FFRHX vs. FIQSX

Last updated Jun 5, 2026

FFRHX (Fidelity Floating Rate High Income Fund) and FIQSX (Fidelity Advisor Floating Rate High Income Fund Class Z) are both High Yield Bonds funds from Fidelity. Over the past 5 years, FFRHX returned 5.47%/yr vs 5.66%/yr for FIQSX. A 0.77 correlation means they provide meaningful diversification when combined. FFRHX charges 0.67%/yr vs 0.62%/yr for FIQSX.

Performance

FFRHX vs. FIQSX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FFRHX having a 2.05% return and FIQSX slightly lower at 1.96%.

FFRHX

• 1D: 0.00%
• 1M: 0.67%
• YTD: 2.05%
• 6M: 2.58%
• 1Y: 6.13%
• 3Y*: 7.64%
• 5Y*: 5.47%
• 10Y*: 4.95%

FIQSX

• 1D: -0.11%
• 1M: 0.67%
• YTD: 1.96%
• 6M: 2.49%
• 1Y: 6.07%
• 3Y*: 7.89%
• 5Y*: 5.66%
• 10Y*: —

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

FFRHX vs. FIQSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FFRHX Fidelity Floating Rate High Income Fund	2.05%	5.47%	7.10%	12.63%	-1.55%	5.01%	1.69%	8.63%	-3.25%
FIQSX Fidelity Advisor Floating Rate High Income Fund Class Z	1.96%	5.53%	8.80%	11.71%	-1.49%	5.06%	1.86%	8.56%	-3.27%

Correlation

The correlation between FFRHX and FIQSX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.77

The correlation between FFRHX and FIQSX shifts across timeframes, from 0.60 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FFRHX vs. FIQSX — Risk / Return Rank

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

FFRHX

FFRHX Risk / Return Rank: 91
FFRHX Sharpe Ratio Rank: 79
FFRHX Sortino Ratio Rank: 98
FFRHX Omega Ratio Rank: 97
FFRHX Calmar Ratio Rank: 93
FFRHX Martin Ratio Rank: 90

FIQSX

FIQSX Risk / Return Rank: 92
FIQSX Sharpe Ratio Rank: 83
FIQSX Sortino Ratio Rank: 98
FIQSX Omega Ratio Rank: 97
FIQSX Calmar Ratio Rank: 93
FIQSX Martin Ratio Rank: 90

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.

FFRHX vs. FIQSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Floating Rate High Income Fund (FFRHX) and Fidelity Advisor Floating Rate High Income Fund Class Z (FIQSX). 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.

	FFRHX	FIQSX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.72	-0.10
Sortino ratio: Return per unit of downside risk	6.30	6.45	-0.16
Omega ratio: Gain probability vs. loss probability	1.96	2.00	-0.04
Calmar ratio: Return relative to maximum drawdown	5.16	5.13	+0.03
Martin ratio: Return relative to average drawdown	18.28	17.55	+0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFRHX vs. FIQSX - Sharpe Ratio Comparison

The current FFRHX Sharpe Ratio is 2.62, which is comparable to the FIQSX Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of FFRHX and FIQSX, 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

	FFRHX	FIQSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.72	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.91	1.98	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.08	+0.08

Drawdowns

FFRHX vs. FIQSX - Drawdown Comparison

The maximum FFRHX drawdown since its inception was -22.20%, roughly equal to the maximum FIQSX drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FFRHX and FIQSX.

Drawdown Indicators

	FFRHX	FIQSX	Difference
Max Drawdown Largest peak-to-trough decline	-22.20%	-22.19%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-1.19%	-1.19%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-3.29%	-3.18%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-5.90%	-5.86%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-22.20%	—	—
Current Drawdown Current decline from peak	-0.11%	-0.11%	0.00%
Average Drawdown Average peak-to-trough decline	-1.15%	-1.10%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.35%	-0.01%

Volatility

FFRHX vs. FIQSX - Volatility Comparison

Fidelity Floating Rate High Income Fund (FFRHX) and Fidelity Advisor Floating Rate High Income Fund Class Z (FIQSX) have volatilities of 0.61% and 0.63%, 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	FIQSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	0.63%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	1.55%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	2.25%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.88%	2.87%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	4.63%	-0.49%

FFRHX vs. FIQSX - Expense Ratio Comparison

FFRHX has a 0.67% expense ratio, which is higher than FIQSX's 0.62% expense ratio.

Dividends

FFRHX vs. FIQSX - Dividend Comparison

FFRHX's dividend yield for the trailing twelve months is around 7.07%, which matches FIQSX's 7.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFRHX Fidelity Floating Rate High Income Fund	7.07%	7.41%	6.94%	8.24%	3.81%	2.74%	3.84%	5.15%	4.74%	4.05%	4.44%	3.69%
FIQSX Fidelity Advisor Floating Rate High Income Fund Class Z	7.13%	7.47%	8.40%	7.55%	3.86%	2.79%	3.90%	5.20%	1.37%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFRHX and FIQSX in my portfolio?

FFRHX and FIQSX have a correlation of 0.60, 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 FIQSX?

FIQSX has higher volatility (0.63%) compared to FFRHX (0.61%). In terms of maximum drawdown, FFRHX dropped -22.20% vs FIQSX's -22.19%.

Which has better risk-adjusted returns?

FIQSX currently has the higher Sharpe Ratio (2.72 vs 2.62), 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.