FEPTX vs. FSHBX

Last updated Jul 2, 2026

FEPTX (Fidelity Advisor Total Bond Fund Class M) and FSHBX (Fidelity Short-Term Bond Fund) are both Total Bond Market funds from Fidelity. Over the past 10 years, FEPTX returned 1.97%/yr vs 2.10%/yr for FSHBX. A 0.69 correlation means they provide meaningful diversification when combined. FEPTX charges 0.75%/yr vs 0.45%/yr for FSHBX.

Performance

FEPTX vs. FSHBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Total Bond Fund Class M (FEPTX) and Fidelity Short-Term Bond Fund (FSHBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with FEPTX at 0.77% and FSHBX at 0.77%. Over the past 10 years, FEPTX has underperformed FSHBX with an annualized return of 1.97%, while FSHBX has yielded a comparatively higher 2.10% annualized return.

FEPTX

• 1D: 0.01%
• 1M: 0.32%
• 6M: 0.77%
• YTD: 0.77%
• 1Y: 3.77%
• 3Y*: 4.29%
• 5Y*: 0.21%
• 10Y*: 1.97%

FSHBX

• 1D: 0.21%
• 1M: 0.21%
• 6M: 0.77%
• YTD: 0.77%
• 1Y: 3.23%
• 3Y*: 4.89%
• 5Y*: 2.31%
• 10Y*: 2.10%

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

FEPTX vs. FSHBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEPTX Fidelity Advisor Total Bond Fund Class M	0.77%	7.19%	1.50%	6.54%	-13.79%	-0.57%	9.03%	9.45%	-0.98%	3.78%
FSHBX Fidelity Short-Term Bond Fund	0.77%	5.49%	4.73%	5.35%	-3.86%	-0.92%	3.59%	4.20%	1.21%	1.16%

Correlation

The correlation between FEPTX and FSHBX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 28, 2004	0.69

The correlation between FEPTX and FSHBX has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

Return for Risk

FEPTX vs. FSHBX — Risk / Return Rank

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

FEPTX

FEPTX Risk / Return Rank: 19
FEPTX Sharpe Ratio Rank: 20
FEPTX Sortino Ratio Rank: 20
FEPTX Omega Ratio Rank: 18
FEPTX Calmar Ratio Rank: 20
FEPTX Martin Ratio Rank: 18

FSHBX

FSHBX Risk / Return Rank: 65
FSHBX Sharpe Ratio Rank: 47
FSHBX Sortino Ratio Rank: 73
FSHBX Omega Ratio Rank: 74
FSHBX Calmar Ratio Rank: 68
FSHBX Martin Ratio Rank: 62

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.

FEPTX vs. FSHBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Total Bond Fund Class M (FEPTX) and Fidelity Short-Term Bond Fund (FSHBX). 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.

	FEPTX	FSHBX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.64	-0.64
Sortino ratio: Return per unit of downside risk	1.48	2.88	-1.39
Omega ratio: Gain probability vs. loss probability	1.17	1.39	-0.21
Calmar ratio: Return relative to maximum drawdown	1.29	2.67	-1.38
Martin ratio: Return relative to average drawdown	3.59	10.05	-6.45

FEPTX vs. FSHBX - Sharpe Ratio Comparison

The current FEPTX Sharpe Ratio is 1.00, which is lower than the FSHBX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of FEPTX and FSHBX, 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

FEPTX vs. FSHBX - Drawdown Comparison

The maximum FEPTX drawdown since its inception was -18.56%, which is greater than FSHBX's maximum drawdown of -8.80%. Use the drawdown chart below to compare losses from any high point for FEPTX and FSHBX.

Drawdown Indicators

	FEPTX	FSHBX	Difference
Max Drawdown Largest peak-to-trough decline	-18.56%	-8.80%	-9.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.95%	-1.17%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	-5.92%	-1.17%	-4.75%
Max Drawdown (5Y) Largest decline over 5 years	-18.56%	-6.36%	-12.20%
Max Drawdown (10Y) Largest decline over 10 years	-18.56%	-6.51%	-12.05%
Current Drawdown Current decline from peak	-1.06%	0.00%	-1.06%
Average Drawdown Average peak-to-trough decline	-2.60%	-1.04%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.32%	+0.73%

Volatility

FEPTX vs. FSHBX - Volatility Comparison

Fidelity Advisor Total Bond Fund Class M (FEPTX) has a higher volatility of 1.05% compared to Fidelity Short-Term Bond Fund (FSHBX) at 0.49%. This indicates that FEPTX's price experiences larger fluctuations and is considered to be riskier than FSHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEPTX	FSHBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	0.49%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.85%	1.45%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	3.86%	1.96%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.71%	2.22%	+3.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	1.86%	+2.89%

FEPTX vs. FSHBX - Expense Ratio Comparison

FEPTX has a 0.75% expense ratio, which is higher than FSHBX's 0.45% expense ratio.

Dividends

FEPTX vs. FSHBX - Dividend Comparison

FEPTX's dividend yield for the trailing twelve months is around 4.05%, less than FSHBX's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEPTX Fidelity Advisor Total Bond Fund Class M	4.05%	4.07%	3.52%	3.51%	2.30%	1.67%	4.94%	2.73%	2.87%	2.48%	3.26%	3.00%
FSHBX Fidelity Short-Term Bond Fund	4.15%	4.26%	4.00%	3.00%	0.83%	1.04%	2.62%	2.13%	1.78%	1.27%	1.12%	0.88%

Frequently Asked Questions

Can I hold both FEPTX and FSHBX in my portfolio?

FEPTX and FSHBX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEPTX or FSHBX?

FEPTX has higher volatility (1.05%) compared to FSHBX (0.49%). In terms of maximum drawdown, FEPTX dropped -18.56% vs FSHBX's -8.80%.

Which has better risk-adjusted returns?

FSHBX currently has the higher Sharpe Ratio (1.64 vs 1.00), 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.