FMSFX vs. VUSFX

Last updated Jun 4, 2026

FMSFX (Fidelity Mortgage Securities Fund) and VUSFX (Vanguard Ultra-Short-Term Bond Fund Admiral Shares) are both Total Bond Market funds. Over the past 10 years, FMSFX returned 1.30%/yr vs 2.71%/yr for VUSFX. At a 0.49 correlation, their price movements are largely independent. FMSFX charges 0.45%/yr vs 0.10%/yr for VUSFX.

Performance

FMSFX vs. VUSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mortgage Securities Fund (FMSFX) and Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMSFX achieves a 0.97% return, which is significantly lower than VUSFX's 1.42% return. Over the past 10 years, FMSFX has underperformed VUSFX with an annualized return of 1.30%, while VUSFX has yielded a comparatively higher 2.71% annualized return.

FMSFX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 0.97%
• 6M: 1.07%
• 1Y: 6.99%
• 3Y*: 4.46%
• 5Y*: 0.22%
• 10Y*: 1.30%

VUSFX

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.42%
• 6M: 1.76%
• 1Y: 4.51%
• 3Y*: 5.44%
• 5Y*: 3.50%
• 10Y*: 2.71%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FMSFX vs. VUSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMSFX Fidelity Mortgage Securities Fund	0.97%	8.29%	1.00%	4.91%	-12.61%	-1.20%	4.41%	6.43%	0.79%	2.35%
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	1.42%	5.11%	6.11%	5.53%	-0.38%	0.08%	2.10%	3.39%	2.10%	1.37%

Correlation

The correlation between FMSFX and VUSFX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.49

The correlation between FMSFX and VUSFX shifts across timeframes, from 0.49 (all time) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMSFX vs. VUSFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FMSFX

FMSFX Risk / Return Rank: 39
FMSFX Sharpe Ratio Rank: 37
FMSFX Sortino Ratio Rank: 40
FMSFX Omega Ratio Rank: 37
FMSFX Calmar Ratio Rank: 43
FMSFX Martin Ratio Rank: 38

VUSFX

VUSFX Risk / Return Rank: 100
VUSFX Sharpe Ratio Rank: 100
VUSFX Sortino Ratio Rank: 100
VUSFX Omega Ratio Rank: 100
VUSFX Calmar Ratio Rank: 100
VUSFX Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FMSFX vs. VUSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mortgage Securities Fund (FMSFX) and Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX). 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	VUSFX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	7.69	-5.93
Sortino ratio: Return per unit of downside risk	2.66	15.39	-12.73
Omega ratio: Gain probability vs. loss probability	1.32	4.69	-3.37
Calmar ratio: Return relative to maximum drawdown	2.50	18.20	-15.71
Martin ratio: Return relative to average drawdown	8.25	108.57	-100.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMSFX vs. VUSFX - Sharpe Ratio Comparison

The current FMSFX Sharpe Ratio is 1.76, which is lower than the VUSFX Sharpe Ratio of 7.69. The chart below compares the historical Sharpe Ratios of FMSFX and VUSFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMSFX	VUSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	7.69	-5.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	4.35	-4.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	4.00	-3.75
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	4.00	-2.97

Drawdowns

FMSFX vs. VUSFX - Drawdown Comparison

The maximum FMSFX drawdown since its inception was -18.81%, which is greater than VUSFX's maximum drawdown of -1.71%. Use the drawdown chart below to compare losses from any high point for FMSFX and VUSFX.

Drawdown Indicators

	FMSFX	VUSFX	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-1.71%	-17.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.81%	-0.25%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-8.04%	-0.35%	-7.69%
Max Drawdown (5Y) Largest decline over 5 years	-18.66%	-1.71%	-16.95%
Max Drawdown (10Y) Largest decline over 10 years	-18.81%	-1.71%	-17.10%
Current Drawdown Current decline from peak	-1.11%	0.00%	-1.11%
Average Drawdown Average peak-to-trough decline	-1.92%	-0.15%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.04%	+0.81%

Volatility

FMSFX vs. VUSFX - Volatility Comparison

Fidelity Mortgage Securities Fund (FMSFX) has a higher volatility of 1.49% compared to Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) at 0.13%. This indicates that FMSFX's price experiences larger fluctuations and is considered to be riskier than VUSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMSFX	VUSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	0.13%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	0.41%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	0.59%	+3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.79%	0.81%	+5.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.13%	0.68%	+4.45%

FMSFX vs. VUSFX - Expense Ratio Comparison

FMSFX has a 0.45% expense ratio, which is higher than VUSFX's 0.10% expense ratio.

Dividends

FMSFX vs. VUSFX - Dividend Comparison

FMSFX's dividend yield for the trailing twelve months is around 3.90%, less than VUSFX's 4.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMSFX Fidelity Mortgage Securities Fund	3.90%	3.93%	4.12%	3.50%	1.43%	0.62%	2.40%	2.62%	2.57%	2.60%	2.65%	2.05%
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	4.53%	4.73%	5.52%	4.15%	1.38%	0.53%	1.62%	2.68%	2.23%	1.52%	1.07%	0.00%

Frequently Asked Questions

Can I hold both FMSFX and VUSFX in my portfolio?

FMSFX and VUSFX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMSFX or VUSFX?

FMSFX has higher volatility (1.49%) compared to VUSFX (0.13%). In terms of maximum drawdown, FMSFX dropped -18.81% vs VUSFX's -1.71%.

Which has better risk-adjusted returns?

VUSFX currently has the higher Sharpe Ratio (7.69 vs 1.76), 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.