FSHNX vs. NHILX

Last updated Jun 24, 2026

FSHNX (Fidelity Series High Income Fund) and NHILX (Neuberger High Income Bond Fund Institutional Class) are both High Yield Bonds funds. Over the past 10 years, FSHNX returned 6.26%/yr vs 4.77%/yr for NHILX. Their correlation of 0.90 suggests significant overlap in exposure. FSHNX charges 0.00%/yr vs 0.72%/yr for NHILX.

Performance

FSHNX vs. NHILX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSHNX achieves a 3.22% return, which is significantly higher than NHILX's 1.10% return. Over the past 10 years, FSHNX has outperformed NHILX with an annualized return of 6.26%, while NHILX has yielded a comparatively lower 4.77% annualized return.

FSHNX

• 1D: 0.00%
• 1M: 0.77%
• YTD: 3.22%
• 6M: 3.90%
• 1Y: 10.12%
• 3Y*: 10.22%
• 5Y*: 4.88%
• 10Y*: 6.26%

NHILX

• 1D: -0.13%
• 1M: 0.65%
• YTD: 1.10%
• 6M: 1.78%
• 1Y: 6.18%
• 3Y*: 8.55%
• 5Y*: 2.95%
• 10Y*: 4.77%

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

FSHNX vs. NHILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSHNX Fidelity Series High Income Fund	3.22%	11.17%	8.75%	11.25%	-11.52%	6.05%	4.57%	15.20%	-2.14%	9.40%
NHILX Neuberger High Income Bond Fund Institutional Class	1.10%	8.71%	7.98%	10.21%	-13.01%	4.59%	6.44%	13.94%	-2.31%	5.12%

Correlation

The correlation between FSHNX and NHILX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 14, 2011	0.90

The correlation between FSHNX and NHILX has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

Return for Risk

FSHNX vs. NHILX — Risk / Return Rank

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

FSHNX

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

NHILX

NHILX Risk / Return Rank: 57
NHILX Sharpe Ratio Rank: 46
NHILX Sortino Ratio Rank: 69
NHILX Omega Ratio Rank: 66
NHILX Calmar Ratio Rank: 42
NHILX Martin Ratio Rank: 61

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.

FSHNX vs. NHILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series High Income Fund (FSHNX) and Neuberger High Income Bond Fund Institutional Class (NHILX). 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	NHILX	Difference
Sharpe ratio: Return per unit of total volatility	3.07	1.85	+1.22
Sortino ratio: Return per unit of downside risk	5.58	3.16	+2.42
Omega ratio: Gain probability vs. loss probability	1.75	1.41	+0.34
Calmar ratio: Return relative to maximum drawdown	4.84	2.35	+2.50
Martin ratio: Return relative to average drawdown	25.04	11.38	+13.66

FSHNX vs. NHILX - Sharpe Ratio Comparison

The current FSHNX Sharpe Ratio is 3.07, which is higher than the NHILX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FSHNX and NHILX, 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

FSHNX vs. NHILX - Drawdown Comparison

The maximum FSHNX drawdown since its inception was -21.98%, roughly equal to the maximum NHILX drawdown of -22.81%. Use the drawdown chart below to compare losses from any high point for FSHNX and NHILX.

Drawdown Indicators

	FSHNX	NHILX	Difference
Max Drawdown Largest peak-to-trough decline	-21.98%	-22.81%	+0.83%
Max Drawdown (1Y) Largest decline over 1 year	-2.13%	-2.72%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-4.05%	-3.74%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-15.32%	-16.41%	+1.09%
Max Drawdown (10Y) Largest decline over 10 years	-21.98%	-22.81%	+0.83%
Current Drawdown Current decline from peak	-0.22%	-0.26%	+0.04%
Average Drawdown Average peak-to-trough decline	-2.41%	-2.45%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.56%	-0.15%

Volatility

FSHNX vs. NHILX - Volatility Comparison

The current volatility for Fidelity Series High Income Fund (FSHNX) is 0.84%, while Neuberger High Income Bond Fund Institutional Class (NHILX) has a volatility of 1.02%. This indicates that FSHNX experiences smaller price fluctuations and is considered to be less risky than NHILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSHNX	NHILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	1.02%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	2.72%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	3.45%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.31%	5.27%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.82%	5.91%	-0.09%

FSHNX vs. NHILX - Expense Ratio Comparison

FSHNX has a 0.00% expense ratio, which is lower than NHILX's 0.72% expense ratio.

Dividends

FSHNX vs. NHILX - Dividend Comparison

FSHNX's dividend yield for the trailing twelve months is around 6.97%, more than NHILX's 6.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSHNX Fidelity Series High Income Fund	6.97%	7.04%	5.97%	6.21%	4.90%	5.01%	5.57%	6.35%	6.95%	6.03%	6.24%	5.79%
NHILX Neuberger High Income Bond Fund Institutional Class	6.57%	6.59%	6.97%	5.50%	4.51%	4.83%	4.88%	5.38%	5.83%	5.16%	5.46%	6.54%

Frequently Asked Questions

Can I hold both FSHNX and NHILX in my portfolio?

FSHNX and NHILX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSHNX or NHILX?

NHILX has higher volatility (1.02%) compared to FSHNX (0.84%). In terms of maximum drawdown, FSHNX dropped -21.98% vs NHILX's -22.81%.

Which has better risk-adjusted returns?

FSHNX currently has the higher Sharpe Ratio (3.07 vs 1.85), 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.