PRWBX vs. FCNVX
PRWBX (T. Rowe Price Short-Term Bond Fund) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both mutual funds - PRWBX is a Short-Term Bond fund managed by T. Rowe Price, while FCNVX is a Total Bond Market fund managed by Fidelity. Over the past 10 years, PRWBX returned 2.52%/yr vs 2.57%/yr for FCNVX. At a 0.37 correlation, their price movements are largely independent. PRWBX charges 0.43%/yr vs 0.25%/yr for FCNVX.
Performance
PRWBX vs. FCNVX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PRWBX achieves a 0.38% return, which is significantly lower than FCNVX's 1.40% return. Both investments have delivered pretty close results over the past 10 years, with PRWBX having a 2.52% annualized return and FCNVX not far ahead at 2.57%.
PRWBX
- 1D
- 0.00%
- 1M
- 0.13%
- YTD
- 0.38%
- 6M
- 1.34%
- 1Y
- 5.08%
- 3Y*
- 5.80%
- 5Y*
- 2.69%
- 10Y*
- 2.52%
FCNVX
- 1D
- 0.00%
- 1M
- 0.23%
- YTD
- 1.40%
- 6M
- 1.75%
- 1Y
- 4.03%
- 3Y*
- 5.00%
- 5Y*
- 3.58%
- 10Y*
- 2.57%
PRWBX vs. FCNVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRWBX T. Rowe Price Short-Term Bond Fund | 0.38% | 7.22% | 6.22% | 5.54% | -4.99% | -0.23% | 4.56% | 4.33% | 1.38% | 1.33% |
FCNVX Fidelity Conservative Income Bond Institutional Class | 1.40% | 4.51% | 5.43% | 5.86% | 0.85% | -0.06% | 1.10% | 3.00% | 1.82% | 1.42% |
Correlation
The correlation between PRWBX and FCNVX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since May 26, 2011 | 0.37 |
The correlation between PRWBX and FCNVX shifts across timeframes, from 0.24 (1 year) to 0.39 (10 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PRWBX vs. FCNVX — Risk / Return Rank
PRWBX
FCNVX
PRWBX vs. FCNVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Short-Term Bond Fund (PRWBX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). 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.
| PRWBX | FCNVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -18.73 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 13.46 | -11.76 |
| Calmar ratioReturn relative to maximum drawdown | 5.09 | 40.73 | -35.64 |
| Martin ratioReturn relative to average drawdown | 18.89 | 139.01 | -120.12 |
Loading charts...
Drawdowns
PRWBX vs. FCNVX - Drawdown Comparison
The maximum PRWBX drawdown since its inception was -7.78%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for PRWBX and FCNVX.
Loading charts...
Drawdown Indicators
| PRWBX | FCNVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.78% | -2.19% | -5.59% |
Max Drawdown (1Y)Largest decline over 1 year | -1.07% | -0.10% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -1.07% | -0.30% | -0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -7.29% | -0.59% | -6.70% |
Max Drawdown (10Y)Largest decline over 10 years | -7.29% | -2.19% | -5.10% |
Current DrawdownCurrent decline from peak | -0.43% | -0.10% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -0.95% | -0.05% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 0.03% | +0.26% |
Volatility
PRWBX vs. FCNVX - Volatility Comparison
T. Rowe Price Short-Term Bond Fund (PRWBX) has a higher volatility of 0.61% compared to Fidelity Conservative Income Bond Institutional Class (FCNVX) at 0.35%. This indicates that PRWBX's price experiences larger fluctuations and is considered to be riskier than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PRWBX | FCNVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.35% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 0.79% | +0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 1.18% | +1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.56% | 1.29% | +1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.18% | 1.04% | +1.14% |
PRWBX vs. FCNVX - Expense Ratio Comparison
PRWBX has a 0.43% expense ratio, which is higher than FCNVX's 0.25% expense ratio.
Dividends
PRWBX vs. FCNVX - Dividend Comparison
PRWBX's dividend yield for the trailing twelve months is around 5.64%, more than FCNVX's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCNVX Fidelity Conservative Income Bond Institutional Class | 4.15% | 4.41% | 5.17% | 4.97% | 1.24% | 0.24% | 0.99% | 2.45% | 2.21% | 1.30% | 1.01% | 0.48% |
PRWBX T. Rowe Price Short-Term Bond Fund | 5.64% | 5.64% | 5.12% | 3.57% | 1.38% | 1.24% | 1.92% | 2.52% | 2.22% | 1.75% | 1.58% | 1.46% |
Frequently Asked Questions
PRWBX and FCNVX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRWBX has higher volatility (0.61%) compared to FCNVX (0.35%). In terms of maximum drawdown, PRWBX dropped -7.78% vs FCNVX's -2.19%.
FCNVX currently has the higher Sharpe Ratio (3.44 vs 2.39), 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.
Find the right allocation for PRWBX and FCNVX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer