FSEHX vs. FOCIX
FSEHX (Fidelity Advisor Short Duration High Income Fund Class M) and FOCIX (Fairholme Focused Income Fund) are both High Yield Bonds funds. Over the past 10 years, FSEHX returned 4.31%/yr vs 6.89%/yr for FOCIX. At a 0.30 correlation, their price movements are largely independent. Both charge a 1.00% expense ratio.
Performance
FSEHX vs. FOCIX - Performance Comparison
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Returns By Period
In the year-to-date period, FSEHX achieves a 2.84% return, which is significantly lower than FOCIX's 6.44% return. Over the past 10 years, FSEHX has underperformed FOCIX with an annualized return of 4.31%, while FOCIX has yielded a comparatively higher 6.89% annualized return.
FSEHX
- 1D
- 0.00%
- 1M
- 0.58%
- YTD
- 2.84%
- 6M
- 3.31%
- 1Y
- 8.37%
- 3Y*
- 8.06%
- 5Y*
- 4.11%
- 10Y*
- 4.31%
FOCIX
- 1D
- -0.07%
- 1M
- -2.66%
- YTD
- 6.44%
- 6M
- 6.00%
- 1Y
- 9.82%
- 3Y*
- 11.07%
- 5Y*
- 8.54%
- 10Y*
- 6.89%
FSEHX vs. FOCIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSEHX Fidelity Advisor Short Duration High Income Fund Class M | 2.84% | 7.45% | 7.45% | 9.99% | -7.57% | 2.82% | 3.72% | 9.04% | -1.49% | 4.69% |
FOCIX Fairholme Focused Income Fund | 6.44% | 6.17% | 14.67% | 12.58% | 6.00% | 6.73% | 0.99% | 7.44% | -6.88% | -0.54% |
Correlation
The correlation between FSEHX and FOCIX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2013 | 0.30 |
The correlation between FSEHX and FOCIX shifts across timeframes, from -0.01 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FSEHX vs. FOCIX — Risk / Return Rank
FSEHX
FOCIX
FSEHX vs. FOCIX - 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 Fairholme Focused Income Fund (FOCIX). 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 | FOCIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.60 | ||
| Sortino ratioReturn per unit of downside risk | +3.36 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 1.25 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 4.96 | 3.06 | +1.91 |
| Martin ratioReturn relative to average drawdown | 26.04 | 8.65 | +17.39 |
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Drawdowns
FSEHX vs. FOCIX - Drawdown Comparison
The maximum FSEHX drawdown since its inception was -16.79%, smaller than the maximum FOCIX drawdown of -18.78%. Use the drawdown chart below to compare losses from any high point for FSEHX and FOCIX.
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Drawdown Indicators
| FSEHX | FOCIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.79% | -18.78% | +1.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.72% | -3.33% | +1.61% |
Max Drawdown (3Y)Largest decline over 3 years | -3.32% | -7.96% | +4.64% |
Max Drawdown (5Y)Largest decline over 5 years | -9.54% | -12.36% | +2.82% |
Max Drawdown (10Y)Largest decline over 10 years | -16.79% | -18.61% | +1.82% |
Current DrawdownCurrent decline from peak | -0.11% | -2.66% | +2.55% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -4.76% | +3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | 1.17% | -0.84% |
Volatility
FSEHX vs. FOCIX - Volatility Comparison
The current volatility for Fidelity Advisor Short Duration High Income Fund Class M (FSEHX) is 0.83%, while Fairholme Focused Income Fund (FOCIX) has a volatility of 2.42%. This indicates that FSEHX experiences smaller price fluctuations and is considered to be less risky than FOCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSEHX | FOCIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 2.42% | -1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | 5.70% | -3.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 7.43% | -4.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.82% | 9.75% | -5.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.22% | 9.08% | -4.86% |
FSEHX vs. FOCIX - Expense Ratio Comparison
Both FSEHX and FOCIX have an expense ratio of 1.00%.
Dividends
FSEHX vs. FOCIX - Dividend Comparison
FSEHX's dividend yield for the trailing twelve months is around 7.01%, more than FOCIX's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FOCIX Fairholme Focused Income Fund | 1.23% | 1.31% | 2.46% | 2.82% | 2.24% | 1.12% | 0.65% | 2.75% | 4.57% | 9.83% | 5.16% | 5.51% |
FSEHX Fidelity Advisor Short Duration High Income Fund Class M | 7.01% | 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
FSEHX and FOCIX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FOCIX has higher volatility (2.42%) compared to FSEHX (0.83%). In terms of maximum drawdown, FSEHX dropped -16.79% vs FOCIX's -18.78%.
FSEHX currently has the higher Sharpe Ratio (2.97 vs 1.37), 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.
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