FXNAX vs. FYBTX
FXNAX (Fidelity U.S. Bond Index Fund) and FYBTX (Fidelity Series Short-Term Credit Fund) are both Total Bond Market funds from Fidelity. Over the past 10 years, FXNAX returned 1.33%/yr vs 2.56%/yr for FYBTX. A 0.72 correlation means they provide meaningful diversification when combined. FXNAX charges 0.03%/yr vs 0.00%/yr for FYBTX.
Performance
FXNAX vs. FYBTX - Performance Comparison
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Returns By Period
In the year-to-date period, FXNAX achieves a 0.04% return, which is significantly lower than FYBTX's 1.07% return. Over the past 10 years, FXNAX has underperformed FYBTX with an annualized return of 1.33%, while FYBTX has yielded a comparatively higher 2.56% annualized return.
FXNAX
- 1D
- -0.10%
- 1M
- -0.26%
- 6M
- -0.05%
- YTD
- 0.04%
- 1Y
- 3.97%
- 3Y*
- 4.22%
- 5Y*
- -0.21%
- 10Y*
- 1.33%
FYBTX
- 1D
- -0.10%
- 1M
- 0.16%
- 6M
- 1.07%
- YTD
- 1.07%
- 1Y
- 3.98%
- 3Y*
- 5.31%
- 5Y*
- 2.76%
- 10Y*
- 2.56%
FXNAX vs. FYBTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXNAX Fidelity U.S. Bond Index Fund | 0.04% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 7.63% | 8.50% | 0.04% | 3.50% |
FYBTX Fidelity Series Short-Term Credit Fund | 1.07% | 5.72% | 5.13% | 6.08% | -3.50% | -0.54% | 3.99% | 5.07% | 1.66% | 1.50% |
Correlation
The correlation between FXNAX and FYBTX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.72 |
The correlation between FXNAX and FYBTX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.
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Return for Risk
FXNAX vs. FYBTX — Risk / Return Rank
FXNAX
FYBTX
FXNAX vs. FYBTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Bond Index Fund (FXNAX) and Fidelity Series Short-Term Credit Fund (FYBTX). 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 | FYBTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.54 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 3.28 | -2.06 |
| Martin ratioReturn relative to average drawdown | 3.41 | 13.14 | -9.73 |
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Drawdowns
FXNAX vs. FYBTX - Drawdown Comparison
The maximum FXNAX drawdown since its inception was -19.51%, which is greater than FYBTX's maximum drawdown of -6.00%. Use the drawdown chart below to compare losses from any high point for FXNAX and FYBTX.
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Drawdown Indicators
| FXNAX | FYBTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.51% | -6.00% | -13.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -1.19% | -1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -6.16% | -1.19% | -4.97% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -6.00% | -12.54% |
Max Drawdown (10Y)Largest decline over 10 years | -19.51% | -6.00% | -13.51% |
Current DrawdownCurrent decline from peak | -3.23% | -0.20% | -3.03% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -0.71% | -3.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.30% | +0.75% |
Volatility
FXNAX vs. FYBTX - Volatility Comparison
Fidelity U.S. Bond Index Fund (FXNAX) has a higher volatility of 1.14% compared to Fidelity Series Short-Term Credit Fund (FYBTX) at 0.47%. This indicates that FXNAX's price experiences larger fluctuations and is considered to be riskier than FYBTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXNAX | FYBTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.47% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 1.37% | +1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 1.87% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.08% | 2.20% | +3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 1.92% | +3.09% |
FXNAX vs. FYBTX - Expense Ratio Comparison
FXNAX has a 0.03% expense ratio, which is higher than FYBTX's 0.00% expense ratio. However, 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. FYBTX - Dividend Comparison
FXNAX's dividend yield for the trailing twelve months is around 3.75%, less than FYBTX's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXNAX Fidelity U.S. Bond Index Fund | 3.75% | 3.58% | 3.40% | 3.15% | 1.81% | 1.74% | 2.92% | 2.68% | 2.74% | 2.57% | 2.76% | 2.52% |
FYBTX Fidelity Series Short-Term Credit Fund | 4.74% | 4.66% | 3.67% | 2.76% | 1.26% | 1.65% | 2.31% | 2.72% | 2.45% | 1.59% | 1.24% | 0.00% |
Frequently Asked Questions
FXNAX and FYBTX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXNAX has higher volatility (1.14%) compared to FYBTX (0.47%). In terms of maximum drawdown, FXNAX dropped -19.51% vs FYBTX's -6.00%.
FYBTX currently has the higher Sharpe Ratio (2.09 vs 0.93), 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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