FSIAX vs. FSRIX
FSIAX (Fidelity Advisor Strategic Income Fund Class M) and FSRIX (Fidelity Advisor Strategic Income Fund Class I) are both Total Bond Market funds from Fidelity. Over the past 10 years, FSIAX returned 4.08%/yr vs 4.46%/yr for FSRIX. Their correlation of 0.90 suggests significant overlap in exposure. FSIAX charges 0.96%/yr vs 0.71%/yr for FSRIX.
Performance
FSIAX vs. FSRIX - 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 FSRIX slightly higher at 3.36%. Over the past 10 years, FSIAX has underperformed FSRIX with an annualized return of 4.08%, while FSRIX has yielded a comparatively higher 4.46% 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%
FSRIX
- 1D
- -0.08%
- 1M
- 1.33%
- YTD
- 3.36%
- 6M
- 3.76%
- 1Y
- 9.21%
- 3Y*
- 8.16%
- 5Y*
- 3.19%
- 10Y*
- 4.46%
FSIAX vs. FSRIX - 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% |
FSRIX Fidelity Advisor Strategic Income Fund Class I | 3.36% | 8.97% | 5.97% | 9.51% | -11.91% | 3.50% | 7.50% | 11.01% | -2.70% | 8.08% |
Correlation
The correlation between FSIAX and FSRIX is 0.96 - 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 | 0.96 |
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 | 0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 1994 | 0.90 |
The correlation between FSIAX and FSRIX has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.
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Return for Risk
FSIAX vs. FSRIX — Risk / Return Rank
FSIAX
FSRIX
FSIAX vs. FSRIX - 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 I (FSRIX). 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 | FSRIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.55 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 3.54 | -0.05 |
| Martin ratioReturn relative to average drawdown | 14.83 | 15.40 | -0.57 |
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Drawdowns
FSIAX vs. FSRIX - Drawdown Comparison
The maximum FSIAX drawdown since its inception was -17.81%, smaller than the maximum FSRIX drawdown of -22.98%. Use the drawdown chart below to compare losses from any high point for FSIAX and FSRIX.
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Drawdown Indicators
| FSIAX | FSRIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.81% | -22.98% | +5.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -2.70% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -4.13% | -4.00% | -0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -16.19% | -15.99% | -0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -16.19% | -15.99% | -0.20% |
Current DrawdownCurrent decline from peak | -0.08% | -0.08% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.83% | -4.68% | +2.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 0.62% | 0.00% |
Volatility
FSIAX vs. FSRIX - Volatility Comparison
Fidelity Advisor Strategic Income Fund Class M (FSIAX) and Fidelity Advisor Strategic Income Fund Class I (FSRIX) 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.
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Volatility by Period
| FSIAX | FSRIX | 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% | 3.14% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 3.71% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.54% | 4.55% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.46% | 4.47% | -0.01% |
FSIAX vs. FSRIX - Expense Ratio Comparison
FSIAX has a 0.96% expense ratio, which is higher than FSRIX's 0.71% expense ratio.
Dividends
FSIAX vs. FSRIX - Dividend Comparison
FSIAX's dividend yield for the trailing twelve months is around 4.01%, less than FSRIX's 4.24% 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% |
FSRIX Fidelity Advisor Strategic Income Fund Class I | 4.24% | 4.29% | 4.11% | 4.28% | 2.91% | 4.18% | 4.53% | 4.30% | 3.74% | 4.17% | 3.75% | 3.09% |
Frequently Asked Questions
With a correlation of 0.96, FSIAX and FSRIX 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.
FSIAX has higher volatility (1.36%) compared to FSRIX (1.35%). In terms of maximum drawdown, FSIAX dropped -17.81% vs FSRIX's -22.98%.
FSRIX currently has the higher Sharpe Ratio (2.58 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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