FPCIX vs. FSRIX

Last updated Jun 4, 2026

FPCIX (Strategic Advisers Core Income Fund) and FSRIX (Fidelity Advisor Strategic Income Fund Class I) are both Total Bond Market funds from Fidelity. Over the past 10 years, FPCIX returned 2.04%/yr vs 4.41%/yr for FSRIX. A 0.59 correlation means they provide meaningful diversification when combined. FPCIX charges 0.31%/yr vs 0.71%/yr for FSRIX.

Performance

FPCIX vs. FSRIX - Performance Comparison

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

Returns By Period

Over the past 10 years, FPCIX has underperformed FSRIX with an annualized return of 2.04%, while FSRIX has yielded a comparatively higher 4.41% 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%

FSRIX

• 1D: 0.16%
• 1M: 1.09%
• YTD: 3.27%
• 6M: 3.69%
• 1Y: 9.87%
• 3Y*: 8.17%
• 5Y*: 3.29%
• 10Y*: 4.41%

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

FPCIX vs. FSRIX - 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%
FSRIX Fidelity Advisor Strategic Income Fund Class I	3.27%	8.97%	5.97%	9.51%	-11.91%	3.50%	7.50%	11.01%	-2.70%	8.08%

Correlation

The correlation between FPCIX and FSRIX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 1, 2007	0.59

The correlation between FPCIX and FSRIX shifts across timeframes, from 0.59 (all time) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FPCIX vs. FSRIX — 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

FSRIX

FSRIX Risk / Return Rank: 87
FSRIX Sharpe Ratio Rank: 88
FSRIX Sortino Ratio Rank: 90
FSRIX Omega Ratio Rank: 88
FSRIX Calmar Ratio Rank: 82
FSRIX Martin Ratio Rank: 87

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. FSRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Core Income Fund (FPCIX) and Fidelity Advisor Strategic Income Fund Class I (FSRIX). 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	FSRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.85	-1.40
Sortino ratio: Return per unit of downside risk	2.20	4.35	-2.15
Omega ratio: Gain probability vs. loss probability	1.26	1.61	-0.35
Calmar ratio: Return relative to maximum drawdown	2.11	3.78	-1.67
Martin ratio: Return relative to average drawdown	6.61	16.65	-10.04
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. FSRIX - Sharpe Ratio Comparison

The current FPCIX Sharpe Ratio is 1.46, which is lower than the FSRIX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of FPCIX and FSRIX, 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	FSRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.85	-1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.73	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.99	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.55	+0.19

Drawdowns

FPCIX vs. FSRIX - Drawdown Comparison

The maximum FPCIX drawdown since its inception was -19.60%, smaller than the maximum FSRIX drawdown of -22.98%. Use the drawdown chart below to compare losses from any high point for FPCIX and FSRIX.

Drawdown Indicators

	FPCIX	FSRIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.60%	-22.98%	+3.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-2.70%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-6.51%	-4.00%	-2.51%
Max Drawdown (5Y) Largest decline over 5 years	-19.60%	-15.99%	-3.61%
Max Drawdown (10Y) Largest decline over 10 years	-19.60%	-15.99%	-3.61%
Current Drawdown Current decline from peak	-2.37%	0.00%	-2.37%
Average Drawdown Average peak-to-trough decline	-3.23%	-4.69%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	0.61%	+0.56%

Volatility

FPCIX vs. FSRIX - Volatility Comparison

Strategic Advisers Core Income Fund (FPCIX) has a higher volatility of 1.64% compared to Fidelity Advisor Strategic Income Fund Class I (FSRIX) at 1.40%. This indicates that FPCIX's price experiences larger fluctuations and is considered to be riskier than FSRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPCIX	FSRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.40%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	2.98%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	4.26%	3.58%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.23%	4.52%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.06%	4.46%	+0.60%

FPCIX vs. FSRIX - Expense Ratio Comparison

FPCIX has a 0.31% expense ratio, which is lower than FSRIX's 0.71% expense ratio.

Dividends

FPCIX vs. FSRIX - Dividend Comparison

FPCIX's dividend yield for the trailing twelve months is around 3.55%, less than FSRIX's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FSRIX Fidelity Advisor Strategic Income Fund Class I	4.25%	4.29%	4.11%	4.28%	2.91%	4.18%	4.53%	4.30%	3.74%	4.17%	3.75%	3.09%

Frequently Asked Questions

Can I hold both FPCIX and FSRIX in my portfolio?

FPCIX and FSRIX 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.

Which is riskier, FPCIX or FSRIX?

FPCIX has higher volatility (1.64%) compared to FSRIX (1.40%). In terms of maximum drawdown, FPCIX dropped -19.60% vs FSRIX's -22.98%.

Which has better risk-adjusted returns?

FSRIX currently has the higher Sharpe Ratio (2.85 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.