VTBNX vs. FSHBX
VTBNX (Vanguard Total Bond Market II Index Fund) and FSHBX (Fidelity Short-Term Bond Fund) are both Total Bond Market funds. Over the past 10 years, VTBNX returned 1.36%/yr vs 2.10%/yr for FSHBX. A 0.70 correlation means they provide meaningful diversification when combined. VTBNX charges 0.02%/yr vs 0.45%/yr for FSHBX.
Performance
VTBNX vs. FSHBX - Performance Comparison
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Returns By Period
In the year-to-date period, VTBNX achieves a -0.07% return, which is significantly lower than FSHBX's 0.65% return. Over the past 10 years, VTBNX has underperformed FSHBX with an annualized return of 1.36%, while FSHBX has yielded a comparatively higher 2.10% annualized return.
VTBNX
- 1D
- -0.11%
- 1M
- -0.29%
- 6M
- -0.07%
- YTD
- -0.07%
- 1Y
- 3.90%
- 3Y*
- 4.18%
- 5Y*
- -0.16%
- 10Y*
- 1.36%
FSHBX
- 1D
- 0.00%
- 1M
- 0.09%
- 6M
- 0.77%
- YTD
- 0.65%
- 1Y
- 3.35%
- 3Y*
- 4.85%
- 5Y*
- 2.27%
- 10Y*
- 2.10%
VTBNX vs. FSHBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTBNX Vanguard Total Bond Market II Index Fund | -0.07% | 7.18% | 1.32% | 5.68% | -13.12% | -1.82% | 7.39% | 8.71% | -0.27% | 3.62% |
FSHBX Fidelity Short-Term Bond Fund | 0.65% | 5.49% | 4.73% | 5.35% | -3.86% | -0.92% | 3.59% | 4.20% | 1.21% | 1.16% |
Correlation
The correlation between VTBNX and FSHBX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2016 | 0.70 |
The correlation between VTBNX and FSHBX has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.
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Return for Risk
VTBNX vs. FSHBX — Risk / Return Rank
VTBNX
FSHBX
VTBNX vs. FSHBX - 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 Short-Term Bond Fund (FSHBX). 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 | FSHBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.41 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 2.77 | -1.54 |
| Martin ratioReturn relative to average drawdown | 3.38 | 10.56 | -7.18 |
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Drawdowns
VTBNX vs. FSHBX - Drawdown Comparison
The maximum VTBNX drawdown since its inception was -18.71%, which is greater than FSHBX's maximum drawdown of -8.80%. Use the drawdown chart below to compare losses from any high point for VTBNX and FSHBX.
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Drawdown Indicators
| VTBNX | FSHBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.71% | -8.80% | -9.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -1.17% | -1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -5.97% | -1.17% | -4.80% |
Max Drawdown (5Y)Largest decline over 5 years | -18.05% | -6.36% | -11.69% |
Max Drawdown (10Y)Largest decline over 10 years | -18.71% | -6.51% | -12.20% |
Current DrawdownCurrent decline from peak | -2.60% | -0.24% | -2.36% |
Average DrawdownAverage peak-to-trough decline | -4.84% | -1.04% | -3.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.31% | +0.72% |
Volatility
VTBNX vs. FSHBX - Volatility Comparison
Vanguard Total Bond Market II Index Fund (VTBNX) has a higher volatility of 1.07% compared to Fidelity Short-Term Bond Fund (FSHBX) at 0.47%. This indicates that VTBNX's price experiences larger fluctuations and is considered to be riskier than FSHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTBNX | FSHBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.47% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 1.44% | +1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.79% | 1.91% | +1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.96% | 2.22% | +3.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.93% | 1.86% | +3.07% |
VTBNX vs. FSHBX - Expense Ratio Comparison
VTBNX has a 0.02% expense ratio, which is lower than FSHBX's 0.45% expense ratio.
Dividends
VTBNX vs. FSHBX - Dividend Comparison
VTBNX's dividend yield for the trailing twelve months is around 4.10%, less than FSHBX's 4.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSHBX Fidelity Short-Term Bond Fund | 4.16% | 4.26% | 4.00% | 3.00% | 0.83% | 1.04% | 2.62% | 2.13% | 1.78% | 1.27% | 1.12% | 0.88% |
VTBNX Vanguard Total Bond Market II Index Fund | 4.10% | 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
VTBNX and FSHBX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTBNX has higher volatility (1.07%) compared to FSHBX (0.47%). In terms of maximum drawdown, VTBNX dropped -18.71% vs FSHBX's -8.80%.
FSHBX currently has the higher Sharpe Ratio (1.70 vs 0.92), 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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