FIQTX vs. USHY

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Advisor High Income Advantage Fund Class Z (FIQTX) and iShares Broad USD High Yield Corporate Bond ETF (USHY).

FIQTX is managed by Fidelity. It was launched on Oct 2, 2018. USHY is a passively managed fund by iShares that tracks the performance of the ICE BofA US High Yield Constrained. It was launched on Oct 25, 2017.

Performance

FIQTX vs. USHY - 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 iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

FIQTX vs. USHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	0.47%	12.17%	10.38%	12.37%	-11.16%	11.13%	9.06%	17.93%	-6.84%
USHY iShares Broad USD High Yield Corporate Bond ETF	-0.05%	8.81%	8.45%	12.73%	-11.18%	5.02%	6.17%	14.24%	-3.57%

Returns By Period

In the year-to-date period, FIQTX achieves a 0.47% return, which is significantly higher than USHY's -0.05% return.

FIQTX

• 1D: 1.21%
• 1M: -1.84%
• YTD: 0.47%
• 6M: 1.90%
• 1Y: 13.62%
• 3Y*: 10.49%
• 5Y*: 5.80%
• 10Y*: —

USHY

• 1D: 0.33%
• 1M: -0.67%
• YTD: -0.05%
• 6M: 0.98%
• 1Y: 7.26%
• 3Y*: 8.45%
• 5Y*: 4.21%
• 10Y*: —

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

FIQTX vs. USHY - Expense Ratio Comparison

FIQTX has a 0.64% expense ratio, which is higher than USHY's 0.15% expense ratio.

FIQTX

Fidelity Advisor High Income Advantage Fund Class Z

USHY

iShares Broad USD High Yield Corporate Bond ETF

Return for Risk

FIQTX vs. USHY — Risk / Return Rank

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

FIQTX

FIQTX Risk / Return Rank: 94
FIQTX Sharpe Ratio Rank: 93
FIQTX Sortino Ratio Rank: 93
FIQTX Omega Ratio Rank: 92
FIQTX Calmar Ratio Rank: 95
FIQTX Martin Ratio Rank: 96

USHY

USHY Risk / Return Rank: 76
USHY Sharpe Ratio Rank: 72
USHY Sortino Ratio Rank: 74
USHY Omega Ratio Rank: 79
USHY Calmar Ratio Rank: 71
USHY Martin Ratio Rank: 83

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. USHY - 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 Broad USD High Yield Corporate Bond ETF (USHY). 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	USHY	Difference
Sharpe ratio Return per unit of total volatility	2.08	1.32	+0.76
Sortino ratio Return per unit of downside risk	2.90	1.94	+0.96
Omega ratio Gain probability vs. loss probability	1.44	1.31	+0.13
Calmar ratio Return relative to maximum drawdown	3.30	1.91	+1.39
Martin ratio Return relative to average drawdown	14.47	9.64	+4.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIQTX vs. USHY - Sharpe Ratio Comparison

The current FIQTX Sharpe Ratio is 2.08, which is higher than the USHY Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of FIQTX and USHY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FIQTX	USHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.32	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.58	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.56	+0.27

Correlation

The correlation between FIQTX and USHY is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FIQTX vs. USHY - Dividend Comparison

FIQTX's dividend yield for the trailing twelve months is around 4.44%, less than USHY's 6.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	4.44%	4.83%	5.06%	4.79%	7.43%	5.01%	3.80%	4.61%	2.54%	0.00%
USHY iShares Broad USD High Yield Corporate Bond ETF	6.95%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%

Drawdowns

FIQTX vs. USHY - Drawdown Comparison

The maximum FIQTX drawdown since its inception was -28.49%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for FIQTX and USHY.

Drawdown Indicators

	FIQTX	USHY	Difference
Max Drawdown Largest peak-to-trough decline	-28.49%	-22.44%	-6.05%
Max Drawdown (1Y) Largest decline over 1 year	-4.34%	-3.92%	-0.42%
Max Drawdown (5Y) Largest decline over 5 years	-15.16%	-15.56%	+0.40%
Current Drawdown Current decline from peak	-1.95%	-1.03%	-0.92%
Average Drawdown Average peak-to-trough decline	-3.37%	-2.71%	-0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	0.77%	+0.22%

Volatility

FIQTX vs. USHY - Volatility Comparison

Fidelity Advisor High Income Advantage Fund Class Z (FIQTX) has a higher volatility of 2.65% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 2.21%. This indicates that FIQTX's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQTX	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	2.21%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	4.31%	2.84%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	6.72%	5.52%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	7.33%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.40%	8.32%	+0.08%