FGRMX vs. XILSX

Last updated Jun 23, 2026

FGRMX (Fidelity Advisor High Income Fund Class M) and XILSX (Pioneer ILS Interval Fund) are both High Yield Bonds funds. Over the past 5 years, FGRMX returned 4.02%/yr vs 12.36%/yr for XILSX. At a 0.03 correlation, their price movements are largely independent. FGRMX charges 1.00%/yr vs 1.88%/yr for XILSX.

Performance

FGRMX vs. XILSX - Performance Comparison

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

Returns By Period

In the year-to-date period, FGRMX achieves a 3.45% return, which is significantly lower than XILSX's 8.28% return.

FGRMX

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

XILSX

• 1D: 0.00%
• 1M: 0.97%
• YTD: 8.28%
• 6M: 10.22%
• 1Y: 24.35%
• 3Y*: 19.36%
• 5Y*: 12.36%
• 10Y*: —

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

FGRMX vs. XILSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%
XILSX Pioneer ILS Interval Fund	8.28%	18.70%	18.93%	18.65%	1.23%	-1.10%	7.37%	2.60%	-3.34%

Correlation

The correlation between FGRMX and XILSX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Dec 4, 2018	0.03

The correlation between FGRMX and XILSX shifts across timeframes, from 0.03 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FGRMX vs. XILSX — Risk / Return Rank

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

FGRMX

FGRMX Risk / Return Rank: 93
FGRMX Sharpe Ratio Rank: 93
FGRMX Sortino Ratio Rank: 96
FGRMX Omega Ratio Rank: 93
FGRMX Calmar Ratio Rank: 91
FGRMX Martin Ratio Rank: 95

XILSX

XILSX Risk / Return Rank: 100
XILSX Sharpe Ratio Rank: 100
XILSX Sortino Ratio Rank: 100
XILSX Omega Ratio Rank: 100
XILSX Calmar Ratio Rank: 100
XILSX Martin Ratio Rank: 100

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. XILSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor High Income Fund Class M (FGRMX) and Pioneer ILS Interval Fund (XILSX). 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.

	FGRMX	XILSX	Difference
Sharpe ratio: Return per unit of total volatility	2.89	8.15	-5.26
Sortino ratio: Return per unit of downside risk	4.90	81.10	-76.19
Omega ratio: Gain probability vs. loss probability	1.67	43.14	-41.47
Calmar ratio: Return relative to maximum drawdown	4.41	117.75	-113.34
Martin ratio: Return relative to average drawdown	20.97	803.86	-782.88

FGRMX vs. XILSX - Sharpe Ratio Comparison

The current FGRMX Sharpe Ratio is 2.89, which is lower than the XILSX Sharpe Ratio of 8.15. The chart below compares the historical Sharpe Ratios of FGRMX and XILSX, 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

FGRMX vs. XILSX - Drawdown Comparison

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

Drawdown Indicators

	FGRMX	XILSX	Difference
Max Drawdown Largest peak-to-trough decline	-22.40%	-14.53%	-7.87%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-0.21%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-4.18%	-2.36%	-1.82%
Max Drawdown (5Y) Largest decline over 5 years	-16.69%	-6.27%	-10.42%
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-3.61%	-4.88%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.03%	+0.43%

Volatility

FGRMX vs. XILSX - Volatility Comparison

Fidelity Advisor High Income Fund Class M (FGRMX) has a higher volatility of 0.98% compared to Pioneer ILS Interval Fund (XILSX) at 0.45%. This indicates that FGRMX's price experiences larger fluctuations and is considered to be riskier than XILSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGRMX	XILSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.45%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	1.99%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	3.05%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.31%	3.77%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.34%	3.92%	+2.42%

FGRMX vs. XILSX - Expense Ratio Comparison

FGRMX has a 1.00% expense ratio, which is lower than XILSX's 1.88% expense ratio.

Dividends

FGRMX vs. XILSX - Dividend Comparison

FGRMX's dividend yield for the trailing twelve months is around 6.09%, less than XILSX's 8.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
XILSX Pioneer ILS Interval Fund	8.78%	9.51%	13.06%	12.82%	2.68%	2.04%	5.20%	6.63%	6.40%

Frequently Asked Questions

Can I hold both FGRMX and XILSX in my portfolio?

FGRMX and XILSX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGRMX or XILSX?

FGRMX has higher volatility (0.98%) compared to XILSX (0.45%). In terms of maximum drawdown, FGRMX dropped -22.40% vs XILSX's -14.53%.

Which has better risk-adjusted returns?

XILSX currently has the higher Sharpe Ratio (8.15 vs 2.89), 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.