BDHIX vs. EFIPX

Last updated Jun 24, 2026

BDHIX (BlackRock Dynamic High Income Portfolio) and EFIPX (Fidelity Advisor Limited Term Bond Fund Class I) are both mutual funds - BDHIX is a Diversified Portfolio fund managed by BlackRock, while EFIPX is a Total Bond Market fund managed by Fidelity. Over the past 10 years, BDHIX returned 6.86%/yr vs 2.22%/yr for EFIPX. At a 0.19 correlation, their price movements are largely independent. BDHIX charges 0.65%/yr vs 0.50%/yr for EFIPX.

Performance

BDHIX vs. EFIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Dynamic High Income Portfolio (BDHIX) and Fidelity Advisor Limited Term Bond Fund Class I (EFIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDHIX achieves a 4.18% return, which is significantly higher than EFIPX's 0.37% return. Over the past 10 years, BDHIX has outperformed EFIPX with an annualized return of 6.86%, while EFIPX has yielded a comparatively lower 2.22% annualized return.

BDHIX

• 1D: -0.33%
• 1M: 0.51%
• YTD: 4.18%
• 6M: 4.53%
• 1Y: 12.62%
• 3Y*: 11.91%
• 5Y*: 4.56%
• 10Y*: 6.86%

EFIPX

• 1D: -0.17%
• 1M: 0.26%
• YTD: 0.37%
• 6M: 0.79%
• 1Y: 3.88%
• 3Y*: 5.16%
• 5Y*: 1.98%
• 10Y*: 2.22%

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

BDHIX vs. EFIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BDHIX BlackRock Dynamic High Income Portfolio	4.18%	12.27%	10.76%	13.87%	-18.20%	10.44%	4.52%	20.05%	-6.91%	14.53%
EFIPX Fidelity Advisor Limited Term Bond Fund Class I	0.37%	6.70%	4.34%	6.01%	-6.35%	-1.41%	5.13%	6.00%	0.68%	1.84%

Correlation

The correlation between BDHIX and EFIPX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.19

Over the past year, BDHIX and EFIPX have become more correlated (0.50) than their long-term average of 0.19, meaning their price movements have been converging.

Return for Risk

BDHIX vs. EFIPX — Risk / Return Rank

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

BDHIX

BDHIX Risk / Return Rank: 45
BDHIX Sharpe Ratio Rank: 43
BDHIX Sortino Ratio Rank: 47
BDHIX Omega Ratio Rank: 48
BDHIX Calmar Ratio Rank: 36
BDHIX Martin Ratio Rank: 50

EFIPX

EFIPX Risk / Return Rank: 48
EFIPX Sharpe Ratio Rank: 41
EFIPX Sortino Ratio Rank: 56
EFIPX Omega Ratio Rank: 51
EFIPX Calmar Ratio Rank: 45
EFIPX Martin Ratio Rank: 46

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.

BDHIX vs. EFIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Dynamic High Income Portfolio (BDHIX) and Fidelity Advisor Limited Term Bond Fund Class I (EFIPX). 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.

	BDHIX	EFIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.74	+0.05
Sortino ratio: Return per unit of downside risk	2.64	2.89	-0.24
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	2.15	2.45	-0.30
Martin ratio: Return relative to average drawdown	9.64	9.15	+0.50

BDHIX vs. EFIPX - Sharpe Ratio Comparison

The current BDHIX Sharpe Ratio is 1.79, which is comparable to the EFIPX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of BDHIX and EFIPX, 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

BDHIX vs. EFIPX - Drawdown Comparison

The maximum BDHIX drawdown since its inception was -29.13%, which is greater than EFIPX's maximum drawdown of -13.33%. Use the drawdown chart below to compare losses from any high point for BDHIX and EFIPX.

Drawdown Indicators

	BDHIX	EFIPX	Difference
Max Drawdown Largest peak-to-trough decline	-29.13%	-13.33%	-15.80%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-1.63%	-4.52%
Max Drawdown (3Y) Largest decline over 3 years	-9.43%	-1.63%	-7.80%
Max Drawdown (5Y) Largest decline over 5 years	-23.55%	-9.76%	-13.79%
Max Drawdown (10Y) Largest decline over 10 years	-29.13%	-9.96%	-19.17%
Current Drawdown Current decline from peak	-0.88%	-0.61%	-0.27%
Average Drawdown Average peak-to-trough decline	-4.76%	-1.90%	-2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	0.43%	+0.94%

Volatility

BDHIX vs. EFIPX - Volatility Comparison

BlackRock Dynamic High Income Portfolio (BDHIX) has a higher volatility of 2.65% compared to Fidelity Advisor Limited Term Bond Fund Class I (EFIPX) at 0.83%. This indicates that BDHIX's price experiences larger fluctuations and is considered to be riskier than EFIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDHIX	EFIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	0.83%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	6.20%	1.75%	+4.45%
Volatility (1Y) Calculated over the trailing 1-year period	7.40%	2.30%	+5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.99%	2.81%	+6.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.21%	2.43%	+6.78%

BDHIX vs. EFIPX - Expense Ratio Comparison

BDHIX has a 0.65% expense ratio, which is higher than EFIPX's 0.50% expense ratio.

Dividends

BDHIX vs. EFIPX - Dividend Comparison

BDHIX's dividend yield for the trailing twelve months is around 7.94%, more than EFIPX's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDHIX BlackRock Dynamic High Income Portfolio	7.94%	7.54%	7.62%	5.96%	5.17%	6.58%	5.20%	5.68%	7.40%	6.14%	6.33%	7.19%
EFIPX Fidelity Advisor Limited Term Bond Fund Class I	4.09%	3.93%	2.81%	2.15%	1.20%	1.21%	2.35%	2.41%	2.26%	1.74%	1.82%	1.55%

Frequently Asked Questions

Can I hold both BDHIX and EFIPX in my portfolio?

BDHIX and EFIPX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDHIX or EFIPX?

BDHIX has higher volatility (2.65%) compared to EFIPX (0.83%). In terms of maximum drawdown, BDHIX dropped -29.13% vs EFIPX's -13.33%.

Which has better risk-adjusted returns?

BDHIX currently has the higher Sharpe Ratio (1.79 vs 1.74), 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.