FSHNX vs. RMDFX

Last updated Jun 23, 2026

FSHNX (Fidelity Series High Income Fund) and RMDFX (Aspiriant Defensive Allocation Fund) are both mutual funds - FSHNX is a High Yield Bonds fund managed by Fidelity, while RMDFX is a Multistrategy fund managed by Aspiriant. Over the past 10 years, FSHNX returned 6.18%/yr vs 5.33%/yr for RMDFX. At a 0.48 correlation, their price movements are largely independent. FSHNX charges 0.00%/yr vs 0.18%/yr for RMDFX.

Performance

FSHNX vs. RMDFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series High Income Fund (FSHNX) and Aspiriant Defensive Allocation Fund (RMDFX). 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 lower than RMDFX's 6.40% return. Over the past 10 years, FSHNX has outperformed RMDFX with an annualized return of 6.18%, while RMDFX has yielded a comparatively lower 5.33% annualized return.

FSHNX

• 1D: 0.00%
• 1M: 0.77%
• YTD: 3.22%
• 6M: 3.90%
• 1Y: 10.25%
• 3Y*: 9.91%
• 5Y*: 5.10%
• 10Y*: 6.18%

RMDFX

• 1D: 0.08%
• 1M: -0.08%
• YTD: 6.40%
• 6M: 6.58%
• 1Y: 18.52%
• 3Y*: 10.42%
• 5Y*: 5.51%
• 10Y*: 5.33%

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

FSHNX vs. RMDFX - 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%
RMDFX Aspiriant Defensive Allocation Fund	6.40%	18.85%	1.45%	8.01%	-6.84%	4.20%	5.10%	11.50%	-4.89%	9.41%

Correlation

The correlation between FSHNX and RMDFX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.48

The correlation between FSHNX and RMDFX has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

Return for Risk

FSHNX vs. RMDFX — 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

RMDFX

RMDFX Risk / Return Rank: 95
RMDFX Sharpe Ratio Rank: 99
RMDFX Sortino Ratio Rank: 97
RMDFX Omega Ratio Rank: 97
RMDFX Calmar Ratio Rank: 91
RMDFX Martin Ratio Rank: 91

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. RMDFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series High Income Fund (FSHNX) and Aspiriant Defensive Allocation Fund (RMDFX). 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	RMDFX	Difference
Sharpe ratio: Return per unit of total volatility	3.10	3.88	-0.78
Sortino ratio: Return per unit of downside risk	5.64	5.37	+0.28
Omega ratio: Gain probability vs. loss probability	1.76	1.84	-0.08
Calmar ratio: Return relative to maximum drawdown	4.90	4.42	+0.48
Martin ratio: Return relative to average drawdown	25.37	17.05	+8.31

FSHNX vs. RMDFX - Sharpe Ratio Comparison

The current FSHNX Sharpe Ratio is 3.10, which is comparable to the RMDFX Sharpe Ratio of 3.88. The chart below compares the historical Sharpe Ratios of FSHNX and RMDFX, 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. RMDFX - Drawdown Comparison

The maximum FSHNX drawdown since its inception was -21.98%, which is greater than RMDFX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for FSHNX and RMDFX.

Drawdown Indicators

	FSHNX	RMDFX	Difference
Max Drawdown Largest peak-to-trough decline	-21.98%	-15.96%	-6.02%
Max Drawdown (1Y) Largest decline over 1 year	-2.13%	-4.19%	+2.06%
Max Drawdown (3Y) Largest decline over 3 years	-4.05%	-5.79%	+1.74%
Max Drawdown (5Y) Largest decline over 5 years	-15.32%	-14.63%	-0.69%
Max Drawdown (10Y) Largest decline over 10 years	-21.98%	-15.96%	-6.02%
Current Drawdown Current decline from peak	-0.22%	-0.94%	+0.72%
Average Drawdown Average peak-to-trough decline	-2.41%	-3.32%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	1.08%	-0.67%

Volatility

FSHNX vs. RMDFX - Volatility Comparison

The current volatility for Fidelity Series High Income Fund (FSHNX) is 0.89%, while Aspiriant Defensive Allocation Fund (RMDFX) has a volatility of 1.38%. This indicates that FSHNX experiences smaller price fluctuations and is considered to be less risky than RMDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSHNX	RMDFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.38%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	4.12%	-1.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	4.76%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.31%	6.34%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.82%	6.23%	-0.41%

FSHNX vs. RMDFX - Expense Ratio Comparison

FSHNX has a 0.00% expense ratio, which is lower than RMDFX's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FSHNX vs. RMDFX - Dividend Comparison

FSHNX's dividend yield for the trailing twelve months is around 6.97%, more than RMDFX's 4.36% 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%
RMDFX Aspiriant Defensive Allocation Fund	4.36%	4.63%	0.00%	3.69%	0.78%	5.37%	2.28%	3.78%	4.11%	2.16%	1.16%	0.00%

Frequently Asked Questions

Can I hold both FSHNX and RMDFX in my portfolio?

FSHNX and RMDFX have a correlation of 0.53, 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 RMDFX?

RMDFX has higher volatility (1.38%) compared to FSHNX (0.89%). In terms of maximum drawdown, FSHNX dropped -21.98% vs RMDFX's -15.96%.

Which has better risk-adjusted returns?

RMDFX currently has the higher Sharpe Ratio (3.88 vs 3.10), 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.