FFRHX vs. CAPIX

Last updated Aug 5, 2026

FFRHX (Fidelity Floating Rate High Income Fund) and CAPIX (Calamos Aksia Alternative Credit and Income Fund Class I) are both Bank Loan funds. Both are actively managed. Over the past year, FFRHX returned 4.94% vs 6.96% for CAPIX. Their 0.07 correlation means their historical movements had little consistent relationship. FFRHX charges 0.67%/yr vs 1.25%/yr for CAPIX.

Performance

FFRHX vs. CAPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Floating Rate High Income Fund (FFRHX) and Calamos Aksia Alternative Credit and Income Fund Class I (CAPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFRHX achieves a 2.14% return, which is significantly lower than CAPIX's 3.26% return.

FFRHX

• 1D: 0.00%
• 1M: 0.11%
• 6M: 2.12%
• YTD: 2.14%
• 1Y: 4.94%
• 3Y*: 6.58%
• 5Y*: 5.49%
• 10Y*: 4.81%
• ALL TIME*: 3.90%

CAPIX

• 1D: 0.00%
• 1M: 0.67%
• 6M: 2.58%
• YTD: 3.26%
• 1Y: 6.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAPIX Calamos Aksia Alternative Credit and Income Fund Class I	$0.00	$0.00	$0.00
FFRHX Fidelity Floating Rate High Income Fund	$0.00	$0.00	$0.00

FFRHX vs. CAPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FFRHX Fidelity Floating Rate High Income Fund	2.14%	5.47%	7.10%	4.71%
CAPIX Calamos Aksia Alternative Credit and Income Fund Class I	3.26%	7.43%	8.60%	3.02%

Correlation

The correlation between FFRHX and CAPIX is 0.10, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.10
Correlation (All Time) Calculated using the full available price history since Aug 14, 2023	0.07

Return for Risk

FFRHX vs. CAPIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FFRHX

FFRHX Risk / Return Rank: 94
FFRHX Sharpe Ratio Rank: 88
FFRHX Sortino Ratio Rank: 98
FFRHX Omega Ratio Rank: 98
FFRHX Calmar Ratio Rank: 94
FFRHX Martin Ratio Rank: 92

CAPIX

CAPIX Risk / Return Rank: 99
CAPIX Sharpe Ratio Rank: 99
CAPIX Sortino Ratio Rank: 99
CAPIX Omega Ratio Rank: 99
CAPIX Calmar Ratio Rank: 98
CAPIX Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FFRHX vs. CAPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Floating Rate High Income Fund (FFRHX) and Calamos Aksia Alternative Credit and Income Fund Class I (CAPIX). 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.

	FFRHX	CAPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	4.22	-2.02
Sortino ratio: Return per unit of downside risk	5.09	6.36	-1.27
Omega ratio: Gain probability vs. loss probability	1.77	2.84	-1.07
Calmar ratio: Return relative to maximum drawdown	4.16	7.62	-3.46
Martin ratio: Return relative to average drawdown	13.76	28.42	-14.66

FFRHX vs. CAPIX - Sharpe Ratio Comparison

The current FFRHX Sharpe Ratio is 2.20, which is lower than the CAPIX Sharpe Ratio of 4.22. The chart below compares the historical Sharpe Ratios of FFRHX and CAPIX, 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

FFRHX vs. CAPIX - Drawdown Comparison

The maximum FFRHX drawdown since its inception was -22.20%, which is greater than CAPIX's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for FFRHX and CAPIX.

Drawdown Indicators

	FFRHX	CAPIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.20%	-1.96%	-20.24%
Max Drawdown (1Y) Largest decline over 1 year	-1.19%	-0.94%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-3.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.20%	—	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-1.14%	-0.26%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.25%	+0.11%

Volatility

FFRHX vs. CAPIX - Volatility Comparison

Fidelity Floating Rate High Income Fund (FFRHX) and Calamos Aksia Alternative Credit and Income Fund Class I (CAPIX) have volatilities of 0.20% and 0.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFRHX	CAPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	0.21%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	1.49%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	1.70%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.89%	2.50%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.13%	2.50%	+1.63%

FFRHX vs. CAPIX - Expense Ratio Comparison

FFRHX has a 0.67% expense ratio, which is lower than CAPIX's 1.25% expense ratio.

Dividends

FFRHX vs. CAPIX - Dividend Comparison

FFRHX's dividend yield for the trailing twelve months is around 6.39%, less than CAPIX's 8.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAPIX Calamos Aksia Alternative Credit and Income Fund Class I	8.60%	7.18%	4.42%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FFRHX Fidelity Floating Rate High Income Fund	6.39%	7.41%	6.94%	8.24%	3.81%	2.74%	3.84%	5.15%	4.74%	4.05%	4.44%	3.69%

Frequently Asked Questions

Can I hold both FFRHX and CAPIX in my portfolio?

FFRHX and CAPIX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFRHX or CAPIX?

CAPIX has higher volatility (0.21%) compared to FFRHX (0.20%). In terms of maximum drawdown, FFRHX dropped -22.20% vs CAPIX's -1.96%.

Which has better risk-adjusted returns?

CAPIX currently has the higher Sharpe Ratio (4.22 vs 2.20), 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.