FFRIX vs. BFRAX

Last updated Jun 24, 2026

FFRIX (Fidelity Advisor Floating Rate High Income Fund Class I) and BFRAX (BlackRock Floating Rate Income Fund) are both mutual funds - FFRIX is a High Yield Bonds fund managed by Fidelity, while BFRAX is a Bank Loan fund managed by BlackRock. Over the past 10 years, FFRIX returned 4.85%/yr vs 4.37%/yr for BFRAX. A 0.60 correlation means they provide meaningful diversification when combined. FFRIX charges 0.72%/yr vs 0.90%/yr for BFRAX.

Performance

FFRIX vs. BFRAX - Performance Comparison

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

Returns By Period

In the year-to-date period, FFRIX achieves a 1.58% return, which is significantly higher than BFRAX's 0.43% return. Over the past 10 years, FFRIX has outperformed BFRAX with an annualized return of 4.85%, while BFRAX has yielded a comparatively lower 4.37% annualized return.

FFRIX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 1.58%
• 6M: 2.29%
• 1Y: 5.85%
• 3Y*: 6.90%
• 5Y*: 5.20%
• 10Y*: 4.85%

BFRAX

• 1D: -0.11%
• 1M: 0.08%
• YTD: 0.43%
• 6M: 0.96%
• 1Y: 4.13%
• 3Y*: 6.42%
• 5Y*: 4.68%
• 10Y*: 4.37%

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

FFRIX vs. BFRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFRIX Fidelity Advisor Floating Rate High Income Fund Class I	1.58%	5.54%	7.07%	11.63%	-1.58%	5.06%	1.64%	8.47%	0.13%	3.86%
BFRAX BlackRock Floating Rate Income Fund	0.43%	5.35%	8.12%	9.94%	-1.43%	3.59%	2.39%	8.60%	-0.74%	3.10%

Correlation

The correlation between FFRIX and BFRAX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Aug 16, 2000	0.60

The correlation between FFRIX and BFRAX shifts across timeframes, from 0.60 (all time) to 0.72 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FFRIX vs. BFRAX — Risk / Return Rank

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

FFRIX

FFRIX Risk / Return Rank: 91
FFRIX Sharpe Ratio Rank: 77
FFRIX Sortino Ratio Rank: 97
FFRIX Omega Ratio Rank: 96
FFRIX Calmar Ratio Rank: 93
FFRIX Martin Ratio Rank: 91

BFRAX

BFRAX Risk / Return Rank: 60
BFRAX Sharpe Ratio Rank: 46
BFRAX Sortino Ratio Rank: 87
BFRAX Omega Ratio Rank: 86
BFRAX Calmar Ratio Rank: 45
BFRAX Martin Ratio Rank: 36

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.

FFRIX vs. BFRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Floating Rate High Income Fund Class I (FFRIX) and BlackRock Floating Rate Income Fund (BFRAX). 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.

	FFRIX	BFRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.84	+0.51
Sortino ratio: Return per unit of downside risk	5.47	3.83	+1.65
Omega ratio: Gain probability vs. loss probability	1.81	1.55	+0.26
Calmar ratio: Return relative to maximum drawdown	4.75	2.44	+2.31
Martin ratio: Return relative to average drawdown	16.85	7.54	+9.32

FFRIX vs. BFRAX - Sharpe Ratio Comparison

The current FFRIX Sharpe Ratio is 2.35, which is comparable to the BFRAX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FFRIX and BFRAX, 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

FFRIX vs. BFRAX - Drawdown Comparison

The maximum FFRIX drawdown since its inception was -22.12%, smaller than the maximum BFRAX drawdown of -44.69%. Use the drawdown chart below to compare losses from any high point for FFRIX and BFRAX.

Drawdown Indicators

	FFRIX	BFRAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.12%	-44.69%	+22.57%
Max Drawdown (1Y) Largest decline over 1 year	-1.21%	-1.70%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-3.29%	-2.81%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-5.92%	-6.43%	+0.51%
Max Drawdown (10Y) Largest decline over 10 years	-22.12%	-20.61%	-1.51%
Current Drawdown Current decline from peak	-0.44%	-0.43%	-0.01%
Average Drawdown Average peak-to-trough decline	-1.01%	-6.78%	+5.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.55%	-0.21%

Volatility

FFRIX vs. BFRAX - Volatility Comparison

Fidelity Advisor Floating Rate High Income Fund Class I (FFRIX) and BlackRock Floating Rate Income Fund (BFRAX) have volatilities of 0.64% and 0.64%, 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

	FFRIX	BFRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.64%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	1.68%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	2.26%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.92%	2.80%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	3.95%	+0.20%

FFRIX vs. BFRAX - Expense Ratio Comparison

FFRIX has a 0.72% expense ratio, which is lower than BFRAX's 0.90% expense ratio.

Dividends

FFRIX vs. BFRAX - Dividend Comparison

FFRIX's dividend yield for the trailing twelve months is around 7.06%, more than BFRAX's 6.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BFRAX BlackRock Floating Rate Income Fund	6.47%	6.68%	8.00%	6.24%	4.09%	2.91%	3.81%	4.65%	4.58%	3.45%	3.90%	4.02%
FFRIX Fidelity Advisor Floating Rate High Income Fund Class I	7.06%	7.37%	6.92%	7.47%	3.78%	2.69%	3.80%	5.12%	4.65%	4.00%	4.38%	3.32%

Frequently Asked Questions

Can I hold both FFRIX and BFRAX in my portfolio?

FFRIX and BFRAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFRIX or BFRAX?

BFRAX has higher volatility (0.64%) compared to FFRIX (0.64%). In terms of maximum drawdown, FFRIX dropped -22.12% vs BFRAX's -44.69%.

Which has better risk-adjusted returns?

FFRIX currently has the higher Sharpe Ratio (2.35 vs 1.84), 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.