EFIPX vs. FMSFX

Last updated Jun 24, 2026

EFIPX (Fidelity Advisor Limited Term Bond Fund Class I) and FMSFX (Fidelity Mortgage Securities Fund) are both Total Bond Market funds from Fidelity. Over the past 10 years, EFIPX returned 2.22%/yr vs 1.25%/yr for FMSFX. A 0.79 correlation means they provide meaningful diversification when combined. EFIPX charges 0.50%/yr vs 0.45%/yr for FMSFX.

Performance

EFIPX vs. FMSFX - Performance Comparison

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

Returns By Period

In the year-to-date period, EFIPX achieves a 0.37% return, which is significantly lower than FMSFX's 0.66% return. Over the past 10 years, EFIPX has outperformed FMSFX with an annualized return of 2.22%, while FMSFX has yielded a comparatively lower 1.25% annualized return.

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%

FMSFX

• 1D: -0.20%
• 1M: 0.63%
• YTD: 0.66%
• 6M: 0.97%
• 1Y: 5.80%
• 3Y*: 4.25%
• 5Y*: 0.14%
• 10Y*: 1.25%

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

EFIPX vs. FMSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FMSFX Fidelity Mortgage Securities Fund	0.66%	8.29%	1.00%	4.91%	-12.61%	-1.20%	4.41%	6.43%	0.79%	2.35%

Correlation

The correlation between EFIPX and FMSFX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 31, 1984	0.79

The correlation between EFIPX and FMSFX has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

Return for Risk

EFIPX vs. FMSFX — Risk / Return Rank

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

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

FMSFX

FMSFX Risk / Return Rank: 34
FMSFX Sharpe Ratio Rank: 33
FMSFX Sortino Ratio Rank: 35
FMSFX Omega Ratio Rank: 32
FMSFX Calmar Ratio Rank: 36
FMSFX Martin Ratio Rank: 31

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.

EFIPX vs. FMSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Limited Term Bond Fund Class I (EFIPX) and Fidelity Mortgage Securities Fund (FMSFX). 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.

	EFIPX	FMSFX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.54	+0.20
Sortino ratio: Return per unit of downside risk	2.89	2.31	+0.58
Omega ratio: Gain probability vs. loss probability	1.36	1.28	+0.08
Calmar ratio: Return relative to maximum drawdown	2.45	2.15	+0.30
Martin ratio: Return relative to average drawdown	9.15	6.71	+2.44

EFIPX vs. FMSFX - Sharpe Ratio Comparison

The current EFIPX Sharpe Ratio is 1.74, which is comparable to the FMSFX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of EFIPX and FMSFX, 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

EFIPX vs. FMSFX - Drawdown Comparison

The maximum EFIPX drawdown since its inception was -13.33%, smaller than the maximum FMSFX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for EFIPX and FMSFX.

Drawdown Indicators

	EFIPX	FMSFX	Difference
Max Drawdown Largest peak-to-trough decline	-13.33%	-18.81%	+5.48%
Max Drawdown (1Y) Largest decline over 1 year	-1.63%	-2.81%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	-1.63%	-8.04%	+6.41%
Max Drawdown (5Y) Largest decline over 5 years	-9.76%	-18.66%	+8.90%
Max Drawdown (10Y) Largest decline over 10 years	-9.96%	-18.81%	+8.85%
Current Drawdown Current decline from peak	-0.61%	-1.41%	+0.80%
Average Drawdown Average peak-to-trough decline	-1.90%	-1.92%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	0.90%	-0.47%

Volatility

EFIPX vs. FMSFX - Volatility Comparison

The current volatility for Fidelity Advisor Limited Term Bond Fund Class I (EFIPX) is 0.83%, while Fidelity Mortgage Securities Fund (FMSFX) has a volatility of 1.23%. This indicates that EFIPX experiences smaller price fluctuations and is considered to be less risky than FMSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFIPX	FMSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	1.23%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	1.75%	2.90%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.30%	3.94%	-1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.81%	6.80%	-3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.43%	5.14%	-2.71%

EFIPX vs. FMSFX - Expense Ratio Comparison

EFIPX has a 0.50% expense ratio, which is higher than FMSFX's 0.45% expense ratio.

Dividends

EFIPX vs. FMSFX - Dividend Comparison

EFIPX's dividend yield for the trailing twelve months is around 4.09%, more than FMSFX's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FMSFX Fidelity Mortgage Securities Fund	3.92%	3.93%	4.12%	3.50%	1.43%	0.62%	2.40%	2.62%	2.57%	2.60%	2.65%	2.05%

Frequently Asked Questions

Can I hold both EFIPX and FMSFX in my portfolio?

EFIPX and FMSFX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFIPX or FMSFX?

FMSFX has higher volatility (1.23%) compared to EFIPX (0.83%). In terms of maximum drawdown, EFIPX dropped -13.33% vs FMSFX's -18.81%.

Which has better risk-adjusted returns?

EFIPX currently has the higher Sharpe Ratio (1.74 vs 1.54), 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.