FSIRX vs. NWQIX

Last updated Jun 5, 2026

FSIRX (Fidelity Advisor Strategic Real Return Fund Class I) and NWQIX (Nuveen Flexible Income Fund) are both Diversified Portfolio funds. Over the past 10 years, FSIRX returned 5.75%/yr vs 5.67%/yr for NWQIX. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.70% expense ratio.

Performance

FSIRX vs. NWQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Strategic Real Return Fund Class I (FSIRX) and Nuveen Flexible Income Fund (NWQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSIRX achieves a 8.63% return, which is significantly higher than NWQIX's 5.04% return. Both investments have delivered pretty close results over the past 10 years, with FSIRX having a 5.75% annualized return and NWQIX not far behind at 5.67%.

FSIRX

• 1D: -0.10%
• 1M: -0.21%
• YTD: 8.63%
• 6M: 8.87%
• 1Y: 16.32%
• 3Y*: 10.11%
• 5Y*: 6.22%
• 10Y*: 5.75%

NWQIX

• 1D: -0.15%
• 1M: 1.12%
• YTD: 5.04%
• 6M: 6.42%
• 1Y: 14.76%
• 3Y*: 10.78%
• 5Y*: 4.45%
• 10Y*: 5.67%

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

FSIRX vs. NWQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSIRX Fidelity Advisor Strategic Real Return Fund Class I	8.63%	10.38%	5.83%	4.58%	-3.34%	15.89%	3.72%	10.55%	-3.99%	4.10%
NWQIX Nuveen Flexible Income Fund	5.04%	12.22%	6.03%	11.61%	-13.64%	4.94%	5.54%	18.57%	-4.07%	9.18%

Correlation

The correlation between FSIRX and NWQIX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	0.53

Over the past year, the correlation between FSIRX and NWQIX has dropped to 0.31 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

FSIRX vs. NWQIX — Risk / Return Rank

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

FSIRX

FSIRX Risk / Return Rank: 96
FSIRX Sharpe Ratio Rank: 96
FSIRX Sortino Ratio Rank: 94
FSIRX Omega Ratio Rank: 92
FSIRX Calmar Ratio Rank: 98
FSIRX Martin Ratio Rank: 98

NWQIX

NWQIX Risk / Return Rank: 96
NWQIX Sharpe Ratio Rank: 98
NWQIX Sortino Ratio Rank: 98
NWQIX Omega Ratio Rank: 96
NWQIX Calmar Ratio Rank: 93
NWQIX Martin Ratio Rank: 96

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.

FSIRX vs. NWQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Strategic Real Return Fund Class I (FSIRX) and Nuveen Flexible Income Fund (NWQIX). 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.

	FSIRX	NWQIX	Difference
Sharpe ratio: Return per unit of total volatility	3.52	3.93	-0.41
Sortino ratio: Return per unit of downside risk	4.92	6.30	-1.38
Omega ratio: Gain probability vs. loss probability	1.70	1.89	-0.19
Calmar ratio: Return relative to maximum drawdown	8.11	5.15	+2.97
Martin ratio: Return relative to average drawdown	31.78	24.52	+7.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSIRX vs. NWQIX - Sharpe Ratio Comparison

The current FSIRX Sharpe Ratio is 3.52, which is comparable to the NWQIX Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of FSIRX and NWQIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSIRX	NWQIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	3.93	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.79	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.90	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.76	-0.16

Drawdowns

FSIRX vs. NWQIX - Drawdown Comparison

The maximum FSIRX drawdown since its inception was -33.39%, which is greater than NWQIX's maximum drawdown of -23.89%. Use the drawdown chart below to compare losses from any high point for FSIRX and NWQIX.

Drawdown Indicators

	FSIRX	NWQIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.39%	-23.89%	-9.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.05%	-2.94%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	-5.81%	-4.59%	-1.22%
Max Drawdown (5Y) Largest decline over 5 years	-12.82%	-17.75%	+4.93%
Max Drawdown (10Y) Largest decline over 10 years	-19.98%	-23.89%	+3.91%
Current Drawdown Current decline from peak	-0.83%	-0.15%	-0.68%
Average Drawdown Average peak-to-trough decline	-4.17%	-3.01%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.61%	-0.09%

Volatility

FSIRX vs. NWQIX - Volatility Comparison

Fidelity Advisor Strategic Real Return Fund Class I (FSIRX) has a higher volatility of 1.31% compared to Nuveen Flexible Income Fund (NWQIX) at 1.21%. This indicates that FSIRX's price experiences larger fluctuations and is considered to be riskier than NWQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSIRX	NWQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	1.21%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	3.77%	3.02%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	4.74%	3.86%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.92%	5.68%	+1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.74%	6.32%	+0.42%

FSIRX vs. NWQIX - Expense Ratio Comparison

Both FSIRX and NWQIX have an expense ratio of 0.70%.

Dividends

FSIRX vs. NWQIX - Dividend Comparison

FSIRX's dividend yield for the trailing twelve months is around 4.19%, less than NWQIX's 5.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSIRX Fidelity Advisor Strategic Real Return Fund Class I	4.19%	4.72%	4.80%	5.28%	7.33%	5.37%	2.23%	3.09%	9.42%	2.63%	2.37%	1.75%
NWQIX Nuveen Flexible Income Fund	5.94%	6.52%	5.20%	7.84%	7.02%	4.39%	4.82%	5.71%	6.23%	5.67%	5.52%	5.70%

Frequently Asked Questions

Can I hold both FSIRX and NWQIX in my portfolio?

FSIRX and NWQIX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSIRX or NWQIX?

FSIRX has higher volatility (1.31%) compared to NWQIX (1.21%). In terms of maximum drawdown, FSIRX dropped -33.39% vs NWQIX's -23.89%.

Which has better risk-adjusted returns?

NWQIX currently has the higher Sharpe Ratio (3.93 vs 3.52), 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.