FMSAX vs. FSHBX

Last updated Jul 4, 2026

FMSAX (Fidelity Advisor Mortgage Securities Fund Class M) and FSHBX (Fidelity Short-Term Bond Fund) are both Total Bond Market funds from Fidelity. Over the past 10 years, FMSAX returned 0.81%/yr vs 2.10%/yr for FSHBX. A 0.65 correlation means they provide meaningful diversification when combined. FMSAX charges 0.79%/yr vs 0.45%/yr for FSHBX.

Performance

FMSAX vs. FSHBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Mortgage Securities Fund Class M (FMSAX) and Fidelity Short-Term Bond Fund (FSHBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMSAX achieves a 0.82% return, which is significantly higher than FSHBX's 0.77% return. Over the past 10 years, FMSAX has underperformed FSHBX with an annualized return of 0.81%, while FSHBX has yielded a comparatively higher 2.10% annualized return.

FMSAX

• 1D: 0.00%
• 1M: 0.30%
• 6M: 0.92%
• YTD: 0.82%
• 1Y: 5.18%
• 3Y*: 3.89%
• 5Y*: -0.32%
• 10Y*: 0.81%

FSHBX

• 1D: 0.00%
• 1M: 0.21%
• 6M: 0.77%
• YTD: 0.77%
• 1Y: 3.35%
• 3Y*: 4.94%
• 5Y*: 2.29%
• 10Y*: 2.10%

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

FMSAX vs. FSHBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMSAX Fidelity Advisor Mortgage Securities Fund Class M	0.82%	7.91%	0.07%	4.27%	-12.80%	-1.52%	4.05%	6.04%	0.34%	2.00%
FSHBX Fidelity Short-Term Bond Fund	0.77%	5.49%	4.73%	5.35%	-3.86%	-0.92%	3.59%	4.20%	1.21%	1.16%

Correlation

The correlation between FMSAX and FSHBX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Dec 31, 1993	0.65

The correlation between FMSAX and FSHBX shifts across timeframes, from 0.65 (all time) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMSAX vs. FSHBX — Risk / Return Rank

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

FMSAX

FMSAX Risk / Return Rank: 31
FMSAX Sharpe Ratio Rank: 32
FMSAX Sortino Ratio Rank: 34
FMSAX Omega Ratio Rank: 31
FMSAX Calmar Ratio Rank: 32
FMSAX Martin Ratio Rank: 28

FSHBX

FSHBX Risk / Return Rank: 72
FSHBX Sharpe Ratio Rank: 57
FSHBX Sortino Ratio Rank: 79
FSHBX Omega Ratio Rank: 80
FSHBX Calmar Ratio Rank: 75
FSHBX Martin Ratio Rank: 71

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.

FMSAX vs. FSHBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Mortgage Securities Fund Class M (FMSAX) and Fidelity Short-Term Bond Fund (FSHBX). 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.

	FMSAX	FSHBX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.71	-0.44
Sortino ratio: Return per unit of downside risk	1.88	3.01	-1.12
Omega ratio: Gain probability vs. loss probability	1.23	1.41	-0.18
Calmar ratio: Return relative to maximum drawdown	1.70	2.77	-1.07
Martin ratio: Return relative to average drawdown	5.22	10.58	-5.36

FMSAX vs. FSHBX - Sharpe Ratio Comparison

The current FMSAX Sharpe Ratio is 1.27, which is comparable to the FSHBX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FMSAX and FSHBX, 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

FMSAX vs. FSHBX - Drawdown Comparison

The maximum FMSAX drawdown since its inception was -19.47%, which is greater than FSHBX's maximum drawdown of -8.80%. Use the drawdown chart below to compare losses from any high point for FMSAX and FSHBX.

Drawdown Indicators

	FMSAX	FSHBX	Difference
Max Drawdown Largest peak-to-trough decline	-19.47%	-8.80%	-10.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-1.17%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-8.14%	-1.17%	-6.97%
Max Drawdown (5Y) Largest decline over 5 years	-19.21%	-6.36%	-12.85%
Max Drawdown (10Y) Largest decline over 10 years	-19.47%	-6.51%	-12.96%
Current Drawdown Current decline from peak	-2.59%	0.00%	-2.59%
Average Drawdown Average peak-to-trough decline	-2.03%	-1.04%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.31%	+0.63%

Volatility

FMSAX vs. FSHBX - Volatility Comparison

Fidelity Advisor Mortgage Securities Fund Class M (FMSAX) has a higher volatility of 1.16% compared to Fidelity Short-Term Bond Fund (FSHBX) at 0.47%. This indicates that FMSAX's price experiences larger fluctuations and is considered to be riskier than FSHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMSAX	FSHBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	0.47%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	1.45%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.86%	1.90%	+1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.81%	2.22%	+4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.13%	1.86%	+3.27%

FMSAX vs. FSHBX - Expense Ratio Comparison

FMSAX has a 0.79% expense ratio, which is higher than FSHBX's 0.45% expense ratio.

Dividends

FMSAX vs. FSHBX - Dividend Comparison

FMSAX's dividend yield for the trailing twelve months is around 3.54%, less than FSHBX's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMSAX Fidelity Advisor Mortgage Securities Fund Class M	3.54%	3.57%	3.19%	2.92%	1.13%	0.48%	2.05%	2.25%	2.22%	2.26%	2.27%	1.73%
FSHBX Fidelity Short-Term Bond Fund	4.15%	4.26%	4.00%	3.00%	0.83%	1.04%	2.62%	2.13%	1.78%	1.27%	1.12%	0.88%

Frequently Asked Questions

Can I hold both FMSAX and FSHBX in my portfolio?

FMSAX and FSHBX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMSAX or FSHBX?

FMSAX has higher volatility (1.16%) compared to FSHBX (0.47%). In terms of maximum drawdown, FMSAX dropped -19.47% vs FSHBX's -8.80%.

Which has better risk-adjusted returns?

FSHBX currently has the higher Sharpe Ratio (1.71 vs 1.27), 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.