GOVT vs. FHQFX

Last updated Jun 4, 2026

GOVT (iShares U.S. Treasury Bond ETF) and FHQFX (Fidelity Series Treasury Bill Index Fund) are both funds - GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index, while FHQFX is a Ultrashort Bond fund managed by Fidelity. Over the past 5 years, GOVT returned -0.45%/yr vs 3.04%/yr for FHQFX. At a 0.17 correlation, their price movements are largely independent. GOVT charges 0.05%/yr vs 0.00%/yr for FHQFX.

Performance

GOVT vs. FHQFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Treasury Bond ETF (GOVT) and Fidelity Series Treasury Bill Index Fund (FHQFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOVT achieves a -0.11% return, which is significantly lower than FHQFX's 1.41% return.

GOVT

• 1D: -0.18%
• 1M: 0.11%
• YTD: -0.11%
• 6M: -0.34%
• 1Y: 3.87%
• 3Y*: 2.83%
• 5Y*: -0.45%
• 10Y*: 0.87%

FHQFX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.41%
• 6M: 1.84%
• 1Y: 4.08%
• 3Y*: 4.67%
• 5Y*: 3.04%
• 10Y*: —

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

GOVT vs. FHQFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GOVT iShares U.S. Treasury Bond ETF	-0.11%	3.77%	2.95%	4.17%	-13.39%	-1.11%	-0.89%
FHQFX Fidelity Series Treasury Bill Index Fund	1.41%	4.37%	5.56%	4.47%	-0.50%	0.01%	-0.04%

Correlation

The correlation between GOVT and FHQFX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.17

The correlation between GOVT and FHQFX shifts across timeframes, from 0.06 (1 year) to 0.17 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

GOVT vs. FHQFX — Risk / Return Rank

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

GOVT

GOVT Risk / Return Rank: 28
GOVT Sharpe Ratio Rank: 29
GOVT Sortino Ratio Rank: 29
GOVT Omega Ratio Rank: 27
GOVT Calmar Ratio Rank: 28
GOVT Martin Ratio Rank: 28

FHQFX

FHQFX Risk / Return Rank: 99
FHQFX Sharpe Ratio Rank: 97
FHQFX Sortino Ratio Rank: 100
FHQFX Omega Ratio Rank: 100
FHQFX Calmar Ratio Rank: 100
FHQFX Martin Ratio Rank: 100

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.

GOVT vs. FHQFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Treasury Bond ETF (GOVT) and Fidelity Series Treasury Bill Index Fund (FHQFX). 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.

	GOVT	FHQFX	Difference
Sharpe ratio Return per unit of total volatility	1.07	3.68	-2.61
Sortino ratio Return per unit of downside risk	1.62	28.60	-26.98
Omega ratio Gain probability vs. loss probability	1.18	20.94	-19.76
Calmar ratio Return relative to maximum drawdown	1.36	41.79	-40.43
Martin ratio Return relative to average drawdown	4.01	119.47	-115.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOVT vs. FHQFX - Sharpe Ratio Comparison

The current GOVT Sharpe Ratio is 1.07, which is lower than the FHQFX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of GOVT and FHQFX, 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

	GOVT	FHQFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	3.68	-2.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	2.46	-2.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	2.31	-2.05

Drawdowns

GOVT vs. FHQFX - Drawdown Comparison

The maximum GOVT drawdown since its inception was -19.07%, which is greater than FHQFX's maximum drawdown of -0.70%. Use the drawdown chart below to compare losses from any high point for GOVT and FHQFX.

Drawdown Indicators

	GOVT	FHQFX	Difference
Max Drawdown Largest peak-to-trough decline	-19.07%	-0.70%	-18.37%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-0.10%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-5.43%	-0.70%	-4.73%
Max Drawdown (5Y) Largest decline over 5 years	-16.60%	-0.70%	-15.90%
Max Drawdown (10Y) Largest decline over 10 years	-19.07%	—	—
Current Drawdown Current decline from peak	-7.17%	0.00%	-7.17%
Average Drawdown Average peak-to-trough decline	-5.25%	-0.09%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.03%	+0.94%

Volatility

GOVT vs. FHQFX - Volatility Comparison

iShares U.S. Treasury Bond ETF (GOVT) has a higher volatility of 1.09% compared to Fidelity Series Treasury Bill Index Fund (FHQFX) at 0.31%. This indicates that GOVT's price experiences larger fluctuations and is considered to be riskier than FHQFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOVT	FHQFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.31%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	0.80%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.63%	1.14%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.04%	1.26%	+4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	1.19%	+4.03%

GOVT vs. FHQFX - Expense Ratio Comparison

GOVT has a 0.05% expense ratio, which is higher than FHQFX'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

GOVT vs. FHQFX - Dividend Comparison

GOVT's dividend yield for the trailing twelve months is around 3.59%, less than FHQFX's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHQFX Fidelity Series Treasury Bill Index Fund	3.89%	4.16%	5.09%	4.67%	0.00%	0.01%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%
GOVT iShares U.S. Treasury Bond ETF	3.59%	3.49%	3.14%	2.65%	1.77%	0.96%	2.17%	1.98%	1.97%	1.57%	1.40%	1.25%

Frequently Asked Questions

Can I hold both GOVT and FHQFX in my portfolio?

GOVT and FHQFX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOVT or FHQFX?

GOVT has higher volatility (1.09%) compared to FHQFX (0.31%). In terms of maximum drawdown, GOVT dropped -19.07% vs FHQFX's -0.70%.

Which has better risk-adjusted returns?

FHQFX currently has the higher Sharpe Ratio (3.68 vs 1.07), 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.