FSIAX vs. PTTRX

Last updated Jun 24, 2026

FSIAX (Fidelity Advisor Strategic Income Fund Class M) and PTTRX (PIMCO Total Return Fund Institutional Class) are both mutual funds - FSIAX is a Total Bond Market fund managed by Fidelity, while PTTRX is a Intermediate Core-Plus Bond fund actively managed by PIMCO. Over the past 10 years, FSIAX returned 4.08%/yr vs 2.27%/yr for PTTRX. A 0.60 correlation means they provide meaningful diversification when combined. FSIAX charges 0.96%/yr vs 0.53%/yr for PTTRX.

Performance

FSIAX vs. PTTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Strategic Income Fund Class M (FSIAX) and PIMCO Total Return Fund Institutional Class (PTTRX). 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 PTTRX's 0.30% return. Over the past 10 years, FSIAX has outperformed PTTRX with an annualized return of 4.08%, while PTTRX has yielded a comparatively lower 2.27% 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%

PTTRX

• 1D: -0.34%
• 1M: 0.88%
• YTD: 0.30%
• 6M: 0.80%
• 1Y: 6.09%
• 3Y*: 5.37%
• 5Y*: 0.57%
• 10Y*: 2.27%

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

FSIAX vs. PTTRX - 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%
PTTRX PIMCO Total Return Fund Institutional Class	0.30%	9.35%	2.62%	6.33%	-14.72%	-0.59%	8.88%	8.36%	-0.24%	5.13%

Correlation

The correlation between FSIAX and PTTRX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 31, 1994	0.60

The correlation between FSIAX and PTTRX shifts across timeframes, from 0.60 (all time) to 0.81 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FSIAX vs. PTTRX — 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

PTTRX

PTTRX Risk / Return Rank: 26
PTTRX Sharpe Ratio Rank: 27
PTTRX Sortino Ratio Rank: 28
PTTRX Omega Ratio Rank: 27
PTTRX Calmar Ratio Rank: 25
PTTRX Martin Ratio Rank: 22

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. PTTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Strategic Income Fund Class M (FSIAX) and PIMCO Total Return Fund Institutional Class (PTTRX). 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	PTTRX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.38	+1.13
Sortino ratio: Return per unit of downside risk	3.80	2.04	+1.76
Omega ratio: Gain probability vs. loss probability	1.53	1.25	+0.27
Calmar ratio: Return relative to maximum drawdown	3.48	1.73	+1.75
Martin ratio: Return relative to average drawdown	14.83	5.09	+9.74

FSIAX vs. PTTRX - Sharpe Ratio Comparison

The current FSIAX Sharpe Ratio is 2.52, which is higher than the PTTRX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of FSIAX and PTTRX, 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. PTTRX - Drawdown Comparison

The maximum FSIAX drawdown since its inception was -17.81%, smaller than the maximum PTTRX drawdown of -19.28%. Use the drawdown chart below to compare losses from any high point for FSIAX and PTTRX.

Drawdown Indicators

	FSIAX	PTTRX	Difference
Max Drawdown Largest peak-to-trough decline	-17.81%	-19.28%	+1.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-3.69%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.13%	-6.18%	+2.05%
Max Drawdown (5Y) Largest decline over 5 years	-16.19%	-19.28%	+3.09%
Max Drawdown (10Y) Largest decline over 10 years	-16.19%	-19.28%	+3.09%
Current Drawdown Current decline from peak	-0.08%	-1.82%	+1.74%
Average Drawdown Average peak-to-trough decline	-1.83%	-2.19%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	1.25%	-0.63%

Volatility

FSIAX vs. PTTRX - Volatility Comparison

Fidelity Advisor Strategic Income Fund Class M (FSIAX) and PIMCO Total Return Fund Institutional Class (PTTRX) have volatilities of 1.36% and 1.39%, 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	PTTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.39%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	3.12%	3.63%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	4.63%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.54%	6.28%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.46%	5.24%	-0.78%

FSIAX vs. PTTRX - Expense Ratio Comparison

FSIAX has a 0.96% expense ratio, which is higher than PTTRX's 0.53% expense ratio.

Dividends

FSIAX vs. PTTRX - Dividend Comparison

FSIAX's dividend yield for the trailing twelve months is around 4.01%, less than PTTRX's 4.56% 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%
PTTRX PIMCO Total Return Fund Institutional Class	4.56%	4.47%	4.61%	3.81%	3.63%	2.59%	6.11%	3.96%	3.13%	2.63%	3.02%	6.64%

Frequently Asked Questions

Can I hold both FSIAX and PTTRX in my portfolio?

FSIAX and PTTRX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSIAX or PTTRX?

PTTRX has higher volatility (1.39%) compared to FSIAX (1.36%). In terms of maximum drawdown, FSIAX dropped -17.81% vs PTTRX's -19.28%.

Which has better risk-adjusted returns?

FSIAX currently has the higher Sharpe Ratio (2.52 vs 1.38), 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.