FCBAX vs. PRPIX
FCBAX (Fidelity Advisor Corporate Bond Fund Class A) and PRPIX (T. Rowe Price Corporate Income Fund) are both Corporate Bonds funds. Over the past 10 years, FCBAX returned 1.99%/yr vs 2.85%/yr for PRPIX. Their correlation of 0.94 means they have usually moved in the same direction. FCBAX charges 0.77%/yr vs 0.56%/yr for PRPIX.
Performance
FCBAX vs. PRPIX - Performance Comparison
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Returns By Period
In the year-to-date period, FCBAX achieves a -1.33% return, which is significantly lower than PRPIX's -1.21% return. Over the past 10 years, FCBAX has underperformed PRPIX with an annualized return of 1.99%, while PRPIX has yielded a comparatively higher 2.85% annualized return.
FCBAX
- 1D
- -0.19%
- 1M
- -1.88%
- 6M
- -1.47%
- YTD
- -1.33%
- 1Y
- 1.12%
- 3Y*
- 4.32%
- 5Y*
- -0.92%
- 10Y*
- 1.99%
- ALL TIME*
- 3.40%
PRPIX
- 1D
- -0.13%
- 1M
- -2.00%
- 6M
- -1.24%
- YTD
- -1.21%
- 1Y
- 1.49%
- 3Y*
- 7.12%
- 5Y*
- 0.97%
- 10Y*
- 2.85%
- ALL TIME*
- 4.92%
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 |
FCBAX vs. PRPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCBAX Fidelity Advisor Corporate Bond Fund Class A | -1.33% | 7.51% | 2.21% | 8.10% | -17.32% | -1.85% | 10.46% | 14.11% | -2.90% | 6.47% |
PRPIX T. Rowe Price Corporate Income Fund | -1.21% | 9.21% | 6.49% | 12.72% | -17.71% | -0.76% | 7.87% | 15.77% | -3.05% | 6.58% |
Correlation
The correlation between FCBAX and PRPIX is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since May 5, 2010 | 0.94 |
The correlation between FCBAX and PRPIX has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.
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Return for Risk
FCBAX vs. PRPIX — Risk / Return Rank
FCBAX
PRPIX
FCBAX vs. PRPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Corporate Bond Fund Class A (FCBAX) and T. Rowe Price Corporate Income Fund (PRPIX). 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.
| FCBAX | PRPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.09 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 0.65 | -0.10 |
| Martin ratioReturn relative to average drawdown | 1.45 | 2.04 | -0.59 |
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Drawdowns
FCBAX vs. PRPIX - Drawdown Comparison
The maximum FCBAX drawdown since its inception was -23.56%, roughly equal to the maximum PRPIX drawdown of -24.24%. Use the drawdown chart below to compare losses from any high point for FCBAX and PRPIX.
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Drawdown Indicators
| FCBAX | PRPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.56% | -24.24% | +0.68% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -3.29% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -5.64% | -4.93% | -0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -23.40% | -24.23% | +0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -23.56% | -24.24% | +0.68% |
Current DrawdownCurrent decline from peak | -4.89% | -2.60% | -2.29% |
Average DrawdownAverage peak-to-trough decline | -4.33% | -2.86% | -1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 1.04% | +0.20% |
Volatility
FCBAX vs. PRPIX - Volatility Comparison
The current volatility for Fidelity Advisor Corporate Bond Fund Class A (FCBAX) is 1.09%, while T. Rowe Price Corporate Income Fund (PRPIX) has a volatility of 1.15%. This indicates that FCBAX experiences smaller price fluctuations and is considered to be less risky than PRPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCBAX | PRPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.15% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.30% | 3.30% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 4.24% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 6.65% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.95% | 6.05% | -0.10% |
FCBAX vs. PRPIX - Expense Ratio Comparison
FCBAX has a 0.77% expense ratio, which is higher than PRPIX's 0.56% expense ratio.
Dividends
FCBAX vs. PRPIX - Dividend Comparison
FCBAX's dividend yield for the trailing twelve months is around 3.68%, less than PRPIX's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCBAX Fidelity Advisor Corporate Bond Fund Class A | 3.68% | 3.79% | 3.35% | 3.13% | 2.27% | 2.55% | 3.09% | 2.96% | 3.29% | 2.83% | 3.19% | 2.69% |
PRPIX T. Rowe Price Corporate Income Fund | 4.75% | 5.87% | 8.35% | 7.54% | 2.42% | 5.61% | 3.82% | 5.47% | 3.47% | 3.95% | 3.20% | 4.23% |
Frequently Asked Questions
FCBAX and PRPIX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRPIX has higher volatility (1.15%) compared to FCBAX (1.09%). In terms of maximum drawdown, FCBAX dropped -23.56% vs PRPIX's -24.24%.
PRPIX currently has the higher Sharpe Ratio (0.50 vs 0.43), 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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