FGBPX vs. FIWDX
FGBPX (Fidelity Advisor Investment Grade Bond Fund Class I) and FIWDX (Fidelity Advisor Strategic Income Fund Class Z) are both Total Bond Market funds from Fidelity. Over the past 5 years, FGBPX returned -0.14%/yr vs 3.20%/yr for FIWDX. A 0.70 correlation means they provide meaningful diversification when combined. FGBPX charges 0.49%/yr vs 0.61%/yr for FIWDX.
Performance
FGBPX vs. FIWDX - Performance Comparison
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Returns By Period
In the year-to-date period, FGBPX achieves a 0.18% return, which is significantly lower than FIWDX's 3.40% return.
FGBPX
- 1D
- -0.28%
- 1M
- 0.61%
- YTD
- 0.18%
- 6M
- 0.50%
- 1Y
- 4.05%
- 3Y*
- 3.81%
- 5Y*
- -0.14%
- 10Y*
- 1.98%
FIWDX
- 1D
- -0.08%
- 1M
- 1.26%
- YTD
- 3.40%
- 6M
- 3.72%
- 1Y
- 9.32%
- 3Y*
- 8.10%
- 5Y*
- 3.20%
- 10Y*
- —
FGBPX vs. FIWDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FGBPX Fidelity Advisor Investment Grade Bond Fund Class I | 0.18% | 7.16% | 0.89% | 6.08% | -14.07% | -1.15% | 9.99% | 9.63% | 1.87% |
FIWDX Fidelity Advisor Strategic Income Fund Class Z | 3.40% | 8.98% | 6.07% | 9.20% | -11.76% | 3.51% | 7.60% | 11.20% | -1.63% |
Correlation
The correlation between FGBPX and FIWDX is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018 | 0.70 |
The correlation between FGBPX and FIWDX has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
FGBPX vs. FIWDX — Risk / Return Rank
FGBPX
FIWDX
FGBPX vs. FIWDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Investment Grade Bond Fund Class I (FGBPX) and Fidelity Advisor Strategic Income Fund Class Z (FIWDX). 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.
| FGBPX | FIWDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.55 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 3.65 | -2.26 |
| Martin ratioReturn relative to average drawdown | 3.86 | 15.56 | -11.70 |
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Drawdowns
FGBPX vs. FIWDX - Drawdown Comparison
The maximum FGBPX drawdown since its inception was -18.75%, which is greater than FIWDX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for FGBPX and FIWDX.
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Drawdown Indicators
| FGBPX | FIWDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -15.96% | -2.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.03% | -2.61% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -6.09% | -3.97% | -2.12% |
Max Drawdown (5Y)Largest decline over 5 years | -18.75% | -15.96% | -2.79% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | — | — |
Current DrawdownCurrent decline from peak | -2.45% | -0.08% | -2.37% |
Average DrawdownAverage peak-to-trough decline | -4.79% | -3.18% | -1.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 0.61% | +0.48% |
Volatility
FGBPX vs. FIWDX - Volatility Comparison
The current volatility for Fidelity Advisor Investment Grade Bond Fund Class I (FGBPX) is 1.20%, while Fidelity Advisor Strategic Income Fund Class Z (FIWDX) has a volatility of 1.40%. This indicates that FGBPX experiences smaller price fluctuations and is considered to be less risky than FIWDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FGBPX | FIWDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.40% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 3.13% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 3.68% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.00% | 4.57% | +1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 4.88% | +0.13% |
FGBPX vs. FIWDX - Expense Ratio Comparison
FGBPX has a 0.49% expense ratio, which is lower than FIWDX's 0.61% expense ratio.
Dividends
FGBPX vs. FIWDX - Dividend Comparison
FGBPX's dividend yield for the trailing twelve months is around 3.87%, less than FIWDX's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGBPX Fidelity Advisor Investment Grade Bond Fund Class I | 3.87% | 3.83% | 3.29% | 3.19% | 1.92% | 1.32% | 4.76% | 2.71% | 2.82% | 2.12% | 2.67% | 2.61% |
FIWDX Fidelity Advisor Strategic Income Fund Class Z | 4.34% | 4.39% | 4.21% | 4.02% | 2.99% | 4.28% | 4.62% | 4.39% | 1.13% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FGBPX and FIWDX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIWDX has higher volatility (1.40%) compared to FGBPX (1.20%). In terms of maximum drawdown, FGBPX dropped -18.75% vs FIWDX's -15.96%.
FIWDX currently has the higher Sharpe Ratio (2.60 vs 1.04), 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.
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