FIQTX vs. HYG
FIQTX (Fidelity Advisor High Income Advantage Fund Class Z) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds. Over the past 5 years, FIQTX returned 6.74%/yr vs 3.81%/yr for HYG. A 0.73 correlation means they provide meaningful diversification when combined. FIQTX charges 0.64%/yr vs 0.49%/yr for HYG.
Performance
FIQTX vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, FIQTX achieves a 7.38% return, which is significantly higher than HYG's 1.51% return.
FIQTX
- 1D
- -0.24%
- 1M
- 1.66%
- YTD
- 7.38%
- 6M
- 8.05%
- 1Y
- 16.59%
- 3Y*
- 12.64%
- 5Y*
- 6.74%
- 10Y*
- —
HYG
- 1D
- 0.19%
- 1M
- 0.40%
- YTD
- 1.51%
- 6M
- 1.84%
- 1Y
- 6.51%
- 3Y*
- 8.57%
- 5Y*
- 3.81%
- 10Y*
- 4.91%
FIQTX vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FIQTX Fidelity Advisor High Income Advantage Fund Class Z | 7.38% | 12.17% | 10.38% | 12.37% | -11.16% | 11.13% | 9.06% | 17.93% | -6.84% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.51% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -3.46% |
Correlation
The correlation between FIQTX and HYG is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018 | 0.73 |
The correlation between FIQTX and HYG has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.
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Return for Risk
FIQTX vs. HYG — Risk / Return Rank
FIQTX
HYG
FIQTX vs. HYG - 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 iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
| FIQTX | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.33 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 5.37 | 2.79 | +2.57 |
| Martin ratioReturn relative to average drawdown | 22.76 | 12.34 | +10.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FIQTX | HYG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.03 | 1.72 | +1.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.06 | 0.51 | +0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.59 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.93 | 0.46 | +0.47 |
Drawdowns
FIQTX vs. HYG - Drawdown Comparison
The maximum FIQTX drawdown since its inception was -28.49%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for FIQTX and HYG.
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Drawdown Indicators
| FIQTX | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.49% | -34.25% | +5.76% |
Max Drawdown (1Y)Largest decline over 1 year | -3.12% | -2.34% | -0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -6.96% | -4.56% | -2.40% |
Max Drawdown (5Y)Largest decline over 5 years | -15.16% | -15.79% | +0.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.09% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -3.30% | -3.24% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 0.53% | +0.21% |
Volatility
FIQTX vs. HYG - Volatility Comparison
Fidelity Advisor High Income Advantage Fund Class Z (FIQTX) has a higher volatility of 1.71% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.21%. This indicates that FIQTX's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIQTX | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 1.21% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 4.40% | 3.01% | +1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 3.81% | +1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.40% | 7.53% | -1.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.36% | 8.29% | +0.07% |
FIQTX vs. HYG - Expense Ratio Comparison
FIQTX has a 0.64% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
FIQTX vs. HYG - Dividend Comparison
FIQTX's dividend yield for the trailing twelve months is around 4.49%, less than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIQTX Fidelity Advisor High Income Advantage Fund Class Z | 4.49% | 4.83% | 5.06% | 4.79% | 7.43% | 5.01% | 3.80% | 4.61% | 2.54% | 0.00% | 0.00% | 0.00% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
FIQTX and HYG have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIQTX has higher volatility (1.71%) compared to HYG (1.21%). In terms of maximum drawdown, FIQTX dropped -28.49% vs HYG's -34.25%.
FIQTX currently has the higher Sharpe Ratio (3.03 vs 1.72), 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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