FAHDX vs. FLOWX

Last updated Jun 3, 2026

FAHDX (Fidelity Advisor High Income Advantage Fund Class A) and FLOWX (Fidelity Water Sustainability Fund) are both mutual funds - FAHDX is a High Yield Bonds fund managed by Fidelity, while FLOWX is a Energy Equities fund managed by Fidelity. Over the past 5 years, FAHDX returned 6.23%/yr vs 6.72%/yr for FLOWX. A 0.70 correlation means they provide meaningful diversification when combined. FAHDX charges 0.99%/yr vs 1.00%/yr for FLOWX.

Performance

FAHDX vs. FLOWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor High Income Advantage Fund Class A (FAHDX) and Fidelity Water Sustainability Fund (FLOWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAHDX achieves a 6.99% return, which is significantly higher than FLOWX's -1.85% return.

FAHDX

• 1D: 0.08%
• 1M: 1.62%
• YTD: 6.99%
• 6M: 8.21%
• 1Y: 17.03%
• 3Y*: 11.91%
• 5Y*: 6.23%
• 10Y*: 7.57%

FLOWX

• 1D: -1.24%
• 1M: -5.21%
• YTD: -1.85%
• 6M: -2.22%
• 1Y: 5.47%
• 3Y*: 11.77%
• 5Y*: 6.72%
• 10Y*: —

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

FAHDX vs. FLOWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FAHDX Fidelity Advisor High Income Advantage Fund Class A	6.99%	11.79%	9.26%	12.00%	-11.37%	10.78%	26.35%
FLOWX Fidelity Water Sustainability Fund	-1.85%	18.02%	8.78%	18.58%	-19.94%	28.52%	35.89%

Correlation

The correlation between FAHDX and FLOWX is 0.59, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Apr 17, 2020	0.70

The correlation between FAHDX and FLOWX shifts across timeframes, from 0.59 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FAHDX vs. FLOWX — Risk / Return Rank

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

FAHDX

FAHDX Risk / Return Rank: 93
FAHDX Sharpe Ratio Rank: 93
FAHDX Sortino Ratio Rank: 92
FAHDX Omega Ratio Rank: 89
FAHDX Calmar Ratio Rank: 94
FAHDX Martin Ratio Rank: 95

FLOWX

FLOWX Risk / Return Rank: 5
FLOWX Sharpe Ratio Rank: 5
FLOWX Sortino Ratio Rank: 5
FLOWX Omega Ratio Rank: 5
FLOWX Calmar Ratio Rank: 5
FLOWX Martin Ratio Rank: 5

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.

FAHDX vs. FLOWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor High Income Advantage Fund Class A (FAHDX) and Fidelity Water Sustainability Fund (FLOWX). 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.

	FAHDX	FLOWX	Difference
Sharpe ratio Return per unit of total volatility	3.13	0.37	+2.75
Sortino ratio Return per unit of downside risk	4.60	0.62	+3.98
Omega ratio Gain probability vs. loss probability	1.63	1.07	+0.56
Calmar ratio Return relative to maximum drawdown	5.51	0.43	+5.08
Martin ratio Return relative to average drawdown	23.07	1.26	+21.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAHDX vs. FLOWX - Sharpe Ratio Comparison

The current FAHDX Sharpe Ratio is 3.13, which is higher than the FLOWX Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of FAHDX and FLOWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FAHDX	FLOWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	0.37	+2.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.38	+0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.71	+0.19

Drawdowns

FAHDX vs. FLOWX - Drawdown Comparison

The maximum FAHDX drawdown since its inception was -48.43%, which is greater than FLOWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for FAHDX and FLOWX.

Drawdown Indicators

	FAHDX	FLOWX	Difference
Max Drawdown Largest peak-to-trough decline	-48.43%	-30.63%	-17.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-12.84%	+9.69%
Max Drawdown (3Y) Largest decline over 3 years	-7.00%	-16.13%	+9.13%
Max Drawdown (5Y) Largest decline over 5 years	-15.29%	-30.63%	+15.34%
Max Drawdown (10Y) Largest decline over 10 years	-28.43%	—	—
Current Drawdown Current decline from peak	0.00%	-12.06%	+12.06%
Average Drawdown Average peak-to-trough decline	-5.21%	-7.37%	+2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	4.35%	-3.60%

Volatility

FAHDX vs. FLOWX - Volatility Comparison

The current volatility for Fidelity Advisor High Income Advantage Fund Class A (FAHDX) is 1.60%, while Fidelity Water Sustainability Fund (FLOWX) has a volatility of 5.29%. This indicates that FAHDX experiences smaller price fluctuations and is considered to be less risky than FLOWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAHDX	FLOWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	5.29%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	4.35%	11.17%	-6.82%
Volatility (1Y) Calculated over the trailing 1-year period	5.51%	14.32%	-8.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.35%	17.86%	-11.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.64%	18.17%	-10.53%

FAHDX vs. FLOWX - Expense Ratio Comparison

FAHDX has a 0.99% expense ratio, which is lower than FLOWX's 1.00% expense ratio.

Dividends

FAHDX vs. FLOWX - Dividend Comparison

FAHDX's dividend yield for the trailing twelve months is around 4.13%, more than FLOWX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAHDX Fidelity Advisor High Income Advantage Fund Class A	4.13%	4.45%	3.95%	4.47%	6.87%	4.56%	3.47%	4.26%	5.72%	4.66%	5.28%	4.20%
FLOWX Fidelity Water Sustainability Fund	2.99%	2.93%	2.51%	0.42%	0.08%	1.41%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FAHDX and FLOWX in my portfolio?

FAHDX and FLOWX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAHDX or FLOWX?

FLOWX has higher volatility (5.29%) compared to FAHDX (1.60%). In terms of maximum drawdown, FAHDX dropped -48.43% vs FLOWX's -30.63%.

Which has better risk-adjusted returns?

FAHDX currently has the higher Sharpe Ratio (3.13 vs 0.37), 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.