TBIRX vs. FXNAX

Last updated Jun 6, 2026

TBIRX (Nuveen Bond Index Fund Retirement Class) and FXNAX (Fidelity U.S. Bond Index Fund) are both Total Bond Market funds tracking the Bloomberg U.S. Aggregate Bond Index, from Nuveen and Fidelity respectively. Both are passively managed. Over the past 10 years, TBIRX returned 1.18%/yr vs 1.51%/yr for FXNAX. With a 0.96 correlation, they move nearly in lockstep. TBIRX charges 0.32%/yr vs 0.03%/yr for FXNAX.

Performance

TBIRX vs. FXNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Bond Index Fund Retirement Class (TBIRX) and Fidelity U.S. Bond Index Fund (FXNAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TBIRX having a 0.30% return and FXNAX slightly higher at 0.31%. Over the past 10 years, TBIRX has underperformed FXNAX with an annualized return of 1.18%, while FXNAX has yielded a comparatively higher 1.51% annualized return.

TBIRX

• 1D: 0.10%
• 1M: -0.20%
• YTD: 0.30%
• 6M: 0.51%
• 1Y: 4.66%
• 3Y*: 3.57%
• 5Y*: -0.40%
• 10Y*: 1.18%

FXNAX

• 1D: 0.10%
• 1M: -0.16%
• YTD: 0.31%
• 6M: 0.53%
• 1Y: 4.86%
• 3Y*: 3.98%
• 5Y*: 0.04%
• 10Y*: 1.51%

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

TBIRX vs. FXNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBIRX Nuveen Bond Index Fund Retirement Class	0.30%	6.85%	0.81%	5.01%	-13.87%	-2.05%	7.50%	8.28%	-0.57%	3.17%
FXNAX Fidelity U.S. Bond Index Fund	0.31%	7.14%	1.35%	5.82%	-13.55%	-2.10%	7.63%	8.50%	0.04%	3.50%

Correlation

The correlation between TBIRX and FXNAX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.96

The correlation between TBIRX and FXNAX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

TBIRX vs. FXNAX — Risk / Return Rank

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

TBIRX

TBIRX Risk / Return Rank: 18
TBIRX Sharpe Ratio Rank: 18
TBIRX Sortino Ratio Rank: 18
TBIRX Omega Ratio Rank: 16
TBIRX Calmar Ratio Rank: 19
TBIRX Martin Ratio Rank: 18

FXNAX

FXNAX Risk / Return Rank: 19
FXNAX Sharpe Ratio Rank: 19
FXNAX Sortino Ratio Rank: 19
FXNAX Omega Ratio Rank: 18
FXNAX Calmar Ratio Rank: 21
FXNAX Martin Ratio Rank: 19

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.

TBIRX vs. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Bond Index Fund Retirement Class (TBIRX) and Fidelity U.S. Bond Index Fund (FXNAX). 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.

	TBIRX	FXNAX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.19	-0.04
Sortino ratio: Return per unit of downside risk	1.71	1.79	-0.07
Omega ratio: Gain probability vs. loss probability	1.20	1.21	-0.01
Calmar ratio: Return relative to maximum drawdown	1.48	1.59	-0.11
Martin ratio: Return relative to average drawdown	4.43	4.82	-0.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBIRX vs. FXNAX - Sharpe Ratio Comparison

The current TBIRX Sharpe Ratio is 1.15, which is comparable to the FXNAX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of TBIRX and FXNAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBIRX	FXNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.19	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.01	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.30	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.45	+0.04

Drawdowns

TBIRX vs. FXNAX - Drawdown Comparison

The maximum TBIRX drawdown since its inception was -19.64%, roughly equal to the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for TBIRX and FXNAX.

Drawdown Indicators

	TBIRX	FXNAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.64%	-19.51%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-2.94%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-6.22%	-6.16%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-18.79%	-18.54%	-0.25%
Max Drawdown (10Y) Largest decline over 10 years	-19.64%	-19.51%	-0.13%
Current Drawdown Current decline from peak	-4.79%	-2.98%	-1.81%
Average Drawdown Average peak-to-trough decline	-3.93%	-3.86%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.97%	+0.04%

Volatility

TBIRX vs. FXNAX - Volatility Comparison

Nuveen Bond Index Fund Retirement Class (TBIRX) and Fidelity U.S. Bond Index Fund (FXNAX) have volatilities of 1.30% and 1.36%, 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

	TBIRX	FXNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.36%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	2.80%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	3.96%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.04%	6.07%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	5.00%	-0.01%

TBIRX vs. FXNAX - Expense Ratio Comparison

TBIRX has a 0.32% expense ratio, which is higher than FXNAX's 0.03% expense ratio.

Dividends

TBIRX vs. FXNAX - Dividend Comparison

TBIRX's dividend yield for the trailing twelve months is around 3.65%, less than FXNAX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXNAX Fidelity U.S. Bond Index Fund	3.71%	3.58%	3.40%	3.15%	1.81%	1.74%	2.92%	2.68%	2.74%	2.57%	2.76%	2.52%
TBIRX Nuveen Bond Index Fund Retirement Class	3.65%	3.48%	2.91%	2.23%	1.89%	1.81%	2.90%	2.56%	2.23%	2.19%	2.06%	1.95%

Frequently Asked Questions

Can I hold both TBIRX and FXNAX in my portfolio?

With a correlation of 0.95, TBIRX and FXNAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TBIRX or FXNAX?

FXNAX has higher volatility (1.36%) compared to TBIRX (1.30%). In terms of maximum drawdown, TBIRX dropped -19.64% vs FXNAX's -19.51%.

Which has better risk-adjusted returns?

FXNAX currently has the higher Sharpe Ratio (1.19 vs 1.15), 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.