FSHBX vs. USSBX
FSHBX (Fidelity Short-Term Bond Fund) and USSBX (USAA Short Term Bond Fund) are both mutual funds - FSHBX is a Total Bond Market fund managed by Fidelity, while USSBX is a Short-Term Bond fund managed by Victory. Over the past 10 years, FSHBX returned 2.08%/yr vs 3.06%/yr for USSBX. A 0.64 correlation means they provide meaningful diversification when combined. FSHBX charges 0.45%/yr vs 0.54%/yr for USSBX.
Performance
FSHBX vs. USSBX - Performance Comparison
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Returns By Period
In the year-to-date period, FSHBX achieves a 0.32% return, which is significantly lower than USSBX's 0.89% return. Over the past 10 years, FSHBX has underperformed USSBX with an annualized return of 2.08%, while USSBX has yielded a comparatively higher 3.06% annualized return.
FSHBX
- 1D
- 0.00%
- 1M
- 0.22%
- YTD
- 0.32%
- 6M
- 0.78%
- 1Y
- 3.25%
- 3Y*
- 4.78%
- 5Y*
- 2.24%
- 10Y*
- 2.08%
USSBX
- 1D
- -0.11%
- 1M
- 0.27%
- YTD
- 0.89%
- 6M
- 1.29%
- 1Y
- 4.05%
- 3Y*
- 5.78%
- 5Y*
- 3.17%
- 10Y*
- 3.06%
FSHBX vs. USSBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSHBX Fidelity Short-Term Bond Fund | 0.32% | 5.49% | 4.73% | 5.35% | -3.86% | -0.92% | 3.59% | 4.20% | 1.21% | 1.16% |
USSBX USAA Short Term Bond Fund | 0.89% | 5.79% | 6.21% | 5.99% | -2.95% | 1.08% | 4.75% | 5.00% | 1.24% | 2.30% |
Correlation
The correlation between FSHBX and USSBX is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since May 28, 1993 | 0.64 |
The correlation between FSHBX and USSBX shifts across timeframes, from 0.64 (all time) to 0.75 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FSHBX vs. USSBX — Risk / Return Rank
FSHBX
USSBX
FSHBX vs. USSBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Short-Term Bond Fund (FSHBX) and USAA Short Term Bond Fund (USSBX). 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.
| FSHBX | USSBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.65 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 3.85 | -0.95 |
| Martin ratioReturn relative to average drawdown | 10.74 | 15.80 | -5.07 |
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Drawdowns
FSHBX vs. USSBX - Drawdown Comparison
The maximum FSHBX drawdown since its inception was -8.80%, which is greater than USSBX's maximum drawdown of -6.87%. Use the drawdown chart below to compare losses from any high point for FSHBX and USSBX.
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Drawdown Indicators
| FSHBX | USSBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.80% | -6.87% | -1.93% |
Max Drawdown (1Y)Largest decline over 1 year | -1.17% | -1.09% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -1.17% | -1.09% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -6.36% | -5.11% | -1.25% |
Max Drawdown (10Y)Largest decline over 10 years | -6.51% | -5.57% | -0.94% |
Current DrawdownCurrent decline from peak | -0.42% | -0.33% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -1.04% | -0.63% | -0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 0.26% | +0.06% |
Volatility
FSHBX vs. USSBX - Volatility Comparison
Fidelity Short-Term Bond Fund (FSHBX) and USAA Short Term Bond Fund (USSBX) have volatilities of 0.64% and 0.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSHBX | USSBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.64% | 0.61% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.45% | 1.36% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.96% | 1.82% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.22% | 1.99% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.86% | 1.79% | +0.07% |
FSHBX vs. USSBX - Expense Ratio Comparison
FSHBX has a 0.45% expense ratio, which is lower than USSBX's 0.54% expense ratio.
Dividends
FSHBX vs. USSBX - Dividend Comparison
FSHBX's dividend yield for the trailing twelve months is around 4.18%, less than USSBX's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSHBX Fidelity Short-Term Bond Fund | 4.18% | 4.26% | 4.00% | 3.00% | 0.83% | 1.04% | 2.62% | 2.13% | 1.78% | 1.27% | 1.12% | 0.88% |
USSBX USAA Short Term Bond Fund | 4.55% | 4.51% | 4.32% | 3.37% | 2.38% | 2.72% | 3.41% | 2.79% | 2.44% | 1.94% | 1.86% | 1.69% |
Frequently Asked Questions
FSHBX and USSBX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSHBX has higher volatility (0.64%) compared to USSBX (0.61%). In terms of maximum drawdown, FSHBX dropped -8.80% vs USSBX's -6.87%.
USSBX currently has the higher Sharpe Ratio (2.30 vs 1.73), 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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