FYBTX vs. FCNVX
FYBTX (Fidelity Series Short-Term Credit Fund) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both Total Bond Market funds from Fidelity. Over the past 10 years, FYBTX returned 2.57%/yr vs 2.58%/yr for FCNVX. At a 0.42 correlation, their price movements are largely independent. FYBTX charges 0.00%/yr vs 0.25%/yr for FCNVX.
Performance
FYBTX vs. FCNVX - Performance Comparison
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Returns By Period
In the year-to-date period, FYBTX achieves a 0.91% return, which is significantly lower than FCNVX's 1.50% return. Both investments have delivered pretty close results over the past 10 years, with FYBTX having a 2.57% annualized return and FCNVX not far ahead at 2.58%.
FYBTX
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 0.91%
- 6M
- 1.34%
- 1Y
- 3.98%
- 3Y*
- 5.26%
- 5Y*
- 2.73%
- 10Y*
- 2.57%
FCNVX
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 1.50%
- 6M
- 1.85%
- 1Y
- 4.14%
- 3Y*
- 5.03%
- 5Y*
- 3.58%
- 10Y*
- 2.58%
FYBTX vs. FCNVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FYBTX Fidelity Series Short-Term Credit Fund | 0.91% | 5.72% | 5.13% | 6.08% | -3.50% | -0.54% | 3.99% | 5.07% | 1.66% | 1.50% |
FCNVX Fidelity Conservative Income Bond Institutional Class | 1.50% | 4.51% | 5.43% | 5.86% | 0.85% | -0.06% | 1.10% | 3.00% | 1.82% | 1.42% |
Correlation
The correlation between FYBTX and FCNVX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016 | 0.42 |
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Return for Risk
FYBTX vs. FCNVX — Risk / Return Rank
FYBTX
FCNVX
FYBTX vs. FCNVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Short-Term Credit Fund (FYBTX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). 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.
| FYBTX | FCNVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -19.80 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 14.09 | -12.52 |
| Calmar ratioReturn relative to maximum drawdown | 3.53 | 42.87 | -39.34 |
| Martin ratioReturn relative to average drawdown | 13.18 | 146.17 | -132.98 |
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
| FYBTX | FCNVX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 3.60 | -1.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.25 | 2.79 | -1.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.34 | 2.48 | -1.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.38 | 2.20 | -0.83 |
Drawdowns
FYBTX vs. FCNVX - Drawdown Comparison
The maximum FYBTX drawdown since its inception was -6.00%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for FYBTX and FCNVX.
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Drawdown Indicators
| FYBTX | FCNVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.00% | -2.19% | -3.81% |
Max Drawdown (1Y)Largest decline over 1 year | -1.19% | -0.10% | -1.09% |
Max Drawdown (3Y)Largest decline over 3 years | -1.19% | -0.30% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -6.00% | -0.59% | -5.41% |
Max Drawdown (10Y)Largest decline over 10 years | -6.00% | -2.19% | -3.81% |
Current DrawdownCurrent decline from peak | -0.10% | 0.00% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -0.72% | -0.05% | -0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 0.03% | +0.29% |
Volatility
FYBTX vs. FCNVX - Volatility Comparison
Fidelity Series Short-Term Credit Fund (FYBTX) has a higher volatility of 0.53% compared to Fidelity Conservative Income Bond Institutional Class (FCNVX) at 0.33%. This indicates that FYBTX's price experiences larger fluctuations and is considered to be riskier than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FYBTX | FCNVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 0.33% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 1.35% | 0.78% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.91% | 1.18% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.19% | 1.29% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.92% | 1.04% | +0.88% |
FYBTX vs. FCNVX - Expense Ratio Comparison
FYBTX has a 0.00% expense ratio, which is lower than FCNVX's 0.25% 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
FYBTX vs. FCNVX - Dividend Comparison
FYBTX's dividend yield for the trailing twelve months is around 4.73%, more than FCNVX's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCNVX Fidelity Conservative Income Bond Institutional Class | 4.15% | 4.41% | 5.17% | 4.97% | 1.24% | 0.24% | 0.99% | 2.45% | 2.21% | 1.30% | 1.01% | 0.48% |
FYBTX Fidelity Series Short-Term Credit Fund | 4.73% | 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
FYBTX and FCNVX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FYBTX has higher volatility (0.53%) compared to FCNVX (0.33%). In terms of maximum drawdown, FYBTX dropped -6.00% vs FCNVX's -2.19%.
FCNVX currently has the higher Sharpe Ratio (3.60 vs 2.20), 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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