FHPFX vs. FMSFX

Last updated Jun 5, 2026

FHPFX (Fidelity Series Investment Grade Securitized Fund) and FMSFX (Fidelity Mortgage Securities Fund) are both Total Bond Market funds from Fidelity. Over the past 5 years, FHPFX returned 0.58%/yr vs 0.14%/yr for FMSFX. With a 0.97 correlation, they move nearly in lockstep. FHPFX charges 0.00%/yr vs 0.45%/yr for FMSFX.

Performance

FHPFX vs. FMSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Investment Grade Securitized Fund (FHPFX) and Fidelity Mortgage Securities Fund (FMSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHPFX achieves a 0.82% return, which is significantly higher than FMSFX's 0.77% return.

FHPFX

• 1D: -0.22%
• 1M: 0.15%
• YTD: 0.82%
• 6M: 1.17%
• 1Y: 6.46%
• 3Y*: 4.80%
• 5Y*: 0.58%
• 10Y*: —

FMSFX

• 1D: -0.20%
• 1M: 0.12%
• YTD: 0.77%
• 6M: 1.07%
• 1Y: 6.12%
• 3Y*: 4.39%
• 5Y*: 0.14%
• 10Y*: 1.28%

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

FHPFX vs. FMSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FHPFX Fidelity Series Investment Grade Securitized Fund	0.82%	8.76%	1.81%	5.29%	-12.28%	-1.06%	4.84%	6.69%	1.41%
FMSFX Fidelity Mortgage Securities Fund	0.77%	8.29%	1.00%	4.91%	-12.61%	-1.20%	4.41%	6.43%	1.46%

Correlation

The correlation between FHPFX and FMSFX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.97

The correlation between FHPFX and FMSFX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

FHPFX vs. FMSFX — Risk / Return Rank

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

FHPFX

FHPFX Risk / Return Rank: 42
FHPFX Sharpe Ratio Rank: 38
FHPFX Sortino Ratio Rank: 42
FHPFX Omega Ratio Rank: 37
FHPFX Calmar Ratio Rank: 52
FHPFX Martin Ratio Rank: 41

FMSFX

FMSFX Risk / Return Rank: 37
FMSFX Sharpe Ratio Rank: 36
FMSFX Sortino Ratio Rank: 38
FMSFX Omega Ratio Rank: 35
FMSFX Calmar Ratio Rank: 41
FMSFX Martin Ratio Rank: 37

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.

FHPFX vs. FMSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Investment Grade Securitized Fund (FHPFX) and Fidelity Mortgage Securities Fund (FMSFX). 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.

	FHPFX	FMSFX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.71	+0.04
Sortino ratio: Return per unit of downside risk	2.64	2.57	+0.07
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.71	2.42	+0.30
Martin ratio: Return relative to average drawdown	8.56	7.96	+0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHPFX vs. FMSFX - Sharpe Ratio Comparison

The current FHPFX Sharpe Ratio is 1.75, which is comparable to the FMSFX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FHPFX and FMSFX, 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

	FHPFX	FMSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	1.71	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.02	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.02	-0.69

Drawdowns

FHPFX vs. FMSFX - Drawdown Comparison

The maximum FHPFX drawdown since its inception was -17.93%, roughly equal to the maximum FMSFX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for FHPFX and FMSFX.

Drawdown Indicators

	FHPFX	FMSFX	Difference
Max Drawdown Largest peak-to-trough decline	-17.93%	-18.81%	+0.88%
Max Drawdown (1Y) Largest decline over 1 year	-2.61%	-2.81%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-7.56%	-8.04%	+0.48%
Max Drawdown (5Y) Largest decline over 5 years	-17.79%	-18.66%	+0.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.81%	—
Current Drawdown Current decline from peak	-1.27%	-1.31%	+0.04%
Average Drawdown Average peak-to-trough decline	-4.53%	-1.92%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.85%	-0.02%

Volatility

FHPFX vs. FMSFX - Volatility Comparison

Fidelity Series Investment Grade Securitized Fund (FHPFX) and Fidelity Mortgage Securities Fund (FMSFX) have volatilities of 1.38% and 1.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHPFX	FMSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	1.45%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.85%	2.79%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	3.99%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.67%	6.79%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.65%	5.13%	+0.52%

FHPFX vs. FMSFX - Expense Ratio Comparison

FHPFX has a 0.00% expense ratio, which is lower than FMSFX's 0.45% expense ratio.

Dividends

FHPFX vs. FMSFX - Dividend Comparison

FHPFX's dividend yield for the trailing twelve months is around 4.49%, more than FMSFX's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHPFX Fidelity Series Investment Grade Securitized Fund	4.49%	4.41%	4.54%	3.53%	1.70%	0.58%	3.20%	3.81%	1.16%	0.00%	0.00%	0.00%
FMSFX Fidelity Mortgage Securities Fund	3.91%	3.93%	4.12%	3.50%	1.43%	0.62%	2.40%	2.62%	2.57%	2.60%	2.65%	2.05%

Frequently Asked Questions

Can I hold both FHPFX and FMSFX in my portfolio?

With a correlation of 0.97, FHPFX and FMSFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FHPFX or FMSFX?

FMSFX has higher volatility (1.45%) compared to FHPFX (1.38%). In terms of maximum drawdown, FHPFX dropped -17.93% vs FMSFX's -18.81%.

Which has better risk-adjusted returns?

FHPFX currently has the higher Sharpe Ratio (1.75 vs 1.71), 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.