FIKQX vs. MSTDX

Last updated Jun 4, 2026

FIKQX (Fidelity Advisor Investment Grade Bond Fund Class Z) and MSTDX (MassMutual Short Duration Bond Fund) are both mutual funds - FIKQX is a Total Bond Market fund managed by Fidelity, while MSTDX is a Short-Term Bond fund managed by MassMutual. Over the past 5 years, FIKQX returned 0.39%/yr vs 1.36%/yr for MSTDX. At a 0.49 correlation, their price movements are largely independent. FIKQX charges 0.36%/yr vs 0.51%/yr for MSTDX.

Performance

FIKQX vs. MSTDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Investment Grade Bond Fund Class Z (FIKQX) and MassMutual Short Duration Bond Fund (MSTDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIKQX achieves a 0.38% return, which is significantly lower than MSTDX's 0.84% return.

FIKQX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 0.38%
• 6M: 0.20%
• 1Y: 5.22%
• 3Y*: 4.40%
• 5Y*: 0.39%
• 10Y*: —

MSTDX

• 1D: -0.11%
• 1M: 0.01%
• YTD: 0.84%
• 6M: 1.36%
• 1Y: 4.51%
• 3Y*: 5.62%
• 5Y*: 1.36%
• 10Y*: 2.08%

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

FIKQX vs. MSTDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIKQX Fidelity Advisor Investment Grade Bond Fund Class Z	0.38%	7.31%	1.69%	6.75%	-13.97%	-1.03%	10.00%	9.90%	2.01%
MSTDX MassMutual Short Duration Bond Fund	0.84%	6.18%	6.38%	5.88%	-11.19%	1.79%	2.29%	4.49%	0.31%

Correlation

The correlation between FIKQX and MSTDX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.49

Over the past year, FIKQX and MSTDX have become more correlated (0.69) than their long-term average of 0.49, meaning their price movements have been converging.

Return for Risk

FIKQX vs. MSTDX — Risk / Return Rank

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

FIKQX

FIKQX Risk / Return Rank: 21
FIKQX Sharpe Ratio Rank: 22
FIKQX Sortino Ratio Rank: 23
FIKQX Omega Ratio Rank: 22
FIKQX Calmar Ratio Rank: 21
FIKQX Martin Ratio Rank: 19

MSTDX

MSTDX Risk / Return Rank: 88
MSTDX Sharpe Ratio Rank: 74
MSTDX Sortino Ratio Rank: 93
MSTDX Omega Ratio Rank: 91
MSTDX Calmar Ratio Rank: 90
MSTDX Martin Ratio Rank: 92

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.

FIKQX vs. MSTDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Investment Grade Bond Fund Class Z (FIKQX) and MassMutual Short Duration Bond Fund (MSTDX). 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.

	FIKQX	MSTDX	Difference
Sharpe ratio Return per unit of total volatility	1.33	2.49	-1.16
Sortino ratio Return per unit of downside risk	2.01	4.74	-2.73
Omega ratio Gain probability vs. loss probability	1.24	1.66	-0.42
Calmar ratio Return relative to maximum drawdown	1.67	4.67	-3.00
Martin ratio Return relative to average drawdown	5.05	19.63	-14.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIKQX vs. MSTDX - Sharpe Ratio Comparison

The current FIKQX Sharpe Ratio is 1.33, which is lower than the MSTDX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FIKQX and MSTDX, 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

	FIKQX	MSTDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	2.49	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.59	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.25	-0.75

Drawdowns

FIKQX vs. MSTDX - Drawdown Comparison

The maximum FIKQX drawdown since its inception was -18.53%, which is greater than MSTDX's maximum drawdown of -13.31%. Use the drawdown chart below to compare losses from any high point for FIKQX and MSTDX.

Drawdown Indicators

	FIKQX	MSTDX	Difference
Max Drawdown Largest peak-to-trough decline	-18.53%	-13.31%	-5.22%
Max Drawdown (1Y) Largest decline over 1 year	-3.13%	-1.06%	-2.07%
Max Drawdown (3Y) Largest decline over 3 years	-6.05%	-1.06%	-4.99%
Max Drawdown (5Y) Largest decline over 5 years	-18.53%	-13.31%	-5.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.31%	—
Current Drawdown Current decline from peak	-1.58%	-0.11%	-1.47%
Average Drawdown Average peak-to-trough decline	-5.22%	-1.43%	-3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.25%	+0.78%

Volatility

FIKQX vs. MSTDX - Volatility Comparison

Fidelity Advisor Investment Grade Bond Fund Class Z (FIKQX) has a higher volatility of 1.40% compared to MassMutual Short Duration Bond Fund (MSTDX) at 0.65%. This indicates that FIKQX's price experiences larger fluctuations and is considered to be riskier than MSTDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIKQX	MSTDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	0.65%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	1.40%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	1.82%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	2.33%	+3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.49%	2.06%	+3.43%

FIKQX vs. MSTDX - Expense Ratio Comparison

FIKQX has a 0.36% expense ratio, which is lower than MSTDX's 0.51% expense ratio.

Dividends

FIKQX vs. MSTDX - Dividend Comparison

FIKQX's dividend yield for the trailing twelve months is around 4.01%, less than MSTDX's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIKQX Fidelity Advisor Investment Grade Bond Fund Class Z	4.01%	3.97%	4.08%	3.65%	2.05%	1.44%	4.90%	2.83%	1.07%	0.00%	0.00%	0.00%
MSTDX MassMutual Short Duration Bond Fund	4.44%	4.36%	2.63%	2.48%	1.46%	1.90%	4.44%	3.35%	3.82%	2.51%	2.36%	2.57%

Frequently Asked Questions

Can I hold both FIKQX and MSTDX in my portfolio?

FIKQX and MSTDX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIKQX or MSTDX?

FIKQX has higher volatility (1.40%) compared to MSTDX (0.65%). In terms of maximum drawdown, FIKQX dropped -18.53% vs MSTDX's -13.31%.

Which has better risk-adjusted returns?

MSTDX currently has the higher Sharpe Ratio (2.49 vs 1.33), 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.