PBDIX vs. FSHBX
PBDIX (T. Rowe Price QM U.S. Bond Index Fund) and FSHBX (Fidelity Short-Term Bond Fund) are both Total Bond Market funds. Over the past 10 years, PBDIX returned 2.19%/yr vs 2.11%/yr for FSHBX. A 0.70 correlation means they provide meaningful diversification when combined. PBDIX charges 0.23%/yr vs 0.45%/yr for FSHBX.
Performance
PBDIX vs. FSHBX - Performance Comparison
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Returns By Period
In the year-to-date period, PBDIX achieves a 0.28% return, which is significantly lower than FSHBX's 0.77% return. Both investments have delivered pretty close results over the past 10 years, with PBDIX having a 2.19% annualized return and FSHBX not far behind at 2.11%.
PBDIX
- 1D
- 0.21%
- 1M
- -0.48%
- 6M
- 0.18%
- YTD
- 0.28%
- 1Y
- 4.59%
- 3Y*
- 5.88%
- 5Y*
- 1.03%
- 10Y*
- 2.19%
FSHBX
- 1D
- 0.12%
- 1M
- 0.21%
- 6M
- 0.89%
- YTD
- 0.77%
- 1Y
- 3.47%
- 3Y*
- 4.81%
- 5Y*
- 2.29%
- 10Y*
- 2.11%
PBDIX vs. FSHBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 0.28% | 8.29% | 4.75% | 8.62% | -14.24% | -1.45% | 8.17% | 8.69% | -0.01% | 3.83% |
FSHBX Fidelity Short-Term Bond Fund | 0.77% | 5.49% | 4.73% | 5.35% | -3.86% | -0.92% | 3.59% | 4.20% | 1.21% | 1.16% |
Correlation
The correlation between PBDIX and FSHBX is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2000 | 0.70 |
The correlation between PBDIX and FSHBX shifts across timeframes, from 0.59 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PBDIX vs. FSHBX — Risk / Return Rank
PBDIX
FSHBX
PBDIX vs. FSHBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM U.S. Bond Index Fund (PBDIX) and Fidelity Short-Term Bond Fund (FSHBX). 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.
| PBDIX | FSHBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.46 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 3.08 | -1.40 |
| Martin ratioReturn relative to average drawdown | 4.63 | 11.71 | -7.08 |
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Drawdowns
PBDIX vs. FSHBX - Drawdown Comparison
The maximum PBDIX drawdown since its inception was -19.20%, which is greater than FSHBX's maximum drawdown of -8.80%. Use the drawdown chart below to compare losses from any high point for PBDIX and FSHBX.
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Drawdown Indicators
| PBDIX | FSHBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.20% | -8.80% | -10.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -1.17% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -5.61% | -1.17% | -4.44% |
Max Drawdown (5Y)Largest decline over 5 years | -19.10% | -6.36% | -12.74% |
Max Drawdown (10Y)Largest decline over 10 years | -19.20% | -6.51% | -12.69% |
Current DrawdownCurrent decline from peak | -1.51% | -0.12% | -1.39% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -1.04% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.31% | +0.75% |
Volatility
PBDIX vs. FSHBX - Volatility Comparison
T. Rowe Price QM U.S. Bond Index Fund (PBDIX) has a higher volatility of 1.28% compared to Fidelity Short-Term Bond Fund (FSHBX) at 0.50%. This indicates that PBDIX's price experiences larger fluctuations and is considered to be riskier than FSHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDIX | FSHBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 0.50% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 1.45% | +1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.17% | 1.92% | +2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.13% | 2.22% | +3.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.03% | 1.86% | +3.17% |
PBDIX vs. FSHBX - Expense Ratio Comparison
PBDIX has a 0.23% expense ratio, which is lower than FSHBX's 0.45% expense ratio.
Dividends
PBDIX vs. FSHBX - Dividend Comparison
PBDIX's dividend yield for the trailing twelve months is around 4.65%, more than FSHBX's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSHBX Fidelity Short-Term Bond Fund | 4.15% | 4.26% | 4.00% | 3.00% | 0.83% | 1.04% | 2.62% | 2.13% | 1.78% | 1.27% | 1.12% | 0.88% |
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 4.65% | 5.19% | 7.21% | 6.39% | 2.01% | 1.84% | 3.59% | 3.18% | 2.94% | 2.75% | 2.82% | 2.99% |
Frequently Asked Questions
PBDIX and FSHBX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDIX has higher volatility (1.28%) compared to FSHBX (0.50%). In terms of maximum drawdown, PBDIX dropped -19.20% vs FSHBX's -8.80%.
FSHBX currently has the higher Sharpe Ratio (1.89 vs 1.19), 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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