FMSFX vs. VMBS
Compare and contrast key facts about Fidelity Mortgage Securities Fund (FMSFX) and Vanguard Mortgage-Backed Securities ETF (VMBS).
FMSFX is managed by Fidelity. It was launched on Dec 31, 1984. VMBS is a passively managed fund by Vanguard that tracks the performance of the Barclays Capital U.S. MBS Index. It was launched on Nov 19, 2009.
Performance
FMSFX vs. VMBS - Performance Comparison
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FMSFX vs. VMBS - 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% |
VMBS Vanguard Mortgage-Backed Securities ETF | 0.41% | 8.36% | 1.70% | 5.34% | -11.90% | -1.28% | 3.76% | 6.19% | 0.91% | 2.47% |
Returns By Period
In the year-to-date period, FMSFX achieves a -0.01% return, which is significantly lower than VMBS's 0.41% return. Over the past 10 years, FMSFX has underperformed VMBS with an annualized return of 1.27%, while VMBS has yielded a comparatively higher 1.41% annualized return.
FMSFX
- 1D
- 0.50%
- 1M
- -2.06%
- YTD
- -0.01%
- 6M
- 1.47%
- 1Y
- 4.96%
- 3Y*
- 3.85%
- 5Y*
- 0.05%
- 10Y*
- 1.27%
VMBS
- 1D
- 0.21%
- 1M
- -1.57%
- YTD
- 0.41%
- 6M
- 2.06%
- 1Y
- 5.79%
- 3Y*
- 4.29%
- 5Y*
- 0.49%
- 10Y*
- 1.41%
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FMSFX vs. VMBS - Expense Ratio Comparison
FMSFX has a 0.45% expense ratio, which is higher than VMBS's 0.04% expense ratio.
Return for Risk
FMSFX vs. VMBS — Risk / Return Rank
FMSFX
VMBS
FMSFX vs. VMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mortgage Securities Fund (FMSFX) and Vanguard Mortgage-Backed Securities ETF (VMBS). 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.
| FMSFX | VMBS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.20 | 1.16 | +0.04 |
Sortino ratioReturn per unit of downside risk | 1.71 | 1.67 | +0.04 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.21 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.96 | 1.95 | +0.01 |
Martin ratioReturn relative to average drawdown | 5.68 | 6.10 | -0.43 |
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
| FMSFX | VMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.20 | 1.16 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.07 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.25 | 0.26 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.02 | 0.46 | +0.56 |
Correlation
The correlation between FMSFX and VMBS is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FMSFX vs. VMBS - Dividend Comparison
FMSFX's dividend yield for the trailing twelve months is around 3.62%, less than VMBS's 4.23% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMSFX Fidelity Mortgage Securities Fund | 3.62% | 3.93% | 4.12% | 3.50% | 1.43% | 0.62% | 2.40% | 2.62% | 2.57% | 2.60% | 2.65% | 2.05% |
VMBS Vanguard Mortgage-Backed Securities ETF | 4.23% | 4.20% | 3.94% | 3.31% | 2.35% | 1.02% | 2.01% | 2.77% | 2.72% | 2.16% | 2.10% | 2.12% |
Drawdowns
FMSFX vs. VMBS - Drawdown Comparison
The maximum FMSFX drawdown since its inception was -18.81%, which is greater than VMBS's maximum drawdown of -17.47%. Use the drawdown chart below to compare losses from any high point for FMSFX and VMBS.
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Drawdown Indicators
| FMSFX | VMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -17.47% | -1.34% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -3.00% | -0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -18.66% | -17.12% | -1.54% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -17.47% | -1.34% |
Current DrawdownCurrent decline from peak | -2.06% | -1.57% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -1.93% | -2.51% | +0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.96% | +0.11% |
Volatility
FMSFX vs. VMBS - Volatility Comparison
The current volatility for Fidelity Mortgage Securities Fund (FMSFX) is 1.55%, while Vanguard Mortgage-Backed Securities ETF (VMBS) has a volatility of 1.90%. This indicates that FMSFX experiences smaller price fluctuations and is considered to be less risky than VMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMSFX | VMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 1.90% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.55% | 2.89% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.63% | 5.00% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.74% | 6.71% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.10% | 5.37% | -0.27% |