FPCIX vs. FMSFX

Last updated Jun 4, 2026

FPCIX (Strategic Advisers Core Income Fund) and FMSFX (Fidelity Mortgage Securities Fund) are both Total Bond Market funds from Fidelity. Over the past 10 years, FPCIX returned 2.04%/yr vs 1.30%/yr for FMSFX. Their correlation of 0.84 suggests significant overlap in exposure. FPCIX charges 0.31%/yr vs 0.45%/yr for FMSFX.

Performance

FPCIX vs. FMSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Core Income Fund (FPCIX) and Fidelity Mortgage Securities Fund (FMSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, FPCIX has outperformed FMSFX with an annualized return of 2.04%, while FMSFX has yielded a comparatively lower 1.30% annualized return.

FPCIX

• 1D: 0.11%
• 1M: 0.58%
• YTD: -0.00%
• 6M: -0.00%
• 1Y: 5.21%
• 3Y*: 4.12%
• 5Y*: 0.01%
• 10Y*: 2.04%

FMSFX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 0.97%
• 6M: 1.07%
• 1Y: 6.99%
• 3Y*: 4.46%
• 5Y*: 0.22%
• 10Y*: 1.30%

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

FPCIX vs. FMSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPCIX Strategic Advisers Core Income Fund	-0.00%	7.42%	1.71%	5.98%	-14.76%	-0.81%	9.39%	9.20%	-0.33%	4.73%
FMSFX Fidelity Mortgage Securities Fund	0.97%	8.29%	1.00%	4.91%	-12.61%	-1.20%	4.41%	6.43%	0.79%	2.35%

Correlation

The correlation between FPCIX and FMSFX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 1, 2007	0.84

The correlation between FPCIX and FMSFX has been stable across timeframes, ranging from 0.80 to 0.90 - a consistent structural relationship.

Return for Risk

FPCIX vs. FMSFX — Risk / Return Rank

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

FPCIX

FPCIX Risk / Return Rank: 28
FPCIX Sharpe Ratio Rank: 26
FPCIX Sortino Ratio Rank: 28
FPCIX Omega Ratio Rank: 25
FPCIX Calmar Ratio Rank: 32
FPCIX Martin Ratio Rank: 28

FMSFX

FMSFX Risk / Return Rank: 39
FMSFX Sharpe Ratio Rank: 37
FMSFX Sortino Ratio Rank: 40
FMSFX Omega Ratio Rank: 37
FMSFX Calmar Ratio Rank: 43
FMSFX Martin Ratio Rank: 38

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.

FPCIX vs. FMSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Core Income Fund (FPCIX) and Fidelity Mortgage Securities Fund (FMSFX). 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.

	FPCIX	FMSFX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.76	-0.31
Sortino ratio: Return per unit of downside risk	2.20	2.66	-0.46
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	2.11	2.50	-0.38
Martin ratio: Return relative to average drawdown	6.61	8.25	-1.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPCIX vs. FMSFX - Sharpe Ratio Comparison

The current FPCIX Sharpe Ratio is 1.46, which is comparable to the FMSFX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of FPCIX and FMSFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FPCIX	FMSFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.76	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.03	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.25	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.02	-0.29

Drawdowns

FPCIX vs. FMSFX - Drawdown Comparison

The maximum FPCIX drawdown since its inception was -19.60%, roughly equal to the maximum FMSFX drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for FPCIX and FMSFX.

Drawdown Indicators

	FPCIX	FMSFX	Difference
Max Drawdown Largest peak-to-trough decline	-19.60%	-18.81%	-0.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-2.81%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-6.51%	-8.04%	+1.53%
Max Drawdown (5Y) Largest decline over 5 years	-19.60%	-18.66%	-0.94%
Max Drawdown (10Y) Largest decline over 10 years	-19.60%	-18.81%	-0.79%
Current Drawdown Current decline from peak	-2.37%	-1.11%	-1.26%
Average Drawdown Average peak-to-trough decline	-3.23%	-1.92%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	0.85%	+0.32%

Volatility

FPCIX vs. FMSFX - Volatility Comparison

Strategic Advisers Core Income Fund (FPCIX) has a higher volatility of 1.64% compared to Fidelity Mortgage Securities Fund (FMSFX) at 1.49%. This indicates that FPCIX's price experiences larger fluctuations and is considered to be riskier than FMSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPCIX	FMSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.49%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.80%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.26%	3.99%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.23%	6.79%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.06%	5.13%	-0.07%

FPCIX vs. FMSFX - Expense Ratio Comparison

FPCIX has a 0.31% expense ratio, which is lower than FMSFX's 0.45% expense ratio.

Dividends

FPCIX vs. FMSFX - Dividend Comparison

FPCIX's dividend yield for the trailing twelve months is around 3.55%, less than FMSFX's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMSFX Fidelity Mortgage Securities Fund	3.90%	3.93%	4.12%	3.50%	1.43%	0.62%	2.40%	2.62%	2.57%	2.60%	2.65%	2.05%
FPCIX Strategic Advisers Core Income Fund	3.55%	3.83%	4.17%	3.55%	2.69%	3.01%	4.99%	3.75%	2.94%	2.70%	4.13%	2.45%

Frequently Asked Questions

Can I hold both FPCIX and FMSFX in my portfolio?

FPCIX and FMSFX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPCIX or FMSFX?

FPCIX has higher volatility (1.64%) compared to FMSFX (1.49%). In terms of maximum drawdown, FPCIX dropped -19.60% vs FMSFX's -18.81%.

Which has better risk-adjusted returns?

FMSFX currently has the higher Sharpe Ratio (1.76 vs 1.46), 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.