FPIOX vs. FSKAX
FPIOX (Strategic Advisers Income Opportunities Fund) and FSKAX (Fidelity Total Market Index Fund) are both mutual funds - FPIOX is a High Yield Bonds fund managed by Fidelity, while FSKAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, FPIOX returned 4.95%/yr vs 14.61%/yr for FSKAX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. FPIOX charges 0.49%/yr vs 0.01%/yr for FSKAX.
Performance
FPIOX vs. FSKAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FPIOX achieves a 1.14% return, which is significantly lower than FSKAX's 12.20% return. Over the past 10 years, FPIOX has underperformed FSKAX with an annualized return of 4.95%, while FSKAX has yielded a comparatively higher 14.61% annualized return.
FPIOX
- 1D
- 0.34%
- 1M
- -0.56%
- 6M
- 1.02%
- YTD
- 1.14%
- 1Y
- 4.29%
- 3Y*
- 7.72%
- 5Y*
- 3.50%
- 10Y*
- 4.95%
- ALL TIME*
- 5.27%
FSKAX
- 1D
- 1.53%
- 1M
- 1.30%
- 6M
- 10.71%
- YTD
- 12.20%
- 1Y
- 21.69%
- 3Y*
- 20.42%
- 5Y*
- 12.08%
- 10Y*
- 14.61%
- ALL TIME*
- 14.60%
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 |
FPIOX vs. FSKAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPIOX Strategic Advisers Income Opportunities Fund | 1.14% | 8.47% | 7.89% | 11.85% | -11.84% | 5.35% | 5.64% | 14.77% | -3.53% | 8.21% |
FSKAX Fidelity Total Market Index Fund | 12.20% | 17.06% | 23.89% | 26.12% | -19.53% | 25.66% | 20.79% | 30.92% | -5.32% | 20.85% |
Correlation
The correlation between FPIOX and FSKAX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011 | 0.52 |
The correlation between FPIOX and FSKAX shifts across timeframes, from 0.52 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FPIOX vs. FSKAX — Risk / Return Rank
FPIOX
FSKAX
FPIOX vs. FSKAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Income Opportunities Fund (FPIOX) and Fidelity Total Market Index Fund (FSKAX). 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.
| FPIOX | FSKAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.32 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 2.65 | -0.80 |
| Martin ratioReturn relative to average drawdown | 8.17 | 11.39 | -3.22 |
Loading charts...
Drawdowns
FPIOX vs. FSKAX - Drawdown Comparison
The maximum FPIOX drawdown since its inception was -36.95%, which is greater than FSKAX's maximum drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for FPIOX and FSKAX.
Loading charts...
Drawdown Indicators
| FPIOX | FSKAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -35.01% | -1.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -8.92% | +6.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.92% | -19.43% | +15.51% |
Max Drawdown (5Y)Largest decline over 5 years | -15.14% | -25.39% | +10.25% |
Max Drawdown (10Y)Largest decline over 10 years | -21.77% | -35.01% | +13.24% |
Current DrawdownCurrent decline from peak | -0.78% | 0.00% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -3.62% | -3.99% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 2.07% | -1.50% |
Volatility
FPIOX vs. FSKAX - Volatility Comparison
The current volatility for Strategic Advisers Income Opportunities Fund (FPIOX) is 0.76%, while Fidelity Total Market Index Fund (FSKAX) has a volatility of 3.80%. This indicates that FPIOX experiences smaller price fluctuations and is considered to be less risky than FSKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FPIOX | FSKAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 3.80% | -3.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 10.42% | -7.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.46% | 13.20% | -9.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.11% | 17.53% | -12.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 18.47% | -12.97% |
FPIOX vs. FSKAX - Expense Ratio Comparison
FPIOX has a 0.49% expense ratio, which is higher than FSKAX's 0.02% expense ratio.
Dividends
FPIOX vs. FSKAX - Dividend Comparison
FPIOX's dividend yield for the trailing twelve months is around 4.45%, more than FSKAX's 0.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPIOX Strategic Advisers Income Opportunities Fund | 4.45% | 5.34% | 5.81% | 5.52% | 4.34% | 4.70% | 5.20% | 5.53% | 5.48% | 5.02% | 5.88% | 6.58% |
FSKAX Fidelity Total Market Index Fund | 0.93% | 1.01% | 1.19% | 1.41% | 1.62% | 1.15% | 1.45% | 1.94% | 2.54% | 2.07% | 2.43% | 0.82% |
Frequently Asked Questions
FPIOX and FSKAX 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.
FSKAX has higher volatility (3.80%) compared to FPIOX (0.76%). In terms of maximum drawdown, FPIOX dropped -36.95% vs FSKAX's -35.01%.
FSKAX currently has the higher Sharpe Ratio (1.80 vs 1.43), 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.
Find the right allocation for FPIOX and FSKAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer