FGTMX vs. QQQ

Last updated Jun 4, 2026

FGTMX (Fidelity Advisor High Income Fund Class I) and QQQ (Invesco QQQ ETF) are both funds - FGTMX is a High Yield Bonds fund managed by Fidelity, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 5 years, FGTMX returned 4.36%/yr vs 17.86%/yr for QQQ. At a 0.47 correlation, their price movements are largely independent. FGTMX charges 0.72%/yr vs 0.18%/yr for QQQ.

Performance

FGTMX vs. QQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, FGTMX achieves a 3.56% return, which is significantly lower than QQQ's 20.71% return.

FGTMX

• 1D: 0.00%
• 1M: 0.99%
• YTD: 3.56%
• 6M: 4.40%
• 1Y: 10.26%
• 3Y*: 10.15%
• 5Y*: 4.36%
• 10Y*: —

QQQ

• 1D: -0.48%
• 1M: 8.66%
• YTD: 20.71%
• 6M: 19.19%
• 1Y: 40.74%
• 3Y*: 28.54%
• 5Y*: 17.86%
• 10Y*: 21.84%

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

FGTMX vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FGTMX Fidelity Advisor High Income Fund Class I	3.56%	9.80%	9.38%	11.04%	-13.18%	3.85%	2.31%	14.20%	-3.08%
QQQ Invesco QQQ ETF	20.71%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-6.65%

Correlation

The correlation between FGTMX and QQQ is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018	0.47

The correlation between FGTMX and QQQ shifts across timeframes, from 0.47 (3 years) to 0.60 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FGTMX vs. QQQ — Risk / Return Rank

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

FGTMX

FGTMX Risk / Return Rank: 95
FGTMX Sharpe Ratio Rank: 94
FGTMX Sortino Ratio Rank: 97
FGTMX Omega Ratio Rank: 96
FGTMX Calmar Ratio Rank: 91
FGTMX Martin Ratio Rank: 96

QQQ

QQQ Risk / Return Rank: 74
QQQ Sharpe Ratio Rank: 80
QQQ Sortino Ratio Rank: 76
QQQ Omega Ratio Rank: 75
QQQ Calmar Ratio Rank: 70
QQQ Martin Ratio Rank: 71

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.

FGTMX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor High Income Fund Class I (FGTMX) and Invesco QQQ ETF (QQQ). 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.

	FGTMX	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	3.28	2.57	+0.71
Sortino ratio: Return per unit of downside risk	5.75	3.37	+2.38
Omega ratio: Gain probability vs. loss probability	1.82	1.44	+0.38
Calmar ratio: Return relative to maximum drawdown	4.84	3.42	+1.42
Martin ratio: Return relative to average drawdown	24.08	13.14	+10.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGTMX vs. QQQ - Sharpe Ratio Comparison

The current FGTMX Sharpe Ratio is 3.28, which is comparable to the QQQ Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of FGTMX and QQQ, 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

	FGTMX	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.28	2.57	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.80	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.41	+0.33

Drawdowns

FGTMX vs. QQQ - Drawdown Comparison

The maximum FGTMX drawdown since its inception was -22.37%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for FGTMX and QQQ.

Drawdown Indicators

	FGTMX	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-22.37%	-82.97%	+60.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.33%	-11.96%	+9.63%
Max Drawdown (3Y) Largest decline over 3 years	-4.15%	-22.77%	+18.62%
Max Drawdown (5Y) Largest decline over 5 years	-16.56%	-35.12%	+18.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	0.00%	-0.74%	+0.74%
Average Drawdown Average peak-to-trough decline	-3.56%	-32.78%	+29.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	3.11%	-2.64%

Volatility

FGTMX vs. QQQ - Volatility Comparison

The current volatility for Fidelity Advisor High Income Fund Class I (FGTMX) is 0.95%, while Invesco QQQ ETF (QQQ) has a volatility of 4.51%. This indicates that FGTMX experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGTMX	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	4.51%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	12.10%	-9.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	15.94%	-12.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.39%	22.37%	-16.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.40%	22.29%	-15.89%

FGTMX vs. QQQ - Expense Ratio Comparison

FGTMX has a 0.72% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

FGTMX vs. QQQ - Dividend Comparison

FGTMX's dividend yield for the trailing twelve months is around 6.33%, more than QQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGTMX Fidelity Advisor High Income Fund Class I	6.33%	6.38%	6.06%	5.32%	3.91%	4.13%	4.68%	5.05%	0.44%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both FGTMX and QQQ in my portfolio?

FGTMX and QQQ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGTMX or QQQ?

QQQ has higher volatility (4.51%) compared to FGTMX (0.95%). In terms of maximum drawdown, FGTMX dropped -22.37% vs QQQ's -82.97%.

Which has better risk-adjusted returns?

FGTMX currently has the higher Sharpe Ratio (3.28 vs 2.57), 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.