CPMPX vs. FFRTX
CPMPX (Changing Parameters Fund) and FFRTX (Fidelity Advisor Floating Rate High Income Fund Class M) are both High Yield Bonds funds. Over the past 10 years, CPMPX returned 4.10%/yr vs 4.53%/yr for FFRTX. At a 0.32 correlation, their price movements are largely independent. CPMPX charges 2.90%/yr vs 0.99%/yr for FFRTX.
Performance
CPMPX vs. FFRTX - Performance Comparison
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Returns By Period
In the year-to-date period, CPMPX achieves a 1.14% return, which is significantly lower than FFRTX's 1.99% return. Over the past 10 years, CPMPX has underperformed FFRTX with an annualized return of 4.10%, while FFRTX has yielded a comparatively higher 4.53% annualized return.
CPMPX
- 1D
- 0.09%
- 1M
- 0.38%
- 6M
- 0.66%
- YTD
- 1.14%
- 1Y
- 4.41%
- 3Y*
- 3.36%
- 5Y*
- 2.32%
- 10Y*
- 4.10%
FFRTX
- 1D
- 0.00%
- 1M
- 0.40%
- 6M
- 1.88%
- YTD
- 1.99%
- 1Y
- 4.81%
- 3Y*
- 6.28%
- 5Y*
- 5.01%
- 10Y*
- 4.53%
CPMPX vs. FFRTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPMPX Changing Parameters Fund | 1.14% | 6.65% | -3.47% | 8.13% | -0.22% | 3.86% | 13.43% | 6.82% | -1.19% | 5.29% |
FFRTX Fidelity Advisor Floating Rate High Income Fund Class M | 1.99% | 5.16% | 6.95% | 11.37% | -1.77% | 4.73% | 1.36% | 8.29% | -0.21% | 3.61% |
Correlation
The correlation between CPMPX and FFRTX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.32 |
The correlation between CPMPX and FFRTX shifts across timeframes, from 0.22 (1 year) to 0.32 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
CPMPX vs. FFRTX — Risk / Return Rank
CPMPX
FFRTX
CPMPX vs. FFRTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Changing Parameters Fund (CPMPX) and Fidelity Advisor Floating Rate High Income Fund Class M (FFRTX). 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.
| CPMPX | FFRTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.68 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 3.97 | -0.65 |
| Martin ratioReturn relative to average drawdown | 9.15 | 12.90 | -3.75 |
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Drawdowns
CPMPX vs. FFRTX - Drawdown Comparison
The maximum CPMPX drawdown since its inception was -8.87%, smaller than the maximum FFRTX drawdown of -22.24%. Use the drawdown chart below to compare losses from any high point for CPMPX and FFRTX.
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Drawdown Indicators
| CPMPX | FFRTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.87% | -22.24% | +13.37% |
Max Drawdown (1Y)Largest decline over 1 year | -1.31% | -1.22% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -8.13% | -3.21% | -4.92% |
Max Drawdown (5Y)Largest decline over 5 years | -8.13% | -6.01% | -2.12% |
Max Drawdown (10Y)Largest decline over 10 years | -8.13% | -22.24% | +14.11% |
Current DrawdownCurrent decline from peak | -0.81% | 0.00% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -1.03% | -0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.37% | +0.10% |
Volatility
CPMPX vs. FFRTX - Volatility Comparison
The current volatility for Changing Parameters Fund (CPMPX) is 0.58%, while Fidelity Advisor Floating Rate High Income Fund Class M (FFRTX) has a volatility of 0.74%. This indicates that CPMPX experiences smaller price fluctuations and is considered to be less risky than FFRTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPMPX | FFRTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 0.74% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.35% | 1.70% | -0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.84% | 2.31% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 2.81% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.11% | 4.09% | -0.98% |
CPMPX vs. FFRTX - Expense Ratio Comparison
CPMPX has a 2.90% expense ratio, which is higher than FFRTX's 0.99% expense ratio.
Dividends
CPMPX vs. FFRTX - Dividend Comparison
CPMPX's dividend yield for the trailing twelve months is around 3.78%, less than FFRTX's 6.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPMPX Changing Parameters Fund | 3.78% | 3.83% | 0.00% | 4.26% | 5.03% | 4.24% | 6.94% | 2.85% | 1.71% | 3.32% | 2.25% | 1.51% |
FFRTX Fidelity Advisor Floating Rate High Income Fund Class M | 6.72% | 7.12% | 6.70% | 7.25% | 3.57% | 2.47% | 3.54% | 4.84% | 4.41% | 3.76% | 4.04% | 3.34% |
Frequently Asked Questions
CPMPX and FFRTX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FFRTX has higher volatility (0.74%) compared to CPMPX (0.58%). In terms of maximum drawdown, CPMPX dropped -8.87% vs FFRTX's -22.24%.
CPMPX currently has the higher Sharpe Ratio (2.38 vs 2.10), 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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