USGDX vs. FTHRX

Last updated Jun 23, 2026

USGDX (Morgan Stanley U.S. Government Securities Trust) and FTHRX (Fidelity Intermediate Bond Fund) are both Intermediate Core Bond funds. Over the past 10 years, USGDX returned 0.69%/yr vs 2.00%/yr for FTHRX. A 0.80 correlation means they provide meaningful diversification when combined. USGDX charges 0.52%/yr vs 0.45%/yr for FTHRX.

Performance

USGDX vs. FTHRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley U.S. Government Securities Trust (USGDX) and Fidelity Intermediate Bond Fund (FTHRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USGDX achieves a -1.64% return, which is significantly lower than FTHRX's -0.04% return. Over the past 10 years, USGDX has underperformed FTHRX with an annualized return of 0.69%, while FTHRX has yielded a comparatively higher 2.00% annualized return.

USGDX

• 1D: 0.44%
• 1M: 2.43%
• YTD: -1.64%
• 6M: -0.99%
• 1Y: 6.92%
• 3Y*: 2.53%
• 5Y*: -1.27%
• 10Y*: 0.69%

FTHRX

• 1D: 0.10%
• 1M: 0.41%
• YTD: -0.04%
• 6M: 0.26%
• 1Y: 3.53%
• 3Y*: 4.57%
• 5Y*: 1.04%
• 10Y*: 2.00%

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

USGDX vs. FTHRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USGDX Morgan Stanley U.S. Government Securities Trust	-1.64%	13.54%	-6.80%	4.64%	-13.25%	-2.18%	5.79%	7.23%	0.08%	2.91%
FTHRX Fidelity Intermediate Bond Fund	-0.04%	6.89%	3.25%	5.55%	-9.17%	-1.60%	7.06%	7.20%	0.52%	2.31%

Correlation

The correlation between USGDX and FTHRX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jul 28, 1997	0.80

The correlation between USGDX and FTHRX shifts across timeframes, from 0.80 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

USGDX vs. FTHRX — Risk / Return Rank

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

USGDX

USGDX Risk / Return Rank: 10
USGDX Sharpe Ratio Rank: 11
USGDX Sortino Ratio Rank: 11
USGDX Omega Ratio Rank: 10
USGDX Calmar Ratio Rank: 10
USGDX Martin Ratio Rank: 10

FTHRX

FTHRX Risk / Return Rank: 24
FTHRX Sharpe Ratio Rank: 24
FTHRX Sortino Ratio Rank: 27
FTHRX Omega Ratio Rank: 24
FTHRX Calmar Ratio Rank: 25
FTHRX Martin Ratio Rank: 21

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.

USGDX vs. FTHRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley U.S. Government Securities Trust (USGDX) and Fidelity Intermediate Bond Fund (FTHRX). 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.

	USGDX	FTHRX	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.31	-0.48
Sortino ratio: Return per unit of downside risk	1.26	2.01	-0.75
Omega ratio: Gain probability vs. loss probability	1.15	1.24	-0.09
Calmar ratio: Return relative to maximum drawdown	0.90	1.73	-0.83
Martin ratio: Return relative to average drawdown	2.62	4.83	-2.21

USGDX vs. FTHRX - Sharpe Ratio Comparison

The current USGDX Sharpe Ratio is 0.83, which is lower than the FTHRX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of USGDX and FTHRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USGDX vs. FTHRX - Drawdown Comparison

The maximum USGDX drawdown since its inception was -30.33%, which is greater than FTHRX's maximum drawdown of -19.01%. Use the drawdown chart below to compare losses from any high point for USGDX and FTHRX.

Drawdown Indicators

	USGDX	FTHRX	Difference
Max Drawdown Largest peak-to-trough decline	-30.33%	-19.01%	-11.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.88%	-2.11%	-5.77%
Max Drawdown (3Y) Largest decline over 3 years	-18.60%	-2.68%	-15.92%
Max Drawdown (5Y) Largest decline over 5 years	-29.81%	-13.18%	-16.63%
Max Drawdown (10Y) Largest decline over 10 years	-30.33%	-13.25%	-17.08%
Current Drawdown Current decline from peak	-8.13%	-1.28%	-6.85%
Average Drawdown Average peak-to-trough decline	-3.20%	-3.06%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	0.75%	+1.96%

Volatility

USGDX vs. FTHRX - Volatility Comparison

Morgan Stanley U.S. Government Securities Trust (USGDX) has a higher volatility of 3.20% compared to Fidelity Intermediate Bond Fund (FTHRX) at 0.89%. This indicates that USGDX's price experiences larger fluctuations and is considered to be riskier than FTHRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USGDX	FTHRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	0.89%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	6.16%	2.08%	+4.08%
Volatility (1Y) Calculated over the trailing 1-year period	8.55%	2.78%	+5.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	4.03%	+8.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.91%	3.40%	+5.51%

USGDX vs. FTHRX - Expense Ratio Comparison

USGDX has a 0.52% expense ratio, which is higher than FTHRX's 0.45% expense ratio.

Dividends

USGDX vs. FTHRX - Dividend Comparison

USGDX's dividend yield for the trailing twelve months is around 5.01%, more than FTHRX's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTHRX Fidelity Intermediate Bond Fund	3.70%	3.59%	3.49%	2.94%	1.55%	1.53%	4.16%	2.49%	2.48%	2.20%	2.63%	2.13%
USGDX Morgan Stanley U.S. Government Securities Trust	5.01%	4.73%	5.20%	3.09%	2.51%	2.18%	2.79%	3.67%	3.13%	3.11%	3.13%	2.63%

Frequently Asked Questions

Can I hold both USGDX and FTHRX in my portfolio?

USGDX and FTHRX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USGDX or FTHRX?

USGDX has higher volatility (3.20%) compared to FTHRX (0.89%). In terms of maximum drawdown, USGDX dropped -30.33% vs FTHRX's -19.01%.

Which has better risk-adjusted returns?

FTHRX currently has the higher Sharpe Ratio (1.31 vs 0.83), 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.