FTLTX vs. FSKAX

Last updated Aug 5, 2026

FTLTX (Fidelity Series Long-Term Treasury Bond Index Fund) and FSKAX (Fidelity Total Market Index Fund) are both mutual funds - FTLTX is a Government Bonds fund managed by Fidelity, while FSKAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FTLTX returned -7.36%/yr vs 12.08%/yr for FSKAX. Their -0.09 correlation means they have often moved in opposite directions in the past. FTLTX charges 0.00%/yr vs 0.01%/yr for FSKAX.

Performance

FTLTX vs. FSKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Long-Term Treasury Bond Index Fund (FTLTX) and Fidelity Total Market Index Fund (FSKAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTLTX achieves a -3.32% return, which is significantly lower than FSKAX's 12.20% return.

FTLTX

• 1D: 0.39%
• 1M: -3.58%
• 6M: -3.11%
• YTD: -3.32%
• 1Y: -1.95%
• 3Y*: -0.06%
• 5Y*: -7.36%
• 10Y*: —
• ALL TIME*: -0.66%

FSKAX

• 1D: 1.53%
• 1M: 1.30%
• 6M: 10.71%
• YTD: 12.20%
• 1Y: 21.69%
• 3Y*: 20.42%
• 5Y*: 12.08%
• 10Y*: 14.61%
• ALL TIME*: 14.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSKAX Fidelity Total Market Index Fund	$0.00	$0.00	$0.00
FTLTX Fidelity Series Long-Term Treasury Bond Index Fund	$0.00	$0.00	$0.00

FTLTX vs. FSKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTLTX Fidelity Series Long-Term Treasury Bond Index Fund	-3.32%	5.45%	-6.13%	3.27%	-29.89%	-5.13%	17.45%	14.23%	-1.63%	8.22%
FSKAX Fidelity Total Market Index Fund	12.20%	17.06%	23.89%	26.12%	-19.53%	25.66%	20.79%	30.92%	-5.32%	20.85%

Correlation

The correlation between FTLTX and FSKAX is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.18
Correlation (5Y) Shows whether the relationship held over a longer period.	0.09
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	-0.09

The correlation between FTLTX and FSKAX shifts across timeframes, from -0.09 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FTLTX vs. FSKAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTLTX

FTLTX Risk / Return Rank: 2
FTLTX Sharpe Ratio Rank: 2
FTLTX Sortino Ratio Rank: 2
FTLTX Omega Ratio Rank: 2
FTLTX Calmar Ratio Rank: 2
FTLTX Martin Ratio Rank: 2

FSKAX

FSKAX Risk / Return Rank: 75
FSKAX Sharpe Ratio Rank: 73
FSKAX Sortino Ratio Rank: 69
FSKAX Omega Ratio Rank: 68
FSKAX Calmar Ratio Rank: 77
FSKAX Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FTLTX vs. FSKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Long-Term Treasury Bond Index Fund (FTLTX) and Fidelity Total Market Index Fund (FSKAX). 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.

	FTLTX	FSKAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	1.80	-1.99
Sortino ratio: Return per unit of downside risk	-0.21	2.48	-2.69
Omega ratio: Gain probability vs. loss probability	0.98	1.32	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.22	2.65	-2.87
Martin ratio: Return relative to average drawdown	-0.48	11.39	-11.87

FTLTX vs. FSKAX - Sharpe Ratio Comparison

The current FTLTX Sharpe Ratio is -0.19, which is lower than the FSKAX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of FTLTX and FSKAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FTLTX vs. FSKAX - Drawdown Comparison

The maximum FTLTX drawdown since its inception was -46.86%, which is greater than FSKAX's maximum drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for FTLTX and FSKAX.

Drawdown Indicators

	FTLTX	FSKAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.86%	-35.01%	-11.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.38%	-8.92%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-13.45%	-19.43%	+5.98%
Max Drawdown (5Y) Largest decline over 5 years	-41.52%	-25.39%	-16.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.01%	—
Current Drawdown Current decline from peak	-39.15%	0.00%	-39.15%
Average Drawdown Average peak-to-trough decline	-20.29%	-3.99%	-16.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	2.07%	+1.21%

Volatility

FTLTX vs. FSKAX - Volatility Comparison

The current volatility for Fidelity Series Long-Term Treasury Bond Index Fund (FTLTX) is 2.42%, while Fidelity Total Market Index Fund (FSKAX) has a volatility of 3.80%. This indicates that FTLTX experiences smaller price fluctuations and is considered to be less risky than FSKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTLTX	FSKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	3.80%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	6.30%	10.42%	-4.12%
Volatility (1Y) Calculated over the trailing 1-year period	8.35%	13.20%	-4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	17.53%	-3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.79%	18.47%	-4.68%

FTLTX vs. FSKAX - Expense Ratio Comparison

FTLTX has a 0.00% expense ratio, which is lower than FSKAX's 0.02% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FTLTX vs. FSKAX - Dividend Comparison

FTLTX's dividend yield for the trailing twelve months is around 3.76%, more than FSKAX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSKAX Fidelity Total Market Index Fund	0.93%	1.01%	1.19%	1.41%	1.62%	1.15%	1.45%	1.94%	2.54%	2.07%	2.43%	0.82%
FTLTX Fidelity Series Long-Term Treasury Bond Index Fund	3.76%	3.83%	3.71%	3.17%	2.20%	2.06%	12.95%	10.68%	2.89%	2.44%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTLTX and FSKAX in my portfolio?

FTLTX and FSKAX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTLTX or FSKAX?

FSKAX has higher volatility (3.80%) compared to FTLTX (2.42%). In terms of maximum drawdown, FTLTX dropped -46.86% vs FSKAX's -35.01%.

Which has better risk-adjusted returns?

FSKAX currently has the higher Sharpe Ratio (1.80 vs -0.19), 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.