FIJWX vs. FHYSX

Last updated Jun 23, 2026

FIJWX (Fidelity Advisor Short Duration High Income Fund Class Z) and FHYSX (Federated Hermes High-Yield Strategy Portfolio) are both High Yield Bonds funds. Over the past 5 years, FIJWX returned 4.54%/yr vs 3.35%/yr for FHYSX. Their correlation of 0.80 suggests significant overlap in exposure. FIJWX charges 0.66%/yr vs 0.02%/yr for FHYSX.

Performance

FIJWX vs. FHYSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Short Duration High Income Fund Class Z (FIJWX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIJWX achieves a 2.98% return, which is significantly higher than FHYSX's 1.19% return.

FIJWX

• 1D: 0.00%
• 1M: 0.61%
• YTD: 2.98%
• 6M: 3.49%
• 1Y: 8.64%
• 3Y*: 8.56%
• 5Y*: 4.54%
• 10Y*: —

FHYSX

• 1D: 0.00%
• 1M: 0.71%
• YTD: 1.19%
• 6M: 1.89%
• 1Y: 6.48%
• 3Y*: 8.54%
• 5Y*: 3.35%
• 10Y*: 5.36%

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

FIJWX vs. FHYSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIJWX Fidelity Advisor Short Duration High Income Fund Class Z	2.98%	7.84%	8.30%	10.24%	-7.26%	2.86%	3.97%	9.53%	-2.92%
FHYSX Federated Hermes High-Yield Strategy Portfolio	1.19%	9.14%	6.42%	12.77%	-13.16%	4.49%	6.08%	15.14%	-3.62%

Correlation

The correlation between FIJWX and FHYSX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.80

Over the past year, the correlation between FIJWX and FHYSX has dropped to 0.46 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

FIJWX vs. FHYSX — Risk / Return Rank

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

FIJWX

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

FHYSX

FHYSX Risk / Return Rank: 67
FHYSX Sharpe Ratio Rank: 49
FHYSX Sortino Ratio Rank: 76
FHYSX Omega Ratio Rank: 78
FHYSX Calmar Ratio Rank: 53
FHYSX Martin Ratio Rank: 79

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.

FIJWX vs. FHYSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Short Duration High Income Fund Class Z (FIJWX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX). 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.

	FIJWX	FHYSX	Difference
Sharpe ratio: Return per unit of total volatility	3.01	1.89	+1.12
Sortino ratio: Return per unit of downside risk	5.68	3.33	+2.35
Omega ratio: Gain probability vs. loss probability	1.78	1.46	+0.32
Calmar ratio: Return relative to maximum drawdown	5.27	2.66	+2.60
Martin ratio: Return relative to average drawdown	26.54	13.74	+12.81

FIJWX vs. FHYSX - Sharpe Ratio Comparison

The current FIJWX Sharpe Ratio is 3.01, which is higher than the FHYSX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FIJWX and FHYSX, 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

FIJWX vs. FHYSX - Drawdown Comparison

The maximum FIJWX drawdown since its inception was -16.77%, smaller than the maximum FHYSX drawdown of -21.45%. Use the drawdown chart below to compare losses from any high point for FIJWX and FHYSX.

Drawdown Indicators

	FIJWX	FHYSX	Difference
Max Drawdown Largest peak-to-trough decline	-16.77%	-21.45%	+4.68%
Max Drawdown (1Y) Largest decline over 1 year	-1.67%	-2.44%	+0.77%
Max Drawdown (3Y) Largest decline over 3 years	-3.18%	-3.64%	+0.46%
Max Drawdown (5Y) Largest decline over 5 years	-9.28%	-16.93%	+7.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.45%	—
Current Drawdown Current decline from peak	-0.22%	-0.34%	+0.12%
Average Drawdown Average peak-to-trough decline	-1.64%	-2.58%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.47%	-0.14%

Volatility

FIJWX vs. FHYSX - Volatility Comparison

Fidelity Advisor Short Duration High Income Fund Class Z (FIJWX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX) have volatilities of 0.88% and 0.86%, 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

	FIJWX	FHYSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.86%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	2.66%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	3.44%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	5.25%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	5.76%	-1.12%

FIJWX vs. FHYSX - Expense Ratio Comparison

FIJWX has a 0.66% expense ratio, which is higher than FHYSX's 0.02% expense ratio.

Dividends

FIJWX vs. FHYSX - Dividend Comparison

FIJWX's dividend yield for the trailing twelve months is around 7.38%, more than FHYSX's 6.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHYSX Federated Hermes High-Yield Strategy Portfolio	6.30%	6.28%	5.84%	5.30%	5.27%	4.54%	5.74%	6.18%	6.61%	6.98%	6.45%	8.45%
FIJWX Fidelity Advisor Short Duration High Income Fund Class Z	7.38%	7.45%	6.59%	6.04%	2.92%	2.93%	3.57%	4.30%	1.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIJWX and FHYSX in my portfolio?

FIJWX and FHYSX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIJWX or FHYSX?

FIJWX has higher volatility (0.88%) compared to FHYSX (0.86%). In terms of maximum drawdown, FIJWX dropped -16.77% vs FHYSX's -21.45%.

Which has better risk-adjusted returns?

FIJWX currently has the higher Sharpe Ratio (3.01 vs 1.89), 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.