PGVAX vs. FBLTX

Last updated Aug 1, 2026

PGVAX (PGIM Government Income Fund) and FBLTX (Fidelity SAI Long-Term Treasury Bond Index Fund) are both Government Bonds funds. Over the past 10 years, PGVAX returned 0.07%/yr vs -2.52%/yr for FBLTX. Their correlation of 0.87 means they have usually moved in the same direction. PGVAX charges 1.08%/yr vs 0.03%/yr for FBLTX.

Performance

PGVAX vs. FBLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Government Income Fund (PGVAX) and Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGVAX achieves a -0.90% return, which is significantly higher than FBLTX's -3.37% return. Over the past 10 years, PGVAX has outperformed FBLTX with an annualized return of 0.07%, while FBLTX has yielded a comparatively lower -2.52% annualized return.

PGVAX

• 1D: 0.13%
• 1M: -1.01%
• 6M: -1.19%
• YTD: -0.90%
• 1Y: 1.51%
• 3Y*: 2.87%
• 5Y*: -1.51%
• 10Y*: 0.07%
• ALL TIME*: 3.92%

FBLTX

• 1D: -0.16%
• 1M: -3.63%
• 6M: -3.28%
• YTD: -3.37%
• 1Y: -2.17%
• 3Y*: -2.29%
• 5Y*: -8.31%
• 10Y*: -2.52%
• ALL TIME*: -1.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	$0.00	$0.00	$0.00
PGVAX PGIM Government Income Fund	$0.00	$0.00	$0.00

PGVAX vs. FBLTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGVAX PGIM Government Income Fund	-0.90%	7.10%	0.10%	3.89%	-14.24%	-4.05%	5.88%	5.91%	0.12%	2.09%
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	-3.37%	4.39%	-8.05%	2.71%	-31.84%	-4.89%	18.27%	14.36%	-1.24%	9.06%

Correlation

The correlation between PGVAX and FBLTX is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Oct 16, 2015	0.87

The correlation between PGVAX and FBLTX has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

PGVAX vs. FBLTX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PGVAX

PGVAX Risk / Return Rank: 15
PGVAX Sharpe Ratio Rank: 17
PGVAX Sortino Ratio Rank: 16
PGVAX Omega Ratio Rank: 15
PGVAX Calmar Ratio Rank: 14
PGVAX Martin Ratio Rank: 13

FBLTX

FBLTX Risk / Return Rank: 4
FBLTX Sharpe Ratio Rank: 4
FBLTX Sortino Ratio Rank: 4
FBLTX Omega Ratio Rank: 4
FBLTX Calmar Ratio Rank: 4
FBLTX Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PGVAX vs. FBLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Government Income Fund (PGVAX) and Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX). 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.

	PGVAX	FBLTX	Difference
Sharpe ratio: Return per unit of total volatility	0.69	-0.04	+0.73
Sortino ratio: Return per unit of downside risk	1.01	0.01	+1.01
Omega ratio: Gain probability vs. loss probability	1.12	1.00	+0.12
Calmar ratio: Return relative to maximum drawdown	0.78	-0.05	+0.82
Martin ratio: Return relative to average drawdown	1.88	-0.10	+1.98

PGVAX vs. FBLTX - Sharpe Ratio Comparison

The current PGVAX Sharpe Ratio is 0.69, which is higher than the FBLTX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of PGVAX and FBLTX, 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

PGVAX vs. FBLTX - Drawdown Comparison

The maximum PGVAX drawdown since its inception was -22.05%, smaller than the maximum FBLTX drawdown of -49.06%. Use the drawdown chart below to compare losses from any high point for PGVAX and FBLTX.

Drawdown Indicators

	PGVAX	FBLTX	Difference
Max Drawdown Largest peak-to-trough decline	-22.05%	-49.06%	+27.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.49%	-7.66%	+4.17%
Max Drawdown (3Y) Largest decline over 3 years	-5.49%	-14.75%	+9.26%
Max Drawdown (5Y) Largest decline over 5 years	-19.98%	-44.19%	+24.21%
Max Drawdown (10Y) Largest decline over 10 years	-22.05%	-49.06%	+27.01%
Current Drawdown Current decline from peak	-9.97%	-42.95%	+32.98%
Average Drawdown Average peak-to-trough decline	-3.05%	-21.28%	+18.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	3.54%	-2.10%

Volatility

PGVAX vs. FBLTX - Volatility Comparison

The current volatility for PGIM Government Income Fund (PGVAX) is 1.02%, while Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX) has a volatility of 2.48%. This indicates that PGVAX experiences smaller price fluctuations and is considered to be less risky than FBLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGVAX	FBLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	2.48%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	6.79%	-3.69%
Volatility (1Y) Calculated over the trailing 1-year period	3.92%	9.26%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.16%	15.57%	-9.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	14.51%	-9.50%

PGVAX vs. FBLTX - Expense Ratio Comparison

PGVAX has a 1.08% expense ratio, which is higher than FBLTX's 0.03% expense ratio.

Dividends

PGVAX vs. FBLTX - Dividend Comparison

PGVAX's dividend yield for the trailing twelve months is around 3.22%, less than FBLTX's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	3.97%	4.04%	3.60%	3.29%	2.25%	1.81%	6.73%	2.39%	2.87%	2.68%	3.70%	0.39%
PGVAX PGIM Government Income Fund	3.22%	3.40%	2.93%	2.40%	2.08%	3.35%	1.66%	2.04%	2.02%	2.08%	1.90%	2.10%

Frequently Asked Questions

Can I hold both PGVAX and FBLTX in my portfolio?

PGVAX and FBLTX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGVAX or FBLTX?

FBLTX has higher volatility (2.48%) compared to PGVAX (1.02%). In terms of maximum drawdown, PGVAX dropped -22.05% vs FBLTX's -49.06%.

Which has better risk-adjusted returns?

PGVAX currently has the higher Sharpe Ratio (0.69 vs -0.04), 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.