FGQMX vs. PSHNX

Last updated Jun 5, 2026

FGQMX (Fidelity Advisor High Income Fund Class A) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. Over the past 5 years, FGQMX returned 4.02%/yr vs 4.81%/yr for PSHNX. A 0.78 correlation means they provide meaningful diversification when combined. FGQMX charges 0.99%/yr vs 1.01%/yr for PSHNX.

Performance

FGQMX vs. PSHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor High Income Fund Class A (FGQMX) and Penn Capital Short Duration High Income Fund (PSHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGQMX achieves a 3.32% return, which is significantly higher than PSHNX's 1.52% return.

FGQMX

• 1D: -0.24%
• 1M: 0.60%
• YTD: 3.32%
• 6M: 4.02%
• 1Y: 9.58%
• 3Y*: 9.80%
• 5Y*: 4.02%
• 10Y*: —

PSHNX

• 1D: -0.10%
• 1M: 0.37%
• YTD: 1.52%
• 6M: 2.26%
• 1Y: 6.22%
• 3Y*: 7.29%
• 5Y*: 4.81%
• 10Y*: —

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

FGQMX vs. PSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FGQMX Fidelity Advisor High Income Fund Class A	3.32%	9.53%	9.11%	10.67%	-13.27%	3.43%	2.05%	13.94%	-2.68%
PSHNX Penn Capital Short Duration High Income Fund	1.52%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	-1.09%

Correlation

The correlation between FGQMX and PSHNX 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	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018	0.78

The correlation between FGQMX and PSHNX has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

Return for Risk

FGQMX vs. PSHNX — Risk / Return Rank

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

FGQMX

FGQMX Risk / Return Rank: 92
FGQMX Sharpe Ratio Rank: 90
FGQMX Sortino Ratio Rank: 95
FGQMX Omega Ratio Rank: 92
FGQMX Calmar Ratio Rank: 89
FGQMX Martin Ratio Rank: 95

PSHNX

PSHNX Risk / Return Rank: 96
PSHNX Sharpe Ratio Rank: 95
PSHNX Sortino Ratio Rank: 96
PSHNX Omega Ratio Rank: 95
PSHNX Calmar Ratio Rank: 95
PSHNX Martin Ratio Rank: 97

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.

FGQMX vs. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor High Income Fund Class A (FGQMX) and Penn Capital Short Duration High Income Fund (PSHNX). 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.

	FGQMX	PSHNX	Difference
Sharpe ratio: Return per unit of total volatility	2.96	3.35	-0.39
Sortino ratio: Return per unit of downside risk	5.07	5.46	-0.39
Omega ratio: Gain probability vs. loss probability	1.70	1.79	-0.09
Calmar ratio: Return relative to maximum drawdown	4.48	5.56	-1.08
Martin ratio: Return relative to average drawdown	21.58	28.31	-6.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGQMX vs. PSHNX - Sharpe Ratio Comparison

The current FGQMX Sharpe Ratio is 2.96, which is comparable to the PSHNX Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of FGQMX and PSHNX, 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

	FGQMX	PSHNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.96	3.35	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	1.83	-1.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	1.26	-0.56

Drawdowns

FGQMX vs. PSHNX - Drawdown Comparison

The maximum FGQMX drawdown since its inception was -22.40%, which is greater than PSHNX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for FGQMX and PSHNX.

Drawdown Indicators

	FGQMX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-22.40%	-14.53%	-7.87%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-1.14%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-4.05%	-2.83%	-1.22%
Max Drawdown (5Y) Largest decline over 5 years	-16.58%	-6.02%	-10.56%
Current Drawdown Current decline from peak	-0.24%	-0.10%	-0.14%
Average Drawdown Average peak-to-trough decline	-3.63%	-0.89%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.22%	+0.24%

Volatility

FGQMX vs. PSHNX - Volatility Comparison

Fidelity Advisor High Income Fund Class A (FGQMX) has a higher volatility of 1.10% compared to Penn Capital Short Duration High Income Fund (PSHNX) at 0.69%. This indicates that FGQMX's price experiences larger fluctuations and is considered to be riskier than PSHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGQMX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.69%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	1.48%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	1.90%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.29%	2.65%	+2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.35%	3.16%	+3.19%

FGQMX vs. PSHNX - Expense Ratio Comparison

FGQMX has a 0.99% expense ratio, which is lower than PSHNX's 1.01% expense ratio.

Dividends

FGQMX vs. PSHNX - Dividend Comparison

FGQMX's dividend yield for the trailing twelve months is around 6.10%, which matches PSHNX's 6.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGQMX Fidelity Advisor High Income Fund Class A	6.10%	6.14%	5.81%	5.13%	3.68%	3.83%	4.44%	4.82%	0.85%	0.00%
PSHNX Penn Capital Short Duration High Income Fund	6.08%	6.27%	6.43%	4.95%	3.47%	3.17%	3.95%	3.65%	3.13%	1.46%

Frequently Asked Questions

Can I hold both FGQMX and PSHNX in my portfolio?

FGQMX and PSHNX 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, FGQMX or PSHNX?

FGQMX has higher volatility (1.10%) compared to PSHNX (0.69%). In terms of maximum drawdown, FGQMX dropped -22.40% vs PSHNX's -14.53%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.35 vs 2.96), 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.