VGIT vs. FHNFX

Last updated Jun 4, 2026

VGIT (Vanguard Intermediate-Term Treasury ETF) and FHNFX (Fidelity Series Government Bond Index Fund) are both Government Bonds funds. Over the past 5 years, VGIT returned 0.05%/yr vs -0.07%/yr for FHNFX. Their correlation of 0.94 suggests significant overlap in exposure. VGIT charges 0.03%/yr vs 0.00%/yr for FHNFX.

Performance

VGIT vs. FHNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Treasury ETF (VGIT) and Fidelity Series Government Bond Index Fund (FHNFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGIT achieves a -0.46% return, which is significantly lower than FHNFX's 0.05% return.

VGIT

• 1D: -0.19%
• 1M: -0.16%
• YTD: -0.46%
• 6M: -0.60%
• 1Y: 3.54%
• 3Y*: 3.40%
• 5Y*: 0.05%
• 10Y*: 1.23%

FHNFX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 0.05%
• 6M: -0.17%
• 1Y: 4.08%
• 3Y*: 3.40%
• 5Y*: -0.07%
• 10Y*: —

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

VGIT vs. FHNFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VGIT Vanguard Intermediate-Term Treasury ETF	-0.46%	7.34%	1.39%	4.28%	-10.53%	-2.64%	7.71%	6.19%	2.24%
FHNFX Fidelity Series Government Bond Index Fund	0.05%	7.52%	1.03%	4.03%	-12.72%	-2.54%	7.50%	6.82%	1.65%

Correlation

The correlation between VGIT and FHNFX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.94

The correlation between VGIT and FHNFX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

VGIT vs. FHNFX — Risk / Return Rank

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

VGIT

VGIT Risk / Return Rank: 27
VGIT Sharpe Ratio Rank: 28
VGIT Sortino Ratio Rank: 28
VGIT Omega Ratio Rank: 26
VGIT Calmar Ratio Rank: 26
VGIT Martin Ratio Rank: 26

FHNFX

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

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.

VGIT vs. FHNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Treasury ETF (VGIT) and Fidelity Series Government Bond Index Fund (FHNFX). 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.

	VGIT	FHNFX	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.06	-0.01
Sortino ratio: Return per unit of downside risk	1.59	1.62	-0.02
Omega ratio: Gain probability vs. loss probability	1.18	1.19	0.00
Calmar ratio: Return relative to maximum drawdown	1.25	1.32	-0.07
Martin ratio: Return relative to average drawdown	3.75	3.91	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGIT vs. FHNFX - Sharpe Ratio Comparison

The current VGIT Sharpe Ratio is 1.05, which is comparable to the FHNFX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of VGIT and FHNFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VGIT	FHNFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	1.06	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	-0.01	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.28	+0.22

Drawdowns

VGIT vs. FHNFX - Drawdown Comparison

The maximum VGIT drawdown since its inception was -16.05%, smaller than the maximum FHNFX drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for VGIT and FHNFX.

Drawdown Indicators

	VGIT	FHNFX	Difference
Max Drawdown Largest peak-to-trough decline	-16.05%	-19.42%	+3.37%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-3.02%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-4.34%	-5.38%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-16.71%	+1.69%
Max Drawdown (10Y) Largest decline over 10 years	-16.05%	—	—
Current Drawdown Current decline from peak	-2.39%	-5.98%	+3.59%
Average Drawdown Average peak-to-trough decline	-3.52%	-7.73%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	1.02%	-0.08%

Volatility

VGIT vs. FHNFX - Volatility Comparison

The current volatility for Vanguard Intermediate-Term Treasury ETF (VGIT) is 1.05%, while Fidelity Series Government Bond Index Fund (FHNFX) has a volatility of 1.16%. This indicates that VGIT experiences smaller price fluctuations and is considered to be less risky than FHNFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGIT	FHNFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	1.16%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	2.60%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	3.79%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.38%	5.76%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	5.43%	-0.93%

VGIT vs. FHNFX - Expense Ratio Comparison

VGIT has a 0.03% expense ratio, which is higher than FHNFX's 0.00% 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

VGIT vs. FHNFX - Dividend Comparison

VGIT's dividend yield for the trailing twelve months is around 3.87%, more than FHNFX's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHNFX Fidelity Series Government Bond Index Fund	3.82%	4.91%	3.69%	2.50%	1.30%	0.86%	2.69%	2.78%	1.02%	0.00%	0.00%	0.00%
VGIT Vanguard Intermediate-Term Treasury ETF	3.87%	3.79%	3.67%	2.73%	1.74%	1.69%	2.23%	2.24%	2.05%	1.67%	1.69%	1.69%

Frequently Asked Questions

Can I hold both VGIT and FHNFX in my portfolio?

With a correlation of 0.92, VGIT and FHNFX 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, VGIT or FHNFX?

FHNFX has higher volatility (1.16%) compared to VGIT (1.05%). In terms of maximum drawdown, VGIT dropped -16.05% vs FHNFX's -19.42%.

Which has better risk-adjusted returns?

FHNFX currently has the higher Sharpe Ratio (1.06 vs 1.05), 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.