FXNAX vs. AGG
FXNAX (Fidelity U.S. Bond Index Fund) and AGG (iShares Core U.S. Aggregate Bond ETF) are both Total Bond Market funds tracking the Bloomberg U.S. Aggregate Bond Index, from Fidelity and iShares respectively. Both are passively managed. Over the past 10 years, FXNAX returned 1.48%/yr vs 1.56%/yr for AGG. Their correlation of 0.92 suggests significant overlap in exposure. FXNAX charges 0.03%/yr vs 0.03%/yr for AGG.
Performance
FXNAX vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, FXNAX achieves a 0.31% return, which is significantly lower than AGG's 0.61% return. Over the past 10 years, FXNAX has underperformed AGG with an annualized return of 1.48%, while AGG has yielded a comparatively higher 1.56% annualized return.
FXNAX
- 1D
- -0.19%
- 1M
- 1.10%
- YTD
- 0.31%
- 6M
- 0.81%
- 1Y
- 4.76%
- 3Y*
- 4.15%
- 5Y*
- -0.06%
- 10Y*
- 1.48%
AGG
- 1D
- 0.09%
- 1M
- 1.18%
- YTD
- 0.61%
- 6M
- 0.92%
- 1Y
- 4.96%
- 3Y*
- 4.06%
- 5Y*
- 0.18%
- 10Y*
- 1.56%
FXNAX vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXNAX Fidelity U.S. Bond Index Fund | 0.31% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 7.63% | 8.50% | 0.04% | 3.50% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.61% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
Correlation
The correlation between FXNAX and AGG is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.92 |
The correlation between FXNAX and AGG has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
FXNAX vs. AGG — Risk / Return Rank
FXNAX
AGG
FXNAX vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Bond Index Fund (FXNAX) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| FXNAX | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.23 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.80 | -0.28 |
| Martin ratioReturn relative to average drawdown | 4.45 | 5.30 | -0.85 |
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Drawdowns
FXNAX vs. AGG - Drawdown Comparison
The maximum FXNAX drawdown since its inception was -19.51%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for FXNAX and AGG.
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Drawdown Indicators
| FXNAX | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.51% | -18.43% | -1.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -2.76% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -6.16% | -6.11% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -17.82% | -0.72% |
Max Drawdown (10Y)Largest decline over 10 years | -19.51% | -18.43% | -1.08% |
Current DrawdownCurrent decline from peak | -2.98% | -1.79% | -1.19% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -2.71% | -1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.94% | +0.06% |
Volatility
FXNAX vs. AGG - Volatility Comparison
Fidelity U.S. Bond Index Fund (FXNAX) and iShares Core U.S. Aggregate Bond ETF (AGG) have volatilities of 1.43% and 1.37%, 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.
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Volatility by Period
| FXNAX | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.43% | 1.37% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 2.81% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 3.80% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.08% | 6.10% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 5.41% | -0.40% |
FXNAX vs. AGG - Expense Ratio Comparison
FXNAX has a 0.03% expense ratio, which is lower than AGG's 0.03% 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
FXNAX vs. AGG - Dividend Comparison
FXNAX's dividend yield for the trailing twelve months is around 3.71%, less than AGG's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.97% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
FXNAX Fidelity U.S. Bond Index Fund | 3.71% | 3.58% | 3.40% | 3.15% | 1.81% | 1.74% | 2.92% | 2.68% | 2.74% | 2.57% | 2.76% | 2.52% |
Frequently Asked Questions
With a correlation of 0.93, FXNAX and AGG 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.
FXNAX has higher volatility (1.43%) compared to AGG (1.37%). In terms of maximum drawdown, FXNAX dropped -19.51% vs AGG's -18.43%.
AGG currently has the higher Sharpe Ratio (1.32 vs 1.14), 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.
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