FAHDX vs. PIAMX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Advisor High Income Advantage Fund Class A (FAHDX) and PIA High Yield (MACS) Fund (PIAMX).

FAHDX is managed by Fidelity. It was launched on Jan 5, 1987. PIAMX is managed by PIA Mutual Funds. It was launched on Dec 26, 2017.

Performance

FAHDX vs. PIAMX - 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 PIA High Yield (MACS) Fund (PIAMX). The values are adjusted to include any dividend payments, if applicable.

FAHDX vs. PIAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FAHDX Fidelity Advisor High Income Advantage Fund Class A	-0.85%	11.79%	9.26%	12.00%	-11.37%	10.78%	8.72%	17.39%	-6.99%
PIAMX PIA High Yield (MACS) Fund	-2.20%	2.34%	11.23%	16.38%	-10.93%	7.82%	9.05%	11.77%	-2.63%

Returns By Period

In the year-to-date period, FAHDX achieves a -0.85% return, which is significantly higher than PIAMX's -2.20% return.

FAHDX

• 1D: -0.48%
• 1M: -2.81%
• YTD: -0.85%
• 6M: 0.69%
• 1Y: 12.27%
• 3Y*: 9.40%
• 5Y*: 5.15%
• 10Y*: 7.18%

PIAMX

• 1D: 0.26%
• 1M: -2.36%
• YTD: -2.20%
• 6M: -2.91%
• 1Y: 1.56%
• 3Y*: 7.17%
• 5Y*: 3.87%
• 10Y*: —

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

FAHDX vs. PIAMX - Expense Ratio Comparison

FAHDX has a 0.99% expense ratio, which is higher than PIAMX's 0.20% expense ratio.

FAHDX

Fidelity Advisor High Income Advantage Fund Class A

PIAMX

PIA High Yield (MACS) Fund

Return for Risk

FAHDX vs. PIAMX — Risk / Return Rank

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

FAHDX

FAHDX Risk / Return Rank: 91
FAHDX Sharpe Ratio Rank: 91
FAHDX Sortino Ratio Rank: 91
FAHDX Omega Ratio Rank: 89
FAHDX Calmar Ratio Rank: 92
FAHDX Martin Ratio Rank: 93

PIAMX

PIAMX Risk / Return Rank: 11
PIAMX Sharpe Ratio Rank: 13
PIAMX Sortino Ratio Rank: 10
PIAMX Omega Ratio Rank: 12
PIAMX Calmar Ratio Rank: 10
PIAMX Martin Ratio Rank: 10

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. PIAMX - 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 PIA High Yield (MACS) Fund (PIAMX). 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	PIAMX	Difference
Sharpe ratio Return per unit of total volatility	1.91	0.31	+1.60
Sortino ratio Return per unit of downside risk	2.62	0.41	+2.21
Omega ratio Gain probability vs. loss probability	1.40	1.07	+0.33
Calmar ratio Return relative to maximum drawdown	2.73	0.20	+2.53
Martin ratio Return relative to average drawdown	11.81	0.61	+11.20
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. PIAMX - Sharpe Ratio Comparison

The current FAHDX Sharpe Ratio is 1.91, which is higher than the PIAMX Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of FAHDX and PIAMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FAHDX	PIAMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	0.31	+1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.97	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.15	-0.28

Correlation

The correlation between FAHDX and PIAMX is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FAHDX vs. PIAMX - Dividend Comparison

FAHDX's dividend yield for the trailing twelve months is around 4.15%, less than PIAMX's 8.51% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAHDX Fidelity Advisor High Income Advantage Fund Class A	4.15%	4.45%	3.95%	4.47%	6.87%	4.56%	3.47%	4.26%	5.72%	4.66%	5.28%	4.20%
PIAMX PIA High Yield (MACS) Fund	8.51%	9.12%	8.49%	8.12%	7.99%	8.64%	6.63%	6.96%	7.14%	0.00%	0.00%	0.00%

Drawdowns

FAHDX vs. PIAMX - Drawdown Comparison

The maximum FAHDX drawdown since its inception was -48.43%, which is greater than PIAMX's maximum drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for FAHDX and PIAMX.

Drawdown Indicators

	FAHDX	PIAMX	Difference
Max Drawdown Largest peak-to-trough decline	-48.43%	-18.15%	-30.28%
Max Drawdown (1Y) Largest decline over 1 year	-4.30%	-4.17%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-15.29%	-13.92%	-1.37%
Max Drawdown (10Y) Largest decline over 10 years	-28.43%	—	—
Current Drawdown Current decline from peak	-3.15%	-3.50%	+0.35%
Average Drawdown Average peak-to-trough decline	-5.23%	-2.36%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	1.37%	-0.38%

Volatility

FAHDX vs. PIAMX - Volatility Comparison

Fidelity Advisor High Income Advantage Fund Class A (FAHDX) has a higher volatility of 2.23% compared to PIA High Yield (MACS) Fund (PIAMX) at 1.72%. This indicates that FAHDX's price experiences larger fluctuations and is considered to be riskier than PIAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAHDX	PIAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	1.72%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	4.10%	2.45%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	6.59%	4.32%	+2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	4.01%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.61%	4.25%	+3.36%