VNDFX vs. FTBFX

Last updated Jun 23, 2026

VNDFX (Viking Tax-Free Fund for North Dakota) and FTBFX (Fidelity Total Bond Fund) are both mutual funds - VNDFX is a Municipal Bonds fund managed by IntegrityVikingFunds, while FTBFX is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 10 years, VNDFX returned 0.64%/yr vs 2.46%/yr for FTBFX. At a 0.41 correlation, their price movements are largely independent. VNDFX charges 0.98%/yr vs 0.45%/yr for FTBFX.

Performance

VNDFX vs. FTBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Viking Tax-Free Fund for North Dakota (VNDFX) and Fidelity Total Bond Fund (FTBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNDFX achieves a 1.97% return, which is significantly higher than FTBFX's 0.57% return. Over the past 10 years, VNDFX has underperformed FTBFX with an annualized return of 0.64%, while FTBFX has yielded a comparatively higher 2.46% annualized return.

VNDFX

• 1D: 0.00%
• 1M: 1.39%
• YTD: 1.97%
• 6M: 2.24%
• 1Y: 7.33%
• 3Y*: 2.19%
• 5Y*: -0.57%
• 10Y*: 0.64%

FTBFX

• 1D: 0.21%
• 1M: 0.89%
• YTD: 0.57%
• 6M: 0.92%
• 1Y: 5.08%
• 3Y*: 4.76%
• 5Y*: 0.58%
• 10Y*: 2.46%

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

VNDFX vs. FTBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNDFX Viking Tax-Free Fund for North Dakota	1.97%	3.02%	-1.96%	4.65%	-9.89%	0.42%	2.90%	5.12%	0.72%	3.35%
FTBFX Fidelity Total Bond Fund	0.57%	7.50%	2.13%	7.25%	-13.58%	-0.44%	9.34%	9.89%	-0.66%	4.19%

Correlation

The correlation between VNDFX and FTBFX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 16, 2002	0.41

The correlation between VNDFX and FTBFX has been stable across timeframes, ranging from 0.41 to 0.50 - a consistent structural relationship.

Return for Risk

VNDFX vs. FTBFX — Risk / Return Rank

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

VNDFX

VNDFX Risk / Return Rank: 82
VNDFX Sharpe Ratio Rank: 94
VNDFX Sortino Ratio Rank: 96
VNDFX Omega Ratio Rank: 97
VNDFX Calmar Ratio Rank: 61
VNDFX Martin Ratio Rank: 63

FTBFX

FTBFX Risk / Return Rank: 25
FTBFX Sharpe Ratio Rank: 25
FTBFX Sortino Ratio Rank: 27
FTBFX Omega Ratio Rank: 24
FTBFX Calmar Ratio Rank: 26
FTBFX Martin Ratio Rank: 22

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.

VNDFX vs. FTBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Viking Tax-Free Fund for North Dakota (VNDFX) and Fidelity Total Bond Fund (FTBFX). 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.

	VNDFX	FTBFX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	1.34	+1.67
Sortino ratio: Return per unit of downside risk	4.84	2.01	+2.83
Omega ratio: Gain probability vs. loss probability	1.94	1.24	+0.70
Calmar ratio: Return relative to maximum drawdown	2.86	1.76	+1.10
Martin ratio: Return relative to average drawdown	11.70	5.10	+6.59

VNDFX vs. FTBFX - Sharpe Ratio Comparison

The current VNDFX Sharpe Ratio is 3.02, which is higher than the FTBFX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of VNDFX and FTBFX, 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

VNDFX vs. FTBFX - Drawdown Comparison

The maximum VNDFX drawdown since its inception was -14.80%, smaller than the maximum FTBFX drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for VNDFX and FTBFX.

Drawdown Indicators

	VNDFX	FTBFX	Difference
Max Drawdown Largest peak-to-trough decline	-14.80%	-18.25%	+3.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-2.89%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-8.01%	-5.82%	-2.19%
Max Drawdown (5Y) Largest decline over 5 years	-14.80%	-18.25%	+3.45%
Max Drawdown (10Y) Largest decline over 10 years	-14.80%	-18.25%	+3.45%
Current Drawdown Current decline from peak	-3.34%	-1.31%	-2.03%
Average Drawdown Average peak-to-trough decline	-2.78%	-2.32%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	1.00%	-0.37%

Volatility

VNDFX vs. FTBFX - Volatility Comparison

The current volatility for Viking Tax-Free Fund for North Dakota (VNDFX) is 0.70%, while Fidelity Total Bond Fund (FTBFX) has a volatility of 1.21%. This indicates that VNDFX experiences smaller price fluctuations and is considered to be less risky than FTBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNDFX	FTBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	1.21%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	2.88%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	2.44%	3.80%	-1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.61%	5.67%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.04%	4.73%	-0.69%

VNDFX vs. FTBFX - Expense Ratio Comparison

VNDFX has a 0.98% expense ratio, which is higher than FTBFX's 0.45% expense ratio.

Dividends

VNDFX vs. FTBFX - Dividend Comparison

VNDFX's dividend yield for the trailing twelve months is around 3.00%, less than FTBFX's 4.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTBFX Fidelity Total Bond Fund	4.36%	4.36%	4.15%	4.15%	2.54%	1.89%	5.22%	3.03%	3.19%	2.97%	3.61%	3.30%
VNDFX Viking Tax-Free Fund for North Dakota	3.00%	3.03%	2.93%	2.30%	1.86%	1.69%	2.07%	2.72%	2.58%	2.71%	2.62%	2.38%

Frequently Asked Questions

Can I hold both VNDFX and FTBFX in my portfolio?

VNDFX and FTBFX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNDFX or FTBFX?

FTBFX has higher volatility (1.21%) compared to VNDFX (0.70%). In terms of maximum drawdown, VNDFX dropped -14.80% vs FTBFX's -18.25%.

Which has better risk-adjusted returns?

VNDFX currently has the higher Sharpe Ratio (3.02 vs 1.34), 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.