VBILX vs. FSMOX

Last updated Jun 24, 2026

VBILX (Vanguard Intermediate-Term Bond Index Fund Admiral Shares) and FSMOX (Fidelity SAI Investment Grade Securitized Fund) are both Intermediate Core Bond funds. Over the past 3 years, VBILX returned 4.34%/yr vs 4.02%/yr for FSMOX. Their correlation of 0.95 suggests significant overlap in exposure. VBILX charges 0.06%/yr vs 0.33%/yr for FSMOX.

Performance

VBILX vs. FSMOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Bond Index Fund Admiral Shares (VBILX) and Fidelity SAI Investment Grade Securitized Fund (FSMOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBILX achieves a -0.53% return, which is significantly lower than FSMOX's 0.67% return.

VBILX

• 1D: -0.29%
• 1M: 0.47%
• YTD: -0.53%
• 6M: -0.08%
• 1Y: 3.75%
• 3Y*: 4.34%
• 5Y*: 0.09%
• 10Y*: 1.79%

FSMOX

• 1D: -0.20%
• 1M: 0.70%
• YTD: 0.67%
• 6M: 1.01%
• 1Y: 5.95%
• 3Y*: 4.02%
• 5Y*: —
• 10Y*: —

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

VBILX vs. FSMOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VBILX Vanguard Intermediate-Term Bond Index Fund Admiral Shares	-0.53%	8.57%	1.54%	2.26%
FSMOX Fidelity SAI Investment Grade Securitized Fund	0.67%	8.52%	1.45%	1.16%

Correlation

The correlation between VBILX and FSMOX 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	0.95
Correlation (All Time) Calculated using the full available price history since May 17, 2023	0.95

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

Return for Risk

VBILX vs. FSMOX — Risk / Return Rank

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

VBILX

VBILX Risk / Return Rank: 14
VBILX Sharpe Ratio Rank: 14
VBILX Sortino Ratio Rank: 15
VBILX Omega Ratio Rank: 13
VBILX Calmar Ratio Rank: 14
VBILX Martin Ratio Rank: 12

FSMOX

FSMOX Risk / Return Rank: 34
FSMOX Sharpe Ratio Rank: 34
FSMOX Sortino Ratio Rank: 37
FSMOX Omega Ratio Rank: 32
FSMOX Calmar Ratio Rank: 37
FSMOX Martin Ratio Rank: 31

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.

VBILX vs. FSMOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index Fund Admiral Shares (VBILX) and Fidelity SAI Investment Grade Securitized Fund (FSMOX). 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.

	VBILX	FSMOX	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.55	-0.57
Sortino ratio: Return per unit of downside risk	1.48	2.35	-0.87
Omega ratio: Gain probability vs. loss probability	1.17	1.28	-0.11
Calmar ratio: Return relative to maximum drawdown	1.19	2.19	-1.00
Martin ratio: Return relative to average drawdown	3.31	6.71	-3.40

VBILX vs. FSMOX - Sharpe Ratio Comparison

The current VBILX Sharpe Ratio is 0.98, which is lower than the FSMOX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of VBILX and FSMOX, 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

VBILX vs. FSMOX - Drawdown Comparison

The maximum VBILX drawdown since its inception was -19.26%, which is greater than FSMOX's maximum drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for VBILX and FSMOX.

Drawdown Indicators

	VBILX	FSMOX	Difference
Max Drawdown Largest peak-to-trough decline	-19.26%	-8.65%	-10.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-2.84%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-6.05%	-8.47%	+2.42%
Max Drawdown (5Y) Largest decline over 5 years	-19.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.26%	—	—
Current Drawdown Current decline from peak	-2.31%	-1.46%	-0.85%
Average Drawdown Average peak-to-trough decline	-3.15%	-1.75%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	0.92%	+0.31%

Volatility

VBILX vs. FSMOX - Volatility Comparison

Vanguard Intermediate-Term Bond Index Fund Admiral Shares (VBILX) has a higher volatility of 1.33% compared to Fidelity SAI Investment Grade Securitized Fund (FSMOX) at 1.23%. This indicates that VBILX's price experiences larger fluctuations and is considered to be riskier than FSMOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBILX	FSMOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.23%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	3.12%	2.95%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	4.01%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	6.18%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.37%	6.18%	-0.81%

VBILX vs. FSMOX - Expense Ratio Comparison

VBILX has a 0.06% expense ratio, which is lower than FSMOX's 0.33% expense ratio.

Dividends

VBILX vs. FSMOX - Dividend Comparison

VBILX's dividend yield for the trailing twelve months is around 4.23%, less than FSMOX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMOX Fidelity SAI Investment Grade Securitized Fund	4.47%	4.44%	5.07%	1.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VBILX Vanguard Intermediate-Term Bond Index Fund Admiral Shares	4.23%	4.01%	3.80%	3.09%	1.99%	3.39%	2.94%	2.73%	2.87%	2.73%	3.06%	3.09%

Frequently Asked Questions

Can I hold both VBILX and FSMOX in my portfolio?

With a correlation of 0.95, VBILX and FSMOX 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, VBILX or FSMOX?

VBILX has higher volatility (1.33%) compared to FSMOX (1.23%). In terms of maximum drawdown, VBILX dropped -19.26% vs FSMOX's -8.65%.

Which has better risk-adjusted returns?

FSMOX currently has the higher Sharpe Ratio (1.55 vs 0.98), 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.