VBIUX vs. FMSFX
VBIUX (Vanguard Intermediate-Term Bond Index Fund Institutional Plus) and FMSFX (Fidelity Mortgage Securities Fund) are both Total Bond Market funds. Over the past 10 years, VBIUX returned 1.77%/yr vs 1.26%/yr for FMSFX. Their correlation of 0.86 suggests significant overlap in exposure. VBIUX charges 0.04%/yr vs 0.45%/yr for FMSFX.
Performance
VBIUX vs. FMSFX - Performance Comparison
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Returns By Period
In the year-to-date period, VBIUX achieves a -0.42% return, which is significantly lower than FMSFX's 0.77% return. Over the past 10 years, VBIUX has outperformed FMSFX with an annualized return of 1.77%, while FMSFX has yielded a comparatively lower 1.26% annualized return.
VBIUX
- 1D
- 0.10%
- 1M
- 0.57%
- YTD
- -0.42%
- 6M
- -0.16%
- 1Y
- 3.58%
- 3Y*
- 4.29%
- 5Y*
- 0.10%
- 10Y*
- 1.77%
FMSFX
- 1D
- 0.10%
- 1M
- 0.73%
- YTD
- 0.77%
- 6M
- 0.87%
- 1Y
- 5.58%
- 3Y*
- 4.28%
- 5Y*
- 0.16%
- 10Y*
- 1.26%
VBIUX vs. FMSFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBIUX Vanguard Intermediate-Term Bond Index Fund Institutional Plus | -0.42% | 8.60% | 1.56% | 5.53% | -13.24% | -2.64% | 9.83% | 10.23% | -0.13% | 3.90% |
FMSFX Fidelity Mortgage Securities Fund | 0.77% | 8.29% | 1.00% | 4.91% | -12.61% | -1.20% | 4.41% | 6.43% | 0.79% | 2.35% |
Correlation
The correlation between VBIUX and FMSFX is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011 | 0.86 |
The correlation between VBIUX and FMSFX has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.
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Return for Risk
VBIUX vs. FMSFX — Risk / Return Rank
VBIUX
FMSFX
VBIUX vs. FMSFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index Fund Institutional Plus (VBIUX) and Fidelity Mortgage Securities Fund (FMSFX). 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.
| VBIUX | FMSFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.27 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 2.11 | -0.94 |
| Martin ratioReturn relative to average drawdown | 3.16 | 6.56 | -3.40 |
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Drawdowns
VBIUX vs. FMSFX - Drawdown Comparison
The maximum VBIUX drawdown since its inception was -19.18%, roughly equal to the maximum FMSFX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for VBIUX and FMSFX.
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Drawdown Indicators
| VBIUX | FMSFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.18% | -18.81% | -0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -3.33% | -2.81% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -8.04% | +1.99% |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | -18.66% | -0.17% |
Max Drawdown (10Y)Largest decline over 10 years | -19.18% | -18.81% | -0.37% |
Current DrawdownCurrent decline from peak | -2.21% | -1.31% | -0.90% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -1.92% | -2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 0.90% | +0.33% |
Volatility
VBIUX vs. FMSFX - Volatility Comparison
Vanguard Intermediate-Term Bond Index Fund Institutional Plus (VBIUX) and Fidelity Mortgage Securities Fund (FMSFX) have volatilities of 1.29% and 1.23%, 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.
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Volatility by Period
| VBIUX | FMSFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.23% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 2.90% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 3.93% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.39% | 6.80% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.38% | 5.14% | +0.24% |
VBIUX vs. FMSFX - Expense Ratio Comparison
VBIUX has a 0.04% expense ratio, which is lower than FMSFX's 0.45% expense ratio.
Dividends
VBIUX vs. FMSFX - Dividend Comparison
VBIUX's dividend yield for the trailing twelve months is around 4.26%, more than FMSFX's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMSFX Fidelity Mortgage Securities Fund | 3.91% | 3.93% | 4.12% | 3.50% | 1.43% | 0.62% | 2.40% | 2.62% | 2.57% | 2.60% | 2.65% | 2.05% |
VBIUX Vanguard Intermediate-Term Bond Index Fund Institutional Plus | 4.26% | 4.04% | 3.82% | 2.59% | 2.42% | 3.08% | 2.95% | 2.76% | 2.89% | 2.77% | 3.09% | 3.14% |
Frequently Asked Questions
With a correlation of 0.94, VBIUX and FMSFX 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.
VBIUX has higher volatility (1.29%) compared to FMSFX (1.23%). In terms of maximum drawdown, VBIUX dropped -19.18% vs FMSFX's -18.81%.
FMSFX currently has the higher Sharpe Ratio (1.51 vs 0.95), 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.
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