FXNAX vs. SGOV
FXNAX (Fidelity U.S. Bond Index Fund) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both funds - FXNAX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, FXNAX returned -0.02%/yr vs 3.56%/yr for SGOV. At a 0.01 correlation, their price movements are largely independent. FXNAX charges 0.03%/yr vs 0.09%/yr for SGOV.
Performance
FXNAX vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, FXNAX achieves a 0.50% return, which is significantly lower than SGOV's 1.61% return.
FXNAX
- 1D
- 0.58%
- 1M
- 0.51%
- YTD
- 0.50%
- 6M
- 1.01%
- 1Y
- 4.66%
- 3Y*
- 4.05%
- 5Y*
- -0.02%
- 10Y*
- 1.48%
SGOV
- 1D
- 0.02%
- 1M
- 0.30%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.95%
- 3Y*
- 4.71%
- 5Y*
- 3.56%
- 10Y*
- —
FXNAX vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FXNAX Fidelity U.S. Bond Index Fund | 0.50% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 2.05% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.61% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between FXNAX and SGOV is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.01 |
The correlation between FXNAX and SGOV shifts across timeframes, from -0.12 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXNAX vs. SGOV — Risk / Return Rank
FXNAX
SGOV
FXNAX vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Bond Index Fund (FXNAX) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.01 | ||
| Sortino ratioReturn per unit of downside risk | -273.76 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 195.55 | -194.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 398.20 | -396.51 |
| Martin ratioReturn relative to average drawdown | 4.97 | 4,461.98 | -4,457.00 |
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Drawdowns
FXNAX vs. SGOV - Drawdown Comparison
The maximum FXNAX drawdown since its inception was -19.51%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for FXNAX and SGOV.
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Drawdown Indicators
| FXNAX | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.51% | -0.03% | -19.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -0.01% | -2.93% |
Max Drawdown (3Y)Largest decline over 3 years | -6.16% | -0.01% | -6.15% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -0.03% | -18.51% |
Max Drawdown (10Y)Largest decline over 10 years | -19.51% | — | — |
Current DrawdownCurrent decline from peak | -2.79% | 0.00% | -2.79% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -0.00% | -3.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.00% | +1.00% |
Volatility
FXNAX vs. SGOV - Volatility Comparison
Fidelity U.S. Bond Index Fund (FXNAX) has a higher volatility of 1.41% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that FXNAX's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXNAX | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 0.05% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 0.13% | +2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 0.20% | +3.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.08% | 0.24% | +5.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 0.24% | +4.77% |
FXNAX vs. SGOV - Expense Ratio Comparison
FXNAX has a 0.03% expense ratio, which is lower than SGOV's 0.09% 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. SGOV - Dividend Comparison
FXNAX's dividend yield for the trailing twelve months is around 3.70%, less than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXNAX Fidelity U.S. Bond Index Fund | 3.70% | 3.58% | 3.40% | 3.15% | 1.81% | 1.74% | 2.92% | 2.68% | 2.74% | 2.57% | 2.76% | 2.52% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXNAX and SGOV have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXNAX has higher volatility (1.41%) compared to SGOV (0.05%). In terms of maximum drawdown, FXNAX dropped -19.51% vs SGOV's -0.03%.
SGOV currently has the higher Sharpe Ratio (20.28 vs 1.27), 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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