FMGAX vs. PBDIX

Last updated Jun 4, 2026

FMGAX (Fidelity Advisor Mortgage Securities Fund Class A) and PBDIX (T. Rowe Price QM U.S. Bond Index Fund) are both Total Bond Market funds. Over the past 10 years, FMGAX returned 0.86%/yr vs 1.88%/yr for PBDIX. Their correlation of 0.87 suggests significant overlap in exposure. FMGAX charges 0.79%/yr vs 0.23%/yr for PBDIX.

Performance

FMGAX vs. PBDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Mortgage Securities Fund Class A (FMGAX) 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, FMGAX achieves a 0.70% return, which is significantly higher than PBDIX's 0.20% return. Over the past 10 years, FMGAX has underperformed PBDIX with an annualized return of 0.86%, while PBDIX has yielded a comparatively higher 1.88% annualized return.

FMGAX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 0.70%
• 6M: 0.78%
• 1Y: 6.62%
• 3Y*: 3.77%
• 5Y*: -0.29%
• 10Y*: 0.86%

PBDIX

• 1D: 0.00%
• 1M: 0.47%
• YTD: 0.20%
• 6M: 0.62%
• 1Y: 6.80%
• 3Y*: 4.84%
• 5Y*: 0.50%
• 10Y*: 1.88%

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

FMGAX vs. PBDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMGAX Fidelity Advisor Mortgage Securities Fund Class A	0.70%	7.92%	0.07%	4.27%	-12.82%	-1.52%	4.06%	6.05%	0.43%	1.91%
PBDIX T. Rowe Price QM U.S. Bond Index Fund	0.20%	8.71%	2.66%	6.02%	-14.24%	-1.45%	8.17%	8.69%	-0.01%	3.83%

Correlation

The correlation between FMGAX and PBDIX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 1, 2000	0.87

The correlation between FMGAX and PBDIX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

FMGAX vs. PBDIX — Risk / Return Rank

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

FMGAX

FMGAX Risk / Return Rank: 34
FMGAX Sharpe Ratio Rank: 32
FMGAX Sortino Ratio Rank: 35
FMGAX Omega Ratio Rank: 32
FMGAX Calmar Ratio Rank: 36
FMGAX Martin Ratio Rank: 33

PBDIX

PBDIX Risk / Return Rank: 33
PBDIX Sharpe Ratio Rank: 33
PBDIX Sortino Ratio Rank: 35
PBDIX Omega Ratio Rank: 32
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.

FMGAX vs. PBDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Mortgage Securities Fund Class A (FMGAX) 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.

	FMGAX	PBDIX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.63	+0.01
Sortino ratio: Return per unit of downside risk	2.47	2.46	0.00
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.27	2.24	+0.03
Martin ratio: Return relative to average drawdown	7.45	6.58	+0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMGAX vs. PBDIX - Sharpe Ratio Comparison

The current FMGAX Sharpe Ratio is 1.64, which is comparable to the PBDIX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of FMGAX 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

	FMGAX	PBDIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.63	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.08	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.38	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.85	-0.08

Drawdowns

FMGAX vs. PBDIX - Drawdown Comparison

The maximum FMGAX drawdown since its inception was -19.51%, roughly equal to the maximum PBDIX drawdown of -19.20%. Use the drawdown chart below to compare losses from any high point for FMGAX and PBDIX.

Drawdown Indicators

	FMGAX	PBDIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.51%	-19.20%	-0.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-3.08%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-8.16%	-6.19%	-1.97%
Max Drawdown (5Y) Largest decline over 5 years	-19.18%	-19.10%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-19.51%	-19.20%	-0.31%
Current Drawdown Current decline from peak	-2.72%	-1.60%	-1.12%
Average Drawdown Average peak-to-trough decline	-2.08%	-2.45%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	1.03%	-0.16%

Volatility

FMGAX vs. PBDIX - Volatility Comparison

Fidelity Advisor Mortgage Securities Fund Class A (FMGAX) and T. Rowe Price QM U.S. Bond Index Fund (PBDIX) have volatilities of 1.47% and 1.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMGAX	PBDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.49%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	3.09%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	4.22%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.80%	6.06%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.13%	4.99%	+0.14%

FMGAX vs. PBDIX - Expense Ratio Comparison

FMGAX has a 0.79% expense ratio, which is higher than PBDIX's 0.23% expense ratio.

Dividends

FMGAX vs. PBDIX - Dividend Comparison

FMGAX's dividend yield for the trailing twelve months is around 3.54%, less than PBDIX's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMGAX Fidelity Advisor Mortgage Securities Fund Class A	3.54%	3.57%	3.19%	2.92%	1.14%	0.48%	2.06%	2.25%	2.22%	2.26%	2.28%	1.72%
PBDIX T. Rowe Price QM U.S. Bond Index Fund	5.68%	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 FMGAX and PBDIX in my portfolio?

FMGAX and PBDIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMGAX or PBDIX?

PBDIX has higher volatility (1.49%) compared to FMGAX (1.47%). In terms of maximum drawdown, FMGAX dropped -19.51% vs PBDIX's -19.20%.

Which has better risk-adjusted returns?

FMGAX currently has the higher Sharpe Ratio (1.64 vs 1.63), 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.