FSEHX vs. CRDOX

Last updated Aug 1, 2026

FSEHX (Fidelity Advisor Short Duration High Income Fund Class M) and CRDOX (Six Circles Credit Opportunities Fund) are both High Yield Bonds funds. Over the past 5 years, FSEHX returned 3.91%/yr vs 3.02%/yr for CRDOX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. FSEHX charges 1.00%/yr vs 0.29%/yr for CRDOX.

Performance

FSEHX vs. CRDOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Short Duration High Income Fund Class M (FSEHX) and Six Circles Credit Opportunities Fund (CRDOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSEHX achieves a 2.28% return, which is significantly higher than CRDOX's 1.94% return.

FSEHX

• 1D: 0.22%
• 1M: -0.67%
• 6M: 1.59%
• YTD: 2.28%
• 1Y: 6.29%
• 3Y*: 7.34%
• 5Y*: 3.91%
• 10Y*: 4.08%
• ALL TIME*: 3.46%

CRDOX

• 1D: -0.05%
• 1M: -0.61%
• 6M: 1.19%
• YTD: 1.94%
• 1Y: 5.75%
• 3Y*: 7.49%
• 5Y*: 3.02%
• 10Y*: —
• ALL TIME*: 3.27%

*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)
CRDOX Six Circles Credit Opportunities Fund	$0.00	$0.00	$0.00
FSEHX Fidelity Advisor Short Duration High Income Fund Class M	$0.00	$0.00	$0.00

FSEHX vs. CRDOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FSEHX Fidelity Advisor Short Duration High Income Fund Class M	2.28%	7.45%	7.45%	9.99%	-7.57%	2.82%	1.48%
CRDOX Six Circles Credit Opportunities Fund	1.94%	7.48%	8.69%	8.06%	-10.62%	2.66%	1.71%

Correlation

The correlation between FSEHX and CRDOX is 0.61, 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.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (All Time) Calculated using the full available price history since Nov 23, 2020	0.73

The correlation between FSEHX and CRDOX shifts across timeframes, from 0.61 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSEHX vs. CRDOX — Risk / Return Rank

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

FSEHX

FSEHX Risk / Return Rank: 94
FSEHX Sharpe Ratio Rank: 90
FSEHX Sortino Ratio Rank: 96
FSEHX Omega Ratio Rank: 93
FSEHX Calmar Ratio Rank: 93
FSEHX Martin Ratio Rank: 97

CRDOX

CRDOX Risk / Return Rank: 80
CRDOX Sharpe Ratio Rank: 84
CRDOX Sortino Ratio Rank: 87
CRDOX Omega Ratio Rank: 88
CRDOX Calmar Ratio Rank: 65
CRDOX Martin Ratio Rank: 76

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.

FSEHX vs. CRDOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Short Duration High Income Fund Class M (FSEHX) and Six Circles Credit Opportunities Fund (CRDOX). 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.

	FSEHX	CRDOX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.01	+0.27
Sortino ratio: Return per unit of downside risk	4.07	3.21	+0.85
Omega ratio: Gain probability vs. loss probability	1.54	1.46	+0.07
Calmar ratio: Return relative to maximum drawdown	3.85	2.14	+1.70
Martin ratio: Return relative to average drawdown	18.86	9.24	+9.63

FSEHX vs. CRDOX - Sharpe Ratio Comparison

The current FSEHX Sharpe Ratio is 2.28, which is comparable to the CRDOX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of FSEHX and CRDOX, 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

FSEHX vs. CRDOX - Drawdown Comparison

The maximum FSEHX drawdown since its inception was -16.79%, which is greater than CRDOX's maximum drawdown of -15.92%. Use the drawdown chart below to compare losses from any high point for FSEHX and CRDOX.

Drawdown Indicators

	FSEHX	CRDOX	Difference
Max Drawdown Largest peak-to-trough decline	-16.79%	-15.92%	-0.87%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-2.70%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-3.32%	-4.66%	+1.34%
Max Drawdown (5Y) Largest decline over 5 years	-9.54%	-15.92%	+6.38%
Max Drawdown (10Y) Largest decline over 10 years	-16.79%	—	—
Current Drawdown Current decline from peak	-0.67%	-0.83%	+0.16%
Average Drawdown Average peak-to-trough decline	-1.62%	-3.43%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.62%	-0.27%

Volatility

FSEHX vs. CRDOX - Volatility Comparison

The current volatility for Fidelity Advisor Short Duration High Income Fund Class M (FSEHX) is 0.52%, while Six Circles Credit Opportunities Fund (CRDOX) has a volatility of 0.58%. This indicates that FSEHX experiences smaller price fluctuations and is considered to be less risky than CRDOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEHX	CRDOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.58%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.31%	2.33%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.90%	2.88%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	4.15%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.20%	3.98%	+0.22%

FSEHX vs. CRDOX - Expense Ratio Comparison

FSEHX has a 1.00% expense ratio, which is higher than CRDOX's 0.29% expense ratio.

Dividends

FSEHX vs. CRDOX - Dividend Comparison

FSEHX's dividend yield for the trailing twelve months is around 6.60%, which matches CRDOX's 6.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRDOX Six Circles Credit Opportunities Fund	6.57%	5.18%	6.96%	6.86%	5.82%	2.73%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%
FSEHX Fidelity Advisor Short Duration High Income Fund Class M	6.60%	7.08%	5.82%	5.70%	2.70%	2.89%	3.23%	3.97%	4.26%	3.85%	4.47%	4.16%

Frequently Asked Questions

Can I hold both FSEHX and CRDOX in my portfolio?

FSEHX and CRDOX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSEHX or CRDOX?

CRDOX has higher volatility (0.58%) compared to FSEHX (0.52%). In terms of maximum drawdown, FSEHX dropped -16.79% vs CRDOX's -15.92%.

Which has better risk-adjusted returns?

FSEHX currently has the higher Sharpe Ratio (2.28 vs 2.01), 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.