VTBNX vs. FGBAX
VTBNX (Vanguard Total Bond Market II Index Fund) and FGBAX (Fidelity Advisor Investment Grade Bond Fund Class A) are both Total Bond Market funds. Over the past 10 years, VTBNX returned 1.47%/yr vs 1.73%/yr for FGBAX. Their correlation of 0.94 suggests significant overlap in exposure. VTBNX charges 0.02%/yr vs 0.75%/yr for FGBAX.
Performance
VTBNX vs. FGBAX - Performance Comparison
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Returns By Period
In the year-to-date period, VTBNX achieves a 0.01% return, which is significantly higher than FGBAX's -0.06% return. Over the past 10 years, VTBNX has underperformed FGBAX with an annualized return of 1.47%, while FGBAX has yielded a comparatively higher 1.73% annualized return.
VTBNX
- 1D
- -0.32%
- 1M
- 0.56%
- YTD
- 0.01%
- 6M
- 0.45%
- 1Y
- 4.11%
- 3Y*
- 3.90%
- 5Y*
- 0.01%
- 10Y*
- 1.47%
FGBAX
- 1D
- -0.28%
- 1M
- 0.59%
- YTD
- -0.06%
- 6M
- 0.23%
- 1Y
- 3.65%
- 3Y*
- 3.53%
- 5Y*
- -0.37%
- 10Y*
- 1.73%
VTBNX vs. FGBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTBNX Vanguard Total Bond Market II Index Fund | 0.01% | 7.18% | 1.32% | 5.68% | -13.12% | -1.82% | 7.39% | 8.71% | -0.27% | 3.62% |
FGBAX Fidelity Advisor Investment Grade Bond Fund Class A | -0.06% | 6.90% | 0.67% | 5.86% | -14.15% | -1.38% | 9.59% | 9.33% | -0.54% | 3.46% |
Correlation
The correlation between VTBNX and FGBAX is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2016 | 0.94 |
The correlation between VTBNX and FGBAX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
VTBNX vs. FGBAX — Risk / Return Rank
VTBNX
FGBAX
VTBNX vs. FGBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market II Index Fund (VTBNX) and Fidelity Advisor Investment Grade Bond Fund Class A (FGBAX). 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.
| VTBNX | FGBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.18 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 1.29 | +0.25 |
| Martin ratioReturn relative to average drawdown | 4.30 | 3.50 | +0.80 |
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Drawdowns
VTBNX vs. FGBAX - Drawdown Comparison
The maximum VTBNX drawdown since its inception was -18.71%, roughly equal to the maximum FGBAX drawdown of -18.94%. Use the drawdown chart below to compare losses from any high point for VTBNX and FGBAX.
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Drawdown Indicators
| VTBNX | FGBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.71% | -18.94% | +0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -3.07% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -5.97% | -6.16% | +0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -18.05% | -18.88% | +0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -18.71% | -18.94% | +0.23% |
Current DrawdownCurrent decline from peak | -2.52% | -3.61% | +1.09% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -4.85% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 1.13% | -0.12% |
Volatility
VTBNX vs. FGBAX - Volatility Comparison
The current volatility for Vanguard Total Bond Market II Index Fund (VTBNX) is 1.13%, while Fidelity Advisor Investment Grade Bond Fund Class A (FGBAX) has a volatility of 1.22%. This indicates that VTBNX experiences smaller price fluctuations and is considered to be less risky than FGBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTBNX | FGBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.22% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.86% | 2.79% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 3.84% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.96% | 5.97% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.93% | 5.00% | -0.07% |
VTBNX vs. FGBAX - Expense Ratio Comparison
VTBNX has a 0.02% expense ratio, which is lower than FGBAX's 0.75% expense ratio.
Dividends
VTBNX vs. FGBAX - Dividend Comparison
VTBNX's dividend yield for the trailing twelve months is around 4.07%, more than FGBAX's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGBAX Fidelity Advisor Investment Grade Bond Fund Class A | 3.62% | 3.58% | 3.07% | 2.97% | 1.73% | 1.09% | 4.51% | 2.44% | 2.54% | 1.87% | 2.37% | 2.36% |
VTBNX Vanguard Total Bond Market II Index Fund | 4.07% | 3.95% | 3.77% | 3.13% | 2.54% | 1.82% | 3.12% | 2.79% | 2.56% | 2.52% | 2.55% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, VTBNX and FGBAX 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.
FGBAX has higher volatility (1.22%) compared to VTBNX (1.13%). In terms of maximum drawdown, VTBNX dropped -18.71% vs FGBAX's -18.94%.
VTBNX currently has the higher Sharpe Ratio (1.12 vs 1.03), 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.
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