FMSFX vs. TSBIX
FMSFX (Fidelity Mortgage Securities Fund) and TSBIX (TIAA-CREF Core Impact Bond Fund Institutional Class) are both Total Bond Market funds. Over the past 10 years, FMSFX returned 1.25%/yr vs 2.05%/yr for TSBIX. Their correlation of 0.86 suggests significant overlap in exposure. FMSFX charges 0.45%/yr vs 0.35%/yr for TSBIX.
Performance
FMSFX vs. TSBIX - 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 TSBIX's 0.46% return. Over the past 10 years, FMSFX has underperformed TSBIX with an annualized return of 1.25%, while TSBIX 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%
TSBIX
- 1D
- -0.22%
- 1M
- 0.69%
- YTD
- 0.46%
- 6M
- 1.20%
- 1Y
- 5.39%
- 3Y*
- 5.28%
- 5Y*
- 0.52%
- 10Y*
- 2.05%
FMSFX vs. TSBIX - 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% |
TSBIX TIAA-CREF Core Impact Bond Fund Institutional Class | 0.46% | 8.69% | 3.32% | 6.05% | -14.43% | -1.03% | 7.43% | 8.94% | 0.08% | 4.52% |
Correlation
The correlation between FMSFX and TSBIX 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 | 0.87 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2012 | 0.86 |
The correlation between FMSFX and TSBIX has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.
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Return for Risk
FMSFX vs. TSBIX — Risk / Return Rank
FMSFX
TSBIX
FMSFX vs. TSBIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mortgage Securities Fund (FMSFX) and TIAA-CREF Core Impact Bond Fund Institutional Class (TSBIX). 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 | TSBIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.26 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 1.98 | +0.17 |
| Martin ratioReturn relative to average drawdown | 6.71 | 5.59 | +1.12 |
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Drawdowns
FMSFX vs. TSBIX - Drawdown Comparison
The maximum FMSFX drawdown since its inception was -18.81%, roughly equal to the maximum TSBIX drawdown of -19.21%. Use the drawdown chart below to compare losses from any high point for FMSFX and TSBIX.
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Drawdown Indicators
| FMSFX | TSBIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -19.21% | +0.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -2.87% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -8.04% | -6.11% | -1.93% |
Max Drawdown (5Y)Largest decline over 5 years | -18.66% | -19.21% | +0.55% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -19.21% | +0.40% |
Current DrawdownCurrent decline from peak | -1.41% | -1.54% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -1.92% | -3.55% | +1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 1.01% | -0.11% |
Volatility
FMSFX vs. TSBIX - Volatility Comparison
Fidelity Mortgage Securities Fund (FMSFX) has a higher volatility of 1.23% compared to TIAA-CREF Core Impact Bond Fund Institutional Class (TSBIX) at 1.09%. This indicates that FMSFX's price experiences larger fluctuations and is considered to be riskier than TSBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMSFX | TSBIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.09% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 2.86% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 3.83% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.80% | 5.84% | +0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 4.85% | +0.29% |
FMSFX vs. TSBIX - Expense Ratio Comparison
FMSFX has a 0.45% expense ratio, which is higher than TSBIX's 0.35% expense ratio.
Dividends
FMSFX vs. TSBIX - Dividend Comparison
FMSFX's dividend yield for the trailing twelve months is around 3.92%, less than TSBIX's 4.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TSBIX TIAA-CREF Core Impact Bond Fund Institutional Class | 4.73% | 5.38% | 5.10% | 3.77% | 2.31% | 1.69% | 4.56% | 3.68% | 2.63% | 2.45% | 3.19% | 2.89% |
Frequently Asked Questions
With a correlation of 0.94, FMSFX and TSBIX 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 TSBIX (1.09%). In terms of maximum drawdown, FMSFX dropped -18.81% vs TSBIX's -19.21%.
FMSFX currently has the higher Sharpe Ratio (1.54 vs 1.48), 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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