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USD=X vs. FXNAX
Performance
Return for Risk
Drawdowns
Volatility

USD=X vs. FXNAX

Last updated Jun 16, 2026

USD=X (USD Cash) is a currency, while FXNAX (Fidelity U.S. Bond Index Fund) is Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Over the past 10 years, USD=X returned 0.00%/yr vs 1.48%/yr for FXNAX.

Performance

USD=X vs. FXNAX - Performance Comparison

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

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Returns By Period

USD=X

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.00%
1Y
0.00%
3Y*
0.00%
5Y*
0.00%
10Y*
0.00%

FXNAX

1D
-0.19%
1M
1.10%
YTD
0.31%
6M
0.81%
1Y
4.76%
3Y*
4.15%
5Y*
-0.06%
10Y*
1.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USD=X vs. FXNAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USD=X
USD Cash		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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%

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USD Cash

Fidelity U.S. Bond Index Fund

Often compared with USD=X:
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Often compared with FXNAX:
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Return for Risk

USD=X vs. FXNAX — Risk / Return Rank

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FXNAX
FXNAX Risk / Return Rank: 2121
Overall Rank
FXNAX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
FXNAX Sortino Ratio Rank: 2222
Sortino Ratio Rank
FXNAX Omega Ratio Rank: 1919
Omega Ratio Rank
FXNAX Calmar Ratio Rank: 2222
Calmar Ratio Rank
FXNAX Martin Ratio Rank: 2020
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.

USD=X vs. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD Cash (USD=X) 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.

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.

USD=XFXNAXDifference
Sharpe ratioReturn per unit of total volatility

—

1.14

—

Sortino ratioReturn per unit of downside risk

—

1.74

—

Omega ratioGain probability vs. loss probability

—

1.20

—

Calmar ratioReturn relative to maximum drawdown

—

1.52

—

Martin ratioReturn relative to average drawdown

—

4.45

—

USD=X vs. FXNAX - Sharpe Ratio Comparison

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Drawdowns

USD=X vs. FXNAX - Drawdown Comparison

The maximum USD=X drawdown since its inception was 0.00%, smaller than the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for USD=X and FXNAX.

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Drawdown Indicators

USD=XFXNAXDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-19.51%

+19.51%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-2.94%

+2.94%

Max Drawdown (3Y)

Largest decline over 3 years

0.00%

-6.16%

+6.16%

Max Drawdown (5Y)

Largest decline over 5 years

0.00%

-18.54%

+18.54%

Max Drawdown (10Y)

Largest decline over 10 years

0.00%

-19.51%

+19.51%

Current Drawdown

Current decline from peak

0.00%

-2.98%

+2.98%

Average Drawdown

Average peak-to-trough decline

0.00%

-3.86%

+3.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

1.00%

-1.00%

Volatility

USD=X vs. FXNAX - Volatility Comparison

The current volatility for USD Cash (USD=X) is 0.00%, while Fidelity U.S. Bond Index Fund (FXNAX) has a volatility of 1.43%. This indicates that USD=X experiences smaller price fluctuations and is considered to be less risky than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USD=XFXNAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

1.43%

-1.43%

Volatility (6M)

Calculated over the trailing 6-month period

0.00%

2.87%

-2.87%

Volatility (1Y)

Calculated over the trailing 1-year period

0.00%

3.92%

-3.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.00%

6.08%

-6.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.00%

5.01%

-5.01%

Frequently Asked Questions

FXNAX has higher volatility (1.43%) compared to USD=X (0.00%). In terms of maximum drawdown, USD=X dropped 0.00% vs FXNAX's -19.51%.

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