FMGAX vs. FMSFX

Last updated Jun 4, 2026

FMGAX (Fidelity Advisor Mortgage Securities Fund Class A) and FMSFX (Fidelity Mortgage Securities Fund) are both Total Bond Market funds from Fidelity. Over the past 10 years, FMGAX returned 0.86%/yr vs 1.30%/yr for FMSFX. Their correlation of 0.89 suggests significant overlap in exposure. FMGAX charges 0.79%/yr vs 0.45%/yr for FMSFX.

Performance

FMGAX vs. FMSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Mortgage Securities Fund Class A (FMGAX) and Fidelity Mortgage Securities Fund (FMSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMGAX achieves a 0.70% return, which is significantly lower than FMSFX's 0.97% return. Over the past 10 years, FMGAX has underperformed FMSFX with an annualized return of 0.86%, while FMSFX has yielded a comparatively higher 1.30% annualized return.

FMGAX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 0.70%
• 6M: 0.78%
• 1Y: 6.62%
• 3Y*: 3.77%
• 5Y*: -0.29%
• 10Y*: 0.86%

FMSFX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 0.97%
• 6M: 1.07%
• 1Y: 6.99%
• 3Y*: 4.46%
• 5Y*: 0.22%
• 10Y*: 1.30%

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

FMGAX vs. FMSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMGAX Fidelity Advisor Mortgage Securities Fund Class A	0.70%	7.92%	0.07%	4.27%	-12.82%	-1.52%	4.06%	6.05%	0.43%	1.91%
FMSFX Fidelity Mortgage Securities Fund	0.97%	8.29%	1.00%	4.91%	-12.61%	-1.20%	4.41%	6.43%	0.79%	2.35%

Correlation

The correlation between FMGAX and FMSFX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994	0.89

The correlation between FMGAX and FMSFX has been stable across timeframes, ranging from 0.89 to 0.99 - a consistent structural relationship.

Return for Risk

FMGAX vs. FMSFX — Risk / Return Rank

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

FMGAX

FMGAX Risk / Return Rank: 34
FMGAX Sharpe Ratio Rank: 32
FMGAX Sortino Ratio Rank: 35
FMGAX Omega Ratio Rank: 32
FMGAX Calmar Ratio Rank: 36
FMGAX Martin Ratio Rank: 33

FMSFX

FMSFX Risk / Return Rank: 39
FMSFX Sharpe Ratio Rank: 37
FMSFX Sortino Ratio Rank: 40
FMSFX Omega Ratio Rank: 37
FMSFX Calmar Ratio Rank: 43
FMSFX Martin Ratio Rank: 38

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.

FMGAX vs. FMSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Mortgage Securities Fund Class A (FMGAX) and Fidelity Mortgage Securities Fund (FMSFX). 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.

	FMGAX	FMSFX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.76	-0.12
Sortino ratio: Return per unit of downside risk	2.47	2.66	-0.19
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.27	2.50	-0.23
Martin ratio: Return relative to average drawdown	7.45	8.25	-0.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMGAX vs. FMSFX - Sharpe Ratio Comparison

The current FMGAX Sharpe Ratio is 1.64, which is comparable to the FMSFX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of FMGAX and FMSFX, 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

	FMGAX	FMSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.76	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.03	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.25	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.02	-0.25

Drawdowns

FMGAX vs. FMSFX - Drawdown Comparison

The maximum FMGAX drawdown since its inception was -19.51%, roughly equal to the maximum FMSFX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for FMGAX and FMSFX.

Drawdown Indicators

	FMGAX	FMSFX	Difference
Max Drawdown Largest peak-to-trough decline	-19.51%	-18.81%	-0.70%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-2.81%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-8.16%	-8.04%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-19.18%	-18.66%	-0.52%
Max Drawdown (10Y) Largest decline over 10 years	-19.51%	-18.81%	-0.70%
Current Drawdown Current decline from peak	-2.72%	-1.11%	-1.61%
Average Drawdown Average peak-to-trough decline	-2.08%	-1.92%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.85%	+0.02%

Volatility

FMGAX vs. FMSFX - Volatility Comparison

Fidelity Advisor Mortgage Securities Fund Class A (FMGAX) and Fidelity Mortgage Securities Fund (FMSFX) have volatilities of 1.47% and 1.49%, 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

	FMGAX	FMSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.49%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	2.80%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	3.99%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.80%	6.79%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.13%	5.13%	0.00%

FMGAX vs. FMSFX - Expense Ratio Comparison

FMGAX has a 0.79% expense ratio, which is higher than FMSFX's 0.45% expense ratio.

Dividends

FMGAX vs. FMSFX - Dividend Comparison

FMGAX's dividend yield for the trailing twelve months is around 3.54%, less than FMSFX's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMGAX Fidelity Advisor Mortgage Securities Fund Class A	3.54%	3.57%	3.19%	2.92%	1.14%	0.48%	2.06%	2.25%	2.22%	2.26%	2.28%	1.72%
FMSFX Fidelity Mortgage Securities Fund	3.90%	3.93%	4.12%	3.50%	1.43%	0.62%	2.40%	2.62%	2.57%	2.60%	2.65%	2.05%

Frequently Asked Questions

Can I hold both FMGAX and FMSFX in my portfolio?

With a correlation of 0.97, FMGAX and FMSFX 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, FMGAX or FMSFX?

FMSFX has higher volatility (1.49%) compared to FMGAX (1.47%). In terms of maximum drawdown, FMGAX dropped -19.51% vs FMSFX's -18.81%.

Which has better risk-adjusted returns?

FMSFX currently has the higher Sharpe Ratio (1.76 vs 1.64), 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.