FSMTX vs. VUBFX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity SAI Total Bond Fund (FSMTX) and Vanguard Ultra-Short-Term Bond Fund Investor Shares (VUBFX).

FSMTX is managed by Fidelity. It was launched on Oct 25, 2018. VUBFX is managed by Vanguard. It was launched on Feb 24, 2015.

Performance

FSMTX vs. VUBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Total Bond Fund (FSMTX) and Vanguard Ultra-Short-Term Bond Fund Investor Shares (VUBFX). The values are adjusted to include any dividend payments, if applicable.

FSMTX vs. VUBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSMTX Fidelity SAI Total Bond Fund	-0.53%	7.65%	2.93%	7.33%	-13.30%	-0.30%	8.13%	9.87%	1.41%
VUBFX Vanguard Ultra-Short-Term Bond Fund Investor Shares	0.59%	5.04%	5.99%	5.43%	-0.53%	0.03%	1.95%	3.34%	0.53%

Returns By Period

In the year-to-date period, FSMTX achieves a -0.53% return, which is significantly lower than VUBFX's 0.59% return.

FSMTX

• 1D: 0.44%
• 1M: -2.37%
• YTD: -0.53%
• 6M: 0.50%
• 1Y: 4.27%
• 3Y*: 4.61%
• 5Y*: 1.05%
• 10Y*: —

VUBFX

• 1D: 0.10%
• 1M: -0.06%
• YTD: 0.59%
• 6M: 1.72%
• 1Y: 4.31%
• 3Y*: 5.24%
• 5Y*: 3.26%
• 10Y*: 2.56%

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

FSMTX vs. VUBFX - Expense Ratio Comparison

FSMTX has a 0.30% expense ratio, which is higher than VUBFX's 0.20% expense ratio.

FSMTX

Fidelity SAI Total Bond Fund

VUBFX

Vanguard Ultra-Short-Term Bond Fund Investor Shares

Return for Risk

FSMTX vs. VUBFX — Risk / Return Rank

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

FSMTX

FSMTX Risk / Return Rank: 61
FSMTX Sharpe Ratio Rank: 61
FSMTX Sortino Ratio Rank: 61
FSMTX Omega Ratio Rank: 46
FSMTX Calmar Ratio Rank: 78
FSMTX Martin Ratio Rank: 59

VUBFX

VUBFX Risk / Return Rank: 100
VUBFX Sharpe Ratio Rank: 100
VUBFX Sortino Ratio Rank: 100
VUBFX Omega Ratio Rank: 100
VUBFX Calmar Ratio Rank: 100
VUBFX 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.

FSMTX vs. VUBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Total Bond Fund (FSMTX) and Vanguard Ultra-Short-Term Bond Fund Investor Shares (VUBFX). 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.

	FSMTX	VUBFX	Difference
Sharpe ratio Return per unit of total volatility	1.10	5.20	-4.10
Sortino ratio Return per unit of downside risk	1.57	10.21	-8.64
Omega ratio Gain probability vs. loss probability	1.19	3.61	-2.42
Calmar ratio Return relative to maximum drawdown	1.84	14.81	-12.97
Martin ratio Return relative to average drawdown	5.58	67.09	-61.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMTX vs. VUBFX - Sharpe Ratio Comparison

The current FSMTX Sharpe Ratio is 1.10, which is lower than the VUBFX Sharpe Ratio of 5.20. The chart below compares the historical Sharpe Ratios of FSMTX and VUBFX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FSMTX	VUBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	5.20	-4.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	3.34	-3.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	3.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	3.06	-2.51

Correlation

The correlation between FSMTX and VUBFX is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FSMTX vs. VUBFX - Dividend Comparison

FSMTX's dividend yield for the trailing twelve months is around 4.21%, more than VUBFX's 4.12% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FSMTX Fidelity SAI Total Bond Fund	4.21%	4.56%	4.70%	4.29%	2.59%	2.74%	5.36%	4.93%	0.62%	0.00%	0.00%
VUBFX Vanguard Ultra-Short-Term Bond Fund Investor Shares	4.12%	4.62%	5.42%	4.06%	1.28%	0.43%	1.52%	2.58%	2.13%	1.43%	0.98%

Drawdowns

FSMTX vs. VUBFX - Drawdown Comparison

The maximum FSMTX drawdown since its inception was -17.89%, which is greater than VUBFX's maximum drawdown of -1.86%. Use the drawdown chart below to compare losses from any high point for FSMTX and VUBFX.

Drawdown Indicators

	FSMTX	VUBFX	Difference
Max Drawdown Largest peak-to-trough decline	-17.89%	-1.86%	-16.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-0.30%	-2.55%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	-1.86%	-16.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-1.86%	—
Current Drawdown Current decline from peak	-2.37%	-0.10%	-2.27%
Average Drawdown Average peak-to-trough decline	-4.54%	-0.17%	-4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.07%	+0.87%

Volatility

FSMTX vs. VUBFX - Volatility Comparison

Fidelity SAI Total Bond Fund (FSMTX) has a higher volatility of 1.56% compared to Vanguard Ultra-Short-Term Bond Fund Investor Shares (VUBFX) at 0.34%. This indicates that FSMTX's price experiences larger fluctuations and is considered to be riskier than VUBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMTX	VUBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	0.34%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	0.55%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	4.40%	0.84%	+3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.67%	0.98%	+4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	0.84%	+4.40%