FVITX vs. VSBIX

Last updated Jun 3, 2026

FVITX (Fidelity Advisor Government Income Fund Class M) and VSBIX (Vanguard Short-Term Treasury Index Fund Institutional Shares) are both Government Bonds funds. Over the past 10 years, FVITX returned 0.48%/yr vs 1.77%/yr for VSBIX. A 0.76 correlation means they provide meaningful diversification when combined. FVITX charges 0.76%/yr vs 0.05%/yr for VSBIX.

Performance

FVITX vs. VSBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Government Income Fund Class M (FVITX) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVITX achieves a 0.20% return, which is significantly lower than VSBIX's 0.52% return. Over the past 10 years, FVITX has underperformed VSBIX with an annualized return of 0.48%, while VSBIX has yielded a comparatively higher 1.77% annualized return.

FVITX

• 1D: 0.00%
• 1M: 0.07%
• YTD: 0.20%
• 6M: 0.20%
• 1Y: 4.34%
• 3Y*: 2.66%
• 5Y*: -0.84%
• 10Y*: 0.48%

VSBIX

• 1D: -0.05%
• 1M: 0.03%
• YTD: 0.52%
• 6M: 0.85%
• 1Y: 3.44%
• 3Y*: 4.29%
• 5Y*: 1.88%
• 10Y*: 1.77%

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

FVITX vs. VSBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVITX Fidelity Advisor Government Income Fund Class M	0.20%	6.23%	-0.15%	3.65%	-13.28%	-2.53%	6.56%	5.99%	0.41%	1.78%
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	0.52%	5.11%	4.37%	4.28%	-3.87%	-0.67%	3.11%	3.53%	1.52%	0.40%

Correlation

The correlation between FVITX and VSBIX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009	0.76

The correlation between FVITX and VSBIX has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

FVITX vs. VSBIX — Risk / Return Rank

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

FVITX

FVITX Risk / Return Rank: 15
FVITX Sharpe Ratio Rank: 14
FVITX Sortino Ratio Rank: 15
FVITX Omega Ratio Rank: 14
FVITX Calmar Ratio Rank: 17
FVITX Martin Ratio Rank: 16

VSBIX

VSBIX Risk / Return Rank: 87
VSBIX Sharpe Ratio Rank: 83
VSBIX Sortino Ratio Rank: 91
VSBIX Omega Ratio Rank: 84
VSBIX Calmar Ratio Rank: 88
VSBIX Martin Ratio Rank: 90

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.

FVITX vs. VSBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Government Income Fund Class M (FVITX) and Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX). 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.

	FVITX	VSBIX	Difference
Sharpe ratio Return per unit of total volatility	1.06	2.69	-1.63
Sortino ratio Return per unit of downside risk	1.59	4.51	-2.92
Omega ratio Gain probability vs. loss probability	1.19	1.57	-0.38
Calmar ratio Return relative to maximum drawdown	1.50	4.35	-2.85
Martin ratio Return relative to average drawdown	4.47	17.98	-13.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FVITX vs. VSBIX - Sharpe Ratio Comparison

The current FVITX Sharpe Ratio is 1.06, which is lower than the VSBIX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of FVITX and VSBIX, 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

	FVITX	VSBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	2.69	-1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.97	-1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.10	1.16	-1.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	1.09	-0.62

Drawdowns

FVITX vs. VSBIX - Drawdown Comparison

The maximum FVITX drawdown since its inception was -20.63%, which is greater than VSBIX's maximum drawdown of -5.74%. Use the drawdown chart below to compare losses from any high point for FVITX and VSBIX.

Drawdown Indicators

	FVITX	VSBIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.63%	-5.74%	-14.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-0.81%	-2.18%
Max Drawdown (3Y) Largest decline over 3 years	-6.49%	-0.81%	-5.68%
Max Drawdown (5Y) Largest decline over 5 years	-18.54%	-5.74%	-12.80%
Max Drawdown (10Y) Largest decline over 10 years	-20.63%	-5.74%	-14.89%
Current Drawdown Current decline from peak	-8.42%	-0.20%	-8.22%
Average Drawdown Average peak-to-trough decline	-3.98%	-0.59%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.20%	+0.80%

Volatility

FVITX vs. VSBIX - Volatility Comparison

Fidelity Advisor Government Income Fund Class M (FVITX) has a higher volatility of 1.18% compared to Vanguard Short-Term Treasury Index Fund Institutional Shares (VSBIX) at 0.39%. This indicates that FVITX's price experiences larger fluctuations and is considered to be riskier than VSBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVITX	VSBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	0.39%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	0.86%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	3.79%	1.27%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.11%	1.95%	+4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	1.53%	+3.51%

FVITX vs. VSBIX - Expense Ratio Comparison

FVITX has a 0.76% expense ratio, which is higher than VSBIX's 0.05% expense ratio.

Dividends

FVITX vs. VSBIX - Dividend Comparison

FVITX's dividend yield for the trailing twelve months is around 3.17%, less than VSBIX's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVITX Fidelity Advisor Government Income Fund Class M	3.17%	3.07%	2.95%	2.04%	0.89%	0.40%	2.07%	1.81%	1.76%	1.48%	2.34%	1.96%
VSBIX Vanguard Short-Term Treasury Index Fund Institutional Shares	3.87%	3.99%	4.52%	3.31%	1.14%	0.65%	1.74%	2.28%	1.81%	1.11%	0.80%	0.74%

Frequently Asked Questions

Can I hold both FVITX and VSBIX in my portfolio?

FVITX and VSBIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FVITX or VSBIX?

FVITX has higher volatility (1.18%) compared to VSBIX (0.39%). In terms of maximum drawdown, FVITX dropped -20.63% vs VSBIX's -5.74%.

Which has better risk-adjusted returns?

VSBIX currently has the higher Sharpe Ratio (2.69 vs 1.06), 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.