FNBGX vs. AVUV

Last updated Jun 13, 2026

FNBGX (Fidelity Long-Term Treasury Bond Index Fund) and AVUV (Avantis US Small Cap Value ETF) are both funds - FNBGX is a Government Bonds fund managed by Fidelity, while AVUV is a Small Cap Value Equities fund actively managed by Avantis. Over the past 5 years, FNBGX returned -5.63%/yr vs 11.57%/yr for AVUV. At a correlation of -0.12, they often move in opposite directions. FNBGX charges 0.03%/yr vs 0.25%/yr for AVUV.

Performance

FNBGX vs. AVUV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Long-Term Treasury Bond Index Fund (FNBGX) and Avantis US Small Cap Value ETF (AVUV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNBGX achieves a 0.13% return, which is significantly lower than AVUV's 22.73% return.

FNBGX

• 1D: 1.10%
• 1M: 2.94%
• YTD: 0.13%
• 6M: 0.69%
• 1Y: 4.58%
• 3Y*: -0.54%
• 5Y*: -5.63%
• 10Y*: —

AVUV

• 1D: 0.96%
• 1M: 5.11%
• YTD: 22.73%
• 6M: 19.51%
• 1Y: 42.12%
• 3Y*: 19.24%
• 5Y*: 11.57%
• 10Y*: —

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

FNBGX vs. AVUV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FNBGX Fidelity Long-Term Treasury Bond Index Fund	0.13%	5.30%	-6.18%	3.20%	-29.89%	-5.17%	17.58%	-3.34%
AVUV Avantis US Small Cap Value ETF	22.73%	7.44%	9.28%	22.82%	-4.91%	42.20%	6.43%	8.54%

Correlation

The correlation between FNBGX and AVUV is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	-0.12

The correlation between FNBGX and AVUV shifts across timeframes, from -0.12 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FNBGX vs. AVUV — Risk / Return Rank

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

FNBGX

FNBGX Risk / Return Rank: 9
FNBGX Sharpe Ratio Rank: 10
FNBGX Sortino Ratio Rank: 9
FNBGX Omega Ratio Rank: 9
FNBGX Calmar Ratio Rank: 10
FNBGX Martin Ratio Rank: 9

AVUV

AVUV Risk / Return Rank: 84
AVUV Sharpe Ratio Rank: 83
AVUV Sortino Ratio Rank: 84
AVUV Omega Ratio Rank: 77
AVUV Calmar Ratio Rank: 91
AVUV Martin Ratio Rank: 85

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.

FNBGX vs. AVUV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Long-Term Treasury Bond Index Fund (FNBGX) and Avantis US Small Cap Value ETF (AVUV). 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.

	FNBGX	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	0.52	2.28	-1.77
Sortino ratio: Return per unit of downside risk	0.80	3.24	-2.44
Omega ratio: Gain probability vs. loss probability	1.09	1.39	-0.30
Calmar ratio: Return relative to maximum drawdown	0.63	5.06	-4.43
Martin ratio: Return relative to average drawdown	1.62	15.09	-13.47

FNBGX vs. AVUV - Sharpe Ratio Comparison

The current FNBGX Sharpe Ratio is 0.52, which is lower than the AVUV Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of FNBGX and AVUV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNBGX vs. AVUV - Drawdown Comparison

The maximum FNBGX drawdown since its inception was -46.86%, smaller than the maximum AVUV drawdown of -49.42%. Use the drawdown chart below to compare losses from any high point for FNBGX and AVUV.

Drawdown Indicators

	FNBGX	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-46.86%	-49.42%	+2.56%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-7.95%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-17.66%	-28.79%	+11.13%
Max Drawdown (5Y) Largest decline over 5 years	-41.54%	-28.79%	-12.75%
Current Drawdown Current decline from peak	-37.17%	0.00%	-37.17%
Average Drawdown Average peak-to-trough decline	-21.69%	-7.91%	-13.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.67%	+0.17%

Volatility

FNBGX vs. AVUV - Volatility Comparison

The current volatility for Fidelity Long-Term Treasury Bond Index Fund (FNBGX) is 2.73%, while Avantis US Small Cap Value ETF (AVUV) has a volatility of 4.53%. This indicates that FNBGX experiences smaller price fluctuations and is considered to be less risky than AVUV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNBGX	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	4.53%	-1.80%
Volatility (6M) Calculated over the trailing 6-month period	6.17%	11.34%	-5.17%
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	17.63%	-8.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.58%	22.75%	-8.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.19%	28.26%	-14.07%

FNBGX vs. AVUV - Expense Ratio Comparison

FNBGX has a 0.03% expense ratio, which is lower than AVUV's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FNBGX vs. AVUV - Dividend Comparison

FNBGX's dividend yield for the trailing twelve months is around 3.99%, more than AVUV's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVUV Avantis US Small Cap Value ETF	1.61%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	0.00%	0.00%
FNBGX Fidelity Long-Term Treasury Bond Index Fund	3.99%	3.88%	3.75%	3.20%	2.26%	2.47%	3.96%	2.63%	2.93%	0.70%

Frequently Asked Questions

Can I hold both FNBGX and AVUV in my portfolio?

FNBGX and AVUV have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNBGX or AVUV?

AVUV has higher volatility (4.53%) compared to FNBGX (2.73%). In terms of maximum drawdown, FNBGX dropped -46.86% vs AVUV's -49.42%.

Which has better risk-adjusted returns?

AVUV currently has the higher Sharpe Ratio (2.28 vs 0.52), 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.