FMSDX vs. GOVT
FMSDX (Fidelity Multi-Asset Income Fund) and GOVT (iShares U.S. Treasury Bond ETF) are both funds - FMSDX is a Diversified Portfolio fund managed by Fidelity, while GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index. Over the past 5 years, FMSDX returned 6.45%/yr vs -0.45%/yr for GOVT. At a 0.11 correlation, their price movements are largely independent. FMSDX charges 0.78%/yr vs 0.05%/yr for GOVT.
Performance
FMSDX vs. GOVT - Performance Comparison
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Returns By Period
In the year-to-date period, FMSDX achieves a 8.45% return, which is significantly higher than GOVT's -0.11% return.
FMSDX
- 1D
- -0.42%
- 1M
- 0.98%
- YTD
- 8.45%
- 6M
- 7.69%
- 1Y
- 20.98%
- 3Y*
- 12.99%
- 5Y*
- 6.45%
- 10Y*
- —
GOVT
- 1D
- -0.18%
- 1M
- 0.11%
- YTD
- -0.11%
- 6M
- -0.34%
- 1Y
- 3.87%
- 3Y*
- 2.83%
- 5Y*
- -0.45%
- 10Y*
- 0.87%
FMSDX vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FMSDX Fidelity Multi-Asset Income Fund | 8.45% | 14.10% | 9.95% | 11.75% | -13.67% | 17.27% | 14.56% | 23.14% | -0.91% |
GOVT iShares U.S. Treasury Bond ETF | -0.11% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | 7.36% | 2.31% |
Correlation
The correlation between FMSDX and GOVT 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 | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2018 | 0.11 |
Over the past year, FMSDX and GOVT have become more correlated (0.32) than their long-term average of 0.11, meaning their price movements have been converging.
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Return for Risk
FMSDX vs. GOVT — Risk / Return Rank
FMSDX
GOVT
FMSDX vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Income Fund (FMSDX) and iShares U.S. Treasury Bond ETF (GOVT). 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 | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.18 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.36 | 1.36 | +2.00 |
| Martin ratioReturn relative to average drawdown | 11.69 | 4.01 | +7.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMSDX | GOVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 1.07 | +1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | -0.08 | +0.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.92 | 0.26 | +0.66 |
Drawdowns
FMSDX vs. GOVT - Drawdown Comparison
The maximum FMSDX drawdown since its inception was -21.64%, which is greater than GOVT's maximum drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for FMSDX and GOVT.
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Drawdown Indicators
| FMSDX | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.64% | -19.07% | -2.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.47% | -2.85% | -3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | -5.43% | -7.74% |
Max Drawdown (5Y)Largest decline over 5 years | -18.12% | -16.60% | -1.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.07% | — |
Current DrawdownCurrent decline from peak | -0.71% | -7.17% | +6.46% |
Average DrawdownAverage peak-to-trough decline | -3.81% | -5.25% | +1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 0.97% | +0.89% |
Volatility
FMSDX vs. GOVT - Volatility Comparison
Fidelity Multi-Asset Income Fund (FMSDX) has a higher volatility of 2.50% compared to iShares U.S. Treasury Bond ETF (GOVT) at 1.09%. This indicates that FMSDX's price experiences larger fluctuations and is considered to be riskier than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMSDX | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 1.09% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 7.39% | 2.51% | +4.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.89% | 3.63% | +6.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.80% | 6.04% | +3.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.60% | 5.22% | +5.38% |
FMSDX vs. GOVT - Expense Ratio Comparison
FMSDX has a 0.78% expense ratio, which is higher than GOVT's 0.05% expense ratio.
Dividends
FMSDX vs. GOVT - Dividend Comparison
FMSDX's dividend yield for the trailing twelve months is around 3.47%, less than GOVT's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMSDX Fidelity Multi-Asset Income Fund | 3.47% | 3.81% | 3.84% | 4.23% | 3.74% | 2.81% | 1.79% | 2.82% | 4.36% | 0.00% | 0.00% | 0.00% |
GOVT iShares U.S. Treasury Bond ETF | 3.59% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
Frequently Asked Questions
FMSDX and GOVT 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.
FMSDX has higher volatility (2.50%) compared to GOVT (1.09%). In terms of maximum drawdown, FMSDX dropped -21.64% vs GOVT's -19.07%.
FMSDX currently has the higher Sharpe Ratio (2.20 vs 1.07), 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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