FSHNX vs. FFRTX
FSHNX (Fidelity Series High Income Fund) and FFRTX (Fidelity Advisor Floating Rate High Income Fund Class M) are both High Yield Bonds funds from Fidelity. Over the past 10 years, FSHNX returned 5.82%/yr vs 4.45%/yr for FFRTX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. FSHNX charges 0.00%/yr vs 0.99%/yr for FFRTX.
Performance
FSHNX vs. FFRTX - Performance Comparison
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Returns By Period
In the year-to-date period, FSHNX achieves a 2.61% return, which is significantly higher than FFRTX's 1.99% return. Over the past 10 years, FSHNX has outperformed FFRTX with an annualized return of 5.82%, while FFRTX has yielded a comparatively lower 4.45% annualized return.
FSHNX
- 1D
- 0.23%
- 1M
- -0.78%
- 6M
- 1.87%
- YTD
- 2.61%
- 1Y
- 7.67%
- 3Y*
- 9.15%
- 5Y*
- 4.50%
- 10Y*
- 5.82%
- ALL TIME*
- 5.42%
FFRTX
- 1D
- 0.00%
- 1M
- 0.11%
- 6M
- 1.88%
- YTD
- 1.99%
- 1Y
- 4.66%
- 3Y*
- 6.00%
- 5Y*
- 5.05%
- 10Y*
- 4.45%
- ALL TIME*
- 3.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FSHNX vs. FFRTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSHNX Fidelity Series High Income Fund | 2.61% | 11.17% | 8.75% | 11.25% | -11.52% | 6.05% | 4.57% | 15.20% | -2.14% | 9.40% |
FFRTX Fidelity Advisor Floating Rate High Income Fund Class M | 1.99% | 5.16% | 6.95% | 11.37% | -1.77% | 4.73% | 1.36% | 8.29% | -0.21% | 3.61% |
Correlation
The correlation between FSHNX and FFRTX is 0.51, 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. | 0.51 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2011 | 0.60 |
The correlation between FSHNX and FFRTX shifts across timeframes, from 0.47 (3 years) to 0.60 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FSHNX vs. FFRTX — Risk / Return Rank
FSHNX
FFRTX
FSHNX vs. FFRTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series High Income Fund (FSHNX) and Fidelity Advisor Floating Rate High Income Fund Class M (FFRTX). 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.
| FSHNX | FFRTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.73 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 4.16 | -0.37 |
| Martin ratioReturn relative to average drawdown | 18.09 | 13.57 | +4.51 |
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Drawdowns
FSHNX vs. FFRTX - Drawdown Comparison
The maximum FSHNX drawdown since its inception was -21.98%, roughly equal to the maximum FFRTX drawdown of -22.24%. Use the drawdown chart below to compare losses from any high point for FSHNX and FFRTX.
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Drawdown Indicators
| FSHNX | FFRTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.98% | -22.24% | +0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -2.13% | -1.22% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -4.05% | -3.21% | -0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -15.32% | -6.01% | -9.31% |
Max Drawdown (10Y)Largest decline over 10 years | -21.98% | -22.24% | +0.26% |
Current DrawdownCurrent decline from peak | -0.89% | -0.11% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -1.03% | -1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.37% | +0.07% |
Volatility
FSHNX vs. FFRTX - Volatility Comparison
Fidelity Series High Income Fund (FSHNX) has a higher volatility of 0.55% compared to Fidelity Advisor Floating Rate High Income Fund Class M (FFRTX) at 0.27%. This indicates that FSHNX's price experiences larger fluctuations and is considered to be riskier than FFRTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSHNX | FFRTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 0.27% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 1.69% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.35% | 2.30% | +1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.30% | 2.80% | +2.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 4.09% | +1.69% |
FSHNX vs. FFRTX - Expense Ratio Comparison
FSHNX has a 0.00% expense ratio, which is lower than FFRTX's 0.99% expense ratio.
Dividends
FSHNX vs. FFRTX - Dividend Comparison
FSHNX's dividend yield for the trailing twelve months is around 6.51%, more than FFRTX's 6.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFRTX Fidelity Advisor Floating Rate High Income Fund Class M | 6.12% | 7.12% | 6.70% | 7.25% | 3.57% | 2.47% | 3.54% | 4.84% | 4.41% | 3.76% | 4.04% | 3.34% |
FSHNX Fidelity Series High Income Fund | 6.51% | 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
FSHNX and FFRTX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSHNX has higher volatility (0.55%) compared to FFRTX (0.27%). In terms of maximum drawdown, FSHNX dropped -21.98% vs FFRTX's -22.24%.
FSHNX currently has the higher Sharpe Ratio (2.41 vs 2.20), 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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