PGOVX vs. FNBGX

Last updated Apr 2, 2026

Compare and contrast key facts about PIMCO Long-Term U.S. Government Fund (PGOVX) and Fidelity Long-Term Treasury Bond Index Fund (FNBGX).

PGOVX is managed by PIMCO. It was launched on Jan 2, 1994. FNBGX is managed by Fidelity. It was launched on Dec 20, 2005.

Performance

PGOVX vs. FNBGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Long-Term U.S. Government Fund (PGOVX) and Fidelity Long-Term Treasury Bond Index Fund (FNBGX). The values are adjusted to include any dividend payments, if applicable.

PGOVX vs. FNBGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGOVX PIMCO Long-Term U.S. Government Fund	-0.61%	6.44%	-7.62%	1.46%	-29.39%	-4.59%	17.83%	13.44%	-2.10%	1.82%
FNBGX Fidelity Long-Term Treasury Bond Index Fund	-0.35%	5.30%	-6.18%	3.20%	-29.89%	-5.17%	17.58%	14.24%	-1.62%	1.86%

Returns By Period

In the year-to-date period, PGOVX achieves a -0.61% return, which is significantly lower than FNBGX's -0.35% return.

PGOVX

• 1D: 0.07%
• 1M: -3.62%
• YTD: -0.61%
• 6M: -0.89%
• 1Y: -0.13%
• 3Y*: -2.34%
• 5Y*: -5.46%
• 10Y*: -1.12%

FNBGX

• 1D: 0.00%
• 1M: -3.36%
• YTD: -0.35%
• 6M: -0.98%
• 1Y: -0.60%
• 3Y*: -1.65%
• 5Y*: -5.04%
• 10Y*: —

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

PGOVX vs. FNBGX - Expense Ratio Comparison

PGOVX has a 1.05% expense ratio, which is higher than FNBGX's 0.03% expense ratio.

PGOVX

PIMCO Long-Term U.S. Government Fund

FNBGX

Fidelity Long-Term Treasury Bond Index Fund

Return for Risk

PGOVX vs. FNBGX — Risk / Return Rank

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

PGOVX

PGOVX Risk / Return Rank: 7
PGOVX Sharpe Ratio Rank: 5
PGOVX Sortino Ratio Rank: 5
PGOVX Omega Ratio Rank: 4
PGOVX Calmar Ratio Rank: 11
PGOVX Martin Ratio Rank: 9

FNBGX

FNBGX Risk / Return Rank: 6
FNBGX Sharpe Ratio Rank: 5
FNBGX Sortino Ratio Rank: 4
FNBGX Omega Ratio Rank: 4
FNBGX Calmar Ratio Rank: 8
FNBGX Martin Ratio Rank: 7

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.

PGOVX vs. FNBGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Long-Term U.S. Government Fund (PGOVX) and Fidelity Long-Term Treasury Bond Index Fund (FNBGX). 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.

	PGOVX	FNBGX	Difference
Sharpe ratio Return per unit of total volatility	0.05	0.01	+0.04
Sortino ratio Return per unit of downside risk	0.14	0.09	+0.06
Omega ratio Gain probability vs. loss probability	1.02	1.01	+0.01
Calmar ratio Return relative to maximum drawdown	0.35	0.14	+0.21
Martin ratio Return relative to average drawdown	0.81	0.30	+0.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGOVX vs. FNBGX - Sharpe Ratio Comparison

The current PGOVX Sharpe Ratio is 0.05, which is higher than the FNBGX Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of PGOVX and FNBGX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PGOVX	FNBGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	0.01	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.38	-0.35	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	-0.08	+0.58

Correlation

The correlation between PGOVX and FNBGX is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PGOVX vs. FNBGX - Dividend Comparison

PGOVX's dividend yield for the trailing twelve months is around 3.61%, which matches FNBGX's 3.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGOVX PIMCO Long-Term U.S. Government Fund	3.61%	3.86%	1.19%	1.05%	2.09%	6.93%	27.91%	2.60%	3.25%	2.88%	3.31%	81.57%
FNBGX Fidelity Long-Term Treasury Bond Index Fund	3.60%	3.88%	3.75%	3.20%	2.26%	2.47%	3.96%	2.63%	2.93%	0.70%	0.00%	0.00%

Drawdowns

PGOVX vs. FNBGX - Drawdown Comparison

The maximum PGOVX drawdown since its inception was -46.64%, roughly equal to the maximum FNBGX drawdown of -46.86%. Use the drawdown chart below to compare losses from any high point for PGOVX and FNBGX.

Drawdown Indicators

	PGOVX	FNBGX	Difference
Max Drawdown Largest peak-to-trough decline	-46.64%	-46.86%	+0.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.77%	-8.75%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-41.48%	-41.54%	+0.06%
Max Drawdown (10Y) Largest decline over 10 years	-46.64%	—	—
Current Drawdown Current decline from peak	-38.14%	-37.47%	-0.67%
Average Drawdown Average peak-to-trough decline	-9.11%	-21.32%	+12.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	3.98%	-0.17%

Volatility

PGOVX vs. FNBGX - Volatility Comparison

PIMCO Long-Term U.S. Government Fund (PGOVX) has a higher volatility of 3.78% compared to Fidelity Long-Term Treasury Bond Index Fund (FNBGX) at 3.50%. This indicates that PGOVX's price experiences larger fluctuations and is considered to be riskier than FNBGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGOVX	FNBGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	3.50%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	6.24%	6.02%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	10.85%	10.47%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	14.61%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.77%	14.30%	-0.53%