FMSCX vs. FSRCX

Last updated Jul 14, 2026

FMSCX (Fidelity Advisor Mortgage Securities Fund Class I) and FSRCX (Fidelity Advisor Strategic Income Fund Class C) are both Total Bond Market funds from Fidelity. Over the past 10 years, FMSCX returned 1.04%/yr vs 3.05%/yr for FSRCX. A 0.54 correlation means they provide meaningful diversification when combined. FMSCX charges 0.51%/yr vs 1.72%/yr for FSRCX.

Performance

FMSCX vs. FSRCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Mortgage Securities Fund Class I (FMSCX) and Fidelity Advisor Strategic Income Fund Class C (FSRCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMSCX achieves a 0.52% return, which is significantly lower than FSRCX's 2.34% return. Over the past 10 years, FMSCX has underperformed FSRCX with an annualized return of 1.04%, while FSRCX has yielded a comparatively higher 3.05% annualized return.

FMSCX

• 1D: -0.10%
• 1M: -0.18%
• 6M: 0.22%
• YTD: 0.52%
• 1Y: 5.30%
• 3Y*: 4.27%
• 5Y*: -0.18%
• 10Y*: 1.04%

FSRCX

• 1D: 0.00%
• 1M: -0.19%
• 6M: 1.82%
• YTD: 2.34%
• 1Y: 6.58%
• 3Y*: 6.59%
• 5Y*: 1.78%
• 10Y*: 3.05%

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

FMSCX vs. FSRCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMSCX Fidelity Advisor Mortgage Securities Fund Class I	0.52%	8.25%	0.29%	4.54%	-12.63%	-1.17%	4.27%	6.17%	0.74%	2.30%
FSRCX Fidelity Advisor Strategic Income Fund Class C	2.34%	7.88%	4.38%	7.98%	-12.53%	2.56%	6.41%	9.95%	-3.81%	7.01%

Correlation

The correlation between FMSCX and FSRCX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	0.54

The correlation between FMSCX and FSRCX shifts across timeframes, from 0.54 (all time) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMSCX vs. FSRCX — Risk / Return Rank

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

FMSCX

FMSCX Risk / Return Rank: 33
FMSCX Sharpe Ratio Rank: 34
FMSCX Sortino Ratio Rank: 35
FMSCX Omega Ratio Rank: 33
FMSCX Calmar Ratio Rank: 34
FMSCX Martin Ratio Rank: 29

FSRCX

FSRCX Risk / Return Rank: 63
FSRCX Sharpe Ratio Rank: 60
FSRCX Sortino Ratio Rank: 63
FSRCX Omega Ratio Rank: 65
FSRCX Calmar Ratio Rank: 60
FSRCX Martin Ratio Rank: 67

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.

FMSCX vs. FSRCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Mortgage Securities Fund Class I (FMSCX) 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.

	FMSCX	FSRCX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.72	-0.44
Sortino ratio: Return per unit of downside risk	1.90	2.50	-0.59
Omega ratio: Gain probability vs. loss probability	1.23	1.33	-0.10
Calmar ratio: Return relative to maximum drawdown	1.76	2.38	-0.62
Martin ratio: Return relative to average drawdown	5.15	9.94	-4.79

FMSCX vs. FSRCX - Sharpe Ratio Comparison

The current FMSCX Sharpe Ratio is 1.28, which is comparable to the FSRCX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of FMSCX and FSRCX, 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

FMSCX vs. FSRCX - Drawdown Comparison

The maximum FMSCX drawdown since its inception was -18.90%, roughly equal to the maximum FSRCX drawdown of -18.16%. Use the drawdown chart below to compare losses from any high point for FMSCX and FSRCX.

Drawdown Indicators

	FMSCX	FSRCX	Difference
Max Drawdown Largest peak-to-trough decline	-18.90%	-18.16%	-0.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-2.66%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-7.89%	-4.24%	-3.65%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-16.69%	-1.98%
Max Drawdown (10Y) Largest decline over 10 years	-18.90%	-16.69%	-2.21%
Current Drawdown Current decline from peak	-1.71%	-0.66%	-1.05%
Average Drawdown Average peak-to-trough decline	-1.97%	-2.08%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.64%	+0.33%

Volatility

FMSCX vs. FSRCX - Volatility Comparison

The current volatility for Fidelity Advisor Mortgage Securities Fund Class I (FMSCX) is 1.19%, while Fidelity Advisor Strategic Income Fund Class C (FSRCX) has a volatility of 1.33%. This indicates that FMSCX experiences smaller price fluctuations and is considered to be less risky than FSRCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMSCX	FSRCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.33%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	3.18%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.91%	3.69%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.82%	4.52%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	4.40%	+0.74%

FMSCX vs. FSRCX - Expense Ratio Comparison

FMSCX has a 0.51% expense ratio, which is lower than FSRCX's 1.72% expense ratio.

Dividends

FMSCX vs. FSRCX - Dividend Comparison

FMSCX's dividend yield for the trailing twelve months is around 3.77%, more than FSRCX's 3.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMSCX Fidelity Advisor Mortgage Securities Fund Class I	3.77%	3.78%	3.42%	3.18%	1.37%	0.75%	2.26%	2.37%	2.53%	2.55%	2.60%	2.00%
FSRCX Fidelity Advisor Strategic Income Fund Class C	3.30%	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

Can I hold both FMSCX and FSRCX in my portfolio?

FMSCX and FSRCX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMSCX or FSRCX?

FSRCX has higher volatility (1.33%) compared to FMSCX (1.19%). In terms of maximum drawdown, FMSCX dropped -18.90% vs FSRCX's -18.16%.

Which has better risk-adjusted returns?

FSRCX currently has the higher Sharpe Ratio (1.72 vs 1.28), 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.