FSMTX vs. FXNAX
FSMTX (Fidelity SAI Total Bond Fund) and FXNAX (Fidelity U.S. Bond Index Fund) are both Total Bond Market funds from Fidelity. Over the past 5 years, FSMTX returned 0.38%/yr vs -0.49%/yr for FXNAX. Their 0.96 correlation means they have historically moved very closely together. FSMTX charges 0.30%/yr vs 0.03%/yr for FXNAX.
Performance
FSMTX vs. FXNAX - Performance Comparison
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Returns By Period
In the year-to-date period, FSMTX achieves a -0.52% return, which is significantly higher than FXNAX's -0.63% return.
FSMTX
- 1D
- 0.00%
- 1M
- -1.22%
- 6M
- -0.66%
- YTD
- -0.52%
- 1Y
- 2.16%
- 3Y*
- 4.58%
- 5Y*
- 0.38%
- 10Y*
- —
- ALL TIME*
- 2.73%
FXNAX
- 1D
- 0.10%
- 1M
- -1.25%
- 6M
- -0.85%
- YTD
- -0.63%
- 1Y
- 1.77%
- 3Y*
- 3.69%
- 5Y*
- -0.49%
- 10Y*
- 1.25%
- ALL TIME*
- 1.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FSMTX vs. FXNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FSMTX Fidelity SAI Total Bond Fund | -0.52% | 7.65% | 2.93% | 7.33% | -13.30% | -0.30% | 8.13% | 9.87% | 1.41% |
FXNAX Fidelity U.S. Bond Index Fund | -0.63% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 7.63% | 8.50% | 2.54% |
Correlation
The correlation between FSMTX and FXNAX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2018 | 0.96 |
The correlation between FSMTX and FXNAX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
FSMTX vs. FXNAX — Risk / Return Rank
FSMTX
FXNAX
FSMTX vs. FXNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Total Bond Fund (FSMTX) and Fidelity U.S. Bond Index Fund (FXNAX). 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.
| FSMTX | FXNAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.14 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 1.01 | +0.17 |
| Martin ratioReturn relative to average drawdown | 2.94 | 2.55 | +0.38 |
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Drawdowns
FSMTX vs. FXNAX - Drawdown Comparison
The maximum FSMTX drawdown since its inception was -17.89%, smaller than the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for FSMTX and FXNAX.
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Drawdown Indicators
| FSMTX | FXNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.89% | -19.51% | +1.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -2.94% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -4.96% | -5.11% | +0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -17.89% | -18.54% | +0.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.51% | — |
Current DrawdownCurrent decline from peak | -2.36% | -3.89% | +1.53% |
Average DrawdownAverage peak-to-trough decline | -4.41% | -3.86% | -0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.17% | -0.03% |
Volatility
FSMTX vs. FXNAX - Volatility Comparison
The current volatility for Fidelity SAI Total Bond Fund (FSMTX) is 0.91%, while Fidelity U.S. Bond Index Fund (FXNAX) has a volatility of 0.99%. This indicates that FSMTX experiences smaller price fluctuations and is considered to be less risky than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMTX | FXNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.99% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 3.02% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.76% | 3.85% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.71% | 6.07% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.19% | 5.01% | +0.18% |
FSMTX vs. FXNAX - Expense Ratio Comparison
FSMTX has a 0.30% expense ratio, which is higher than FXNAX's 0.03% expense ratio.
Dividends
FSMTX vs. FXNAX - Dividend Comparison
FSMTX's dividend yield for the trailing twelve months is around 4.23%, more than FXNAX's 3.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMTX Fidelity SAI Total Bond Fund | 4.23% | 4.56% | 4.70% | 4.29% | 2.59% | 2.74% | 5.36% | 4.93% | 0.62% | 0.00% | 0.00% | 0.00% |
FXNAX Fidelity U.S. Bond Index Fund | 3.46% | 3.58% | 3.40% | 3.15% | 1.81% | 1.74% | 2.92% | 2.68% | 2.74% | 2.57% | 2.76% | 2.52% |
Frequently Asked Questions
With a correlation of 0.96, FSMTX and FXNAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FXNAX has higher volatility (0.99%) compared to FSMTX (0.91%). In terms of maximum drawdown, FSMTX dropped -17.89% vs FXNAX's -19.51%.
FSMTX currently has the higher Sharpe Ratio (0.90 vs 0.78), 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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