FUTBX vs. TBFAX

Last updated Jun 4, 2026

FUTBX (Fidelity SAI U.S. Treasury Bond Index Fund) and TBFAX (Thrivent Government Bond) are both Government Bonds funds. Over the past 5 years, FUTBX returned -0.41%/yr vs 0.02%/yr for TBFAX. Their correlation of 0.94 suggests significant overlap in exposure. FUTBX charges 0.03%/yr vs 0.77%/yr for TBFAX.

Performance

FUTBX vs. TBFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI U.S. Treasury Bond Index Fund (FUTBX) and Thrivent Government Bond (TBFAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FUTBX achieves a 0.07% return, which is significantly higher than TBFAX's -0.21% return.

FUTBX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 0.07%
• 6M: -0.22%
• 1Y: 4.03%
• 3Y*: 2.91%
• 5Y*: -0.41%
• 10Y*: —

TBFAX

• 1D: 0.11%
• 1M: 0.16%
• YTD: -0.21%
• 6M: -0.34%
• 1Y: 4.70%
• 3Y*: 3.14%
• 5Y*: 0.02%
• 10Y*: 0.94%

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

FUTBX vs. TBFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUTBX Fidelity SAI U.S. Treasury Bond Index Fund	0.07%	6.12%	0.70%	4.19%	-13.00%	-2.54%	7.76%	7.30%	0.95%	2.28%
TBFAX Thrivent Government Bond	-0.21%	7.00%	0.96%	3.52%	-10.67%	-1.92%	6.93%	5.70%	-0.02%	1.68%

Correlation

The correlation between FUTBX and TBFAX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.94

The correlation between FUTBX and TBFAX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

FUTBX vs. TBFAX — Risk / Return Rank

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

FUTBX

FUTBX Risk / Return Rank: 13
FUTBX Sharpe Ratio Rank: 14
FUTBX Sortino Ratio Rank: 14
FUTBX Omega Ratio Rank: 12
FUTBX Calmar Ratio Rank: 14
FUTBX Martin Ratio Rank: 13

TBFAX

TBFAX Risk / Return Rank: 17
TBFAX Sharpe Ratio Rank: 18
TBFAX Sortino Ratio Rank: 18
TBFAX Omega Ratio Rank: 17
TBFAX Calmar Ratio Rank: 16
TBFAX Martin Ratio Rank: 16

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.

FUTBX vs. TBFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI U.S. Treasury Bond Index Fund (FUTBX) and Thrivent Government Bond (TBFAX). 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.

	FUTBX	TBFAX	Difference
Sharpe ratio Return per unit of total volatility	1.02	1.21	-0.19
Sortino ratio Return per unit of downside risk	1.51	1.82	-0.31
Omega ratio Gain probability vs. loss probability	1.18	1.21	-0.04
Calmar ratio Return relative to maximum drawdown	1.28	1.43	-0.16
Martin ratio Return relative to average drawdown	3.75	4.33	-0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FUTBX vs. TBFAX - Sharpe Ratio Comparison

The current FUTBX Sharpe Ratio is 1.02, which is comparable to the TBFAX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of FUTBX and TBFAX, 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

	FUTBX	TBFAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	1.21	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.00	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.28	-0.03

Drawdowns

FUTBX vs. TBFAX - Drawdown Comparison

The maximum FUTBX drawdown since its inception was -19.69%, which is greater than TBFAX's maximum drawdown of -17.68%. Use the drawdown chart below to compare losses from any high point for FUTBX and TBFAX.

Drawdown Indicators

	FUTBX	TBFAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.69%	-17.68%	-2.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-3.21%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-5.42%	-6.55%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-17.03%	-16.03%	-1.00%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.68%	—
Current Drawdown Current decline from peak	-7.62%	-3.50%	-4.12%
Average Drawdown Average peak-to-trough decline	-6.96%	-4.17%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	1.06%	-0.01%

Volatility

FUTBX vs. TBFAX - Volatility Comparison

Fidelity SAI U.S. Treasury Bond Index Fund (FUTBX) and Thrivent Government Bond (TBFAX) have volatilities of 1.20% and 1.21%, 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.

Volatility by Period

	FUTBX	TBFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.21%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	2.64%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	3.80%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.81%	5.64%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	4.72%	+0.43%

FUTBX vs. TBFAX - Expense Ratio Comparison

FUTBX has a 0.03% expense ratio, which is lower than TBFAX's 0.77% expense ratio.

Dividends

FUTBX vs. TBFAX - Dividend Comparison

FUTBX's dividend yield for the trailing twelve months is around 3.65%, more than TBFAX's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FUTBX Fidelity SAI U.S. Treasury Bond Index Fund	3.65%	3.43%	2.90%	2.12%	1.12%	0.86%	4.54%	2.75%	2.05%	1.65%	0.00%	0.00%
TBFAX Thrivent Government Bond	3.48%	3.54%	3.73%	2.29%	2.08%	0.92%	3.29%	2.08%	2.02%	1.48%	1.25%	0.91%

Frequently Asked Questions

Can I hold both FUTBX and TBFAX in my portfolio?

With a correlation of 0.94, FUTBX and TBFAX 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, FUTBX or TBFAX?

TBFAX has higher volatility (1.21%) compared to FUTBX (1.20%). In terms of maximum drawdown, FUTBX dropped -19.69% vs TBFAX's -17.68%.

Which has better risk-adjusted returns?

TBFAX currently has the higher Sharpe Ratio (1.21 vs 1.02), 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.