FTHRX vs. FGMNX

Last updated Jun 5, 2026

FTHRX (Fidelity Intermediate Bond Fund) and FGMNX (Fidelity GNMA Fund) are both mutual funds - FTHRX is a Total Bond Market fund managed by Fidelity, while FGMNX is a Government Bonds fund managed by Fidelity. Over the past 10 years, FTHRX returned 2.03%/yr vs 1.21%/yr for FGMNX. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.45% expense ratio.

Performance

FTHRX vs. FGMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Intermediate Bond Fund (FTHRX) and Fidelity GNMA Fund (FGMNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTHRX achieves a 0.05% return, which is significantly lower than FGMNX's 0.89% return. Over the past 10 years, FTHRX has outperformed FGMNX with an annualized return of 2.03%, while FGMNX has yielded a comparatively lower 1.21% annualized return.

FTHRX

• 1D: -0.10%
• 1M: 0.02%
• YTD: 0.05%
• 6M: 0.31%
• 1Y: 3.63%
• 3Y*: 4.50%
• 5Y*: 1.02%
• 10Y*: 2.03%

FGMNX

• 1D: -0.19%
• 1M: 0.02%
• YTD: 0.89%
• 6M: 1.18%
• 1Y: 5.84%
• 3Y*: 4.19%
• 5Y*: 0.26%
• 10Y*: 1.21%

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

FTHRX vs. FGMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTHRX Fidelity Intermediate Bond Fund	0.05%	6.89%	3.25%	5.55%	-9.17%	-1.60%	7.06%	7.20%	0.52%	2.31%
FGMNX Fidelity GNMA Fund	0.89%	7.89%	0.43%	5.46%	-11.52%	-1.03%	3.74%	5.72%	0.62%	1.74%

Correlation

The correlation between FTHRX and FGMNX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 11, 1985	0.82

The correlation between FTHRX and FGMNX shifts across timeframes, from 0.82 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FTHRX vs. FGMNX — Risk / Return Rank

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

FTHRX

FTHRX Risk / Return Rank: 26
FTHRX Sharpe Ratio Rank: 25
FTHRX Sortino Ratio Rank: 29
FTHRX Omega Ratio Rank: 26
FTHRX Calmar Ratio Rank: 27
FTHRX Martin Ratio Rank: 22

FGMNX

FGMNX Risk / Return Rank: 38
FGMNX Sharpe Ratio Rank: 36
FGMNX Sortino Ratio Rank: 38
FGMNX Omega Ratio Rank: 35
FGMNX Calmar Ratio Rank: 46
FGMNX Martin Ratio Rank: 38

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.

FTHRX vs. FGMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Intermediate Bond Fund (FTHRX) and Fidelity GNMA Fund (FGMNX). 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.

	FTHRX	FGMNX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.71	-0.26
Sortino ratio: Return per unit of downside risk	2.26	2.59	-0.33
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	1.92	2.56	-0.63
Martin ratio: Return relative to average drawdown	5.71	8.21	-2.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTHRX vs. FGMNX - Sharpe Ratio Comparison

The current FTHRX Sharpe Ratio is 1.44, which is comparable to the FGMNX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FTHRX and FGMNX, 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

	FTHRX	FGMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	1.71	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.04	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.26	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.04	-0.12

Drawdowns

FTHRX vs. FGMNX - Drawdown Comparison

The maximum FTHRX drawdown since its inception was -19.01%, which is greater than FGMNX's maximum drawdown of -16.84%. Use the drawdown chart below to compare losses from any high point for FTHRX and FGMNX.

Drawdown Indicators

	FTHRX	FGMNX	Difference
Max Drawdown Largest peak-to-trough decline	-19.01%	-16.84%	-2.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-2.54%	+0.43%
Max Drawdown (3Y) Largest decline over 3 years	-2.68%	-7.23%	+4.55%
Max Drawdown (5Y) Largest decline over 5 years	-13.18%	-16.54%	+3.36%
Max Drawdown (10Y) Largest decline over 10 years	-13.25%	-16.84%	+3.59%
Current Drawdown Current decline from peak	-1.19%	-1.28%	+0.09%
Average Drawdown Average peak-to-trough decline	-3.07%	-1.91%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.79%	-0.08%

Volatility

FTHRX vs. FGMNX - Volatility Comparison

The current volatility for Fidelity Intermediate Bond Fund (FTHRX) is 0.89%, while Fidelity GNMA Fund (FGMNX) has a volatility of 1.31%. This indicates that FTHRX experiences smaller price fluctuations and is considered to be less risky than FGMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTHRX	FGMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.31%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	2.66%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	3.81%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.03%	6.25%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.40%	4.67%	-1.27%

FTHRX vs. FGMNX - Expense Ratio Comparison

Both FTHRX and FGMNX have an expense ratio of 0.45%.

Dividends

FTHRX vs. FGMNX - Dividend Comparison

FTHRX's dividend yield for the trailing twelve months is around 3.69%, more than FGMNX's 3.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGMNX Fidelity GNMA Fund	3.62%	3.61%	3.23%	3.45%	1.68%	0.76%	1.61%	2.46%	2.19%	2.17%	2.61%	2.25%
FTHRX Fidelity Intermediate Bond Fund	3.69%	3.59%	3.49%	2.94%	1.55%	1.53%	4.16%	2.49%	2.48%	2.20%	2.63%	2.13%

Frequently Asked Questions

Can I hold both FTHRX and FGMNX in my portfolio?

With a correlation of 0.91, FTHRX and FGMNX 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.

Which is riskier, FTHRX or FGMNX?

FGMNX has higher volatility (1.31%) compared to FTHRX (0.89%). In terms of maximum drawdown, FTHRX dropped -19.01% vs FGMNX's -16.84%.

Which has better risk-adjusted returns?

FGMNX currently has the higher Sharpe Ratio (1.71 vs 1.44), 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.