EFIPX vs. FSHBX

Last updated Jul 17, 2026

EFIPX (Fidelity Advisor Limited Term Bond Fund Class I) and FSHBX (Fidelity Short-Term Bond Fund) are both Total Bond Market funds from Fidelity. Over the past 10 years, EFIPX returned 2.25%/yr vs 2.11%/yr for FSHBX. A 0.75 correlation means they provide meaningful diversification when combined. EFIPX charges 0.50%/yr vs 0.45%/yr for FSHBX.

Performance

EFIPX vs. FSHBX - 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 Short-Term Bond Fund (FSHBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EFIPX having a 0.80% return and FSHBX slightly lower at 0.77%. Over the past 10 years, EFIPX has outperformed FSHBX with an annualized return of 2.25%, while FSHBX has yielded a comparatively lower 2.11% annualized return.

EFIPX

• 1D: 0.09%
• 1M: -0.00%
• 6M: 0.89%
• YTD: 0.80%
• 1Y: 3.99%
• 3Y*: 5.15%
• 5Y*: 2.01%
• 10Y*: 2.25%

FSHBX

• 1D: 0.12%
• 1M: 0.21%
• 6M: 0.89%
• YTD: 0.77%
• 1Y: 3.47%
• 3Y*: 4.81%
• 5Y*: 2.29%
• 10Y*: 2.11%

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

EFIPX vs. FSHBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFIPX Fidelity Advisor Limited Term Bond Fund Class I	0.80%	6.70%	4.34%	6.01%	-6.35%	-1.41%	5.13%	6.00%	0.68%	1.84%
FSHBX Fidelity Short-Term Bond Fund	0.77%	5.49%	4.73%	5.35%	-3.86%	-0.92%	3.59%	4.20%	1.21%	1.16%

Correlation

The correlation between EFIPX and FSHBX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 15, 1986	0.75

The correlation between EFIPX and FSHBX has been stable across timeframes, ranging from 0.75 to 0.85 - a consistent structural relationship.

Return for Risk

EFIPX vs. FSHBX — Risk / Return Rank

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

EFIPX

EFIPX Risk / Return Rank: 70
EFIPX Sharpe Ratio Rank: 67
EFIPX Sortino Ratio Rank: 79
EFIPX Omega Ratio Rank: 76
EFIPX Calmar Ratio Rank: 67
EFIPX Martin Ratio Rank: 62

FSHBX

FSHBX Risk / Return Rank: 82
FSHBX Sharpe Ratio Rank: 72
FSHBX Sortino Ratio Rank: 85
FSHBX Omega Ratio Rank: 85
FSHBX Calmar Ratio Rank: 83
FSHBX Martin Ratio Rank: 83

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. FSHBX - 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 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.

	EFIPX	FSHBX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.89	-0.03
Sortino ratio: Return per unit of downside risk	3.04	3.32	-0.27
Omega ratio: Gain probability vs. loss probability	1.38	1.46	-0.08
Calmar ratio: Return relative to maximum drawdown	2.58	3.08	-0.51
Martin ratio: Return relative to average drawdown	9.78	11.71	-1.93

EFIPX vs. FSHBX - Sharpe Ratio Comparison

The current EFIPX Sharpe Ratio is 1.86, which is comparable to the FSHBX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EFIPX and FSHBX, 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. FSHBX - Drawdown Comparison

The maximum EFIPX drawdown since its inception was -13.33%, which is greater than FSHBX's maximum drawdown of -8.80%. Use the drawdown chart below to compare losses from any high point for EFIPX and FSHBX.

Drawdown Indicators

	EFIPX	FSHBX	Difference
Max Drawdown Largest peak-to-trough decline	-13.33%	-8.80%	-4.53%
Max Drawdown (1Y) Largest decline over 1 year	-1.63%	-1.17%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-1.63%	-1.17%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-9.76%	-6.36%	-3.40%
Max Drawdown (10Y) Largest decline over 10 years	-9.96%	-6.51%	-3.45%
Current Drawdown Current decline from peak	-0.18%	-0.12%	-0.06%
Average Drawdown Average peak-to-trough decline	-1.90%	-1.04%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	0.31%	+0.12%

Volatility

EFIPX vs. FSHBX - Volatility Comparison

Fidelity Advisor Limited Term Bond Fund Class I (EFIPX) has a higher volatility of 0.66% compared to Fidelity Short-Term Bond Fund (FSHBX) at 0.50%. This indicates that EFIPX'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.

Volatility by Period

	EFIPX	FSHBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.50%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	1.45%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	1.92%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.82%	2.22%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.43%	1.86%	+0.57%

EFIPX vs. FSHBX - Expense Ratio Comparison

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

Dividends

EFIPX vs. FSHBX - Dividend Comparison

EFIPX's dividend yield for the trailing twelve months is around 4.11%, which matches FSHBX's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFIPX Fidelity Advisor Limited Term Bond Fund Class I	4.11%	3.93%	2.81%	2.15%	1.20%	1.21%	2.35%	2.41%	2.26%	1.74%	1.82%	1.55%
FSHBX Fidelity Short-Term Bond Fund	4.15%	4.26%	4.00%	3.00%	0.83%	1.04%	2.62%	2.13%	1.78%	1.27%	1.12%	0.88%

Frequently Asked Questions

Can I hold both EFIPX and FSHBX in my portfolio?

EFIPX and FSHBX have a correlation of 0.79, 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 FSHBX?

EFIPX has higher volatility (0.66%) compared to FSHBX (0.50%). In terms of maximum drawdown, EFIPX dropped -13.33% vs FSHBX's -8.80%.

Which has better risk-adjusted returns?

FSHBX currently has the higher Sharpe Ratio (1.89 vs 1.86), 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.