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Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 23, 2026

The investment seeks a high level of current income. The fund invests atleast 80% of assets in floating rate loans, which are often lower-quality debt securities and other floating rate securities. It invests in companies in troubled or uncertain financial condition. The fund invests in money market and investment-grade debt securities and repurchase agreements. It invests in domestic and foreign issuers. The adviser uses fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Looking to diversify beyond FFRAX? The mutual funds below have the lowest correlation with FFRAX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from FFRAX.

Best Diversifiers for FFRAX

23 mutual funds have low correlation with FFRAX (below 0.3), 0 of which are negatively correlated. The least correlated is Pioneer ILS Interval Fund (XILSX) (High Yield Bonds) with a 1Y correlation of 0.08, roughly unchanged from 0.10 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
XILSX
Pioneer ILS Interval Fund0.080.110.10
100
High Yield BondsFFRAX vs XILSX
SCMBX
DWS Managed Municipal Bond Fund0.080.190.24
64
Municipal BondsFFRAX vs SCMBX
RPHIX
RiverPark Short Term High Yield Fund0.090.090.16
99
High Yield BondsFFRAX vs RPHIX
CCLFX
Cliffwater Corporate Lending Fund0.140.110.12
100
High Yield BondsFFRAX vs CCLFX
VEIPX
Vanguard Equity Income Fund Investor Shares0.160.290.32
60
Large Cap Value EquitiesFFRAX vs VEIPX
See all 44 diversifiers for FFRAX

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Diversification Analysis

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