FMSFX vs. FBNDX
FMSFX (Fidelity Mortgage Securities Fund) and FBNDX (Fidelity Investment Grade Bond Fund) are both mutual funds - FMSFX is a Total Bond Market fund managed by Fidelity, while FBNDX is a Intermediate Core Bond fund actively managed by Fidelity. Over the past 10 years, FMSFX returned 1.25%/yr vs 2.05%/yr for FBNDX. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.45% expense ratio.
Performance
FMSFX vs. FBNDX - Performance Comparison
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Returns By Period
In the year-to-date period, FMSFX achieves a 0.66% return, which is significantly higher than FBNDX's 0.06% return. Over the past 10 years, FMSFX has underperformed FBNDX with an annualized return of 1.25%, while FBNDX has yielded a comparatively higher 2.05% annualized return.
FMSFX
- 1D
- -0.20%
- 1M
- 0.63%
- YTD
- 0.66%
- 6M
- 0.97%
- 1Y
- 5.80%
- 3Y*
- 4.25%
- 5Y*
- 0.14%
- 10Y*
- 1.25%
FBNDX
- 1D
- -0.28%
- 1M
- 0.61%
- YTD
- 0.06%
- 6M
- 0.38%
- 1Y
- 4.11%
- 3Y*
- 3.98%
- 5Y*
- -0.03%
- 10Y*
- 2.05%
FMSFX vs. FBNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMSFX Fidelity Mortgage Securities Fund | 0.66% | 8.29% | 1.00% | 4.91% | -12.61% | -1.20% | 4.41% | 6.43% | 0.79% | 2.35% |
FBNDX Fidelity Investment Grade Bond Fund | 0.06% | 7.37% | 0.93% | 6.51% | -14.04% | -1.13% | 9.79% | 9.82% | -0.35% | 3.92% |
Correlation
The correlation between FMSFX and FBNDX is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 1984 | 0.84 |
The correlation between FMSFX and FBNDX shifts across timeframes, from 0.84 (all time) to 0.95 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FMSFX vs. FBNDX — Risk / Return Rank
FMSFX
FBNDX
FMSFX vs. FBNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mortgage Securities Fund (FMSFX) and Fidelity Investment Grade Bond Fund (FBNDX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FMSFX | FBNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.18 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 1.41 | +0.73 |
| Martin ratioReturn relative to average drawdown | 6.71 | 3.96 | +2.75 |
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Drawdowns
FMSFX vs. FBNDX - Drawdown Comparison
The maximum FMSFX drawdown since its inception was -18.81%, smaller than the maximum FBNDX drawdown of -42.76%. Use the drawdown chart below to compare losses from any high point for FMSFX and FBNDX.
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Drawdown Indicators
| FMSFX | FBNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -42.76% | +23.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -3.02% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -8.04% | -6.09% | -1.95% |
Max Drawdown (5Y)Largest decline over 5 years | -18.66% | -18.74% | +0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -18.74% | -0.07% |
Current DrawdownCurrent decline from peak | -1.41% | -1.89% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -1.92% | -10.34% | +8.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 1.08% | -0.18% |
Volatility
FMSFX vs. FBNDX - Volatility Comparison
Fidelity Mortgage Securities Fund (FMSFX) and Fidelity Investment Grade Bond Fund (FBNDX) have volatilities of 1.23% and 1.18%, 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.
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Volatility by Period
| FMSFX | FBNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.18% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 3.01% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 4.09% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.80% | 6.03% | +0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 5.03% | +0.11% |
FMSFX vs. FBNDX - Expense Ratio Comparison
Both FMSFX and FBNDX have an expense ratio of 0.45%.
Dividends
FMSFX vs. FBNDX - Dividend Comparison
FMSFX's dividend yield for the trailing twelve months is around 3.92%, which matches FBNDX's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBNDX Fidelity Investment Grade Bond Fund | 3.92% | 3.87% | 3.34% | 3.56% | 1.98% | 1.34% | 4.70% | 2.75% | 2.86% | 2.18% | 2.72% | 2.66% |
FMSFX Fidelity Mortgage Securities Fund | 3.92% | 3.93% | 4.12% | 3.50% | 1.43% | 0.62% | 2.40% | 2.62% | 2.57% | 2.60% | 2.65% | 2.05% |
Frequently Asked Questions
With a correlation of 0.94, FMSFX and FBNDX 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.
FMSFX has higher volatility (1.23%) compared to FBNDX (1.18%). In terms of maximum drawdown, FMSFX dropped -18.81% vs FBNDX's -42.76%.
FMSFX currently has the higher Sharpe Ratio (1.54 vs 1.05), 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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