FIQTX vs. FAHEX

Last updated Jun 25, 2026

FIQTX (Fidelity Advisor High Income Advantage Fund Class Z) and FAHEX (Fidelity Advisor High Income Advantage Fund Class C) are both High Yield Bonds funds from Fidelity. Over the past 5 years, FIQTX returned 6.44%/yr vs 5.20%/yr for FAHEX. With a 0.98 correlation, they move nearly in lockstep. FIQTX charges 0.64%/yr vs 1.75%/yr for FAHEX.

Performance

FIQTX vs. FAHEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor High Income Advantage Fund Class Z (FIQTX) and Fidelity Advisor High Income Advantage Fund Class C (FAHEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQTX achieves a 6.77% return, which is significantly higher than FAHEX's 6.19% return.

FIQTX

• 1D: -1.12%
• 1M: 0.84%
• YTD: 6.77%
• 6M: 6.93%
• 1Y: 14.49%
• 3Y*: 12.46%
• 5Y*: 6.44%
• 10Y*: —

FAHEX

• 1D: -1.12%
• 1M: 0.72%
• YTD: 6.19%
• 6M: 6.26%
• 1Y: 13.18%
• 3Y*: 11.00%
• 5Y*: 5.20%
• 10Y*: 6.89%

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

FIQTX vs. FAHEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	6.77%	12.17%	10.38%	12.37%	-11.16%	11.13%	9.06%	17.93%	-6.84%
FAHEX Fidelity Advisor High Income Advantage Fund Class C	6.19%	10.97%	8.51%	11.23%	-11.89%	10.09%	7.88%	16.50%	-7.13%

Correlation

The correlation between FIQTX and FAHEX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.98

The correlation between FIQTX and FAHEX has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

FIQTX vs. FAHEX — Risk / Return Rank

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

FIQTX

FIQTX Risk / Return Rank: 88
FIQTX Sharpe Ratio Rank: 86
FIQTX Sortino Ratio Rank: 84
FIQTX Omega Ratio Rank: 83
FIQTX Calmar Ratio Rank: 93
FIQTX Martin Ratio Rank: 95

FAHEX

FAHEX Risk / Return Rank: 85
FAHEX Sharpe Ratio Rank: 80
FAHEX Sortino Ratio Rank: 79
FAHEX Omega Ratio Rank: 79
FAHEX Calmar Ratio Rank: 92
FAHEX Martin Ratio Rank: 93

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.

FIQTX vs. FAHEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor High Income Advantage Fund Class Z (FIQTX) and Fidelity Advisor High Income Advantage Fund Class C (FAHEX). 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.

	FIQTX	FAHEX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.34	+0.22
Sortino ratio: Return per unit of downside risk	3.64	3.33	+0.31
Omega ratio: Gain probability vs. loss probability	1.50	1.45	+0.05
Calmar ratio: Return relative to maximum drawdown	4.92	4.46	+0.46
Martin ratio: Return relative to average drawdown	20.10	17.61	+2.49

FIQTX vs. FAHEX - Sharpe Ratio Comparison

The current FIQTX Sharpe Ratio is 2.56, which is comparable to the FAHEX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FIQTX and FAHEX, 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

FIQTX vs. FAHEX - Drawdown Comparison

The maximum FIQTX drawdown since its inception was -28.49%, smaller than the maximum FAHEX drawdown of -49.00%. Use the drawdown chart below to compare losses from any high point for FIQTX and FAHEX.

Drawdown Indicators

	FIQTX	FAHEX	Difference
Max Drawdown Largest peak-to-trough decline	-28.49%	-49.00%	+20.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.12%	-3.14%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-6.96%	-7.11%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-15.16%	-15.76%	+0.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.52%	—
Current Drawdown Current decline from peak	-1.12%	-1.12%	0.00%
Average Drawdown Average peak-to-trough decline	-3.28%	-5.01%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	0.79%	-0.03%

Volatility

FIQTX vs. FAHEX - Volatility Comparison

Fidelity Advisor High Income Advantage Fund Class Z (FIQTX) and Fidelity Advisor High Income Advantage Fund Class C (FAHEX) have volatilities of 2.67% and 2.66%, 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

	FIQTX	FAHEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.66%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	4.95%	4.90%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	6.01%	5.98%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	6.44%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.38%	7.63%	+0.75%

FIQTX vs. FAHEX - Expense Ratio Comparison

FIQTX has a 0.64% expense ratio, which is lower than FAHEX's 1.75% expense ratio.

Dividends

FIQTX vs. FAHEX - Dividend Comparison

FIQTX's dividend yield for the trailing twelve months is around 4.51%, more than FAHEX's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAHEX Fidelity Advisor High Income Advantage Fund Class C	3.44%	3.73%	3.34%	3.80%	6.26%	3.92%	2.76%	3.50%	4.90%	3.91%	4.50%	3.45%
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	4.51%	4.83%	5.06%	4.79%	7.43%	5.01%	3.80%	4.61%	2.54%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIQTX and FAHEX in my portfolio?

With a correlation of 0.98, FIQTX and FAHEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FIQTX or FAHEX?

FIQTX has higher volatility (2.67%) compared to FAHEX (2.66%). In terms of maximum drawdown, FIQTX dropped -28.49% vs FAHEX's -49.00%.

Which has better risk-adjusted returns?

FIQTX currently has the higher Sharpe Ratio (2.56 vs 2.34), 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.