PRGMX vs. FVIIX
PRGMX (T. Rowe Price GNMA Fund) and FVIIX (Fidelity Advisor Government Income Fund Class I) are both Government Bonds funds. Over the past 10 years, PRGMX returned 1.15%/yr vs 0.51%/yr for FVIIX. Their correlation of 0.81 means they have usually moved in the same direction. PRGMX charges 0.58%/yr vs 0.49%/yr for FVIIX.
Performance
PRGMX vs. FVIIX - Performance Comparison
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Returns By Period
In the year-to-date period, PRGMX achieves a 0.01% return, which is significantly higher than FVIIX's -0.60% return. Over the past 10 years, PRGMX has outperformed FVIIX with an annualized return of 1.15%, while FVIIX has yielded a comparatively lower 0.51% annualized return.
PRGMX
- 1D
- 0.12%
- 1M
- -1.10%
- 6M
- -0.54%
- YTD
- 0.01%
- 1Y
- 4.08%
- 3Y*
- 4.55%
- 5Y*
- 0.49%
- 10Y*
- 1.15%
- ALL TIME*
- 3.85%
FVIIX
- 1D
- 0.00%
- 1M
- -1.09%
- 6M
- -0.75%
- YTD
- -0.60%
- 1Y
- 1.51%
- 3Y*
- 2.80%
- 5Y*
- -1.13%
- 10Y*
- 0.51%
- ALL TIME*
- 2.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRGMX vs. FVIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRGMX T. Rowe Price GNMA Fund | 0.01% | 8.72% | 1.86% | 5.62% | -11.45% | -2.18% | 4.21% | 5.18% | 0.58% | 1.23% |
FVIIX Fidelity Advisor Government Income Fund Class I | -0.60% | 6.52% | 0.07% | 3.80% | -13.09% | -2.26% | 6.85% | 6.27% | 0.67% | 2.06% |
Correlation
The correlation between PRGMX and FVIIX is 0.87, 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. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2005 | 0.81 |
The correlation between PRGMX and FVIIX shifts across timeframes, from 0.81 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PRGMX vs. FVIIX — Risk / Return Rank
PRGMX
FVIIX
PRGMX vs. FVIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price GNMA Fund (PRGMX) and Fidelity Advisor Government Income Fund Class I (FVIIX). 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.
| PRGMX | FVIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.13 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 0.92 | +0.87 |
| Martin ratioReturn relative to average drawdown | 4.96 | 2.22 | +2.73 |
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Drawdowns
PRGMX vs. FVIIX - Drawdown Comparison
The maximum PRGMX drawdown since its inception was -18.22%, smaller than the maximum FVIIX drawdown of -20.08%. Use the drawdown chart below to compare losses from any high point for PRGMX and FVIIX.
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Drawdown Indicators
| PRGMX | FVIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.22% | -20.08% | +1.86% |
Max Drawdown (1Y)Largest decline over 1 year | -3.00% | -2.95% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -6.22% | -5.29% | -0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -17.28% | -18.13% | +0.85% |
Max Drawdown (10Y)Largest decline over 10 years | -18.22% | -20.08% | +1.86% |
Current DrawdownCurrent decline from peak | -2.15% | -8.03% | +5.88% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -3.78% | +1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 1.21% | -0.14% |
Volatility
PRGMX vs. FVIIX - Volatility Comparison
T. Rowe Price GNMA Fund (PRGMX) has a higher volatility of 1.17% compared to Fidelity Advisor Government Income Fund Class I (FVIIX) at 0.84%. This indicates that PRGMX's price experiences larger fluctuations and is considered to be riskier than FVIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRGMX | FVIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.84% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.37% | 2.74% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.22% | 3.59% | +0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.43% | 6.07% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.79% | 5.02% | -0.23% |
PRGMX vs. FVIIX - Expense Ratio Comparison
PRGMX has a 0.58% expense ratio, which is higher than FVIIX's 0.49% expense ratio.
Dividends
PRGMX vs. FVIIX - Dividend Comparison
PRGMX's dividend yield for the trailing twelve months is around 4.43%, more than FVIIX's 3.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FVIIX Fidelity Advisor Government Income Fund Class I | 3.21% | 3.33% | 3.18% | 2.29% | 1.09% | 0.58% | 2.35% | 2.07% | 2.02% | 1.75% | 2.64% | 2.21% |
PRGMX T. Rowe Price GNMA Fund | 4.43% | 4.96% | 4.47% | 3.54% | 1.38% | 0.59% | 1.44% | 2.39% | 2.78% | 2.98% | 2.88% | 3.12% |
Frequently Asked Questions
PRGMX and FVIIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRGMX has higher volatility (1.17%) compared to FVIIX (0.84%). In terms of maximum drawdown, PRGMX dropped -18.22% vs FVIIX's -20.08%.
PRGMX currently has the higher Sharpe Ratio (1.27 vs 0.76), 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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