FIQDX vs. FAPSX

Last updated Jun 24, 2026

FIQDX (Fidelity Advisor Strategic Real Return Fund Class Z) and FAPSX (Fidelity Risk Parity Fund) are both Diversified Portfolio funds from Fidelity. Over the past 3 years, FIQDX returned 9.38%/yr vs 14.27%/yr for FAPSX. A 0.79 correlation means they provide meaningful diversification when combined. FIQDX charges 0.61%/yr vs 0.73%/yr for FAPSX.

Performance

FIQDX vs. FAPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Strategic Real Return Fund Class Z (FIQDX) and Fidelity Risk Parity Fund (FAPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQDX achieves a 6.68% return, which is significantly lower than FAPSX's 9.12% return.

FIQDX

• 1D: 0.00%
• 1M: -1.68%
• YTD: 6.68%
• 6M: 6.44%
• 1Y: 12.93%
• 3Y*: 9.38%
• 5Y*: 6.04%
• 10Y*: —

FAPSX

• 1D: -0.17%
• 1M: 0.52%
• YTD: 9.12%
• 6M: 8.31%
• 1Y: 22.25%
• 3Y*: 14.27%
• 5Y*: —
• 10Y*: —

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

FIQDX vs. FAPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIQDX Fidelity Advisor Strategic Real Return Fund Class Z	6.68%	10.40%	6.03%	4.55%	1.34%
FAPSX Fidelity Risk Parity Fund	9.12%	21.09%	6.87%	8.45%	3.78%

Correlation

The correlation between FIQDX and FAPSX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022	0.79

The correlation between FIQDX and FAPSX shifts across timeframes, from 0.62 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FIQDX vs. FAPSX — Risk / Return Rank

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

FIQDX

FIQDX Risk / Return Rank: 88
FIQDX Sharpe Ratio Rank: 87
FIQDX Sortino Ratio Rank: 84
FIQDX Omega Ratio Rank: 83
FIQDX Calmar Ratio Rank: 92
FIQDX Martin Ratio Rank: 94

FAPSX

FAPSX Risk / Return Rank: 59
FAPSX Sharpe Ratio Rank: 57
FAPSX Sortino Ratio Rank: 52
FAPSX Omega Ratio Rank: 57
FAPSX Calmar Ratio Rank: 65
FAPSX Martin Ratio Rank: 65

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.

FIQDX vs. FAPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Strategic Real Return Fund Class Z (FIQDX) and Fidelity Risk Parity Fund (FAPSX). 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.

	FIQDX	FAPSX	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.05	+0.60
Sortino ratio: Return per unit of downside risk	3.68	2.77	+0.91
Omega ratio: Gain probability vs. loss probability	1.51	1.38	+0.13
Calmar ratio: Return relative to maximum drawdown	4.72	2.97	+1.76
Martin ratio: Return relative to average drawdown	18.89	11.98	+6.92

FIQDX vs. FAPSX - Sharpe Ratio Comparison

The current FIQDX Sharpe Ratio is 2.65, which is comparable to the FAPSX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of FIQDX and FAPSX, 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

FIQDX vs. FAPSX - Drawdown Comparison

The maximum FIQDX drawdown since its inception was -19.98%, which is greater than FAPSX's maximum drawdown of -10.07%. Use the drawdown chart below to compare losses from any high point for FIQDX and FAPSX.

Drawdown Indicators

	FIQDX	FAPSX	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-10.07%	-9.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.69%	-7.66%	+4.97%
Max Drawdown (3Y) Largest decline over 3 years	-5.91%	-9.68%	+3.77%
Max Drawdown (5Y) Largest decline over 5 years	-12.79%	—	—
Current Drawdown Current decline from peak	-2.69%	-1.45%	-1.24%
Average Drawdown Average peak-to-trough decline	-2.97%	-2.18%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.89%	-1.22%

Volatility

FIQDX vs. FAPSX - Volatility Comparison

The current volatility for Fidelity Advisor Strategic Real Return Fund Class Z (FIQDX) is 1.40%, while Fidelity Risk Parity Fund (FAPSX) has a volatility of 4.25%. This indicates that FIQDX experiences smaller price fluctuations and is considered to be less risky than FAPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQDX	FAPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	4.25%	-2.85%
Volatility (6M) Calculated over the trailing 6-month period	3.72%	9.48%	-5.76%
Volatility (1Y) Calculated over the trailing 1-year period	4.81%	11.09%	-6.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.91%	11.26%	-4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.40%	11.26%	-3.86%

FIQDX vs. FAPSX - Expense Ratio Comparison

FIQDX has a 0.61% expense ratio, which is lower than FAPSX's 0.73% expense ratio.

Dividends

FIQDX vs. FAPSX - Dividend Comparison

FIQDX's dividend yield for the trailing twelve months is around 4.27%, less than FAPSX's 6.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FAPSX Fidelity Risk Parity Fund	6.99%	5.31%	4.91%	3.84%	6.93%	0.00%	0.00%	0.00%	0.00%
FIQDX Fidelity Advisor Strategic Real Return Fund Class Z	4.27%	4.75%	4.88%	5.38%	7.39%	5.44%	2.29%	3.17%	8.46%

Frequently Asked Questions

Can I hold both FIQDX and FAPSX in my portfolio?

FIQDX and FAPSX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIQDX or FAPSX?

FAPSX has higher volatility (4.25%) compared to FIQDX (1.40%). In terms of maximum drawdown, FIQDX dropped -19.98% vs FAPSX's -10.07%.

Which has better risk-adjusted returns?

FIQDX currently has the higher Sharpe Ratio (2.65 vs 2.05), 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.