PRULX vs. FNBGX

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price U.S. Treasury Long Term Index Fund (PRULX) and Fidelity Long-Term Treasury Bond Index Fund (FNBGX).

PRULX is managed by T. Rowe Price. It was launched on Sep 28, 1989. FNBGX is managed by Fidelity. It was launched on Dec 20, 2005.

Performance

PRULX vs. FNBGX - Performance Comparison

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

PRULX vs. FNBGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRULX T. Rowe Price U.S. Treasury Long Term Index Fund	-0.63%	8.43%	-6.61%	2.91%	-30.45%	-5.22%	18.34%	22.58%	-1.86%	1.92%
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, PRULX achieves a -0.63% return, which is significantly lower than FNBGX's -0.35% return.

PRULX

• 1D: -0.14%
• 1M: -3.54%
• YTD: -0.63%
• 6M: 0.07%
• 1Y: 2.27%
• 3Y*: -0.96%
• 5Y*: -4.91%
• 10Y*: -0.21%

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)

PRULX vs. FNBGX - Expense Ratio Comparison

PRULX has a 0.29% expense ratio, which is higher than FNBGX's 0.03% expense ratio.

PRULX

T. Rowe Price U.S. Treasury Long Term Index Fund

FNBGX

Fidelity Long-Term Treasury Bond Index Fund

Return for Risk

PRULX vs. FNBGX — Risk / Return Rank

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

PRULX

PRULX Risk / Return Rank: 10
PRULX Sharpe Ratio Rank: 10
PRULX Sortino Ratio Rank: 9
PRULX Omega Ratio Rank: 8
PRULX Calmar Ratio Rank: 12
PRULX Martin Ratio Rank: 10

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.

PRULX vs. FNBGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Treasury Long Term Index Fund (PRULX) 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.

	PRULX	FNBGX	Difference
Sharpe ratio Return per unit of total volatility	0.28	0.01	+0.27
Sortino ratio Return per unit of downside risk	0.45	0.09	+0.36
Omega ratio Gain probability vs. loss probability	1.06	1.01	+0.05
Calmar ratio Return relative to maximum drawdown	0.36	0.14	+0.22
Martin ratio Return relative to average drawdown	0.86	0.30	+0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRULX vs. FNBGX - Sharpe Ratio Comparison

The current PRULX Sharpe Ratio is 0.28, which is higher than the FNBGX Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of PRULX 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

	PRULX	FNBGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	0.01	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	-0.35	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	-0.08	+0.53

Correlation

The correlation between PRULX 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

PRULX vs. FNBGX - Dividend Comparison

PRULX's dividend yield for the trailing twelve months is around 6.91%, more than FNBGX's 3.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRULX T. Rowe Price U.S. Treasury Long Term Index Fund	6.91%	6.83%	3.89%	3.84%	2.07%	1.72%	20.34%	16.60%	2.62%	2.48%	4.65%	5.09%
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

PRULX vs. FNBGX - Drawdown Comparison

The maximum PRULX drawdown since its inception was -47.40%, roughly equal to the maximum FNBGX drawdown of -46.86%. Use the drawdown chart below to compare losses from any high point for PRULX and FNBGX.

Drawdown Indicators

	PRULX	FNBGX	Difference
Max Drawdown Largest peak-to-trough decline	-47.40%	-46.86%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.46%	-8.75%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-42.35%	-41.54%	-0.81%
Max Drawdown (10Y) Largest decline over 10 years	-47.40%	—	—
Current Drawdown Current decline from peak	-36.62%	-37.47%	+0.85%
Average Drawdown Average peak-to-trough decline	-9.24%	-21.32%	+12.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	3.98%	-0.50%

Volatility

PRULX vs. FNBGX - Volatility Comparison

T. Rowe Price U.S. Treasury Long Term Index Fund (PRULX) and Fidelity Long-Term Treasury Bond Index Fund (FNBGX) have volatilities of 3.49% and 3.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRULX	FNBGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	3.50%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	6.39%	6.02%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	10.79%	10.47%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.68%	14.61%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.00%	14.30%	-0.30%