FMFIX vs. FXNAX
FMFIX (RBB Free Market Fixed Income Fund) and FXNAX (Fidelity U.S. Bond Index Fund) are both mutual funds - FMFIX is a Short-Term Bond fund managed by RBB Fund, while FXNAX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Over the past 10 years, FMFIX returned 1.23%/yr vs 1.28%/yr for FXNAX. Their correlation of 0.81 means they have usually moved in the same direction. FMFIX charges 0.68%/yr vs 0.03%/yr for FXNAX.
Performance
FMFIX vs. FXNAX - Performance Comparison
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Returns By Period
In the year-to-date period, FMFIX achieves a 1.05% return, which is significantly higher than FXNAX's -0.73% return. Both investments have delivered pretty close results over the past 10 years, with FMFIX having a 1.23% annualized return and FXNAX not far ahead at 1.28%.
FMFIX
- 1D
- 0.10%
- 1M
- -0.20%
- 6M
- 0.75%
- YTD
- 1.05%
- 1Y
- 2.50%
- 3Y*
- 3.23%
- 5Y*
- 0.80%
- 10Y*
- 1.23%
- ALL TIME*
- 1.36%
FXNAX
- 1D
- 0.19%
- 1M
- -1.34%
- 6M
- -0.85%
- YTD
- -0.73%
- 1Y
- 1.67%
- 3Y*
- 3.93%
- 5Y*
- -0.57%
- 10Y*
- 1.28%
- ALL TIME*
- 1.96%
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 |
FMFIX vs. FXNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMFIX RBB Free Market Fixed Income Fund | 1.05% | 4.88% | 0.71% | 5.43% | -6.52% | -1.06% | 3.28% | 4.78% | 0.65% | 1.05% |
FXNAX Fidelity U.S. Bond Index Fund | -0.73% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 7.63% | 8.50% | 0.04% | 3.50% |
Correlation
The correlation between FMFIX and FXNAX is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.82 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.81 |
The correlation between FMFIX and FXNAX has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.
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Return for Risk
FMFIX vs. FXNAX — Risk / Return Rank
FMFIX
FXNAX
FMFIX vs. FXNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RBB Free Market Fixed Income Fund (FMFIX) 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.
| FMFIX | FXNAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.08 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 0.57 | +1.83 |
| Martin ratioReturn relative to average drawdown | 8.34 | 1.41 | +6.93 |
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Drawdowns
FMFIX vs. FXNAX - Drawdown Comparison
The maximum FMFIX drawdown since its inception was -9.35%, smaller than the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for FMFIX and FXNAX.
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Drawdown Indicators
| FMFIX | FXNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.35% | -19.51% | +10.16% |
Max Drawdown (1Y)Largest decline over 1 year | -1.09% | -2.94% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -3.72% | -5.11% | +1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -9.09% | -18.39% | +9.30% |
Max Drawdown (10Y)Largest decline over 10 years | -9.35% | -19.51% | +10.16% |
Current DrawdownCurrent decline from peak | -0.30% | -3.98% | +3.68% |
Average DrawdownAverage peak-to-trough decline | -1.21% | -3.86% | +2.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 1.19% | -0.88% |
Volatility
FMFIX vs. FXNAX - Volatility Comparison
The current volatility for RBB Free Market Fixed Income Fund (FMFIX) is 0.54%, while Fidelity U.S. Bond Index Fund (FXNAX) has a volatility of 1.03%. This indicates that FMFIX experiences smaller price fluctuations and is considered to be less risky 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
| FMFIX | FXNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 1.03% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 1.37% | 3.03% | -1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.63% | 3.75% | -2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.89% | 6.08% | -3.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.44% | 5.01% | -2.57% |
FMFIX vs. FXNAX - Expense Ratio Comparison
FMFIX has a 0.68% expense ratio, which is higher than FXNAX's 0.03% expense ratio.
Dividends
FMFIX vs. FXNAX - Dividend Comparison
FMFIX's dividend yield for the trailing twelve months is around 3.79%, more than FXNAX's 3.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMFIX RBB Free Market Fixed Income Fund | 3.79% | 3.49% | 0.71% | 2.75% | 1.35% | 0.37% | 1.22% | 1.44% | 2.45% | 1.25% | 0.58% | 0.39% |
FXNAX Fidelity U.S. Bond Index Fund | 3.47% | 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
FMFIX and FXNAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXNAX has higher volatility (1.03%) compared to FMFIX (0.54%). In terms of maximum drawdown, FMFIX dropped -9.35% vs FXNAX's -19.51%.
FMFIX currently has the higher Sharpe Ratio (1.61 vs 0.45), 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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