FMSAX vs. FSRCX
FMSAX (Fidelity Advisor Mortgage Securities Fund Class M) and FSRCX (Fidelity Advisor Strategic Income Fund Class C) are both Total Bond Market funds from Fidelity. Over the past 10 years, FMSAX returned 0.70%/yr vs 2.89%/yr for FSRCX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. FMSAX charges 0.79%/yr vs 1.72%/yr for FSRCX.
Performance
FMSAX vs. FSRCX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FMSAX achieves a -0.20% return, which is significantly lower than FSRCX's 1.23% return. Over the past 10 years, FMSAX has underperformed FSRCX with an annualized return of 0.70%, while FSRCX has yielded a comparatively higher 2.89% annualized return.
FMSAX
- 1D
- 0.00%
- 1M
- -1.01%
- 6M
- -0.66%
- YTD
- -0.20%
- 1Y
- 3.05%
- 3Y*
- 3.49%
- 5Y*
- -0.63%
- 10Y*
- 0.70%
- ALL TIME*
- 3.07%
FSRCX
- 1D
- 0.34%
- 1M
- -1.25%
- 6M
- 0.65%
- YTD
- 1.23%
- 1Y
- 4.45%
- 3Y*
- 5.72%
- 5Y*
- 1.50%
- 10Y*
- 2.89%
- ALL TIME*
- 4.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FMSAX vs. FSRCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMSAX Fidelity Advisor Mortgage Securities Fund Class M | -0.20% | 7.91% | 0.07% | 4.27% | -12.80% | -1.52% | 4.05% | 6.04% | 0.34% | 2.00% |
FSRCX Fidelity Advisor Strategic Income Fund Class C | 1.23% | 7.88% | 4.38% | 7.98% | -12.53% | 2.56% | 6.41% | 9.95% | -3.81% | 7.01% |
Correlation
The correlation between FMSAX and FSRCX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 1994 | 0.52 |
The correlation between FMSAX and FSRCX shifts across timeframes, from 0.52 (all time) to 0.76 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FMSAX vs. FSRCX — Risk / Return Rank
FMSAX
FSRCX
FMSAX vs. FSRCX - 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 Advisor Strategic Income Fund Class C (FSRCX). 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 | FSRCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.25 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 1.84 | -0.37 |
| Martin ratioReturn relative to average drawdown | 4.00 | 6.92 | -2.93 |
Loading charts...
Drawdowns
FMSAX vs. FSRCX - Drawdown Comparison
The maximum FMSAX drawdown since its inception was -19.47%, which is greater than FSRCX's maximum drawdown of -18.16%. Use the drawdown chart below to compare losses from any high point for FMSAX and FSRCX.
Loading charts...
Drawdown Indicators
| FMSAX | FSRCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.47% | -18.16% | -1.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -2.66% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -6.95% | -3.70% | -3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -19.14% | -16.69% | -2.45% |
Max Drawdown (10Y)Largest decline over 10 years | -19.47% | -16.69% | -2.78% |
Current DrawdownCurrent decline from peak | -3.57% | -1.74% | -1.83% |
Average DrawdownAverage peak-to-trough decline | -2.04% | -2.08% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 0.71% | +0.35% |
Volatility
FMSAX vs. FSRCX - Volatility Comparison
Fidelity Advisor Mortgage Securities Fund Class M (FMSAX) and Fidelity Advisor Strategic Income Fund Class C (FSRCX) have volatilities of 1.03% and 1.00%, 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.
Loading charts...
Volatility by Period
| FMSAX | FSRCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 1.00% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 3.22% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 3.75% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.82% | 4.54% | +2.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 4.41% | +0.73% |
FMSAX vs. FSRCX - Expense Ratio Comparison
FMSAX has a 0.79% expense ratio, which is lower than FSRCX's 1.72% expense ratio.
Dividends
FMSAX vs. FSRCX - Dividend Comparison
FMSAX's dividend yield for the trailing twelve months is around 3.26%, more than FSRCX's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMSAX Fidelity Advisor Mortgage Securities Fund Class M | 3.26% | 3.57% | 3.19% | 2.92% | 1.13% | 0.48% | 2.05% | 2.25% | 2.22% | 2.26% | 2.27% | 1.73% |
FSRCX Fidelity Advisor Strategic Income Fund Class C | 3.09% | 3.32% | 2.59% | 3.03% | 2.08% | 3.36% | 3.59% | 3.33% | 2.50% | 3.20% | 2.69% | 2.46% |
Frequently Asked Questions
FMSAX and FSRCX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMSAX has higher volatility (1.03%) compared to FSRCX (1.00%). In terms of maximum drawdown, FMSAX dropped -19.47% vs FSRCX's -18.16%.
FSRCX currently has the higher Sharpe Ratio (1.31 vs 1.10), 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.
Find the right allocation for FMSAX and FSRCX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer