VFICX vs. FXNAX

Last updated Jun 24, 2026

VFICX (Vanguard Intermediate-Term Investment-Grade Fund Investor Shares) and FXNAX (Fidelity U.S. Bond Index Fund) are both Total Bond Market funds. Over the past 10 years, VFICX returned 2.59%/yr vs 1.44%/yr for FXNAX. Their correlation of 0.93 suggests significant overlap in exposure. VFICX charges 0.20%/yr vs 0.03%/yr for FXNAX.

Performance

VFICX vs. FXNAX - Performance Comparison

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

Returns By Period

In the year-to-date period, VFICX achieves a -0.19% return, which is significantly lower than FXNAX's 0.11% return. Over the past 10 years, VFICX has outperformed FXNAX with an annualized return of 2.59%, while FXNAX has yielded a comparatively lower 1.44% annualized return.

VFICX

• 1D: -0.34%
• 1M: 0.42%
• YTD: -0.19%
• 6M: 0.33%
• 1Y: 5.07%
• 3Y*: 5.98%
• 5Y*: 1.10%
• 10Y*: 2.59%

FXNAX

• 1D: -0.29%
• 1M: 0.61%
• YTD: 0.11%
• 6M: 0.43%
• 1Y: 4.25%
• 3Y*: 3.88%
• 5Y*: -0.05%
• 10Y*: 1.44%

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

VFICX vs. FXNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFICX Vanguard Intermediate-Term Investment-Grade Fund Investor Shares	-0.19%	9.55%	3.21%	8.53%	-13.86%	-1.59%	10.33%	10.39%	-0.56%	4.17%
FXNAX Fidelity U.S. Bond Index Fund	0.11%	7.14%	1.35%	5.82%	-13.55%	-2.10%	7.63%	8.50%	0.04%	3.50%

Correlation

The correlation between VFICX and FXNAX 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	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.93

The correlation between VFICX and FXNAX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

VFICX vs. FXNAX — Risk / Return Rank

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

VFICX

VFICX Risk / Return Rank: 22
VFICX Sharpe Ratio Rank: 22
VFICX Sortino Ratio Rank: 24
VFICX Omega Ratio Rank: 22
VFICX Calmar Ratio Rank: 22
VFICX Martin Ratio Rank: 23

FXNAX

FXNAX Risk / Return Rank: 18
FXNAX Sharpe Ratio Rank: 18
FXNAX Sortino Ratio Rank: 20
FXNAX Omega Ratio Rank: 17
FXNAX Calmar Ratio Rank: 20
FXNAX Martin Ratio Rank: 18

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.

VFICX vs. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Investment-Grade Fund Investor Shares (VFICX) 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.

	VFICX	FXNAX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.14	+0.11
Sortino ratio: Return per unit of downside risk	1.89	1.73	+0.16
Omega ratio: Gain probability vs. loss probability	1.23	1.20	+0.03
Calmar ratio: Return relative to maximum drawdown	1.60	1.52	+0.08
Martin ratio: Return relative to average drawdown	5.18	4.36	+0.82

VFICX vs. FXNAX - Sharpe Ratio Comparison

The current VFICX Sharpe Ratio is 1.25, which is comparable to the FXNAX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of VFICX and FXNAX, 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

VFICX vs. FXNAX - Drawdown Comparison

The maximum VFICX drawdown since its inception was -20.24%, roughly equal to the maximum FXNAX drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for VFICX and FXNAX.

Drawdown Indicators

	VFICX	FXNAX	Difference
Max Drawdown Largest peak-to-trough decline	-20.24%	-19.51%	-0.73%
Max Drawdown (1Y) Largest decline over 1 year	-3.34%	-2.94%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-6.10%	-6.16%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-20.24%	-18.54%	-1.70%
Max Drawdown (10Y) Largest decline over 10 years	-20.24%	-19.51%	-0.73%
Current Drawdown Current decline from peak	-1.66%	-3.17%	+1.51%
Average Drawdown Average peak-to-trough decline	-2.49%	-3.86%	+1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	1.02%	+0.01%

Volatility

VFICX vs. FXNAX - Volatility Comparison

Vanguard Intermediate-Term Investment-Grade Fund Investor Shares (VFICX) has a higher volatility of 1.33% compared to Fidelity U.S. Bond Index Fund (FXNAX) at 1.16%. This indicates that VFICX's price experiences larger fluctuations and is considered to be riskier than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFICX	FXNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.16%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	3.24%	2.90%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	4.26%	3.92%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	6.08%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.20%	5.01%	+0.19%

VFICX vs. FXNAX - Expense Ratio Comparison

VFICX has a 0.20% expense ratio, which is higher than FXNAX's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VFICX vs. FXNAX - Dividend Comparison

VFICX's dividend yield for the trailing twelve months is around 5.01%, more than FXNAX's 3.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXNAX Fidelity U.S. Bond Index Fund	3.72%	3.58%	3.40%	3.15%	1.81%	1.74%	2.92%	2.68%	2.74%	2.57%	2.76%	2.52%
VFICX Vanguard Intermediate-Term Investment-Grade Fund Investor Shares	5.01%	4.81%	4.57%	3.81%	3.09%	3.53%	5.70%	3.03%	3.20%	2.96%	3.84%	3.54%

Frequently Asked Questions

Can I hold both VFICX and FXNAX in my portfolio?

With a correlation of 0.94, VFICX and FXNAX 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, VFICX or FXNAX?

VFICX has higher volatility (1.33%) compared to FXNAX (1.16%). In terms of maximum drawdown, VFICX dropped -20.24% vs FXNAX's -19.51%.

Which has better risk-adjusted returns?

VFICX currently has the higher Sharpe Ratio (1.25 vs 1.14), 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.