NTAUX vs. FCNVX

Last updated Jul 18, 2026

NTAUX (Northern Tax-Advantaged U-S Fixed Income) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both Ultrashort Bond funds. Over the past 10 years, NTAUX returned 1.59%/yr vs 2.61%/yr for FCNVX. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

NTAUX vs. FCNVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Tax-Advantaged U-S Fixed Income (NTAUX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NTAUX achieves a 1.22% return, which is significantly lower than FCNVX's 1.82% return. Over the past 10 years, NTAUX has underperformed FCNVX with an annualized return of 1.59%, while FCNVX has yielded a comparatively higher 2.61% annualized return.

NTAUX

• 1D: 0.00%
• 1M: 0.26%
• 6M: 1.02%
• YTD: 1.22%
• 1Y: 2.70%
• 3Y*: 3.14%
• 5Y*: 1.91%
• 10Y*: 1.59%

FCNVX

• 1D: 0.00%
• 1M: 0.41%
• 6M: 1.82%
• YTD: 1.82%
• 1Y: 4.09%
• 3Y*: 4.96%
• 5Y*: 3.66%
• 10Y*: 2.61%

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

NTAUX vs. FCNVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NTAUX Northern Tax-Advantaged U-S Fixed Income	1.22%	2.60%	3.52%	4.06%	-1.59%	-0.03%	1.49%	2.52%	1.39%	0.83%
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 NTAUX and FCNVX is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since May 26, 2011	0.12

The correlation between NTAUX and FCNVX shifts across timeframes, from 0.02 (1 year) to 0.17 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NTAUX vs. FCNVX — Risk / Return Rank

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

NTAUX

NTAUX Risk / Return Rank: 93
NTAUX Sharpe Ratio Rank: 90
NTAUX Sortino Ratio Rank: 98
NTAUX Omega Ratio Rank: 98
NTAUX Calmar Ratio Rank: 92
NTAUX Martin Ratio Rank: 87

FCNVX

FCNVX Risk / Return Rank: 100
FCNVX Sharpe Ratio Rank: 98
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.

NTAUX vs. FCNVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Tax-Advantaged U-S Fixed Income (NTAUX) 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.

	NTAUX	FCNVX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	3.47	-0.95
Sortino ratio: Return per unit of downside risk	5.51	18.03	-12.52
Omega ratio: Gain probability vs. loss probability	2.19	8.77	-6.58
Calmar ratio: Return relative to maximum drawdown	4.04	41.30	-37.26
Martin ratio: Return relative to average drawdown	13.01	132.04	-119.02

NTAUX vs. FCNVX - Sharpe Ratio Comparison

The current NTAUX Sharpe Ratio is 2.51, which is comparable to the FCNVX Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of NTAUX 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

NTAUX vs. FCNVX - Drawdown Comparison

The maximum NTAUX drawdown since its inception was -2.95%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for NTAUX and FCNVX.

Drawdown Indicators

	NTAUX	FCNVX	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-2.19%	-0.76%
Max Drawdown (1Y) Largest decline over 1 year	-0.68%	-0.10%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-0.88%	-0.30%	-0.58%
Max Drawdown (5Y) Largest decline over 5 years	-2.94%	-0.59%	-2.35%
Max Drawdown (10Y) Largest decline over 10 years	-2.95%	-2.19%	-0.76%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.05%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.03%	+0.18%

Volatility

NTAUX vs. FCNVX - Volatility Comparison

The current volatility for Northern Tax-Advantaged U-S Fixed Income (NTAUX) is 0.30%, while Fidelity Conservative Income Bond Institutional Class (FCNVX) has a volatility of 0.40%. This indicates that NTAUX 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

	NTAUX	FCNVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	0.40%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.82%	0.81%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.10%	1.18%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.09%	1.30%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.97%	1.05%	-0.08%

NTAUX vs. FCNVX - Expense Ratio Comparison

Both NTAUX and FCNVX have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

NTAUX vs. FCNVX - Dividend Comparison

NTAUX's dividend yield for the trailing twelve months is around 2.77%, less 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%
NTAUX Northern Tax-Advantaged U-S Fixed Income	2.77%	2.27%	3.15%	1.96%	0.68%	0.46%	1.09%	1.69%	1.38%	0.93%	0.81%	0.61%

Frequently Asked Questions

Can I hold both NTAUX and FCNVX in my portfolio?

NTAUX and FCNVX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NTAUX or FCNVX?

FCNVX has higher volatility (0.40%) compared to NTAUX (0.30%). In terms of maximum drawdown, NTAUX dropped -2.95% vs FCNVX's -2.19%.

Which has better risk-adjusted returns?

FCNVX currently has the higher Sharpe Ratio (3.47 vs 2.51), 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.