FXNAX vs. TLT
Compare and contrast key facts about Fidelity U.S. Bond Index Fund (FXNAX) and iShares 20+ Year Treasury Bond ETF (TLT).
FXNAX is managed by Fidelity. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002.
Performance
FXNAX vs. TLT - Performance Comparison
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FXNAX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXNAX Fidelity U.S. Bond Index Fund | -0.26% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 7.63% | 8.50% | 0.04% | 3.50% |
TLT iShares 20+ Year Treasury Bond ETF | 0.07% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Returns By Period
In the year-to-date period, FXNAX achieves a -0.26% return, which is significantly lower than TLT's 0.07% return. Over the past 10 years, FXNAX has outperformed TLT with an annualized return of 1.54%, while TLT has yielded a comparatively lower -1.39% annualized return.
FXNAX
- 1D
- 0.19%
- 1M
- -1.60%
- YTD
- -0.26%
- 6M
- 0.47%
- 1Y
- 3.69%
- 3Y*
- 3.52%
- 5Y*
- 0.10%
- 10Y*
- 1.54%
TLT
- 1D
- -0.10%
- 1M
- -3.35%
- YTD
- 0.07%
- 6M
- -1.23%
- 1Y
- -1.44%
- 3Y*
- -2.81%
- 5Y*
- -5.87%
- 10Y*
- -1.39%
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FXNAX vs. TLT - Expense Ratio Comparison
FXNAX has a 0.03% expense ratio, which is lower than TLT's 0.15% 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%.
Return for Risk
FXNAX vs. TLT — Risk / Return Rank
FXNAX
TLT
FXNAX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Bond Index Fund (FXNAX) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| FXNAX | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | -0.13 | +1.05 |
Sortino ratioReturn per unit of downside risk | 1.33 | -0.10 | +1.43 |
Omega ratioGain probability vs. loss probability | 1.16 | 0.99 | +0.17 |
Calmar ratioReturn relative to maximum drawdown | 1.66 | -0.06 | +1.72 |
Martin ratioReturn relative to average drawdown | 4.68 | -0.13 | +4.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXNAX | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | -0.13 | +1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | -0.37 | +0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | -0.09 | +0.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.26 | +0.19 |
Correlation
The correlation between FXNAX and TLT is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FXNAX vs. TLT - Dividend Comparison
FXNAX's dividend yield for the trailing twelve months is around 3.34%, less than TLT's 4.53% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXNAX Fidelity U.S. Bond Index Fund | 3.34% | 3.58% | 3.40% | 3.15% | 1.81% | 1.74% | 2.92% | 2.68% | 2.74% | 2.57% | 2.76% | 2.52% |
TLT iShares 20+ Year Treasury Bond ETF | 4.53% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Drawdowns
FXNAX vs. TLT - Drawdown Comparison
The maximum FXNAX drawdown since its inception was -19.51%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FXNAX and TLT.
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Drawdown Indicators
| FXNAX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.51% | -48.35% | +28.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -9.23% | +6.52% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -43.70% | +25.16% |
Max Drawdown (10Y)Largest decline over 10 years | -19.51% | -48.35% | +28.84% |
Current DrawdownCurrent decline from peak | -3.53% | -40.23% | +36.70% |
Average DrawdownAverage peak-to-trough decline | -3.87% | -13.62% | +9.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 4.39% | -3.43% |
Volatility
FXNAX vs. TLT - Volatility Comparison
The current volatility for Fidelity U.S. Bond Index Fund (FXNAX) is 1.55%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 3.71%. This indicates that FXNAX experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXNAX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 3.71% | -2.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.58% | 6.61% | -4.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.35% | 11.40% | -7.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.04% | 15.88% | -9.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 14.93% | -9.94% |