GPPIX vs. FCNVX

Last updated Jul 14, 2026

GPPIX (Goldman Sachs Short-Term Conservative Income Fund) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both Ultrashort Bond funds. Over the past 10 years, GPPIX returned 2.57%/yr vs 2.61%/yr for FCNVX. A 0.54 correlation means they provide meaningful diversification when combined. GPPIX charges 0.24%/yr vs 0.25%/yr for FCNVX.

Performance

GPPIX vs. FCNVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Short-Term Conservative Income Fund (GPPIX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GPPIX having a 1.90% return and FCNVX slightly lower at 1.82%. Both investments have delivered pretty close results over the past 10 years, with GPPIX having a 2.57% annualized return and FCNVX not far ahead at 2.61%.

GPPIX

• 1D: 0.00%
• 1M: 0.33%
• 6M: 1.90%
• YTD: 1.90%
• 1Y: 4.27%
• 3Y*: 4.73%
• 5Y*: 3.40%
• 10Y*: 2.57%

FCNVX

• 1D: 0.00%
• 1M: 0.31%
• 6M: 1.82%
• YTD: 1.82%
• 1Y: 4.09%
• 3Y*: 5.00%
• 5Y*: 3.66%
• 10Y*: 2.61%

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

GPPIX vs. FCNVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPPIX Goldman Sachs Short-Term Conservative Income Fund	1.90%	4.83%	5.21%	4.50%	0.73%	-0.00%	1.43%	3.05%	2.16%	1.44%
FCNVX Fidelity Conservative Income Bond Institutional Class	1.82%	4.51%	5.43%	5.86%	0.85%	-0.06%	1.10%	3.00%	1.82%	1.42%

Correlation

The correlation between GPPIX and FCNVX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.54

The correlation between GPPIX and FCNVX has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

Return for Risk

GPPIX vs. FCNVX — Risk / Return Rank

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

GPPIX

GPPIX Risk / Return Rank: 99
GPPIX Sharpe Ratio Rank: 98
GPPIX Sortino Ratio Rank: 100
GPPIX Omega Ratio Rank: 99
GPPIX Calmar Ratio Rank: 99
GPPIX Martin Ratio Rank: 99

FCNVX

FCNVX Risk / Return Rank: 100
FCNVX Sharpe Ratio Rank: 99
FCNVX Sortino Ratio Rank: 100
FCNVX Omega Ratio Rank: 100
FCNVX Calmar Ratio Rank: 100
FCNVX 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.

GPPIX vs. FCNVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Short-Term Conservative Income Fund (GPPIX) 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.

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.

	GPPIX	FCNVX	Difference
Sharpe ratio: Return per unit of total volatility	3.37	3.49	-0.12
Sortino ratio: Return per unit of downside risk	11.39	20.15	-8.76
Omega ratio: Gain probability vs. loss probability	4.03	10.62	-6.59
Calmar ratio: Return relative to maximum drawdown	14.54	41.30	-26.76
Martin ratio: Return relative to average drawdown	66.06	134.81	-68.75

GPPIX vs. FCNVX - Sharpe Ratio Comparison

The current GPPIX Sharpe Ratio is 3.37, which is comparable to the FCNVX Sharpe Ratio of 3.49. The chart below compares the historical Sharpe Ratios of GPPIX and FCNVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GPPIX vs. FCNVX - Drawdown Comparison

The maximum GPPIX drawdown since its inception was -3.08%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for GPPIX and FCNVX.

Drawdown Indicators

	GPPIX	FCNVX	Difference
Max Drawdown Largest peak-to-trough decline	-3.08%	-2.19%	-0.89%
Max Drawdown (1Y) Largest decline over 1 year	-0.30%	-0.10%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-0.40%	-0.30%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-0.77%	-0.59%	-0.18%
Max Drawdown (10Y) Largest decline over 10 years	-3.08%	-2.19%	-0.89%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.05%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.03%	+0.03%

Volatility

GPPIX vs. FCNVX - Volatility Comparison

The current volatility for Goldman Sachs Short-Term Conservative Income Fund (GPPIX) is 0.33%, while Fidelity Conservative Income Bond Institutional Class (FCNVX) has a volatility of 0.37%. This indicates that GPPIX experiences smaller price fluctuations and is considered to be less risky than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPPIX	FCNVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.37%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.85%	0.80%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.28%	1.18%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.26%	1.30%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.08%	1.05%	+0.03%

GPPIX vs. FCNVX - Expense Ratio Comparison

GPPIX has a 0.24% 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

GPPIX vs. FCNVX - Dividend Comparison

GPPIX's dividend yield for the trailing twelve months is around 4.18%, more than FCNVX's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNVX Fidelity Conservative Income Bond Institutional Class	4.10%	4.41%	5.17%	4.97%	1.24%	0.24%	0.99%	2.45%	2.21%	1.30%	1.01%	0.48%
GPPIX Goldman Sachs Short-Term Conservative Income Fund	4.18%	4.51%	4.77%	3.68%	1.22%	0.30%	1.12%	2.61%	2.24%	1.33%	0.94%	0.49%

Frequently Asked Questions

Can I hold both GPPIX and FCNVX in my portfolio?

GPPIX and FCNVX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPPIX or FCNVX?

FCNVX has higher volatility (0.37%) compared to GPPIX (0.33%). In terms of maximum drawdown, GPPIX dropped -3.08% vs FCNVX's -2.19%.

Which has better risk-adjusted returns?

FCNVX currently has the higher Sharpe Ratio (3.49 vs 3.37), 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.