FUTBX vs. VPU

Last updated Jun 3, 2026

FUTBX (Fidelity SAI U.S. Treasury Bond Index Fund) and VPU (Vanguard Utilities ETF) are both funds - FUTBX is a Government Bonds fund managed by Fidelity, while VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index. Over the past 5 years, FUTBX returned -0.45%/yr vs 9.19%/yr for VPU. At a 0.17 correlation, their price movements are largely independent. FUTBX charges 0.03%/yr vs 0.10%/yr for VPU.

Performance

FUTBX vs. VPU - 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 Vanguard Utilities ETF (VPU). 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 lower than VPU's 3.78% return.

FUTBX

• 1D: -0.11%
• 1M: -0.08%
• YTD: 0.07%
• 6M: -0.11%
• 1Y: 3.91%
• 3Y*: 2.91%
• 5Y*: -0.45%
• 10Y*: —

VPU

• 1D: 1.96%
• 1M: -5.14%
• YTD: 3.78%
• 6M: 1.55%
• 1Y: 10.46%
• 3Y*: 13.83%
• 5Y*: 9.19%
• 10Y*: 9.08%

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

FUTBX vs. VPU - 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%
VPU Vanguard Utilities ETF	3.78%	16.46%	23.04%	-7.45%	1.06%	17.40%	-0.74%	24.89%	4.38%	12.89%

Correlation

The correlation between FUTBX and VPU is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.17

The correlation between FUTBX and VPU shifts across timeframes, from 0.17 (all time) to 0.28 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FUTBX vs. VPU — Risk / Return Rank

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

FUTBX

FUTBX Risk / Return Rank: 12
FUTBX Sharpe Ratio Rank: 11
FUTBX Sortino Ratio Rank: 11
FUTBX Omega Ratio Rank: 10
FUTBX Calmar Ratio Rank: 15
FUTBX Martin Ratio Rank: 14

VPU

VPU Risk / Return Rank: 22
VPU Sharpe Ratio Rank: 22
VPU Sortino Ratio Rank: 20
VPU Omega Ratio Rank: 21
VPU Calmar Ratio Rank: 25
VPU Martin Ratio Rank: 22

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. VPU - 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 Vanguard Utilities ETF (VPU). 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	VPU	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.74	+0.19
Sortino ratio Return per unit of downside risk	1.37	1.08	+0.29
Omega ratio Gain probability vs. loss probability	1.16	1.13	+0.03
Calmar ratio Return relative to maximum drawdown	1.42	1.21	+0.20
Martin ratio Return relative to average drawdown	4.20	2.75	+1.45
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. VPU - Sharpe Ratio Comparison

The current FUTBX Sharpe Ratio is 0.92, which is comparable to the VPU Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of FUTBX and VPU, 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	VPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.74	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.54	-0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.53	-0.28

Drawdowns

FUTBX vs. VPU - Drawdown Comparison

The maximum FUTBX drawdown since its inception was -19.69%, smaller than the maximum VPU drawdown of -46.31%. Use the drawdown chart below to compare losses from any high point for FUTBX and VPU.

Drawdown Indicators

	FUTBX	VPU	Difference
Max Drawdown Largest peak-to-trough decline	-19.69%	-46.31%	+26.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-8.90%	+5.81%
Max Drawdown (3Y) Largest decline over 3 years	-5.42%	-17.34%	+11.92%
Max Drawdown (5Y) Largest decline over 5 years	-17.03%	-25.15%	+8.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.42%	—
Current Drawdown Current decline from peak	-7.62%	-6.72%	-0.90%
Average Drawdown Average peak-to-trough decline	-6.96%	-7.78%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	3.94%	-2.90%

Volatility

FUTBX vs. VPU - Volatility Comparison

The current volatility for Fidelity SAI U.S. Treasury Bond Index Fund (FUTBX) is 1.21%, while Vanguard Utilities ETF (VPU) has a volatility of 5.34%. This indicates that FUTBX experiences smaller price fluctuations and is considered to be less risky than VPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUTBX	VPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	5.34%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	11.58%	-8.86%
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	14.29%	-10.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.81%	17.05%	-11.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	19.13%	-13.98%

FUTBX vs. VPU - Expense Ratio Comparison

FUTBX has a 0.03% expense ratio, which is lower than VPU's 0.10% 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

FUTBX vs. VPU - Dividend Comparison

FUTBX's dividend yield for the trailing twelve months is around 3.65%, more than VPU's 2.67% 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%
VPU Vanguard Utilities ETF	2.67%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both FUTBX and VPU in my portfolio?

FUTBX and VPU have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUTBX or VPU?

VPU has higher volatility (5.34%) compared to FUTBX (1.21%). In terms of maximum drawdown, FUTBX dropped -19.69% vs VPU's -46.31%.

Which has better risk-adjusted returns?

FUTBX currently has the higher Sharpe Ratio (0.92 vs 0.74), 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.