VLGIX vs. FBLTX

Last updated Jun 4, 2026

VLGIX (Vanguard Long-Term Treasury Index Fund Institutional Shares) and FBLTX (Fidelity SAI Long-Term Treasury Bond Index Fund) are both Government Bonds funds. Over the past 10 years, VLGIX returned -1.03%/yr vs -1.68%/yr for FBLTX. With a 0.99 correlation, they move nearly in lockstep. VLGIX charges 0.05%/yr vs 0.03%/yr for FBLTX.

Performance

VLGIX vs. FBLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Treasury Index Fund Institutional Shares (VLGIX) and Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLGIX achieves a -0.22% return, which is significantly lower than FBLTX's -0.08% return. Over the past 10 years, VLGIX has outperformed FBLTX with an annualized return of -1.03%, while FBLTX has yielded a comparatively lower -1.68% annualized return.

VLGIX

• 1D: 0.17%
• 1M: 1.13%
• YTD: -0.22%
• 6M: -1.29%
• 1Y: 5.63%
• 3Y*: -0.45%
• 5Y*: -4.92%
• 10Y*: -1.03%

FBLTX

• 1D: 0.15%
• 1M: 1.13%
• YTD: -0.08%
• 6M: -1.63%
• 1Y: 5.28%
• 3Y*: -1.70%
• 5Y*: -6.17%
• 10Y*: -1.68%

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

VLGIX vs. FBLTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLGIX Vanguard Long-Term Treasury Index Fund Institutional Shares	-0.22%	5.46%	-6.11%	3.67%	-29.45%	-5.06%	17.72%	14.31%	-1.59%	8.64%
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	-0.08%	4.39%	-8.05%	2.71%	-31.84%	-4.89%	18.27%	14.36%	-1.24%	9.06%

Correlation

The correlation between VLGIX and FBLTX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 19, 2015	0.99

The correlation between VLGIX and FBLTX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

VLGIX vs. FBLTX — Risk / Return Rank

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

VLGIX

VLGIX Risk / Return Rank: 7
VLGIX Sharpe Ratio Rank: 7
VLGIX Sortino Ratio Rank: 7
VLGIX Omega Ratio Rank: 7
VLGIX Calmar Ratio Rank: 8
VLGIX Martin Ratio Rank: 7

FBLTX

FBLTX Risk / Return Rank: 6
FBLTX Sharpe Ratio Rank: 7
FBLTX Sortino Ratio Rank: 6
FBLTX Omega Ratio Rank: 6
FBLTX Calmar Ratio Rank: 7
FBLTX Martin Ratio Rank: 6

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.

VLGIX vs. FBLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury Index Fund Institutional Shares (VLGIX) and Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX). 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.

	VLGIX	FBLTX	Difference
Sharpe ratio: Return per unit of total volatility	0.62	0.53	+0.09
Sortino ratio: Return per unit of downside risk	0.94	0.82	+0.12
Omega ratio: Gain probability vs. loss probability	1.11	1.09	+0.01
Calmar ratio: Return relative to maximum drawdown	0.79	0.67	+0.11
Martin ratio: Return relative to average drawdown	2.06	1.71	+0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VLGIX vs. FBLTX - Sharpe Ratio Comparison

The current VLGIX Sharpe Ratio is 0.62, which is comparable to the FBLTX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of VLGIX and FBLTX, 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

	VLGIX	FBLTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	0.53	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	-0.39	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	-0.12	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	-0.05	+0.24

Drawdowns

VLGIX vs. FBLTX - Drawdown Comparison

The maximum VLGIX drawdown since its inception was -46.23%, smaller than the maximum FBLTX drawdown of -49.06%. Use the drawdown chart below to compare losses from any high point for VLGIX and FBLTX.

Drawdown Indicators

	VLGIX	FBLTX	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-49.06%	+2.83%
Max Drawdown (1Y) Largest decline over 1 year	-6.99%	-7.66%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-17.65%	-19.12%	+1.47%
Max Drawdown (5Y) Largest decline over 5 years	-41.00%	-44.19%	+3.19%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	-49.06%	+2.83%
Current Drawdown Current decline from peak	-36.41%	-41.01%	+4.60%
Average Drawdown Average peak-to-trough decline	-15.03%	-20.99%	+5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	3.01%	-0.33%

Volatility

VLGIX vs. FBLTX - Volatility Comparison

Vanguard Long-Term Treasury Index Fund Institutional Shares (VLGIX) and Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX) have volatilities of 2.69% and 2.80%, 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.

Volatility by Period

	VLGIX	FBLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	2.80%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	6.07%	6.56%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	8.98%	9.82%	-0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.56%	15.70%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.72%	14.59%	-0.87%

VLGIX vs. FBLTX - Expense Ratio Comparison

VLGIX has a 0.05% expense ratio, which is higher than FBLTX'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

VLGIX vs. FBLTX - Dividend Comparison

VLGIX's dividend yield for the trailing twelve months is around 4.59%, more than FBLTX's 4.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	4.17%	4.04%	3.60%	3.29%	2.25%	1.81%	6.73%	2.39%	2.87%	2.68%	3.70%	0.39%
VLGIX Vanguard Long-Term Treasury Index Fund Institutional Shares	4.59%	4.43%	4.67%	3.31%	2.83%	1.78%	2.15%	2.46%	2.73%	2.57%	2.70%	2.82%

Frequently Asked Questions

Can I hold both VLGIX and FBLTX in my portfolio?

With a correlation of 0.98, VLGIX and FBLTX 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, VLGIX or FBLTX?

FBLTX has higher volatility (2.80%) compared to VLGIX (2.69%). In terms of maximum drawdown, VLGIX dropped -46.23% vs FBLTX's -49.06%.

Which has better risk-adjusted returns?

VLGIX currently has the higher Sharpe Ratio (0.62 vs 0.53), 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.