	1.29	-0.06
Calmar ratio: Return relative to maximum drawdown	1.80	2.20	-0.40
Martin ratio: Return relative to average drawdown	5.38	6.43	-1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIFZX vs. PBDIX - Sharpe Ratio Comparison

The current FIFZX Sharpe Ratio is 1.31, which is comparable to the PBDIX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of FIFZX and PBDIX, 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

	FIFZX	PBDIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.60	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	0.07	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.85	-0.60

Drawdowns

FIFZX vs. PBDIX - Drawdown Comparison

The maximum FIFZX drawdown since its inception was -19.27%, roughly equal to the maximum PBDIX drawdown of -19.20%. Use the drawdown chart below to compare losses from any high point for FIFZX and PBDIX.

Drawdown Indicators

	FIFZX	PBDIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-19.20%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.91%	-3.08%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-6.12%	-6.19%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	-19.10%	+0.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.20%	—
Current Drawdown Current decline from peak	-2.97%	-1.80%	-1.17%
Average Drawdown Average peak-to-trough decline	-6.70%	-2.45%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.04%	-0.07%

Volatility

FIFZX vs. PBDIX - Volatility Comparison

The current volatility for Fidelity Series Bond Index Fund (FIFZX) is 1.36%, while T. Rowe Price QM U.S. Bond Index Fund (PBDIX) has a volatility of 1.44%. This indicates that FIFZX experiences smaller price fluctuations and is considered to be less risky than PBDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIFZX	PBDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.44%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.82%	3.10%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	4.22%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.08%	6.06%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.63%	4.99%	+0.64%

FIFZX vs. PBDIX - Expense Ratio Comparison

FIFZX has a 0.00% expense ratio, which is lower than PBDIX's 0.23% 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

FIFZX vs. PBDIX - Dividend Comparison

FIFZX's dividend yield for the trailing twelve months is around 4.01%, less than PBDIX's 5.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIFZX Fidelity Series Bond Index Fund	4.01%	3.87%	3.66%	3.09%	1.74%	1.42%	3.20%	1.64%	0.00%	0.00%	0.00%	0.00%
PBDIX T. Rowe Price QM U.S. Bond Index Fund	5.70%	5.59%	5.17%	4.00%	2.01%	1.84%	3.59%	3.18%	2.94%	2.75%	2.82%	2.99%

Frequently Asked Questions

Can I hold both FIFZX and PBDIX in my portfolio?

With a correlation of 0.90, FIFZX and PBDIX 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.

Which is riskier, FIFZX or PBDIX?

PBDIX has higher volatility (1.44%) compared to FIFZX (1.36%). In terms of maximum drawdown, FIFZX dropped -19.27% vs PBDIX's -19.20%.

Which has better risk-adjusted returns?

PBDIX currently has the higher Sharpe Ratio (1.60 vs 1.31), 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.