VBLLX vs. FCNVX
VBLLX (Vanguard Long-Term Bond Index Fund Institutional Shares) and FCNVX (Fidelity Conservative Income Bond Institutional Class) are both mutual funds - VBLLX is a Total Bond Market fund managed by Vanguard, while FCNVX is a Ultrashort Bond fund actively managed by Fidelity. Over the past 10 years, VBLLX returned 0.08%/yr vs 2.60%/yr for FCNVX. Their 0.18 correlation means their historical movements had little consistent relationship. VBLLX charges 0.05%/yr vs 0.25%/yr for FCNVX.
Performance
VBLLX vs. FCNVX - Performance Comparison
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Returns By Period
In the year-to-date period, VBLLX achieves a -3.40% return, which is significantly lower than FCNVX's 1.82% return. Over the past 10 years, VBLLX has underperformed FCNVX with an annualized return of 0.08%, while FCNVX has yielded a comparatively higher 2.60% annualized return.
VBLLX
- 1D
- -0.50%
- 1M
- -3.76%
- 6M
- -3.24%
- YTD
- -3.40%
- 1Y
- -1.14%
- 3Y*
- 1.12%
- 5Y*
- -5.26%
- 10Y*
- 0.08%
- ALL TIME*
- 3.79%
FCNVX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.49%
- YTD
- 1.82%
- 1Y
- 3.71%
- 3Y*
- 4.81%
- 5Y*
- 3.66%
- 10Y*
- 2.60%
- ALL TIME*
- 1.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VBLLX vs. FCNVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBLLX Vanguard Long-Term Bond Index Fund Institutional Shares | -3.40% | 6.60% | -4.12% | 7.13% | -27.20% | -3.08% | 16.27% | 19.15% | -4.71% | 10.89% |
FCNVX Fidelity Conservative Income Bond Institutional Class | 1.82% | 4.51% | 5.43% | 5.86% | 0.85% | -0.06% | 1.10% | 3.00% | 1.82% | 1.42% |
Correlation
The correlation between VBLLX and FCNVX is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.25 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.22 |
Correlation (All Time) Calculated using the full available price history since May 26, 2011 | 0.18 |
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Return for Risk
VBLLX vs. FCNVX — Risk / Return Rank
VBLLX
FCNVX
VBLLX vs. FCNVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond Index Fund Institutional Shares (VBLLX) and Fidelity Conservative Income Bond Institutional Class (FCNVX). 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.
| VBLLX | FCNVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.28 | ||
| Sortino ratioReturn per unit of downside risk | -14.93 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 6.92 | -5.92 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 37.44 | -37.46 |
| Martin ratioReturn relative to average drawdown | -0.04 | 107.31 | -107.35 |
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Drawdowns
VBLLX vs. FCNVX - Drawdown Comparison
The maximum VBLLX drawdown since its inception was -38.42%, which is greater than FCNVX's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for VBLLX and FCNVX.
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Drawdown Indicators
| VBLLX | FCNVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.42% | -2.19% | -36.23% |
Max Drawdown (1Y)Largest decline over 1 year | -6.35% | -0.10% | -6.25% |
Max Drawdown (3Y)Largest decline over 3 years | -11.55% | -0.30% | -11.25% |
Max Drawdown (5Y)Largest decline over 5 years | -36.29% | -0.59% | -35.70% |
Max Drawdown (10Y)Largest decline over 10 years | -38.42% | -2.19% | -36.23% |
Current DrawdownCurrent decline from peak | -27.42% | 0.00% | -27.42% |
Average DrawdownAverage peak-to-trough decline | -9.33% | -0.05% | -9.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 0.03% | +2.68% |
Volatility
VBLLX vs. FCNVX - Volatility Comparison
Vanguard Long-Term Bond Index Fund Institutional Shares (VBLLX) has a higher volatility of 2.07% compared to Fidelity Conservative Income Bond Institutional Class (FCNVX) at 0.25%. This indicates that VBLLX's price experiences larger fluctuations and is considered to be riskier than FCNVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBLLX | FCNVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.07% | 0.25% | +1.82% |
Volatility (6M)Calculated over the trailing 6-month period | 6.06% | 0.82% | +5.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.89% | 1.19% | +6.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.82% | 1.30% | +11.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.55% | 1.05% | +10.50% |
VBLLX vs. FCNVX - Expense Ratio Comparison
VBLLX has a 0.05% expense ratio, which is lower than FCNVX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VBLLX vs. FCNVX - Dividend Comparison
VBLLX's dividend yield for the trailing twelve months is around 4.57%, more than FCNVX's 3.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCNVX Fidelity Conservative Income Bond Institutional Class | 3.74% | 4.41% | 5.17% | 4.97% | 1.24% | 0.24% | 0.99% | 2.45% | 2.21% | 1.30% | 1.01% | 0.48% |
VBLLX Vanguard Long-Term Bond Index Fund Institutional Shares | 4.57% | 4.66% | 4.64% | 3.75% | 4.16% | 2.89% | 5.84% | 3.62% | 3.82% | 3.69% | 4.19% | 4.98% |
Frequently Asked Questions
VBLLX and FCNVX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VBLLX has higher volatility (2.07%) compared to FCNVX (0.25%). In terms of maximum drawdown, VBLLX dropped -38.42% vs FCNVX's -2.19%.
FCNVX currently has the higher Sharpe Ratio (3.27 vs -0.01), 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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