FAHEX vs. AMHYX

Last updated Aug 1, 2026

FAHEX (Fidelity Advisor High Income Advantage Fund Class C) and AMHYX (Invesco High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, FAHEX returned 6.28%/yr vs 3.92%/yr for AMHYX. Their 0.62 correlation means they have sometimes moved together and sometimes differently. FAHEX charges 1.75%/yr vs 1.03%/yr for AMHYX.

Performance

FAHEX vs. AMHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor High Income Advantage Fund Class C (FAHEX) and Invesco High Yield Fund (AMHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAHEX achieves a 4.32% return, which is significantly higher than AMHYX's 0.94% return. Over the past 10 years, FAHEX has outperformed AMHYX with an annualized return of 6.28%, while AMHYX has yielded a comparatively lower 3.92% annualized return.

FAHEX

• 1D: 0.94%
• 1M: -1.52%
• 6M: 2.93%
• YTD: 4.32%
• 1Y: 9.04%
• 3Y*: 9.28%
• 5Y*: 4.70%
• 10Y*: 6.28%
• ALL TIME*: 5.67%

AMHYX

• 1D: 0.00%
• 1M: -1.13%
• 6M: 0.40%
• YTD: 0.94%
• 1Y: 4.59%
• 3Y*: 6.38%
• 5Y*: 2.84%
• 10Y*: 3.92%
• ALL TIME*: 4.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMHYX Invesco High Yield Fund	$0.00	$0.00	$0.00
FAHEX Fidelity Advisor High Income Advantage Fund Class C	$0.00	$0.00	$0.00

FAHEX vs. AMHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAHEX Fidelity Advisor High Income Advantage Fund Class C	4.32%	10.97%	8.51%	11.23%	-11.89%	10.09%	7.88%	16.50%	-6.17%	10.57%
AMHYX Invesco High Yield Fund	0.94%	7.32%	7.15%	8.75%	-9.86%	4.15%	3.66%	12.70%	-3.28%	6.35%

Correlation

The correlation between FAHEX and AMHYX is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.62
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Dec 31, 1993	0.62

The correlation between FAHEX and AMHYX shifts across timeframes, from 0.54 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FAHEX vs. AMHYX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FAHEX

FAHEX Risk / Return Rank: 58
FAHEX Sharpe Ratio Rank: 50
FAHEX Sortino Ratio Rank: 49
FAHEX Omega Ratio Rank: 48
FAHEX Calmar Ratio Rank: 70
FAHEX Martin Ratio Rank: 71

AMHYX

AMHYX Risk / Return Rank: 66
AMHYX Sharpe Ratio Rank: 54
AMHYX Sortino Ratio Rank: 68
AMHYX Omega Ratio Rank: 77
AMHYX Calmar Ratio Rank: 59
AMHYX Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FAHEX vs. AMHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor High Income Advantage Fund Class C (FAHEX) and Invesco High Yield Fund (AMHYX). 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.

	FAHEX	AMHYX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.41	-0.03
Sortino ratio: Return per unit of downside risk	1.96	2.33	-0.36
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	2.33	2.05	+0.28
Martin ratio: Return relative to average drawdown	8.89	9.10	-0.21

FAHEX vs. AMHYX - Sharpe Ratio Comparison

The current FAHEX Sharpe Ratio is 1.38, which is comparable to the AMHYX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of FAHEX and AMHYX, 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

FAHEX vs. AMHYX - Drawdown Comparison

The maximum FAHEX drawdown since its inception was -49.00%, which is greater than AMHYX's maximum drawdown of -40.33%. Use the drawdown chart below to compare losses from any high point for FAHEX and AMHYX.

Drawdown Indicators

	FAHEX	AMHYX	Difference
Max Drawdown Largest peak-to-trough decline	-49.00%	-40.33%	-8.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.76%	-2.54%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-7.11%	-4.24%	-2.87%
Max Drawdown (5Y) Largest decline over 5 years	-15.76%	-14.47%	-1.29%
Max Drawdown (10Y) Largest decline over 10 years	-28.52%	-23.78%	-4.74%
Current Drawdown Current decline from peak	-2.86%	-1.41%	-1.45%
Average Drawdown Average peak-to-trough decline	-5.00%	-6.91%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.57%	+0.41%

Volatility

FAHEX vs. AMHYX - Volatility Comparison

Fidelity Advisor High Income Advantage Fund Class C (FAHEX) has a higher volatility of 2.08% compared to Invesco High Yield Fund (AMHYX) at 0.89%. This indicates that FAHEX's price experiences larger fluctuations and is considered to be riskier than AMHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAHEX	AMHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	0.89%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	5.32%	3.02%	+2.30%
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	3.72%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.51%	5.29%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	5.84%	+1.78%

FAHEX vs. AMHYX - Expense Ratio Comparison

FAHEX has a 1.75% expense ratio, which is higher than AMHYX's 1.03% expense ratio.

Dividends

FAHEX vs. AMHYX - Dividend Comparison

FAHEX's dividend yield for the trailing twelve months is around 3.20%, less than AMHYX's 6.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMHYX Invesco High Yield Fund	6.00%	6.45%	6.01%	5.09%	5.00%	4.57%	5.95%	5.60%	5.39%	4.95%	4.89%	5.55%
FAHEX Fidelity Advisor High Income Advantage Fund Class C	3.20%	3.73%	3.34%	3.80%	6.26%	3.92%	2.76%	3.50%	4.90%	3.91%	4.50%	3.45%

Frequently Asked Questions

Can I hold both FAHEX and AMHYX in my portfolio?

FAHEX and AMHYX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAHEX or AMHYX?

FAHEX has higher volatility (2.08%) compared to AMHYX (0.89%). In terms of maximum drawdown, FAHEX dropped -49.00% vs AMHYX's -40.33%.

Which has better risk-adjusted returns?

AMHYX currently has the higher Sharpe Ratio (1.41 vs 1.38), 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.