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PRGMX vs. FUMBX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

PRGMX vs. FUMBX

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price GNMA Fund (PRGMX) and Fidelity Short-Term Treasury Bond Index Fund (FUMBX).

PRGMX is managed by T. Rowe Price. It was launched on Nov 25, 1985. FUMBX is a passively managed fund by Fidelity that tracks the performance of the Bloomberg Barclays 1-5 Year U.S. Treasury Index. It was launched on Dec 20, 2005.

Performance

PRGMX vs. FUMBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price GNMA Fund (PRGMX) and Fidelity Short-Term Treasury Bond Index Fund (FUMBX). The values are adjusted to include any dividend payments, if applicable.

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PRGMX vs. FUMBX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PRGMX
T. Rowe Price GNMA Fund		0.87%10.46%0.92%5.62%-11.45%-2.18%4.21%5.18%0.58%-0.10%
FUMBX
Fidelity Short-Term Treasury Bond Index Fund		-0.10%5.83%3.25%4.47%-5.84%-1.38%4.22%4.19%1.47%-0.33%

Returns By Period

In the year-to-date period, PRGMX achieves a 0.87% return, which is significantly higher than FUMBX's -0.10% return.

PRGMX

1D
0.24%
1M
-1.44%
YTD
0.87%
6M
2.89%
1Y
7.97%
3Y*
4.79%
5Y*
0.72%
10Y*
1.40%

FUMBX

1D
0.10%
1M
-0.77%
YTD
-0.10%
6M
0.85%
1Y
3.55%
3Y*
3.80%
5Y*
1.31%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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T. Rowe Price GNMA Fund

Fidelity Short-Term Treasury Bond Index Fund

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Often compared with FUMBX:
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PRGMX vs. FUMBX - Expense Ratio Comparison

PRGMX has a 0.58% expense ratio, which is higher than FUMBX's 0.03% expense ratio.

PRGMX
T. Rowe Price GNMA Fund
FUMBX
Fidelity Short-Term Treasury Bond Index Fund

Return for Risk

PRGMX vs. FUMBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PRGMX
PRGMX Risk / Return Rank: 8585
Overall Rank
PRGMX Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
PRGMX Sortino Ratio Rank: 8888
Sortino Ratio Rank
PRGMX Omega Ratio Rank: 7979
Omega Ratio Rank
PRGMX Calmar Ratio Rank: 9292
Calmar Ratio Rank
PRGMX Martin Ratio Rank: 8080
Martin Ratio Rank
FUMBX
FUMBX Risk / Return Rank: 8585
Overall Rank
FUMBX Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
FUMBX Sortino Ratio Rank: 8888
Sortino Ratio Rank
FUMBX Omega Ratio Rank: 8181
Omega Ratio Rank
FUMBX Calmar Ratio Rank: 9090
Calmar Ratio Rank
FUMBX Martin Ratio Rank: 8484
Martin Ratio Rank
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.

PRGMX vs. FUMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price GNMA Fund (PRGMX) and Fidelity Short-Term Treasury Bond Index Fund (FUMBX). 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.

PRGMXFUMBXDifference

Sharpe ratio

Return per unit of total volatility

1.77

1.55

+0.22

Sortino ratio

Return per unit of downside risk

2.53

2.43

+0.11

Omega ratio

Gain probability vs. loss probability

1.33

1.33

0.00

Calmar ratio

Return relative to maximum drawdown

3.01

2.52

+0.49

Martin ratio

Return relative to average drawdown

8.77

8.74

+0.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRGMX vs. FUMBX - Sharpe Ratio Comparison

The current PRGMX Sharpe Ratio is 1.77, which is comparable to the FUMBX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of PRGMX and FUMBX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

PRGMXFUMBXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.77

1.55

+0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

0.45

-0.34

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.30

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.94

0.73

+0.21

Correlation

The correlation between PRGMX and FUMBX is 0.76, 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

PRGMX vs. FUMBX - Dividend Comparison

PRGMX's dividend yield for the trailing twelve months is around 6.90%, more than FUMBX's 3.41% yield.

TTM20252024202320222021202020192018201720162015
PRGMX
T. Rowe Price GNMA Fund		6.90%6.52%3.54%3.54%1.38%0.59%1.44%2.39%2.78%2.98%2.88%3.12%
FUMBX
Fidelity Short-Term Treasury Bond Index Fund		3.41%3.51%2.91%1.64%0.86%1.15%1.41%1.88%1.64%0.34%0.00%0.00%

Drawdowns

PRGMX vs. FUMBX - Drawdown Comparison

The maximum PRGMX drawdown since its inception was -18.22%, which is greater than FUMBX's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for PRGMX and FUMBX.

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Drawdown Indicators

PRGMXFUMBXDifference

Max Drawdown

Largest peak-to-trough decline

-18.22%

-8.83%

-9.39%

Max Drawdown (1Y)

Largest decline over 1 year

-2.93%

-1.54%

-1.39%

Max Drawdown (5Y)

Largest decline over 5 years

-17.70%

-8.60%

-9.10%

Max Drawdown (10Y)

Largest decline over 10 years

-18.22%

—

—

Current Drawdown

Current decline from peak

-1.91%

-1.06%

-0.85%

Average Drawdown

Average peak-to-trough decline

-2.25%

-1.88%

-0.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.00%

0.44%

+0.56%

Volatility

PRGMX vs. FUMBX - Volatility Comparison

T. Rowe Price GNMA Fund (PRGMX) has a higher volatility of 1.74% compared to Fidelity Short-Term Treasury Bond Index Fund (FUMBX) at 0.74%. This indicates that PRGMX's price experiences larger fluctuations and is considered to be riskier than FUMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PRGMXFUMBXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.74%

0.74%

+1.00%

Volatility (6M)

Calculated over the trailing 6-month period

2.76%

1.37%

+1.39%

Volatility (1Y)

Calculated over the trailing 1-year period

4.77%

2.32%

+2.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.33%

2.89%

+3.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.73%

2.49%

+2.24%