VLGSX vs. FBLTX

Last updated Aug 2, 2026

VLGSX (Vanguard Long-Term Treasury Index Fund Admiral Shares) and FBLTX (Fidelity SAI Long-Term Treasury Bond Index Fund) are both Government Bonds funds. Over the past 10 years, VLGSX returned -1.81%/yr vs -2.52%/yr for FBLTX. Their 0.99 correlation means they have historically moved very closely together. VLGSX charges 0.07%/yr vs 0.03%/yr for FBLTX.

Performance

VLGSX vs. FBLTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Treasury Index Fund Admiral Shares (VLGSX) 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, VLGSX achieves a -2.83% return, which is significantly higher than FBLTX's -3.37% return. Over the past 10 years, VLGSX has outperformed FBLTX with an annualized return of -1.81%, while FBLTX has yielded a comparatively lower -2.52% annualized return.

VLGSX

• 1D: -0.11%
• 1M: -2.72%
• 6M: -2.58%
• YTD: -2.83%
• 1Y: -1.08%
• 3Y*: -0.83%
• 5Y*: -6.91%
• 10Y*: -1.81%
• ALL TIME*: 2.14%

FBLTX

• 1D: -0.16%
• 1M: -3.63%
• 6M: -3.28%
• YTD: -3.37%
• 1Y: -2.17%
• 3Y*: -2.29%
• 5Y*: -8.31%
• 10Y*: -2.52%
• ALL TIME*: -1.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	$0.00	$0.00	$0.00
VLGSX Vanguard Long-Term Treasury Index Fund Admiral Shares	$0.00	$0.00	$0.00

VLGSX vs. FBLTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLGSX Vanguard Long-Term Treasury Index Fund Admiral Shares	-2.83%	5.42%	-6.17%	3.66%	-29.48%	-4.99%	17.70%	14.31%	-1.62%	8.65%
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	-3.37%	4.39%	-8.05%	2.71%	-31.84%	-4.89%	18.27%	14.36%	-1.24%	9.06%

Correlation

The correlation between VLGSX and FBLTX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (10Y) Provides a long-term view across more market conditions.	0.99
Correlation (All Time) Calculated using the full available price history since Oct 16, 2015	0.99

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

Return for Risk

VLGSX vs. FBLTX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VLGSX

VLGSX Risk / Return Rank: 5
VLGSX Sharpe Ratio Rank: 5
VLGSX Sortino Ratio Rank: 5
VLGSX Omega Ratio Rank: 5
VLGSX Calmar Ratio Rank: 5
VLGSX Martin Ratio Rank: 5

FBLTX

FBLTX Risk / Return Rank: 4
FBLTX Sharpe Ratio Rank: 4
FBLTX Sortino Ratio Rank: 4
FBLTX Omega Ratio Rank: 4
FBLTX Calmar Ratio Rank: 4
FBLTX Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VLGSX vs. FBLTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury Index Fund Admiral Shares (VLGSX) 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.

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.

	VLGSX	FBLTX	Difference
Sharpe ratio: Return per unit of total volatility	0.05	-0.04	+0.09
Sortino ratio: Return per unit of downside risk	0.13	0.01	+0.12
Omega ratio: Gain probability vs. loss probability	1.01	1.00	+0.01
Calmar ratio: Return relative to maximum drawdown	0.06	-0.05	+0.11
Martin ratio: Return relative to average drawdown	0.13	-0.10	+0.23

VLGSX vs. FBLTX - Sharpe Ratio Comparison

The current VLGSX Sharpe Ratio is 0.05, which is higher than the FBLTX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of VLGSX 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.

Drawdowns

VLGSX vs. FBLTX - Drawdown Comparison

The maximum VLGSX drawdown since its inception was -46.22%, smaller than the maximum FBLTX drawdown of -49.06%. Use the drawdown chart below to compare losses from any high point for VLGSX and FBLTX.

Drawdown Indicators

	VLGSX	FBLTX	Difference
Max Drawdown Largest peak-to-trough decline	-46.22%	-49.06%	+2.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.99%	-7.66%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-13.35%	-14.75%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-41.02%	-44.19%	+3.17%
Max Drawdown (10Y) Largest decline over 10 years	-46.22%	-49.06%	+2.84%
Current Drawdown Current decline from peak	-38.12%	-42.95%	+4.83%
Average Drawdown Average peak-to-trough decline	-15.32%	-21.28%	+5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.54%	-0.37%

Volatility

VLGSX vs. FBLTX - Volatility Comparison

The current volatility for Vanguard Long-Term Treasury Index Fund Admiral Shares (VLGSX) is 2.24%, while Fidelity SAI Long-Term Treasury Bond Index Fund (FBLTX) has a volatility of 2.48%. This indicates that VLGSX experiences smaller price fluctuations and is considered to be less risky than FBLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLGSX	FBLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	2.48%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	6.35%	6.79%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	8.49%	9.26%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.43%	15.57%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.65%	14.51%	-0.86%

VLGSX vs. FBLTX - Expense Ratio Comparison

VLGSX has a 0.07% 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

VLGSX vs. FBLTX - Dividend Comparison

VLGSX's dividend yield for the trailing twelve months is around 4.32%, more than FBLTX's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBLTX Fidelity SAI Long-Term Treasury Bond Index Fund	3.97%	4.04%	3.60%	3.29%	2.25%	1.81%	6.73%	2.39%	2.87%	2.68%	3.70%	0.39%
VLGSX Vanguard Long-Term Treasury Index Fund Admiral Shares	4.32%	4.41%	4.65%	3.30%	2.80%	1.85%	2.13%	2.45%	2.72%	2.55%	2.46%	2.80%

Frequently Asked Questions

Can I hold both VLGSX and FBLTX in my portfolio?

With a correlation of 0.98, VLGSX 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, VLGSX or FBLTX?

FBLTX has higher volatility (2.48%) compared to VLGSX (2.24%). In terms of maximum drawdown, VLGSX dropped -46.22% vs FBLTX's -49.06%.

Which has better risk-adjusted returns?

VLGSX currently has the higher Sharpe Ratio (0.05 vs -0.04), 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.