FANCX vs. FMSFX
FANCX (Fidelity Advisor Short-Term Bond Fund Class C) and FMSFX (Fidelity Mortgage Securities Fund) are both Total Bond Market funds from Fidelity. Over the past 10 years, FANCX returned 1.03%/yr vs 1.10%/yr for FMSFX. Their 0.69 correlation means they have sometimes moved together and sometimes differently. FANCX charges 1.51%/yr vs 0.45%/yr for FMSFX.
Performance
FANCX vs. FMSFX - Performance Comparison
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Returns By Period
In the year-to-date period, FANCX achieves a -0.01% return, which is significantly higher than FMSFX's -0.32% return. Over the past 10 years, FANCX has underperformed FMSFX with an annualized return of 1.03%, while FMSFX has yielded a comparatively higher 1.10% annualized return.
FANCX
- 1D
- 0.00%
- 1M
- -0.24%
- 6M
- -0.14%
- YTD
- -0.01%
- 1Y
- 1.50%
- 3Y*
- 3.53%
- 5Y*
- 1.16%
- 10Y*
- 1.03%
- ALL TIME*
- 1.04%
FMSFX
- 1D
- -0.31%
- 1M
- -1.41%
- 6M
- -0.71%
- YTD
- -0.32%
- 1Y
- 3.08%
- 3Y*
- 4.28%
- 5Y*
- -0.20%
- 10Y*
- 1.10%
- ALL TIME*
- 4.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FANCX vs. FMSFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FANCX Fidelity Advisor Short-Term Bond Fund Class C | -0.01% | 4.38% | 3.74% | 3.91% | -4.63% | -1.81% | 2.74% | 2.90% | 0.23% | -0.02% |
FMSFX Fidelity Mortgage Securities Fund | -0.32% | 8.29% | 1.00% | 4.91% | -12.61% | -1.20% | 4.41% | 6.43% | 0.79% | 2.35% |
Correlation
The correlation between FANCX and FMSFX is 0.75, 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. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jul 22, 2016 | 0.69 |
The correlation between FANCX and FMSFX has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
FANCX vs. FMSFX — Risk / Return Rank
FANCX
FMSFX
FANCX vs. FMSFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Short-Term Bond Fund Class C (FANCX) and Fidelity Mortgage Securities Fund (FMSFX). 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.
| FANCX | FMSFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.18 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.44 | +0.25 |
| Martin ratioReturn relative to average drawdown | 4.72 | 3.96 | +0.76 |
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Drawdowns
FANCX vs. FMSFX - Drawdown Comparison
The maximum FANCX drawdown since its inception was -7.79%, smaller than the maximum FMSFX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for FANCX and FMSFX.
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Drawdown Indicators
| FANCX | FMSFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.79% | -18.81% | +11.02% |
Max Drawdown (1Y)Largest decline over 1 year | -1.18% | -2.81% | +1.63% |
Max Drawdown (3Y)Largest decline over 3 years | -1.18% | -6.97% | +5.79% |
Max Drawdown (5Y)Largest decline over 5 years | -7.13% | -18.59% | +11.46% |
Max Drawdown (10Y)Largest decline over 10 years | -7.79% | -18.81% | +11.02% |
Current DrawdownCurrent decline from peak | -0.58% | -2.37% | +1.79% |
Average DrawdownAverage peak-to-trough decline | -1.54% | -1.92% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 1.02% | -0.60% |
Volatility
FANCX vs. FMSFX - Volatility Comparison
The current volatility for Fidelity Advisor Short-Term Bond Fund Class C (FANCX) is 0.37%, while Fidelity Mortgage Securities Fund (FMSFX) has a volatility of 1.10%. This indicates that FANCX experiences smaller price fluctuations and is considered to be less risky than FMSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FANCX | FMSFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 1.10% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 1.37% | 3.05% | -1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.81% | 3.90% | -2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.14% | 6.82% | -4.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.77% | 5.14% | -3.37% |
FANCX vs. FMSFX - Expense Ratio Comparison
FANCX has a 1.51% expense ratio, which is higher than FMSFX's 0.45% expense ratio.
Dividends
FANCX vs. FMSFX - Dividend Comparison
FANCX's dividend yield for the trailing twelve months is around 2.82%, less than FMSFX's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FANCX Fidelity Advisor Short-Term Bond Fund Class C | 2.82% | 3.20% | 2.95% | 1.75% | 0.15% | 0.36% | 1.68% | 1.00% | 0.69% | 0.21% | 0.07% | 0.00% |
FMSFX Fidelity Mortgage Securities Fund | 3.61% | 3.93% | 4.12% | 3.50% | 1.43% | 0.62% | 2.40% | 2.62% | 2.57% | 2.60% | 2.65% | 2.05% |
Frequently Asked Questions
FANCX and FMSFX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMSFX has higher volatility (1.10%) compared to FANCX (0.37%). In terms of maximum drawdown, FANCX dropped -7.79% vs FMSFX's -18.81%.
FANCX currently has the higher Sharpe Ratio (1.11 vs 1.04), 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.
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