FSEHX vs. PRFRX
FSEHX (Fidelity Advisor Short Duration High Income Fund Class M) and PRFRX (T. Rowe Price Floating Rate Fund) are both High Yield Bonds funds. Over the past 10 years, FSEHX returned 4.31%/yr vs 5.50%/yr for PRFRX. A 0.55 correlation means they provide meaningful diversification when combined. FSEHX charges 1.00%/yr vs 0.75%/yr for PRFRX.
Performance
FSEHX vs. PRFRX - Performance Comparison
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Returns By Period
In the year-to-date period, FSEHX achieves a 2.84% return, which is significantly higher than PRFRX's 0.95% return. Over the past 10 years, FSEHX has underperformed PRFRX with an annualized return of 4.31%, while PRFRX has yielded a comparatively higher 5.50% 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%
PRFRX
- 1D
- 0.00%
- 1M
- 0.12%
- YTD
- 0.95%
- 6M
- 2.23%
- 1Y
- 7.80%
- 3Y*
- 9.72%
- 5Y*
- 6.97%
- 10Y*
- 5.50%
FSEHX vs. PRFRX - 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% |
PRFRX T. Rowe Price Floating Rate Fund | 0.95% | 9.82% | 11.04% | 13.78% | -1.95% | 4.60% | 1.75% | 8.46% | -0.08% | 3.48% |
Correlation
The correlation between FSEHX and PRFRX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2013 | 0.55 |
The correlation between FSEHX and PRFRX shifts across timeframes, from 0.44 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FSEHX vs. PRFRX — Risk / Return Rank
FSEHX
PRFRX
FSEHX vs. PRFRX - 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 T. Rowe Price Floating Rate Fund (PRFRX). 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 | PRFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.74 | 2.17 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 4.96 | 5.22 | -0.26 |
| Martin ratioReturn relative to average drawdown | 26.04 | 19.38 | +6.66 |
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Drawdowns
FSEHX vs. PRFRX - Drawdown Comparison
The maximum FSEHX drawdown since its inception was -16.79%, smaller than the maximum PRFRX drawdown of -20.05%. Use the drawdown chart below to compare losses from any high point for FSEHX and PRFRX.
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Drawdown Indicators
| FSEHX | PRFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.79% | -20.05% | +3.26% |
Max Drawdown (1Y)Largest decline over 1 year | -1.72% | -1.50% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.32% | -2.35% | -0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -9.54% | -5.94% | -3.60% |
Max Drawdown (10Y)Largest decline over 10 years | -16.79% | -20.05% | +3.26% |
Current DrawdownCurrent decline from peak | -0.11% | -0.44% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -0.69% | -0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | 0.40% | -0.07% |
Volatility
FSEHX vs. PRFRX - Volatility Comparison
Fidelity Advisor Short Duration High Income Fund Class M (FSEHX) has a higher volatility of 0.83% compared to T. Rowe Price Floating Rate Fund (PRFRX) at 0.63%. This indicates that FSEHX's price experiences larger fluctuations and is considered to be riskier than PRFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSEHX | PRFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.63% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | 1.85% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 2.64% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.82% | 2.91% | +0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.22% | 3.92% | +0.30% |
FSEHX vs. PRFRX - Expense Ratio Comparison
FSEHX has a 1.00% expense ratio, which is higher than PRFRX's 0.75% expense ratio.
Dividends
FSEHX vs. PRFRX - Dividend Comparison
FSEHX's dividend yield for the trailing twelve months is around 7.01%, less than PRFRX's 9.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PRFRX T. Rowe Price Floating Rate Fund | 9.25% | 9.99% | 10.20% | 9.57% | 4.03% | 3.86% | 4.00% | 4.84% | 4.87% | 4.04% | 4.07% | 4.07% |
Frequently Asked Questions
FSEHX and PRFRX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSEHX has higher volatility (0.83%) compared to PRFRX (0.63%). In terms of maximum drawdown, FSEHX dropped -16.79% vs PRFRX's -20.05%.
FSEHX currently has the higher Sharpe Ratio (2.97 vs 2.96), 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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