FSHGX vs. FSHNX

Last updated Jun 4, 2026

FSHGX (Fidelity SAI High Income Fund) and FSHNX (Fidelity Series High Income Fund) are both High Yield Bonds funds from Fidelity. Over the past 5 years, FSHGX returned 4.67%/yr vs 5.17%/yr for FSHNX. With a 0.95 correlation, they move nearly in lockstep. FSHGX charges 0.60%/yr vs 0.00%/yr for FSHNX.

Performance

FSHGX vs. FSHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI High Income Fund (FSHGX) and Fidelity Series High Income Fund (FSHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSHGX achieves a 3.81% return, which is significantly higher than FSHNX's 3.33% return.

FSHGX

• 1D: 0.10%
• 1M: 1.05%
• YTD: 3.81%
• 6M: 4.61%
• 1Y: 10.66%
• 3Y*: 10.42%
• 5Y*: 4.67%
• 10Y*: —

FSHNX

• 1D: 0.00%
• 1M: 0.99%
• YTD: 3.33%
• 6M: 4.07%
• 1Y: 10.75%
• 3Y*: 10.22%
• 5Y*: 5.17%
• 10Y*: 6.20%

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

FSHGX vs. FSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSHGX Fidelity SAI High Income Fund	3.81%	10.26%	9.79%	10.82%	-12.03%	2.72%
FSHNX Fidelity Series High Income Fund	3.33%	11.17%	8.75%	11.25%	-11.52%	5.17%

Correlation

The correlation between FSHGX and FSHNX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 19, 2021	0.95

The correlation between FSHGX and FSHNX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

FSHGX vs. FSHNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FSHGX

FSHGX Risk / Return Rank: 95
FSHGX Sharpe Ratio Rank: 95
FSHGX Sortino Ratio Rank: 97
FSHGX Omega Ratio Rank: 96
FSHGX Calmar Ratio Rank: 93
FSHGX Martin Ratio Rank: 96

FSHNX

FSHNX Risk / Return Rank: 97
FSHNX Sharpe Ratio Rank: 96
FSHNX Sortino Ratio Rank: 98
FSHNX Omega Ratio Rank: 97
FSHNX Calmar Ratio Rank: 95
FSHNX Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FSHGX vs. FSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI High Income Fund (FSHGX) and Fidelity Series High Income Fund (FSHNX). 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.

	FSHGX	FSHNX	Difference
Sharpe ratio Return per unit of total volatility	3.35	3.44	-0.09
Sortino ratio Return per unit of downside risk	5.98	6.69	-0.71
Omega ratio Gain probability vs. loss probability	1.84	1.91	-0.07
Calmar ratio Return relative to maximum drawdown	5.11	5.75	-0.64
Martin ratio Return relative to average drawdown	24.98	30.13	-5.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSHGX vs. FSHNX - Sharpe Ratio Comparison

The current FSHGX Sharpe Ratio is 3.35, which is comparable to the FSHNX Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of FSHGX and FSHNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSHGX	FSHNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	3.44	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.98	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	1.00	-0.11

Drawdowns

FSHGX vs. FSHNX - Drawdown Comparison

The maximum FSHGX drawdown since its inception was -15.77%, smaller than the maximum FSHNX drawdown of -21.98%. Use the drawdown chart below to compare losses from any high point for FSHGX and FSHNX.

Drawdown Indicators

	FSHGX	FSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-21.98%	+6.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.31%	-2.13%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-3.93%	-4.05%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	-15.32%	-0.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.98%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.83%	-2.42%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.40%	+0.07%

Volatility

FSHGX vs. FSHNX - Volatility Comparison

Fidelity SAI High Income Fund (FSHGX) has a higher volatility of 1.06% compared to Fidelity Series High Income Fund (FSHNX) at 0.97%. This indicates that FSHGX's price experiences larger fluctuations and is considered to be riskier than FSHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSHGX	FSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	0.97%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	2.55%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	3.55%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	5.31%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	5.83%	-0.59%

FSHGX vs. FSHNX - Expense Ratio Comparison

FSHGX has a 0.60% expense ratio, which is higher than FSHNX's 0.00% expense ratio.

Dividends

FSHGX vs. FSHNX - Dividend Comparison

FSHGX's dividend yield for the trailing twelve months is around 6.31%, less than FSHNX's 6.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSHGX Fidelity SAI High Income Fund	6.31%	6.34%	6.15%	5.47%	3.99%	2.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSHNX Fidelity Series High Income Fund	6.96%	7.04%	5.97%	6.21%	4.90%	5.01%	5.57%	6.35%	6.95%	6.03%	6.24%	5.79%

Frequently Asked Questions

Can I hold both FSHGX and FSHNX in my portfolio?

With a correlation of 0.93, FSHGX and FSHNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FSHGX or FSHNX?

FSHGX has higher volatility (1.06%) compared to FSHNX (0.97%). In terms of maximum drawdown, FSHGX dropped -15.77% vs FSHNX's -21.98%.

Which has better risk-adjusted returns?

FSHNX currently has the higher Sharpe Ratio (3.44 vs 3.35), 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.