FMSDX vs. BNDW

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Multi-Asset Income Fund (FMSDX) and Vanguard Total World Bond ETF (BNDW).

FMSDX is managed by Fidelity. It was launched on Sep 9, 2015. BNDW is a passively managed fund by Vanguard that tracks the performance of the Bloomberg Global Aggregate Float Adjusted Composite Index. It was launched on Sep 4, 2018.

Performance

FMSDX vs. BNDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Multi-Asset Income Fund (FMSDX) and Vanguard Total World Bond ETF (BNDW). The values are adjusted to include any dividend payments, if applicable.

FMSDX vs. BNDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FMSDX Fidelity Multi-Asset Income Fund	1.82%	14.10%	9.95%	11.75%	-13.67%	17.27%	14.56%	23.14%	-2.85%
BNDW Vanguard Total World Bond ETF	0.09%	5.02%	2.42%	7.18%	-12.88%	-2.10%	6.22%	8.37%	1.21%

Returns By Period

In the year-to-date period, FMSDX achieves a 1.82% return, which is significantly higher than BNDW's 0.09% return.

FMSDX

• 1D: 1.49%
• 1M: -5.08%
• YTD: 1.82%
• 6M: 1.32%
• 1Y: 17.87%
• 3Y*: 10.34%
• 5Y*: 6.05%
• 10Y*: —

BNDW

• 1D: 0.13%
• 1M: -1.46%
• YTD: 0.09%
• 6M: 0.53%
• 1Y: 3.34%
• 3Y*: 3.77%
• 5Y*: 0.23%
• 10Y*: —

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

FMSDX vs. BNDW - Expense Ratio Comparison

FMSDX has a 0.78% expense ratio, which is higher than BNDW's 0.05% expense ratio.

FMSDX

Fidelity Multi-Asset Income Fund

BNDW

Vanguard Total World Bond ETF

Return for Risk

FMSDX vs. BNDW — Risk / Return Rank

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

FMSDX

FMSDX Risk / Return Rank: 83
FMSDX Sharpe Ratio Rank: 82
FMSDX Sortino Ratio Rank: 81
FMSDX Omega Ratio Rank: 77
FMSDX Calmar Ratio Rank: 88
FMSDX Martin Ratio Rank: 85

BNDW

BNDW Risk / Return Rank: 47
BNDW Sharpe Ratio Rank: 51
BNDW Sortino Ratio Rank: 47
BNDW Omega Ratio Rank: 41
BNDW Calmar Ratio Rank: 50
BNDW Martin Ratio Rank: 49

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.

FMSDX vs. BNDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Income Fund (FMSDX) and Vanguard Total World Bond ETF (BNDW). 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.

	FMSDX	BNDW	Difference
Sharpe ratio Return per unit of total volatility	1.56	0.95	+0.61
Sortino ratio Return per unit of downside risk	2.13	1.34	+0.79
Omega ratio Gain probability vs. loss probability	1.30	1.17	+0.14
Calmar ratio Return relative to maximum drawdown	2.38	1.35	+1.04
Martin ratio Return relative to average drawdown	8.94	4.95	+3.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMSDX vs. BNDW - Sharpe Ratio Comparison

The current FMSDX Sharpe Ratio is 1.56, which is higher than the BNDW Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of FMSDX and BNDW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FMSDX	BNDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	0.95	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.04	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.37	+0.49

Correlation

The correlation between FMSDX and BNDW is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FMSDX vs. BNDW - Dividend Comparison

FMSDX's dividend yield for the trailing twelve months is around 3.48%, less than BNDW's 4.18% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FMSDX Fidelity Multi-Asset Income Fund	3.48%	3.81%	3.84%	4.23%	3.74%	2.81%	1.79%	2.82%	4.36%
BNDW Vanguard Total World Bond ETF	4.18%	4.12%	3.90%	3.73%	2.02%	2.58%	1.56%	3.05%	1.66%

Drawdowns

FMSDX vs. BNDW - Drawdown Comparison

The maximum FMSDX drawdown since its inception was -21.64%, which is greater than BNDW's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for FMSDX and BNDW.

Drawdown Indicators

	FMSDX	BNDW	Difference
Max Drawdown Largest peak-to-trough decline	-21.64%	-17.22%	-4.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.94%	-2.70%	-5.24%
Max Drawdown (5Y) Largest decline over 5 years	-18.12%	-16.93%	-1.19%
Current Drawdown Current decline from peak	-5.08%	-1.85%	-3.23%
Average Drawdown Average peak-to-trough decline	-3.87%	-5.05%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	0.73%	+1.39%

Volatility

FMSDX vs. BNDW - Volatility Comparison

Fidelity Multi-Asset Income Fund (FMSDX) has a higher volatility of 4.29% compared to Vanguard Total World Bond ETF (BNDW) at 1.67%. This indicates that FMSDX's price experiences larger fluctuations and is considered to be riskier than BNDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMSDX	BNDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	1.67%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	8.11%	2.29%	+5.82%
Volatility (1Y) Calculated over the trailing 1-year period	11.93%	3.53%	+8.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.77%	5.17%	+4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.62%	4.92%	+5.70%