FAHYX vs. FSHGX

Last updated Jun 4, 2026

FAHYX (Fidelity Advisor High Income Advantage Fund Class M) and FSHGX (Fidelity SAI High Income Fund) are both High Yield Bonds funds from Fidelity. Over the past 5 years, FAHYX returned 6.34%/yr vs 4.67%/yr for FSHGX. Their correlation of 0.82 suggests significant overlap in exposure. FAHYX charges 0.99%/yr vs 0.60%/yr for FSHGX.

Performance

FAHYX vs. FSHGX - Performance Comparison

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

Returns By Period

In the year-to-date period, FAHYX achieves a 7.52% return, which is significantly higher than FSHGX's 3.81% return.

FAHYX

• 1D: 0.45%
• 1M: 2.15%
• YTD: 7.52%
• 6M: 8.48%
• 1Y: 16.59%
• 3Y*: 12.10%
• 5Y*: 6.34%
• 10Y*: 7.62%

FSHGX

• 1D: 0.10%
• 1M: 1.05%
• YTD: 3.81%
• 6M: 4.61%
• 1Y: 10.66%
• 3Y*: 10.42%
• 5Y*: 4.67%
• 10Y*: —

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

FAHYX vs. FSHGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FAHYX Fidelity Advisor High Income Advantage Fund Class M	7.52%	11.75%	9.24%	12.04%	-11.37%	5.34%
FSHGX Fidelity SAI High Income Fund	3.81%	10.26%	9.79%	10.82%	-12.03%	2.72%

Correlation

The correlation between FAHYX and FSHGX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since May 19, 2021	0.82

The correlation between FAHYX and FSHGX has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

Return for Risk

FAHYX vs. FSHGX — Risk / Return Rank

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

FAHYX

FAHYX Risk / Return Rank: 93
FAHYX Sharpe Ratio Rank: 93
FAHYX Sortino Ratio Rank: 92
FAHYX Omega Ratio Rank: 89
FAHYX Calmar Ratio Rank: 94
FAHYX Martin Ratio Rank: 96

FSHGX

FSHGX Risk / Return Rank: 95
FSHGX Sharpe Ratio Rank: 95
FSHGX Sortino Ratio Rank: 97
FSHGX Omega Ratio Rank: 96
FSHGX Calmar Ratio Rank: 93
FSHGX Martin Ratio Rank: 96

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.

FAHYX vs. FSHGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor High Income Advantage Fund Class M (FAHYX) and Fidelity SAI High Income Fund (FSHGX). 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.

	FAHYX	FSHGX	Difference
Sharpe ratio Return per unit of total volatility	3.18	3.35	-0.17
Sortino ratio Return per unit of downside risk	4.63	5.98	-1.35
Omega ratio Gain probability vs. loss probability	1.64	1.84	-0.20
Calmar ratio Return relative to maximum drawdown	5.64	5.11	+0.52
Martin ratio Return relative to average drawdown	23.73	24.98	-1.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAHYX vs. FSHGX - Sharpe Ratio Comparison

The current FAHYX Sharpe Ratio is 3.18, which is comparable to the FSHGX Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of FAHYX and FSHGX, 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

	FAHYX	FSHGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.18	3.35	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.89	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.89	+0.24

Drawdowns

FAHYX vs. FSHGX - Drawdown Comparison

The maximum FAHYX drawdown since its inception was -48.37%, which is greater than FSHGX's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for FAHYX and FSHGX.

Drawdown Indicators

	FAHYX	FSHGX	Difference
Max Drawdown Largest peak-to-trough decline	-48.37%	-15.77%	-32.60%
Max Drawdown (1Y) Largest decline over 1 year	-3.13%	-2.31%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-6.95%	-3.93%	-3.02%
Max Drawdown (5Y) Largest decline over 5 years	-15.35%	-15.77%	+0.42%
Max Drawdown (10Y) Largest decline over 10 years	-28.51%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.51%	-3.83%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.47%	+0.27%

Volatility

FAHYX vs. FSHGX - Volatility Comparison

Fidelity Advisor High Income Advantage Fund Class M (FAHYX) has a higher volatility of 1.63% compared to Fidelity SAI High Income Fund (FSHGX) at 1.06%. This indicates that FAHYX's price experiences larger fluctuations and is considered to be riskier than FSHGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAHYX	FSHGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	1.06%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	4.37%	2.62%	+1.75%
Volatility (1Y) Calculated over the trailing 1-year period	5.55%	3.52%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.41%	5.26%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	5.24%	+2.42%

FAHYX vs. FSHGX - Expense Ratio Comparison

FAHYX has a 0.99% expense ratio, which is higher than FSHGX's 0.60% expense ratio.

Dividends

FAHYX vs. FSHGX - Dividend Comparison

FAHYX's dividend yield for the trailing twelve months is around 4.11%, less than FSHGX's 6.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAHYX Fidelity Advisor High Income Advantage Fund Class M	4.11%	4.45%	3.96%	4.45%	6.84%	4.56%	3.47%	4.25%	5.74%	4.66%	5.29%	4.21%
FSHGX Fidelity SAI High Income Fund	6.31%	6.34%	6.15%	5.47%	3.99%	2.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FAHYX and FSHGX in my portfolio?

FAHYX and FSHGX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAHYX or FSHGX?

FAHYX has higher volatility (1.63%) compared to FSHGX (1.06%). In terms of maximum drawdown, FAHYX dropped -48.37% vs FSHGX's -15.77%.

Which has better risk-adjusted returns?

FSHGX currently has the higher Sharpe Ratio (3.35 vs 3.18), 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.