FVICX vs. FBLTX

Last updated Aug 1, 2026

FVICX (Fidelity Advisor Government Income Fund Class C) and FBLTX (Fidelity SAI Long-Term Treasury Bond Index Fund) are both Government Bonds funds from Fidelity. Over the past 10 years, FVICX returned -0.46%/yr vs -2.52%/yr for FBLTX. Their correlation of 0.91 means they have usually moved in the same direction. FVICX charges 1.53%/yr vs 0.03%/yr for FBLTX.

Performance

FVICX vs. FBLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Government Income Fund Class C (FVICX) and Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVICX achieves a -1.03% return, which is significantly higher than FBLTX's -3.37% return. Over the past 10 years, FVICX has outperformed FBLTX with an annualized return of -0.46%, while FBLTX has yielded a comparatively lower -2.52% annualized return.

FVICX

• 1D: 0.11%
• 1M: -0.99%
• 6M: -1.09%
• YTD: -1.03%
• 1Y: 0.64%
• 3Y*: 1.84%
• 5Y*: -2.03%
• 10Y*: -0.46%
• ALL TIME*: 1.29%

FBLTX

• 1D: -0.16%
• 1M: -3.63%
• 6M: -3.28%
• YTD: -3.37%
• 1Y: -2.17%
• 3Y*: -2.29%
• 5Y*: -8.31%
• 10Y*: -2.52%
• ALL TIME*: -1.05%

*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)
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	$0.00	$0.00	$0.00
FVICX Fidelity Advisor Government Income Fund Class C	$0.00	$0.00	$0.00

FVICX vs. FBLTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVICX Fidelity Advisor Government Income Fund Class C	-1.03%	5.42%	-0.83%	2.81%	-13.80%	-3.14%	5.71%	5.16%	-0.36%	1.02%
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	-3.37%	4.39%	-8.05%	2.71%	-31.84%	-4.89%	18.27%	14.36%	-1.24%	9.06%

Correlation

The correlation between FVICX and FBLTX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Oct 16, 2015	0.91

The correlation between FVICX and FBLTX has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

FVICX vs. FBLTX — Risk / Return Rank

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

FVICX

FVICX Risk / Return Rank: 10
FVICX Sharpe Ratio Rank: 11
FVICX Sortino Ratio Rank: 10
FVICX Omega Ratio Rank: 10
FVICX Calmar Ratio Rank: 11
FVICX Martin Ratio Rank: 10

FBLTX

FBLTX Risk / Return Rank: 4
FBLTX Sharpe Ratio Rank: 4
FBLTX Sortino Ratio Rank: 4
FBLTX Omega Ratio Rank: 4
FBLTX Calmar Ratio Rank: 4
FBLTX Martin Ratio Rank: 4

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.

FVICX vs. FBLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Government Income Fund Class C (FVICX) and Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX). 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.

	FVICX	FBLTX	Difference
Sharpe ratio: Return per unit of total volatility	0.48	-0.04	+0.52
Sortino ratio: Return per unit of downside risk	0.71	0.01	+0.70
Omega ratio: Gain probability vs. loss probability	1.08	1.00	+0.08
Calmar ratio: Return relative to maximum drawdown	0.55	-0.05	+0.60
Martin ratio: Return relative to average drawdown	1.30	-0.10	+1.41

FVICX vs. FBLTX - Sharpe Ratio Comparison

The current FVICX Sharpe Ratio is 0.48, which is higher than the FBLTX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of FVICX and FBLTX, 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

FVICX vs. FBLTX - Drawdown Comparison

The maximum FVICX drawdown since its inception was -22.32%, smaller than the maximum FBLTX drawdown of -49.06%. Use the drawdown chart below to compare losses from any high point for FVICX and FBLTX.

Drawdown Indicators

	FVICX	FBLTX	Difference
Max Drawdown Largest peak-to-trough decline	-22.32%	-49.06%	+26.74%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-7.66%	+4.51%
Max Drawdown (3Y) Largest decline over 3 years	-5.51%	-14.75%	+9.24%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-44.19%	+24.44%
Max Drawdown (10Y) Largest decline over 10 years	-22.32%	-49.06%	+26.74%
Current Drawdown Current decline from peak	-12.90%	-42.95%	+30.05%
Average Drawdown Average peak-to-trough decline	-4.76%	-21.28%	+16.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	3.54%	-2.21%

Volatility

FVICX vs. FBLTX - Volatility Comparison

The current volatility for Fidelity Advisor Government Income Fund Class C (FVICX) is 1.00%, while Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX) has a volatility of 2.48%. This indicates that FVICX experiences smaller price fluctuations and is considered to be less risky than FBLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVICX	FBLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	2.48%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	6.79%	-4.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.63%	9.26%	-5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.05%	15.57%	-9.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	14.51%	-9.52%

FVICX vs. FBLTX - Expense Ratio Comparison

FVICX has a 1.53% expense ratio, which is higher than FBLTX's 0.03% expense ratio.

Dividends

FVICX vs. FBLTX - Dividend Comparison

FVICX's dividend yield for the trailing twelve months is around 2.22%, less than FBLTX's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	3.97%	4.04%	3.60%	3.29%	2.25%	1.81%	6.73%	2.39%	2.87%	2.68%	3.70%	0.39%
FVICX Fidelity Advisor Government Income Fund Class C	2.22%	2.29%	2.29%	1.33%	0.33%	0.07%	1.46%	1.03%	1.00%	0.72%	1.47%	1.23%

Frequently Asked Questions

Can I hold both FVICX and FBLTX in my portfolio?

FVICX and FBLTX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FVICX or FBLTX?

FBLTX has higher volatility (2.48%) compared to FVICX (1.00%). In terms of maximum drawdown, FVICX dropped -22.32% vs FBLTX's -49.06%.

Which has better risk-adjusted returns?

FVICX currently has the higher Sharpe Ratio (0.48 vs -0.04), 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.