FIQSX vs. PSHNX

Last updated Jun 3, 2026

FIQSX (Fidelity Advisor Floating Rate High Income Fund Class Z) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. Over the past 5 years, FIQSX returned 5.68%/yr vs 4.84%/yr for PSHNX. At a 0.41 correlation, their price movements are largely independent. FIQSX charges 0.62%/yr vs 1.01%/yr for PSHNX.

Performance

FIQSX vs. PSHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Floating Rate High Income Fund Class Z (FIQSX) and Penn Capital Short Duration High Income Fund (PSHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQSX achieves a 2.07% return, which is significantly higher than PSHNX's 1.63% return.

FIQSX

• 1D: 0.00%
• 1M: 0.78%
• YTD: 2.07%
• 6M: 2.83%
• 1Y: 6.31%
• 3Y*: 7.93%
• 5Y*: 5.68%
• 10Y*: —

PSHNX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.63%
• 6M: 2.37%
• 1Y: 6.56%
• 3Y*: 7.32%
• 5Y*: 4.84%
• 10Y*: —

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

FIQSX vs. PSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQSX Fidelity Advisor Floating Rate High Income Fund Class Z	2.07%	5.53%	8.80%	11.71%	-1.49%	5.06%	1.86%	8.56%	-3.27%
PSHNX Penn Capital Short Duration High Income Fund	1.63%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	-1.31%

Correlation

The correlation between FIQSX and PSHNX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.41

Return for Risk

FIQSX vs. PSHNX — Risk / Return Rank

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

FIQSX

FIQSX Risk / Return Rank: 94
FIQSX Sharpe Ratio Rank: 86
FIQSX Sortino Ratio Rank: 98
FIQSX Omega Ratio Rank: 97
FIQSX Calmar Ratio Rank: 95
FIQSX Martin Ratio Rank: 93

PSHNX

PSHNX Risk / Return Rank: 96
PSHNX Sharpe Ratio Rank: 96
PSHNX Sortino Ratio Rank: 97
PSHNX Omega Ratio Rank: 96
PSHNX Calmar Ratio Rank: 95
PSHNX Martin Ratio Rank: 98

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.

FIQSX vs. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Floating Rate High Income Fund Class Z (FIQSX) and Penn Capital Short Duration High Income Fund (PSHNX). 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.

	FIQSX	PSHNX	Difference
Sharpe ratio Return per unit of total volatility	2.77	3.48	-0.71
Sortino ratio Return per unit of downside risk	6.58	5.67	+0.90
Omega ratio Gain probability vs. loss probability	2.02	1.83	+0.19
Calmar ratio Return relative to maximum drawdown	5.79	5.74	+0.05
Martin ratio Return relative to average drawdown	19.83	29.31	-9.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIQSX vs. PSHNX - Sharpe Ratio Comparison

The current FIQSX Sharpe Ratio is 2.77, which is comparable to the PSHNX Sharpe Ratio of 3.48. The chart below compares the historical Sharpe Ratios of FIQSX and PSHNX, 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

	FIQSX	PSHNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	3.48	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.99	1.83	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.27	-0.19

Drawdowns

FIQSX vs. PSHNX - Drawdown Comparison

The maximum FIQSX drawdown since its inception was -22.19%, which is greater than PSHNX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for FIQSX and PSHNX.

Drawdown Indicators

	FIQSX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-14.53%	-7.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.19%	-1.14%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-3.18%	-2.83%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-5.86%	-6.02%	+0.16%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.11%	-0.89%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.22%	+0.13%

Volatility

FIQSX vs. PSHNX - Volatility Comparison

The current volatility for Fidelity Advisor Floating Rate High Income Fund Class Z (FIQSX) is 0.61%, while Penn Capital Short Duration High Income Fund (PSHNX) has a volatility of 0.70%. This indicates that FIQSX experiences smaller price fluctuations and is considered to be less risky than PSHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQSX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	0.70%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	1.65%	1.48%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	1.90%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.87%	2.65%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	3.16%	+1.48%

FIQSX vs. PSHNX - Expense Ratio Comparison

FIQSX has a 0.62% expense ratio, which is lower than PSHNX's 1.01% expense ratio.

Dividends

FIQSX vs. PSHNX - Dividend Comparison

FIQSX's dividend yield for the trailing twelve months is around 7.12%, more than PSHNX's 6.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIQSX Fidelity Advisor Floating Rate High Income Fund Class Z	7.12%	7.47%	8.40%	7.55%	3.86%	2.79%	3.90%	5.20%	1.37%	0.00%
PSHNX Penn Capital Short Duration High Income Fund	6.07%	6.27%	6.43%	4.95%	3.47%	3.17%	3.95%	3.65%	3.13%	1.46%

Frequently Asked Questions

Can I hold both FIQSX and PSHNX in my portfolio?

FIQSX and PSHNX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIQSX or PSHNX?

PSHNX has higher volatility (0.70%) compared to FIQSX (0.61%). In terms of maximum drawdown, FIQSX dropped -22.19% vs PSHNX's -14.53%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.48 vs 2.77), 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.