FMSAX vs. FCNVX

Last updated Jun 6, 2026

FMSAX (Fidelity Advisor Mortgage Securities Fund Class M) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both Total Bond Market funds from Fidelity. Over the past 10 years, FMSAX returned 0.87%/yr vs 2.58%/yr for FCNVX. At a 0.26 correlation, their price movements are largely independent. FMSAX charges 0.79%/yr vs 0.25%/yr for FCNVX.

Performance

FMSAX vs. FCNVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Mortgage Securities Fund Class M (FMSAX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMSAX achieves a 0.72% return, which is significantly lower than FCNVX's 1.50% return. Over the past 10 years, FMSAX has underperformed FCNVX with an annualized return of 0.87%, while FCNVX has yielded a comparatively higher 2.58% annualized return.

FMSAX

• 1D: 0.20%
• 1M: -0.11%
• YTD: 0.72%
• 6M: 1.09%
• 1Y: 6.29%
• 3Y*: 3.77%
• 5Y*: -0.34%
• 10Y*: 0.87%

FCNVX

• 1D: 0.00%
• 1M: 0.33%
• YTD: 1.50%
• 6M: 1.85%
• 1Y: 4.14%
• 3Y*: 5.03%
• 5Y*: 3.58%
• 10Y*: 2.58%

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

FMSAX vs. FCNVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMSAX Fidelity Advisor Mortgage Securities Fund Class M	0.72%	7.91%	0.07%	4.27%	-12.80%	-1.52%	4.05%	6.04%	0.34%	2.00%
FCNVX Fidelity Conservative Income Bond Institutional Class	1.50%	4.51%	5.43%	5.86%	0.85%	-0.06%	1.10%	3.00%	1.82%	1.42%

Correlation

The correlation between FMSAX and FCNVX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since May 27, 2011	0.26

Return for Risk

FMSAX vs. FCNVX — Risk / Return Rank

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

FMSAX

FMSAX Risk / Return Rank: 31
FMSAX Sharpe Ratio Rank: 31
FMSAX Sortino Ratio Rank: 32
FMSAX Omega Ratio Rank: 29
FMSAX Calmar Ratio Rank: 33
FMSAX Martin Ratio Rank: 31

FCNVX

FCNVX Risk / Return Rank: 99
FCNVX Sharpe Ratio Rank: 96
FCNVX Sortino Ratio Rank: 100
FCNVX Omega Ratio Rank: 100
FCNVX Calmar Ratio Rank: 100
FCNVX Martin Ratio Rank: 100

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.

FMSAX vs. FCNVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Mortgage Securities Fund Class M (FMSAX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). 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.

	FMSAX	FCNVX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	3.52	-2.00
Sortino ratio: Return per unit of downside risk	2.26	23.50	-21.25
Omega ratio: Gain probability vs. loss probability	1.27	13.78	-12.51
Calmar ratio: Return relative to maximum drawdown	2.08	41.82	-39.74
Martin ratio: Return relative to average drawdown	6.79	142.60	-135.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMSAX vs. FCNVX - Sharpe Ratio Comparison

The current FMSAX Sharpe Ratio is 1.52, which is lower than the FCNVX Sharpe Ratio of 3.52. The chart below compares the historical Sharpe Ratios of FMSAX and FCNVX, 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

	FMSAX	FCNVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	3.52	-2.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	2.79	-2.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	2.48	-2.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	2.20	-1.42

Drawdowns

FMSAX vs. FCNVX - Drawdown Comparison

The maximum FMSAX drawdown since its inception was -19.47%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for FMSAX and FCNVX.

Drawdown Indicators

	FMSAX	FCNVX	Difference
Max Drawdown Largest peak-to-trough decline	-19.47%	-2.19%	-17.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-0.10%	-2.78%
Max Drawdown (3Y) Largest decline over 3 years	-8.14%	-0.30%	-7.84%
Max Drawdown (5Y) Largest decline over 5 years	-19.21%	-0.59%	-18.62%
Max Drawdown (10Y) Largest decline over 10 years	-19.47%	-2.19%	-17.28%
Current Drawdown Current decline from peak	-2.69%	0.00%	-2.69%
Average Drawdown Average peak-to-trough decline	-2.03%	-0.05%	-1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.03%	+0.85%

Volatility

FMSAX vs. FCNVX - Volatility Comparison

Fidelity Advisor Mortgage Securities Fund Class M (FMSAX) has a higher volatility of 1.43% compared to Fidelity Conservative Income Bond Institutional Class (FCNVX) at 0.33%. This indicates that FMSAX's price experiences larger fluctuations and is considered to be riskier than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMSAX	FCNVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	0.33%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	0.78%	+1.99%
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	1.18%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.79%	1.29%	+5.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.12%	1.04%	+4.08%

FMSAX vs. FCNVX - Expense Ratio Comparison

FMSAX has a 0.79% expense ratio, which is higher than FCNVX's 0.25% expense ratio.

Dividends

FMSAX vs. FCNVX - Dividend Comparison

FMSAX's dividend yield for the trailing twelve months is around 3.55%, less than FCNVX's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNVX Fidelity Conservative Income Bond Institutional Class	4.15%	4.41%	5.17%	4.97%	1.24%	0.24%	0.99%	2.45%	2.21%	1.30%	1.01%	0.48%
FMSAX Fidelity Advisor Mortgage Securities Fund Class M	3.55%	3.57%	3.19%	2.92%	1.13%	0.48%	2.05%	2.25%	2.22%	2.26%	2.27%	1.73%

Frequently Asked Questions

Can I hold both FMSAX and FCNVX in my portfolio?

FMSAX and FCNVX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMSAX or FCNVX?

FMSAX has higher volatility (1.43%) compared to FCNVX (0.33%). In terms of maximum drawdown, FMSAX dropped -19.47% vs FCNVX's -2.19%.

Which has better risk-adjusted returns?

FCNVX currently has the higher Sharpe Ratio (3.52 vs 1.52), 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.