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FGRMX vs. PIAMX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FGRMX vs. PIAMX

Last updated Jun 23, 2026

FGRMX (Fidelity Advisor High Income Fund Class M) and PIAMX (PIA High Yield (MACS) Fund) are both High Yield Bonds funds. Over the past 5 years, FGRMX returned 4.02%/yr vs 4.17%/yr for PIAMX. A 0.71 correlation means they provide meaningful diversification when combined. FGRMX charges 1.00%/yr vs 0.20%/yr for PIAMX.

Performance

FGRMX vs. PIAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor High Income Fund Class M (FGRMX) and PIA High Yield (MACS) Fund (PIAMX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FGRMX achieves a 3.45% return, which is significantly higher than PIAMX's 1.55% return.

FGRMX

1D
0.00%
1M
0.73%
YTD
3.45%
6M
4.06%
1Y
9.58%
3Y*
9.50%
5Y*
4.02%
10Y*
—

PIAMX

1D
0.00%
1M
1.08%
YTD
1.55%
6M
1.87%
1Y
3.73%
3Y*
7.41%
5Y*
4.17%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FGRMX vs. PIAMX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FGRMX
Fidelity Advisor High Income Fund Class M		3.45%9.53%9.11%10.67%-13.27%3.43%2.04%13.93%-2.68%
PIAMX
PIA High Yield (MACS) Fund		1.55%2.34%11.23%16.38%-10.93%7.82%9.05%11.77%-2.08%

Correlation

The correlation between FGRMX and PIAMX is 0.64, 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

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2018

0.71

The correlation between FGRMX and PIAMX has been stable across timeframes, ranging from 0.64 to 0.74 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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Fidelity Advisor High Income Fund Class M

PIA High Yield (MACS) Fund

Often compared with FGRMX:
FGRMX vs. CCLFXFGRMX vs. FTIHXFGRMX vs. FCNTXFGRMX vs. FSELXFGRMX vs. FSPGXFGRMX vs. PYHRXFGRMX vs. VWEAX
Often compared with PIAMX:
PIAMX vs. PIMIXPIAMX vs. TRBUXPIAMX vs. JEPAXPIAMX vs. HYBBPIAMX vs. FSREXPIAMX vs. MFHVXPIAMX vs. FAGIX

Return for Risk

FGRMX vs. PIAMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FGRMX
FGRMX Risk / Return Rank: 9393
Overall Rank
FGRMX Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
FGRMX Sortino Ratio Rank: 9696
Sortino Ratio Rank
FGRMX Omega Ratio Rank: 9393
Omega Ratio Rank
FGRMX Calmar Ratio Rank: 9191
Calmar Ratio Rank
FGRMX Martin Ratio Rank: 9595
Martin Ratio Rank
PIAMX
PIAMX Risk / Return Rank: 1818
Overall Rank
PIAMX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
PIAMX Sortino Ratio Rank: 1919
Sortino Ratio Rank
PIAMX Omega Ratio Rank: 2626
Omega Ratio Rank
PIAMX Calmar Ratio Rank: 1111
Calmar Ratio Rank
PIAMX Martin Ratio Rank: 1111
Martin Ratio Rank
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.

FGRMX vs. PIAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor High Income Fund Class M (FGRMX) and PIA High Yield (MACS) Fund (PIAMX). 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.

FGRMXPIAMXDifference
Sharpe ratioReturn per unit of total volatility
2.89
1.24

+1.65

Sortino ratioReturn per unit of downside risk
4.90
1.69

+3.21

Omega ratioGain probability vs. loss probability

1.67

1.25

+0.42

Calmar ratioReturn relative to maximum drawdown

4.41

1.03

+3.38

Martin ratioReturn relative to average drawdown

20.97

3.09

+17.89

FGRMX vs. PIAMX - Sharpe Ratio Comparison

The current FGRMX Sharpe Ratio is 2.89, which is higher than the PIAMX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of FGRMX and PIAMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FGRMX vs. PIAMX - Drawdown Comparison

The maximum FGRMX drawdown since its inception was -22.40%, which is greater than PIAMX's maximum drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for FGRMX and PIAMX.

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Drawdown Indicators

FGRMXPIAMXDifference

Max Drawdown

Largest peak-to-trough decline

-22.40%

-18.15%

-4.25%

Max Drawdown (1Y)

Largest decline over 1 year

-2.21%

-3.75%

+1.54%

Max Drawdown (3Y)

Largest decline over 3 years

-4.18%

-6.17%

+1.99%

Max Drawdown (5Y)

Largest decline over 5 years

-16.69%

-13.92%

-2.77%

Current Drawdown

Current decline from peak

-0.12%

0.00%

-0.12%

Average Drawdown

Average peak-to-trough decline

-3.61%

-2.33%

-1.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.46%

1.25%

-0.79%

Volatility

FGRMX vs. PIAMX - Volatility Comparison

Fidelity Advisor High Income Fund Class M (FGRMX) has a higher volatility of 0.98% compared to PIA High Yield (MACS) Fund (PIAMX) at 0.58%. This indicates that FGRMX's price experiences larger fluctuations and is considered to be riskier than PIAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FGRMXPIAMXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.98%

0.58%

+0.40%

Volatility (6M)

Calculated over the trailing 6-month period

2.64%

2.43%

+0.21%

Volatility (1Y)

Calculated over the trailing 1-year period

3.38%

3.12%

+0.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.31%

4.04%

+1.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.34%

4.22%

+2.12%

FGRMX vs. PIAMX - Expense Ratio Comparison

FGRMX has a 1.00% expense ratio, which is higher than PIAMX's 0.20% expense ratio.

Dividends

FGRMX vs. PIAMX - Dividend Comparison

FGRMX's dividend yield for the trailing twelve months is around 6.09%, less than PIAMX's 7.84% yield.

PositionTTM20252024202320222021202020192018
FGRMX
Fidelity Advisor High Income Fund Class M		6.09%6.14%5.81%5.13%3.68%3.83%4.43%4.81%0.85%
PIAMX
PIA High Yield (MACS) Fund		7.84%9.12%8.49%8.12%7.99%8.64%6.63%6.96%7.14%

Frequently Asked Questions

FGRMX and PIAMX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FGRMX has higher volatility (0.98%) compared to PIAMX (0.58%). In terms of maximum drawdown, FGRMX dropped -22.40% vs PIAMX's -18.15%.

FGRMX currently has the higher Sharpe Ratio (2.89 vs 1.24), 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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