FEPAX vs. FMSFX

Last updated Jun 4, 2026

FEPAX (Fidelity Advisor Total Bond Fund Class A) and FMSFX (Fidelity Mortgage Securities Fund) are both Total Bond Market funds from Fidelity. Over the past 10 years, FEPAX returned 2.06%/yr vs 1.30%/yr for FMSFX. Their correlation of 0.87 suggests significant overlap in exposure. FEPAX charges 0.75%/yr vs 0.45%/yr for FMSFX.

Performance

FEPAX vs. FMSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Total Bond Fund Class A (FEPAX) and Fidelity Mortgage Securities Fund (FMSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEPAX achieves a 0.45% return, which is significantly lower than FMSFX's 0.97% return. Over the past 10 years, FEPAX has outperformed FMSFX with an annualized return of 2.06%, while FMSFX has yielded a comparatively lower 1.30% annualized return.

FEPAX

• 1D: 0.10%
• 1M: 0.44%
• YTD: 0.45%
• 6M: 0.36%
• 1Y: 5.43%
• 3Y*: 4.21%
• 5Y*: 0.27%
• 10Y*: 2.06%

FMSFX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 0.97%
• 6M: 1.07%
• 1Y: 6.99%
• 3Y*: 4.46%
• 5Y*: 0.22%
• 10Y*: 1.30%

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

FEPAX vs. FMSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEPAX Fidelity Advisor Total Bond Fund Class A	0.45%	7.18%	1.16%	6.54%	-13.76%	-0.56%	9.02%	9.55%	-1.07%	3.79%
FMSFX Fidelity Mortgage Securities Fund	0.97%	8.29%	1.00%	4.91%	-12.61%	-1.20%	4.41%	6.43%	0.79%	2.35%

Correlation

The correlation between FEPAX and FMSFX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 29, 2004	0.87

The correlation between FEPAX and FMSFX has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

Return for Risk

FEPAX vs. FMSFX — Risk / Return Rank

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

FEPAX

FEPAX Risk / Return Rank: 24
FEPAX Sharpe Ratio Rank: 24
FEPAX Sortino Ratio Rank: 27
FEPAX Omega Ratio Rank: 22
FEPAX Calmar Ratio Rank: 25
FEPAX Martin Ratio Rank: 21

FMSFX

FMSFX Risk / Return Rank: 39
FMSFX Sharpe Ratio Rank: 37
FMSFX Sortino Ratio Rank: 40
FMSFX Omega Ratio Rank: 37
FMSFX Calmar Ratio Rank: 43
FMSFX Martin Ratio Rank: 38

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.

FEPAX vs. FMSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Total Bond Fund Class A (FEPAX) 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.

	FEPAX	FMSFX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.76	-0.35
Sortino ratio: Return per unit of downside risk	2.15	2.66	-0.51
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.08
Calmar ratio: Return relative to maximum drawdown	1.86	2.50	-0.64
Martin ratio: Return relative to average drawdown	5.52	8.25	-2.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEPAX vs. FMSFX - Sharpe Ratio Comparison

The current FEPAX Sharpe Ratio is 1.41, which is comparable to the FMSFX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of FEPAX and FMSFX, 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

	FEPAX	FMSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.76	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.03	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.25	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	1.02	-0.19

Drawdowns

FEPAX vs. FMSFX - Drawdown Comparison

The maximum FEPAX drawdown since its inception was -18.52%, roughly equal to the maximum FMSFX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for FEPAX and FMSFX.

Drawdown Indicators

	FEPAX	FMSFX	Difference
Max Drawdown Largest peak-to-trough decline	-18.52%	-18.81%	+0.29%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-2.81%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-5.89%	-8.04%	+2.15%
Max Drawdown (5Y) Largest decline over 5 years	-18.52%	-18.66%	+0.14%
Max Drawdown (10Y) Largest decline over 10 years	-18.52%	-18.81%	+0.29%
Current Drawdown Current decline from peak	-1.38%	-1.11%	-0.27%
Average Drawdown Average peak-to-trough decline	-2.62%	-1.92%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	0.85%	+0.14%

Volatility

FEPAX vs. FMSFX - Volatility Comparison

The current volatility for Fidelity Advisor Total Bond Fund Class A (FEPAX) is 1.30%, while Fidelity Mortgage Securities Fund (FMSFX) has a volatility of 1.49%. This indicates that FEPAX 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.

Volatility by Period

	FEPAX	FMSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.49%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	2.80%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	3.99%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.65%	6.79%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.72%	5.13%	-0.41%

FEPAX vs. FMSFX - Expense Ratio Comparison

FEPAX has a 0.75% expense ratio, which is higher than FMSFX's 0.45% expense ratio.

Dividends

FEPAX vs. FMSFX - Dividend Comparison

FEPAX's dividend yield for the trailing twelve months is around 4.06%, more than FMSFX's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEPAX Fidelity Advisor Total Bond Fund Class A	4.06%	4.07%	3.18%	3.51%	2.29%	1.68%	4.93%	2.73%	2.87%	2.49%	3.28%	3.01%
FMSFX Fidelity Mortgage Securities Fund	3.90%	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

Can I hold both FEPAX and FMSFX in my portfolio?

With a correlation of 0.95, FEPAX and FMSFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FEPAX or FMSFX?

FMSFX has higher volatility (1.49%) compared to FEPAX (1.30%). In terms of maximum drawdown, FEPAX dropped -18.52% vs FMSFX's -18.81%.

Which has better risk-adjusted returns?

FMSFX currently has the higher Sharpe Ratio (1.76 vs 1.41), 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.