FSDHX vs. FHYSX

Last updated Aug 1, 2026

FSDHX (Fidelity Advisor Short Duration High Income Fund Class C) and FHYSX (Federated Hermes High-Yield Strategy Portfolio) are both High Yield Bonds funds. Over the past 10 years, FSDHX returned 3.33%/yr vs 4.94%/yr for FHYSX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. FSDHX charges 1.75%/yr vs 0.02%/yr for FHYSX.

Performance

FSDHX vs. FHYSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Short Duration High Income Fund Class C (FSDHX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSDHX achieves a 1.90% return, which is significantly higher than FHYSX's 0.96% return. Over the past 10 years, FSDHX has underperformed FHYSX with an annualized return of 3.33%, while FHYSX has yielded a comparatively higher 4.94% annualized return.

FSDHX

• 1D: 0.22%
• 1M: -0.67%
• 6M: 1.28%
• YTD: 1.90%
• 1Y: 5.56%
• 3Y*: 6.58%
• 5Y*: 3.19%
• 10Y*: 3.33%
• ALL TIME*: 2.70%

FHYSX

• 1D: 0.00%
• 1M: -0.77%
• 6M: 0.77%
• YTD: 0.96%
• 1Y: 4.60%
• 3Y*: 7.42%
• 5Y*: 3.07%
• 10Y*: 4.94%
• ALL TIME*: 4.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FHYSX Federated Hermes High-Yield Strategy Portfolio	$0.00	$0.00	$0.00
FSDHX Fidelity Advisor Short Duration High Income Fund Class C	$0.00	$0.00	$0.00

FSDHX vs. FHYSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSDHX Fidelity Advisor Short Duration High Income Fund Class C	1.90%	6.64%	6.72%	9.17%	-8.04%	1.91%	2.93%	8.23%	-2.22%	3.92%
FHYSX Federated Hermes High-Yield Strategy Portfolio	0.96%	9.14%	6.42%	12.77%	-13.16%	4.49%	6.08%	15.14%	-2.16%	8.34%

Correlation

The correlation between FSDHX and FHYSX is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.79
Correlation (All Time) Calculated using the full available price history since Nov 19, 2013	0.80

Over the past year, the correlation between FSDHX and FHYSX has dropped to 0.46 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

FSDHX vs. FHYSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSDHX

FSDHX Risk / Return Rank: 90
FSDHX Sharpe Ratio Rank: 85
FSDHX Sortino Ratio Rank: 92
FSDHX Omega Ratio Rank: 87
FSDHX Calmar Ratio Rank: 90
FSDHX Martin Ratio Rank: 95

FHYSX

FHYSX Risk / Return Rank: 74
FHYSX Sharpe Ratio Rank: 65
FHYSX Sortino Ratio Rank: 77
FHYSX Omega Ratio Rank: 79
FHYSX Calmar Ratio Rank: 65
FHYSX Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSDHX vs. FHYSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Short Duration High Income Fund Class C (FSDHX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX). 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.

	FSDHX	FHYSX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.52	+0.56
Sortino ratio: Return per unit of downside risk	3.62	2.62	+1.00
Omega ratio: Gain probability vs. loss probability	1.45	1.35	+0.10
Calmar ratio: Return relative to maximum drawdown	3.47	2.12	+1.35
Martin ratio: Return relative to average drawdown	16.03	10.39	+5.64

FSDHX vs. FHYSX - Sharpe Ratio Comparison

The current FSDHX Sharpe Ratio is 2.08, which is higher than the FHYSX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of FSDHX and FHYSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FSDHX vs. FHYSX - Drawdown Comparison

The maximum FSDHX drawdown since its inception was -16.84%, smaller than the maximum FHYSX drawdown of -21.45%. Use the drawdown chart below to compare losses from any high point for FSDHX and FHYSX.

Drawdown Indicators

	FSDHX	FHYSX	Difference
Max Drawdown Largest peak-to-trough decline	-16.84%	-21.45%	+4.61%
Max Drawdown (1Y) Largest decline over 1 year	-1.67%	-2.44%	+0.77%
Max Drawdown (3Y) Largest decline over 3 years	-3.38%	-3.64%	+0.26%
Max Drawdown (5Y) Largest decline over 5 years	-9.95%	-16.93%	+6.98%
Max Drawdown (10Y) Largest decline over 10 years	-16.84%	-21.45%	+4.61%
Current Drawdown Current decline from peak	-0.78%	-0.93%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.79%	-2.56%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.50%	-0.14%

Volatility

FSDHX vs. FHYSX - Volatility Comparison

Fidelity Advisor Short Duration High Income Fund Class C (FSDHX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX) have volatilities of 0.52% and 0.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSDHX	FHYSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.53%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	2.67%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	2.80%	3.40%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.75%	5.24%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	5.72%	-1.58%

FSDHX vs. FHYSX - Expense Ratio Comparison

FSDHX has a 1.75% expense ratio, which is higher than FHYSX's 0.02% expense ratio.

Dividends

FSDHX vs. FHYSX - Dividend Comparison

FSDHX's dividend yield for the trailing twelve months is around 5.91%, more than FHYSX's 5.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHYSX Federated Hermes High-Yield Strategy Portfolio	5.84%	6.28%	5.84%	5.30%	5.27%	4.54%	5.74%	6.18%	6.61%	6.98%	6.45%	8.45%
FSDHX Fidelity Advisor Short Duration High Income Fund Class C	5.91%	6.33%	5.14%	4.98%	2.17%	2.00%	2.49%	3.23%	3.49%	3.12%	3.68%	3.42%

Frequently Asked Questions

Can I hold both FSDHX and FHYSX in my portfolio?

FSDHX and FHYSX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSDHX or FHYSX?

FHYSX has higher volatility (0.53%) compared to FSDHX (0.52%). In terms of maximum drawdown, FSDHX dropped -16.84% vs FHYSX's -21.45%.

Which has better risk-adjusted returns?

FSDHX currently has the higher Sharpe Ratio (2.08 vs 1.52), 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.