FMSFX vs. FCNVX
FMSFX (Fidelity Mortgage Securities Fund) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both mutual funds - FMSFX is a Total Bond Market fund managed by Fidelity, while FCNVX is a Ultrashort Bond fund actively managed by Fidelity. Over the past 10 years, FMSFX returned 1.12%/yr vs 2.60%/yr for FCNVX. Their 0.28 correlation means their historical movements had little consistent relationship. FMSFX charges 0.45%/yr vs 0.25%/yr for FCNVX.
Performance
FMSFX vs. FCNVX - Performance Comparison
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Returns By Period
In the year-to-date period, FMSFX achieves a -0.01% return, which is significantly lower than FCNVX's 1.82% return. Over the past 10 years, FMSFX has underperformed FCNVX with an annualized return of 1.12%, while FCNVX has yielded a comparatively higher 2.60% annualized return.
FMSFX
- 1D
- 0.00%
- 1M
- -1.11%
- 6M
- -0.50%
- YTD
- -0.01%
- 1Y
- 3.39%
- 3Y*
- 4.14%
- 5Y*
- -0.13%
- 10Y*
- 1.12%
- ALL TIME*
- 4.13%
FCNVX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.49%
- YTD
- 1.82%
- 1Y
- 3.71%
- 3Y*
- 4.81%
- 5Y*
- 3.66%
- 10Y*
- 2.60%
- ALL TIME*
- 1.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FMSFX vs. FCNVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMSFX Fidelity Mortgage Securities Fund | -0.01% | 8.29% | 1.00% | 4.91% | -12.61% | -1.20% | 4.41% | 6.43% | 0.79% | 2.35% |
FCNVX Fidelity Conservative Income Bond Institutional Class | 1.82% | 4.51% | 5.43% | 5.86% | 0.85% | -0.06% | 1.10% | 3.00% | 1.82% | 1.42% |
Correlation
The correlation between FMSFX and FCNVX is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.33 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
Correlation (All Time) Calculated using the full available price history since May 26, 2011 | 0.28 |
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Return for Risk
FMSFX vs. FCNVX — Risk / Return Rank
FMSFX
FCNVX
FMSFX vs. FCNVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mortgage Securities Fund (FMSFX) 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.
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 | FCNVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -14.70 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 7.52 | -6.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 41.30 | -39.65 |
| Martin ratioReturn relative to average drawdown | 4.58 | 118.36 | -113.79 |
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Drawdowns
FMSFX vs. FCNVX - Drawdown Comparison
The maximum FMSFX drawdown since its inception was -18.81%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for FMSFX and FCNVX.
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Drawdown Indicators
| FMSFX | FCNVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -2.19% | -16.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -0.10% | -2.71% |
Max Drawdown (3Y)Largest decline over 3 years | -6.97% | -0.30% | -6.67% |
Max Drawdown (5Y)Largest decline over 5 years | -18.59% | -0.59% | -18.00% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -2.19% | -16.62% |
Current DrawdownCurrent decline from peak | -2.07% | 0.00% | -2.07% |
Average DrawdownAverage peak-to-trough decline | -1.92% | -0.05% | -1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 0.03% | +0.98% |
Volatility
FMSFX vs. FCNVX - Volatility Comparison
Fidelity Mortgage Securities Fund (FMSFX) has a higher volatility of 1.08% compared to Fidelity Conservative Income Bond Institutional Class (FCNVX) at 0.25%. This indicates that FMSFX'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.
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Volatility by Period
| FMSFX | FCNVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.25% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 0.82% | +2.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.89% | 1.19% | +2.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.82% | 1.30% | +5.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 1.05% | +4.09% |
FMSFX vs. FCNVX - Expense Ratio Comparison
FMSFX has a 0.45% expense ratio, which is higher than FCNVX's 0.25% expense ratio.
Dividends
FMSFX vs. FCNVX - Dividend Comparison
FMSFX's dividend yield for the trailing twelve months is around 3.60%, less than FCNVX's 3.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCNVX Fidelity Conservative Income Bond Institutional Class | 3.74% | 4.41% | 5.17% | 4.97% | 1.24% | 0.24% | 0.99% | 2.45% | 2.21% | 1.30% | 1.01% | 0.48% |
FMSFX Fidelity Mortgage Securities Fund | 3.60% | 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
FMSFX and FCNVX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMSFX has higher volatility (1.08%) compared to FCNVX (0.25%). In terms of maximum drawdown, FMSFX dropped -18.81% vs FCNVX's -2.19%.
FCNVX currently has the higher Sharpe Ratio (3.44 vs 1.19), 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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