FSIAX vs. FSRCX

Last updated Jun 24, 2026

FSIAX (Fidelity Advisor Strategic Income Fund Class M) and FSRCX (Fidelity Advisor Strategic Income Fund Class C) are both Total Bond Market funds from Fidelity. Over the past 10 years, FSIAX returned 4.08%/yr vs 3.34%/yr for FSRCX. Their correlation of 0.89 suggests significant overlap in exposure. FSIAX charges 0.96%/yr vs 1.72%/yr for FSRCX.

Performance

FSIAX vs. FSRCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Strategic Income Fund Class M (FSIAX) and Fidelity Advisor Strategic Income Fund Class C (FSRCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSIAX achieves a 3.28% return, which is significantly higher than FSRCX's 2.88% return. Over the past 10 years, FSIAX has outperformed FSRCX with an annualized return of 4.08%, while FSRCX has yielded a comparatively lower 3.34% annualized return.

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%

FSRCX

• 1D: -0.08%
• 1M: 1.18%
• YTD: 2.88%
• 6M: 3.19%
• 1Y: 8.04%
• 3Y*: 6.77%
• 5Y*: 2.03%
• 10Y*: 3.34%

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

FSIAX vs. FSRCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSIAX Fidelity Advisor Strategic Income Fund Class M	3.28%	8.59%	5.03%	8.83%	-12.06%	3.22%	7.30%	10.76%	-2.93%	7.54%
FSRCX Fidelity Advisor Strategic Income Fund Class C	2.88%	7.88%	4.38%	7.98%	-12.53%	2.56%	6.41%	9.95%	-3.81%	7.01%

Correlation

The correlation between FSIAX and FSRCX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 31, 1994	0.89

The correlation between FSIAX and FSRCX has been stable across timeframes, ranging from 0.89 to 0.97 - a consistent structural relationship.

Return for Risk

FSIAX vs. FSRCX — Risk / Return Rank

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

FSIAX

FSIAX Risk / Return Rank: 84
FSIAX Sharpe Ratio Rank: 83
FSIAX Sortino Ratio Rank: 86
FSIAX Omega Ratio Rank: 84
FSIAX Calmar Ratio Rank: 81
FSIAX Martin Ratio Rank: 85

FSRCX

FSRCX Risk / Return Rank: 75
FSRCX Sharpe Ratio Rank: 73
FSRCX Sortino Ratio Rank: 78
FSRCX Omega Ratio Rank: 78
FSRCX Calmar Ratio Rank: 72
FSRCX Martin Ratio Rank: 76

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.

FSIAX vs. FSRCX - 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 C (FSRCX). 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	FSRCX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.29	+0.22
Sortino ratio: Return per unit of downside risk	3.80	3.40	+0.40
Omega ratio: Gain probability vs. loss probability	1.53	1.47	+0.06
Calmar ratio: Return relative to maximum drawdown	3.48	3.14	+0.35
Martin ratio: Return relative to average drawdown	14.83	13.28	+1.54

FSIAX vs. FSRCX - Sharpe Ratio Comparison

The current FSIAX Sharpe Ratio is 2.52, which is comparable to the FSRCX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of FSIAX and FSRCX, 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

FSIAX vs. FSRCX - Drawdown Comparison

The maximum FSIAX drawdown since its inception was -17.81%, roughly equal to the maximum FSRCX drawdown of -18.16%. Use the drawdown chart below to compare losses from any high point for FSIAX and FSRCX.

Drawdown Indicators

	FSIAX	FSRCX	Difference
Max Drawdown Largest peak-to-trough decline	-17.81%	-18.16%	+0.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-2.66%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-4.13%	-4.24%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-16.19%	-16.69%	+0.50%
Max Drawdown (10Y) Largest decline over 10 years	-16.19%	-16.69%	+0.50%
Current Drawdown Current decline from peak	-0.08%	-0.08%	0.00%
Average Drawdown Average peak-to-trough decline	-1.83%	-2.08%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.63%	-0.01%

Volatility

FSIAX vs. FSRCX - Volatility Comparison

Fidelity Advisor Strategic Income Fund Class M (FSIAX) and Fidelity Advisor Strategic Income Fund Class C (FSRCX) have volatilities of 1.36% and 1.35%, 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.

Volatility by Period

	FSIAX	FSRCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.35%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.12%	3.07%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	3.65%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.54%	4.51%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.46%	4.41%	+0.05%

FSIAX vs. FSRCX - Expense Ratio Comparison

FSIAX has a 0.96% expense ratio, which is lower than FSRCX's 1.72% expense ratio.

Dividends

FSIAX vs. FSRCX - Dividend Comparison

FSIAX's dividend yield for the trailing twelve months is around 4.01%, more than FSRCX's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FSRCX Fidelity Advisor Strategic Income Fund Class C	3.27%	3.32%	2.59%	3.03%	2.08%	3.36%	3.59%	3.33%	2.50%	3.20%	2.69%	2.46%

Frequently Asked Questions

Can I hold both FSIAX and FSRCX in my portfolio?

With a correlation of 0.95, FSIAX and FSRCX 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, FSIAX or FSRCX?

FSIAX has higher volatility (1.36%) compared to FSRCX (1.35%). In terms of maximum drawdown, FSIAX dropped -17.81% vs FSRCX's -18.16%.

Which has better risk-adjusted returns?

FSIAX currently has the higher Sharpe Ratio (2.52 vs 2.29), 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.