FIJWX vs. MDHVX
FIJWX (Fidelity Advisor Short Duration High Income Fund Class Z) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both High Yield Bonds funds. Over the past 5 years, FIJWX returned 4.31%/yr vs 4.15%/yr for MDHVX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. FIJWX charges 0.66%/yr vs 1.10%/yr for MDHVX.
Performance
FIJWX vs. MDHVX - Performance Comparison
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Returns By Period
In the year-to-date period, FIJWX achieves a 2.45% return, which is significantly higher than MDHVX's 1.46% return.
FIJWX
- 1D
- 0.00%
- 1M
- -0.67%
- 6M
- 1.62%
- YTD
- 2.45%
- 1Y
- 6.65%
- 3Y*
- 7.91%
- 5Y*
- 4.31%
- 10Y*
- —
- ALL TIME*
- 4.33%
MDHVX
- 1D
- -0.43%
- 1M
- -0.64%
- 6M
- 1.02%
- YTD
- 1.46%
- 1Y
- 3.44%
- 3Y*
- 5.91%
- 5Y*
- 4.15%
- 10Y*
- 4.34%
- ALL TIME*
- 4.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FIJWX vs. MDHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FIJWX Fidelity Advisor Short Duration High Income Fund Class Z | 2.45% | 7.84% | 8.30% | 10.24% | -7.26% | 2.86% | 3.97% | 9.53% | -2.92% |
MDHVX MainStay MacKay Short Duration High Yield Fund | 1.46% | 5.38% | 6.51% | 9.86% | -2.81% | 4.38% | 2.92% | 9.00% | -2.19% |
Correlation
The correlation between FIJWX and MDHVX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018 | 0.75 |
The correlation between FIJWX and MDHVX shifts across timeframes, from 0.65 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FIJWX vs. MDHVX — Risk / Return Rank
FIJWX
MDHVX
FIJWX vs. MDHVX - 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 MainStay MacKay Short Duration High Yield Fund (MDHVX). 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 | MDHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.42 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 3.09 | +0.76 |
| Martin ratioReturn relative to average drawdown | 17.58 | 14.49 | +3.09 |
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Drawdowns
FIJWX vs. MDHVX - Drawdown Comparison
The maximum FIJWX drawdown since its inception was -16.77%, smaller than the maximum MDHVX drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for FIJWX and MDHVX.
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Drawdown Indicators
| FIJWX | MDHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.77% | -18.04% | +1.27% |
Max Drawdown (1Y)Largest decline over 1 year | -1.67% | -1.06% | -0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -3.18% | -2.65% | -0.53% |
Max Drawdown (5Y)Largest decline over 5 years | -9.28% | -6.26% | -3.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.04% | — |
Current DrawdownCurrent decline from peak | -0.78% | -0.74% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -0.77% | -0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.23% | +0.14% |
Volatility
FIJWX vs. MDHVX - Volatility Comparison
Fidelity Advisor Short Duration High Income Fund Class Z (FIJWX) and MainStay MacKay Short Duration High Yield Fund (MDHVX) have volatilities of 0.59% and 0.62%, 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.
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Volatility by Period
| FIJWX | MDHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.62% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 1.40% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.96% | 1.85% | +1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 2.59% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.61% | 3.41% | +1.20% |
FIJWX vs. MDHVX - Expense Ratio Comparison
FIJWX has a 0.66% expense ratio, which is lower than MDHVX's 1.10% expense ratio.
Dividends
FIJWX vs. MDHVX - Dividend Comparison
FIJWX's dividend yield for the trailing twelve months is around 6.94%, more than MDHVX's 4.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIJWX Fidelity Advisor Short Duration High Income Fund Class Z | 6.94% | 7.45% | 6.59% | 6.04% | 2.92% | 2.93% | 3.57% | 4.30% | 1.29% | 0.00% | 0.00% | 0.00% |
MDHVX MainStay MacKay Short Duration High Yield Fund | 4.82% | 5.47% | 6.01% | 5.53% | 4.31% | 3.80% | 4.44% | 4.37% | 4.33% | 4.03% | 4.95% | 4.87% |
Frequently Asked Questions
FIJWX and MDHVX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDHVX has higher volatility (0.62%) compared to FIJWX (0.59%). In terms of maximum drawdown, FIJWX dropped -16.77% vs MDHVX's -18.04%.
FIJWX currently has the higher Sharpe Ratio (2.19 vs 1.76), 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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