FMSFX vs. WACPX
FMSFX (Fidelity Mortgage Securities Fund) and WACPX (Western Asset Core Plus Bond Fund Class I) are both Total Bond Market funds. Over the past 10 years, FMSFX returned 1.12%/yr vs 1.45%/yr for WACPX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.45% expense ratio.
Performance
FMSFX vs. WACPX - Performance Comparison
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Returns By Period
In the year-to-date period, FMSFX achieves a -0.01% return, which is significantly higher than WACPX's -0.88% return. Over the past 10 years, FMSFX has underperformed WACPX with an annualized return of 1.12%, while WACPX has yielded a comparatively higher 1.45% annualized return.
FMSFX
- 1D
- 0.00%
- 1M
- -1.11%
- 6M
- -0.50%
- YTD
- -0.01%
- 1Y
- 3.39%
- 3Y*
- 4.14%
- 5Y*
- -0.13%
- 10Y*
- 1.12%
- ALL TIME*
- 4.13%
WACPX
- 1D
- 0.11%
- 1M
- -1.31%
- 6M
- -1.27%
- YTD
- -0.88%
- 1Y
- 1.73%
- 3Y*
- 3.09%
- 5Y*
- -1.75%
- 10Y*
- 1.45%
- ALL TIME*
- 4.70%
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 |
FMSFX vs. WACPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMSFX Fidelity Mortgage Securities Fund | -0.01% | 8.29% | 1.00% | 4.91% | -12.61% | -1.20% | 4.41% | 6.43% | 0.79% | 2.35% |
WACPX Western Asset Core Plus Bond Fund Class I | -0.88% | 7.99% | -0.77% | 7.51% | -18.79% | -2.24% | 9.42% | 12.29% | -1.47% | 7.10% |
Correlation
The correlation between FMSFX and WACPX is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 1998 | 0.79 |
The correlation between FMSFX and WACPX shifts across timeframes, from 0.79 (all time) to 0.95 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FMSFX vs. WACPX — Risk / Return Rank
FMSFX
WACPX
FMSFX vs. WACPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mortgage Securities Fund (FMSFX) and Western Asset Core Plus Bond Fund Class I (WACPX). 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 | WACPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.13 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 0.85 | +0.80 |
| Martin ratioReturn relative to average drawdown | 4.58 | 2.19 | +2.38 |
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Drawdowns
FMSFX vs. WACPX - Drawdown Comparison
The maximum FMSFX drawdown since its inception was -18.81%, smaller than the maximum WACPX drawdown of -25.86%. Use the drawdown chart below to compare losses from any high point for FMSFX and WACPX.
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Drawdown Indicators
| FMSFX | WACPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -25.86% | +7.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -3.60% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -6.97% | -8.14% | +1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -18.59% | -25.46% | +6.87% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -25.86% | +7.05% |
Current DrawdownCurrent decline from peak | -2.07% | -9.36% | +7.29% |
Average DrawdownAverage peak-to-trough decline | -1.92% | -3.64% | +1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 1.38% | -0.37% |
Volatility
FMSFX vs. WACPX - Volatility Comparison
Fidelity Mortgage Securities Fund (FMSFX) has a higher volatility of 1.08% compared to Western Asset Core Plus Bond Fund Class I (WACPX) at 0.96%. This indicates that FMSFX's price experiences larger fluctuations and is considered to be riskier than WACPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMSFX | WACPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.96% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 3.27% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.89% | 4.13% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.82% | 7.41% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 6.17% | -1.03% |
FMSFX vs. WACPX - Expense Ratio Comparison
Both FMSFX and WACPX have an expense ratio of 0.45%.
Dividends
FMSFX vs. WACPX - Dividend Comparison
FMSFX's dividend yield for the trailing twelve months is around 3.60%, less than WACPX's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMSFX Fidelity Mortgage Securities Fund | 3.60% | 3.93% | 4.12% | 3.50% | 1.43% | 0.62% | 2.40% | 2.62% | 2.57% | 2.60% | 2.65% | 2.05% |
WACPX Western Asset Core Plus Bond Fund Class I | 4.46% | 4.70% | 4.80% | 4.88% | 3.46% | 2.99% | 4.12% | 4.98% | 4.01% | 3.30% | 4.77% | 3.19% |
Frequently Asked Questions
With a correlation of 0.94, FMSFX and WACPX 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.
FMSFX has higher volatility (1.08%) compared to WACPX (0.96%). In terms of maximum drawdown, FMSFX dropped -18.81% vs WACPX's -25.86%.
FMSFX currently has the higher Sharpe Ratio (1.19 vs 0.74), 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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