FLPKX vs. FGOVX

Last updated Jun 5, 2026

FLPKX (Fidelity Low-Priced Stock Fund Class K) and FGOVX (Fidelity Government Income Fund) are both mutual funds - FLPKX is a Mid Cap Value Equities fund managed by T. Rowe Price, while FGOVX is a Government Bonds fund managed by Fidelity. Over the past 10 years, FLPKX returned 10.94%/yr vs 0.77%/yr for FGOVX. At a correlation of -0.21, they often move in opposite directions. FLPKX charges 0.74%/yr vs 0.45%/yr for FGOVX.

Performance

FLPKX vs. FGOVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Low-Priced Stock Fund Class K (FLPKX) and Fidelity Government Income Fund (FGOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLPKX achieves a 9.60% return, which is significantly higher than FGOVX's 0.11% return. Over the past 10 years, FLPKX has outperformed FGOVX with an annualized return of 10.94%, while FGOVX has yielded a comparatively lower 0.77% annualized return.

FLPKX

• 1D: -0.44%
• 1M: 1.78%
• YTD: 9.60%
• 6M: 10.29%
• 1Y: 21.83%
• 3Y*: 15.05%
• 5Y*: 8.26%
• 10Y*: 10.94%

FGOVX

• 1D: -0.22%
• 1M: 0.09%
• YTD: 0.11%
• 6M: 0.24%
• 1Y: 3.97%
• 3Y*: 2.96%
• 5Y*: -0.58%
• 10Y*: 0.77%

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

FLPKX vs. FGOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLPKX Fidelity Low-Priced Stock Fund Class K	9.60%	14.75%	7.33%	14.50%	-5.63%	24.57%	9.42%	25.89%	-10.73%	18.89%
FGOVX Fidelity Government Income Fund	0.11%	6.57%	0.09%	4.23%	-13.09%	-2.25%	6.79%	6.41%	0.63%	2.22%

Correlation

The correlation between FLPKX and FGOVX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	-0.08
Correlation (All Time) Calculated using the full available price history since May 12, 2008	-0.21

The correlation between FLPKX and FGOVX shifts across timeframes, from -0.21 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FLPKX vs. FGOVX — Risk / Return Rank

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

FLPKX

FLPKX Risk / Return Rank: 38
FLPKX Sharpe Ratio Rank: 36
FLPKX Sortino Ratio Rank: 37
FLPKX Omega Ratio Rank: 35
FLPKX Calmar Ratio Rank: 42
FLPKX Martin Ratio Rank: 39

FGOVX

FGOVX Risk / Return Rank: 17
FGOVX Sharpe Ratio Rank: 18
FGOVX Sortino Ratio Rank: 18
FGOVX Omega Ratio Rank: 17
FGOVX Calmar Ratio Rank: 18
FGOVX Martin Ratio Rank: 17

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.

FLPKX vs. FGOVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Low-Priced Stock Fund Class K (FLPKX) and Fidelity Government Income Fund (FGOVX). 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.

	FLPKX	FGOVX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.19	+0.55
Sortino ratio: Return per unit of downside risk	2.55	1.77	+0.78
Omega ratio: Gain probability vs. loss probability	1.31	1.21	+0.10
Calmar ratio: Return relative to maximum drawdown	2.47	1.49	+0.97
Martin ratio: Return relative to average drawdown	8.37	4.50	+3.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLPKX vs. FGOVX - Sharpe Ratio Comparison

The current FLPKX Sharpe Ratio is 1.73, which is higher than the FGOVX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of FLPKX and FGOVX, 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

	FLPKX	FGOVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.19	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	-0.10	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.15	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.71	-0.18

Drawdowns

FLPKX vs. FGOVX - Drawdown Comparison

The maximum FLPKX drawdown since its inception was -51.34%, which is greater than FGOVX's maximum drawdown of -19.93%. Use the drawdown chart below to compare losses from any high point for FLPKX and FGOVX.

Drawdown Indicators

	FLPKX	FGOVX	Difference
Max Drawdown Largest peak-to-trough decline	-51.34%	-19.93%	-31.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.84%	-3.06%	-5.78%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-6.33%	-11.31%
Max Drawdown (5Y) Largest decline over 5 years	-18.71%	-18.00%	-0.71%
Max Drawdown (10Y) Largest decline over 10 years	-38.15%	-19.93%	-18.22%
Current Drawdown Current decline from peak	-0.44%	-6.89%	+6.45%
Average Drawdown Average peak-to-trough decline	-6.48%	-3.93%	-2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	1.01%	+1.59%

Volatility

FLPKX vs. FGOVX - Volatility Comparison

Fidelity Low-Priced Stock Fund Class K (FLPKX) has a higher volatility of 3.27% compared to Fidelity Government Income Fund (FGOVX) at 1.29%. This indicates that FLPKX's price experiences larger fluctuations and is considered to be riskier than FGOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLPKX	FGOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	1.29%	+1.98%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	2.72%	+6.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	3.86%	+8.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	6.09%	+11.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.37%	5.04%	+12.33%

FLPKX vs. FGOVX - Expense Ratio Comparison

FLPKX has a 0.74% expense ratio, which is higher than FGOVX's 0.45% expense ratio.

Dividends

FLPKX vs. FGOVX - Dividend Comparison

FLPKX's dividend yield for the trailing twelve months is around 12.17%, more than FGOVX's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGOVX Fidelity Government Income Fund	3.49%	3.37%	3.20%	2.57%	1.13%	0.60%	2.39%	2.10%	2.08%	1.81%	2.69%	2.25%
FLPKX Fidelity Low-Priced Stock Fund Class K	12.17%	13.34%	16.33%	18.41%	9.55%	12.20%	11.24%	8.23%	13.58%	7.46%	4.95%	4.08%

Frequently Asked Questions

Can I hold both FLPKX and FGOVX in my portfolio?

FLPKX and FGOVX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLPKX or FGOVX?

FLPKX has higher volatility (3.27%) compared to FGOVX (1.29%). In terms of maximum drawdown, FLPKX dropped -51.34% vs FGOVX's -19.93%.

Which has better risk-adjusted returns?

FLPKX currently has the higher Sharpe Ratio (1.73 vs 1.19), 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.