FSIAX vs. FIWDX
FSIAX (Fidelity Advisor Strategic Income Fund Class M) and FIWDX (Fidelity Advisor Strategic Income Fund Class Z) are both Total Bond Market funds from Fidelity. Over the past 5 years, FSIAX returned 2.73%/yr vs 3.20%/yr for FIWDX. With a 0.97 correlation, they move nearly in lockstep. FSIAX charges 0.96%/yr vs 0.61%/yr for FIWDX.
Performance
FSIAX vs. FIWDX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FSIAX having a 3.28% return and FIWDX slightly higher at 3.40%.
FSIAX
- 1D
- -0.08%
- 1M
- 1.24%
- YTD
- 3.28%
- 6M
- 3.57%
- 1Y
- 8.93%
- 3Y*
- 7.49%
- 5Y*
- 2.73%
- 10Y*
- 4.08%
FIWDX
- 1D
- -0.08%
- 1M
- 1.26%
- YTD
- 3.40%
- 6M
- 3.72%
- 1Y
- 9.32%
- 3Y*
- 8.10%
- 5Y*
- 3.20%
- 10Y*
- —
FSIAX vs. FIWDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FSIAX Fidelity Advisor Strategic Income Fund Class M | 3.28% | 8.59% | 5.03% | 8.83% | -12.06% | 3.22% | 7.30% | 10.76% | -1.81% |
FIWDX Fidelity Advisor Strategic Income Fund Class Z | 3.40% | 8.98% | 6.07% | 9.20% | -11.76% | 3.51% | 7.60% | 11.20% | -1.63% |
Correlation
The correlation between FSIAX and FIWDX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018 | 0.97 |
The correlation between FSIAX and FIWDX has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
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Return for Risk
FSIAX vs. FIWDX — Risk / Return Rank
FSIAX
FIWDX
FSIAX vs. FIWDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Strategic Income Fund Class M (FSIAX) and Fidelity Advisor Strategic Income Fund Class Z (FIWDX). 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.
| FSIAX | FIWDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.55 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 3.65 | -0.17 |
| Martin ratioReturn relative to average drawdown | 14.83 | 15.56 | -0.74 |
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Drawdowns
FSIAX vs. FIWDX - Drawdown Comparison
The maximum FSIAX drawdown since its inception was -17.81%, which is greater than FIWDX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for FSIAX and FIWDX.
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Drawdown Indicators
| FSIAX | FIWDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.81% | -15.96% | -1.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -2.61% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -4.13% | -3.97% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -16.19% | -15.96% | -0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -16.19% | — | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.08% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.83% | -3.18% | +1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 0.61% | +0.01% |
Volatility
FSIAX vs. FIWDX - Volatility Comparison
Fidelity Advisor Strategic Income Fund Class M (FSIAX) and Fidelity Advisor Strategic Income Fund Class Z (FIWDX) have volatilities of 1.36% and 1.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSIAX | FIWDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.40% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 3.13% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 3.68% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.54% | 4.57% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.46% | 4.88% | -0.42% |
FSIAX vs. FIWDX - Expense Ratio Comparison
FSIAX has a 0.96% expense ratio, which is higher than FIWDX's 0.61% expense ratio.
Dividends
FSIAX vs. FIWDX - Dividend Comparison
FSIAX's dividend yield for the trailing twelve months is around 4.01%, less than FIWDX's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIWDX Fidelity Advisor Strategic Income Fund Class Z | 4.34% | 4.39% | 4.21% | 4.02% | 2.99% | 4.28% | 4.62% | 4.39% | 1.13% | 0.00% | 0.00% | 0.00% |
FSIAX Fidelity Advisor Strategic Income Fund Class M | 4.01% | 4.06% | 3.21% | 3.71% | 2.71% | 4.01% | 4.32% | 4.07% | 3.51% | 3.70% | 3.49% | 3.18% |
Frequently Asked Questions
With a correlation of 0.97, FSIAX and FIWDX 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.
FIWDX has higher volatility (1.40%) compared to FSIAX (1.36%). In terms of maximum drawdown, FSIAX dropped -17.81% vs FIWDX's -15.96%.
FIWDX currently has the higher Sharpe Ratio (2.60 vs 2.52), 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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