FZOMX vs. FNSOX

Last updated Jun 5, 2026

FZOMX (Fidelity SAI Short-Term Bond Fund) and FNSOX (Fidelity Short-Term Bond Index Fund) are both mutual funds - FZOMX is a Short-Term Bond fund managed by Fidelity, while FNSOX is a Total Bond Market fund managed by Fidelity. Over the past 5 years, FZOMX returned 2.31%/yr vs 1.58%/yr for FNSOX. Their correlation of 0.85 suggests significant overlap in exposure. FZOMX charges 0.30%/yr vs 0.03%/yr for FNSOX.

Performance

FZOMX vs. FNSOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Short-Term Bond Fund (FZOMX) and Fidelity Short-Term Bond Index Fund (FNSOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZOMX achieves a 0.82% return, which is significantly higher than FNSOX's 0.27% return.

FZOMX

• 1D: -0.10%
• 1M: 0.13%
• YTD: 0.82%
• 6M: 1.18%
• 1Y: 3.86%
• 3Y*: 4.86%
• 5Y*: 2.31%
• 10Y*: —

FNSOX

• 1D: -0.10%
• 1M: -0.03%
• YTD: 0.27%
• 6M: 0.62%
• 1Y: 3.46%
• 3Y*: 4.44%
• 5Y*: 1.58%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FZOMX vs. FNSOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FZOMX Fidelity SAI Short-Term Bond Fund	0.82%	5.51%	4.71%	5.21%	-3.71%	-0.69%	0.37%
FNSOX Fidelity Short-Term Bond Index Fund	0.27%	6.01%	3.90%	4.90%	-5.76%	-1.25%	0.20%

Correlation

The correlation between FZOMX and FNSOX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 16, 2020	0.85

The correlation between FZOMX and FNSOX has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

FZOMX vs. FNSOX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FZOMX

FZOMX Risk / Return Rank: 72
FZOMX Sharpe Ratio Rank: 47
FZOMX Sortino Ratio Rank: 83
FZOMX Omega Ratio Rank: 77
FZOMX Calmar Ratio Rank: 74
FZOMX Martin Ratio Rank: 81

FNSOX

FNSOX Risk / Return Rank: 42
FNSOX Sharpe Ratio Rank: 38
FNSOX Sortino Ratio Rank: 47
FNSOX Omega Ratio Rank: 44
FNSOX Calmar Ratio Rank: 43
FNSOX Martin Ratio Rank: 38

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FZOMX vs. FNSOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Short-Term Bond Fund (FZOMX) and Fidelity Short-Term Bond Index Fund (FNSOX). 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.

	FZOMX	FNSOX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.78	+0.23
Sortino ratio: Return per unit of downside risk	3.96	2.90	+1.06
Omega ratio: Gain probability vs. loss probability	1.50	1.36	+0.14
Calmar ratio: Return relative to maximum drawdown	3.33	2.50	+0.83
Martin ratio: Return relative to average drawdown	14.89	8.25	+6.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZOMX vs. FNSOX - Sharpe Ratio Comparison

The current FZOMX Sharpe Ratio is 2.01, which is comparable to the FNSOX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FZOMX and FNSOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FZOMX	FNSOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.78	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.55	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.83	+0.17

Drawdowns

FZOMX vs. FNSOX - Drawdown Comparison

The maximum FZOMX drawdown since its inception was -6.12%, smaller than the maximum FNSOX drawdown of -8.92%. Use the drawdown chart below to compare losses from any high point for FZOMX and FNSOX.

Drawdown Indicators

	FZOMX	FNSOX	Difference
Max Drawdown Largest peak-to-trough decline	-6.12%	-8.92%	+2.80%
Max Drawdown (1Y) Largest decline over 1 year	-1.23%	-1.47%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-1.23%	-1.51%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	-6.12%	-8.77%	+2.65%
Current Drawdown Current decline from peak	-0.21%	-0.70%	+0.49%
Average Drawdown Average peak-to-trough decline	-1.28%	-1.73%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.45%	-0.18%

Volatility

FZOMX vs. FNSOX - Volatility Comparison

Fidelity SAI Short-Term Bond Fund (FZOMX) and Fidelity Short-Term Bond Index Fund (FNSOX) have volatilities of 0.63% and 0.65%, 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.

Volatility by Period

	FZOMX	FNSOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.65%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.46%	1.51%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	2.07%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.21%	2.89%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.08%	2.47%	-0.39%

FZOMX vs. FNSOX - Expense Ratio Comparison

FZOMX has a 0.30% expense ratio, which is higher than FNSOX's 0.03% expense ratio.

Dividends

FZOMX vs. FNSOX - Dividend Comparison

FZOMX's dividend yield for the trailing twelve months is around 4.54%, more than FNSOX's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNSOX Fidelity Short-Term Bond Index Fund	3.53%	3.22%	2.80%	1.74%	0.81%	0.80%	1.54%	2.61%	2.04%	0.34%
FZOMX Fidelity SAI Short-Term Bond Fund	4.54%	4.64%	4.27%	3.26%	0.76%	0.41%	0.07%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FZOMX and FNSOX in my portfolio?

FZOMX and FNSOX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FZOMX or FNSOX?

FNSOX has higher volatility (0.65%) compared to FZOMX (0.63%). In terms of maximum drawdown, FZOMX dropped -6.12% vs FNSOX's -8.92%.

Which has better risk-adjusted returns?

FZOMX currently has the higher Sharpe Ratio (2.01 vs 1.78), 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.