FNMIX vs. PGOVX

Last updated Jun 5, 2026

FNMIX (Fidelity New Markets Income Fund) and PGOVX (PIMCO Long-Term U.S. Government Fund) are both mutual funds - FNMIX is a Emerging Markets Bonds fund managed by Fidelity, while PGOVX is a Government Bonds fund managed by PIMCO. Over the past 10 years, FNMIX returned 4.02%/yr vs -1.33%/yr for PGOVX. At a 0.20 correlation, their price movements are largely independent. FNMIX charges 0.80%/yr vs 1.05%/yr for PGOVX.

Performance

FNMIX vs. PGOVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity New Markets Income Fund (FNMIX) and PIMCO Long-Term U.S. Government Fund (PGOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNMIX achieves a 3.73% return, which is significantly higher than PGOVX's -0.47% return. Over the past 10 years, FNMIX has outperformed PGOVX with an annualized return of 4.02%, while PGOVX has yielded a comparatively lower -1.33% annualized return.

FNMIX

• 1D: -0.21%
• 1M: 0.55%
• YTD: 3.73%
• 6M: 4.28%
• 1Y: 15.19%
• 3Y*: 12.87%
• 5Y*: 3.80%
• 10Y*: 4.02%

PGOVX

• 1D: -0.44%
• 1M: 0.35%
• YTD: -0.47%
• 6M: -1.11%
• 1Y: 4.36%
• 3Y*: -1.29%
• 5Y*: -5.78%
• 10Y*: -1.33%

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

FNMIX vs. PGOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNMIX Fidelity New Markets Income Fund	3.73%	14.86%	6.80%	14.00%	-16.09%	-2.42%	4.62%	10.93%	-7.77%	10.16%
PGOVX PIMCO Long-Term U.S. Government Fund	-0.47%	6.44%	-7.62%	1.46%	-29.39%	-4.59%	17.83%	13.44%	-2.10%	9.08%

Correlation

The correlation between FNMIX and PGOVX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since May 5, 1993	0.20

Over the past year, FNMIX and PGOVX have become more correlated (0.53) than their long-term average of 0.20, meaning their price movements have been converging.

Return for Risk

FNMIX vs. PGOVX — Risk / Return Rank

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

FNMIX

FNMIX Risk / Return Rank: 93
FNMIX Sharpe Ratio Rank: 96
FNMIX Sortino Ratio Rank: 97
FNMIX Omega Ratio Rank: 94
FNMIX Calmar Ratio Rank: 86
FNMIX Martin Ratio Rank: 90

PGOVX

PGOVX Risk / Return Rank: 8
PGOVX Sharpe Ratio Rank: 8
PGOVX Sortino Ratio Rank: 8
PGOVX Omega Ratio Rank: 8
PGOVX Calmar Ratio Rank: 9
PGOVX Martin Ratio Rank: 8

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.

FNMIX vs. PGOVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Markets Income Fund (FNMIX) and PIMCO Long-Term U.S. Government Fund (PGOVX). 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.

	FNMIX	PGOVX	Difference
Sharpe ratio: Return per unit of total volatility	3.55	0.65	+2.91
Sortino ratio: Return per unit of downside risk	5.95	0.98	+4.97
Omega ratio: Gain probability vs. loss probability	1.76	1.11	+0.65
Calmar ratio: Return relative to maximum drawdown	4.08	0.79	+3.29
Martin ratio: Return relative to average drawdown	17.87	2.19	+15.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNMIX vs. PGOVX - Sharpe Ratio Comparison

The current FNMIX Sharpe Ratio is 3.55, which is higher than the PGOVX Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of FNMIX and PGOVX, 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

	FNMIX	PGOVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.55	0.65	+2.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	-0.40	+0.98
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	-0.10	+0.68
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.50	+0.30

Drawdowns

FNMIX vs. PGOVX - Drawdown Comparison

The maximum FNMIX drawdown since its inception was -42.76%, smaller than the maximum PGOVX drawdown of -46.64%. Use the drawdown chart below to compare losses from any high point for FNMIX and PGOVX.

Drawdown Indicators

	FNMIX	PGOVX	Difference
Max Drawdown Largest peak-to-trough decline	-42.76%	-46.64%	+3.88%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-7.60%	+3.75%
Max Drawdown (3Y) Largest decline over 3 years	-6.42%	-18.06%	+11.64%
Max Drawdown (5Y) Largest decline over 5 years	-27.16%	-41.48%	+14.32%
Max Drawdown (10Y) Largest decline over 10 years	-27.16%	-46.64%	+19.48%
Current Drawdown Current decline from peak	-0.21%	-38.06%	+37.85%
Average Drawdown Average peak-to-trough decline	-5.69%	-9.26%	+3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	2.74%	-1.86%

Volatility

FNMIX vs. PGOVX - Volatility Comparison

The current volatility for Fidelity New Markets Income Fund (FNMIX) is 1.58%, while PIMCO Long-Term U.S. Government Fund (PGOVX) has a volatility of 2.94%. This indicates that FNMIX experiences smaller price fluctuations and is considered to be less risky than PGOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNMIX	PGOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	2.94%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	6.52%	-2.92%
Volatility (1Y) Calculated over the trailing 1-year period	4.44%	9.34%	-4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	14.44%	-7.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	13.76%	-6.83%

FNMIX vs. PGOVX - Expense Ratio Comparison

FNMIX has a 0.80% expense ratio, which is lower than PGOVX's 1.05% expense ratio.

Dividends

FNMIX vs. PGOVX - Dividend Comparison

FNMIX's dividend yield for the trailing twelve months is around 4.89%, more than PGOVX's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNMIX Fidelity New Markets Income Fund	4.89%	5.07%	4.71%	5.15%	3.93%	3.48%	4.06%	4.87%	4.98%	5.77%	6.93%	4.95%
PGOVX PIMCO Long-Term U.S. Government Fund	4.13%	3.86%	1.19%	1.05%	2.09%	6.93%	27.91%	2.60%	3.25%	2.88%	3.31%	81.57%

Frequently Asked Questions

Can I hold both FNMIX and PGOVX in my portfolio?

FNMIX and PGOVX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNMIX or PGOVX?

PGOVX has higher volatility (2.94%) compared to FNMIX (1.58%). In terms of maximum drawdown, FNMIX dropped -42.76% vs PGOVX's -46.64%.

Which has better risk-adjusted returns?

FNMIX currently has the higher Sharpe Ratio (3.55 vs 0.65), 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.