FMSFX vs. FSTAX
FMSFX (Fidelity Mortgage Securities Fund) and FSTAX (Fidelity Advisor Strategic Income Fund Class A) are both Total Bond Market funds from Fidelity. Over the past 10 years, FMSFX returned 1.25%/yr vs 4.07%/yr for FSTAX. At a 0.48 correlation, their price movements are largely independent. FMSFX charges 0.45%/yr vs 0.97%/yr for FSTAX.
Performance
FMSFX vs. FSTAX - Performance Comparison
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Returns By Period
In the year-to-date period, FMSFX achieves a 0.66% return, which is significantly lower than FSTAX's 3.28% return. Over the past 10 years, FMSFX has underperformed FSTAX with an annualized return of 1.25%, while FSTAX has yielded a comparatively higher 4.07% annualized return.
FMSFX
- 1D
- -0.20%
- 1M
- 0.63%
- YTD
- 0.66%
- 6M
- 0.97%
- 1Y
- 5.80%
- 3Y*
- 4.25%
- 5Y*
- 0.14%
- 10Y*
- 1.25%
FSTAX
- 1D
- -0.08%
- 1M
- 1.33%
- YTD
- 3.28%
- 6M
- 3.65%
- 1Y
- 8.93%
- 3Y*
- 7.49%
- 5Y*
- 2.73%
- 10Y*
- 4.07%
FMSFX vs. FSTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMSFX Fidelity Mortgage Securities Fund | 0.66% | 8.29% | 1.00% | 4.91% | -12.61% | -1.20% | 4.41% | 6.43% | 0.79% | 2.35% |
FSTAX Fidelity Advisor Strategic Income Fund Class A | 3.28% | 8.68% | 4.93% | 8.82% | -11.98% | 3.22% | 7.21% | 10.74% | -2.94% | 7.63% |
Correlation
The correlation between FMSFX and FSTAX is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
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 Oct 31, 1994 | 0.48 |
Over the past year, FMSFX and FSTAX have become more correlated (0.73) than their long-term average of 0.48, meaning their price movements have been converging.
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Return for Risk
FMSFX vs. FSTAX — Risk / Return Rank
FMSFX
FSTAX
FMSFX vs. FSTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mortgage Securities Fund (FMSFX) and Fidelity Advisor Strategic Income Fund Class A (FSTAX). 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.
| FMSFX | FSTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.53 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 3.49 | -1.34 |
| Martin ratioReturn relative to average drawdown | 6.71 | 14.97 | -8.26 |
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Drawdowns
FMSFX vs. FSTAX - Drawdown Comparison
The maximum FMSFX drawdown since its inception was -18.81%, smaller than the maximum FSTAX drawdown of -23.29%. Use the drawdown chart below to compare losses from any high point for FMSFX and FSTAX.
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Drawdown Indicators
| FMSFX | FSTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -23.29% | +4.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -2.65% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -8.04% | -4.04% | -4.00% |
Max Drawdown (5Y)Largest decline over 5 years | -18.66% | -16.18% | -2.48% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -16.18% | -2.63% |
Current DrawdownCurrent decline from peak | -1.41% | -0.08% | -1.33% |
Average DrawdownAverage peak-to-trough decline | -1.92% | -4.82% | +2.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.62% | +0.28% |
Volatility
FMSFX vs. FSTAX - Volatility Comparison
The current volatility for Fidelity Mortgage Securities Fund (FMSFX) is 1.23%, while Fidelity Advisor Strategic Income Fund Class A (FSTAX) has a volatility of 1.35%. This indicates that FMSFX experiences smaller price fluctuations and is considered to be less risky than FSTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMSFX | FSTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.35% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 3.07% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 3.67% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.80% | 4.52% | +2.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 4.45% | +0.69% |
FMSFX vs. FSTAX - Expense Ratio Comparison
FMSFX has a 0.45% expense ratio, which is lower than FSTAX's 0.97% expense ratio.
Dividends
FMSFX vs. FSTAX - Dividend Comparison
FMSFX's dividend yield for the trailing twelve months is around 3.92%, less than FSTAX's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMSFX Fidelity Mortgage Securities Fund | 3.92% | 3.93% | 4.12% | 3.50% | 1.43% | 0.62% | 2.40% | 2.62% | 2.57% | 2.60% | 2.65% | 2.05% |
FSTAX Fidelity Advisor Strategic Income Fund Class A | 4.00% | 4.05% | 3.21% | 3.70% | 2.70% | 4.01% | 4.32% | 4.06% | 3.50% | 3.70% | 3.49% | 2.89% |
Frequently Asked Questions
FMSFX and FSTAX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSTAX has higher volatility (1.35%) compared to FMSFX (1.23%). In terms of maximum drawdown, FMSFX dropped -18.81% vs FSTAX's -23.29%.
FSTAX currently has the higher Sharpe Ratio (2.53 vs 1.54), 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.
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