FMGAX vs. VFIIX

Last updated Jun 4, 2026

FMGAX (Fidelity Advisor Mortgage Securities Fund Class A) and VFIIX (Vanguard GNMA Fund Investor Shares) are both Total Bond Market funds. Over the past 10 years, FMGAX returned 0.86%/yr vs 1.31%/yr for VFIIX. Their correlation of 0.82 suggests significant overlap in exposure. FMGAX charges 0.79%/yr vs 0.21%/yr for VFIIX.

Performance

FMGAX vs. VFIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Mortgage Securities Fund Class A (FMGAX) and Vanguard GNMA Fund Investor Shares (VFIIX). 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 lower than VFIIX's 0.79% return. Over the past 10 years, FMGAX has underperformed VFIIX with an annualized return of 0.86%, while VFIIX has yielded a comparatively higher 1.31% 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%

VFIIX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 0.79%
• 6M: 0.89%
• 1Y: 6.35%
• 3Y*: 4.25%
• 5Y*: 0.47%
• 10Y*: 1.31%

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

FMGAX vs. VFIIX - 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%
VFIIX Vanguard GNMA Fund Investor Shares	0.79%	7.73%	1.07%	5.17%	-10.81%	-1.24%	3.73%	5.84%	0.89%	1.88%

Correlation

The correlation between FMGAX and VFIIX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994	0.82

The correlation between FMGAX and VFIIX shifts across timeframes, from 0.82 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMGAX vs. VFIIX — 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

VFIIX

VFIIX Risk / Return Rank: 32
VFIIX Sharpe Ratio Rank: 31
VFIIX Sortino Ratio Rank: 32
VFIIX Omega Ratio Rank: 30
VFIIX Calmar Ratio Rank: 36
VFIIX Martin Ratio Rank: 33

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. VFIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Mortgage Securities Fund Class A (FMGAX) and Vanguard GNMA Fund Investor Shares (VFIIX). 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	VFIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.60	+0.05
Sortino ratio: Return per unit of downside risk	2.47	2.36	+0.10
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.27	2.25	+0.02
Martin ratio: Return relative to average drawdown	7.45	7.47	-0.02
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. VFIIX - Sharpe Ratio Comparison

The current FMGAX Sharpe Ratio is 1.64, which is comparable to the VFIIX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of FMGAX and VFIIX, 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	VFIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.60	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.08	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.28	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.64	+0.13

Drawdowns

FMGAX vs. VFIIX - Drawdown Comparison

The maximum FMGAX drawdown since its inception was -19.51%, smaller than the maximum VFIIX drawdown of -25.80%. Use the drawdown chart below to compare losses from any high point for FMGAX and VFIIX.

Drawdown Indicators

	FMGAX	VFIIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.51%	-25.80%	+6.29%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-2.83%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-8.16%	-6.97%	-1.19%
Max Drawdown (5Y) Largest decline over 5 years	-19.18%	-15.79%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	-19.51%	-16.20%	-3.31%
Current Drawdown Current decline from peak	-2.72%	-1.38%	-1.34%
Average Drawdown Average peak-to-trough decline	-2.08%	-2.98%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.85%	+0.02%

Volatility

FMGAX vs. VFIIX - Volatility Comparison

Fidelity Advisor Mortgage Securities Fund Class A (FMGAX) and Vanguard GNMA Fund Investor Shares (VFIIX) have volatilities of 1.47% and 1.54%, 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	VFIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.54%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	2.94%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	4.01%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.80%	6.21%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.13%	4.70%	+0.43%

FMGAX vs. VFIIX - Expense Ratio Comparison

FMGAX has a 0.79% expense ratio, which is higher than VFIIX's 0.21% expense ratio.

Dividends

FMGAX vs. VFIIX - Dividend Comparison

FMGAX's dividend yield for the trailing twelve months is around 3.54%, less than VFIIX's 3.69% 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%
VFIIX Vanguard GNMA Fund Investor Shares	3.69%	3.62%	3.58%	3.23%	2.34%	0.63%	1.87%	2.76%	2.90%	2.64%	3.01%	2.84%

Frequently Asked Questions

Can I hold both FMGAX and VFIIX in my portfolio?

With a correlation of 0.96, FMGAX and VFIIX 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, FMGAX or VFIIX?

VFIIX has higher volatility (1.54%) compared to FMGAX (1.47%). In terms of maximum drawdown, FMGAX dropped -19.51% vs VFIIX's -25.80%.

Which has better risk-adjusted returns?

FMGAX currently has the higher Sharpe Ratio (1.64 vs 1.60), 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.