FSRAX vs. FCSRX

Last updated Jun 4, 2026

FSRAX (Fidelity Advisor Strategic Real Return Fund Class A) and FCSRX (Fidelity Advisor Strategic Real Return Fund Class C) are both Diversified Portfolio funds from Fidelity. Over the past 10 years, FSRAX returned 5.49%/yr vs 4.69%/yr for FCSRX. With a 0.98 correlation, they move nearly in lockstep. FSRAX charges 0.95%/yr vs 1.70%/yr for FCSRX.

Performance

FSRAX vs. FCSRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Strategic Real Return Fund Class A (FSRAX) and Fidelity Advisor Strategic Real Return Fund Class C (FCSRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FSRAX having a 8.67% return and FCSRX slightly lower at 8.28%. Over the past 10 years, FSRAX has outperformed FCSRX with an annualized return of 5.49%, while FCSRX has yielded a comparatively lower 4.69% annualized return.

FSRAX

• 1D: 0.32%
• 1M: 0.10%
• YTD: 8.67%
• 6M: 8.94%
• 1Y: 16.40%
• 3Y*: 9.88%
• 5Y*: 6.10%
• 10Y*: 5.49%

FCSRX

• 1D: 0.32%
• 1M: 0.00%
• YTD: 8.28%
• 6M: 8.46%
• 1Y: 15.58%
• 3Y*: 9.05%
• 5Y*: 5.29%
• 10Y*: 4.69%

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

FSRAX vs. FCSRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRAX Fidelity Advisor Strategic Real Return Fund Class A	8.67%	10.09%	5.58%	4.32%	-3.58%	15.53%	3.49%	10.27%	-4.26%	3.76%
FCSRX Fidelity Advisor Strategic Real Return Fund Class C	8.28%	9.27%	4.75%	3.60%	-4.26%	14.68%	2.60%	9.54%	-5.03%	3.02%

Correlation

The correlation between FSRAX and FCSRX 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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 12, 2005	0.98

The correlation between FSRAX and FCSRX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

FSRAX vs. FCSRX — Risk / Return Rank

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

FSRAX

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

FCSRX

FCSRX Risk / Return Rank: 95
FCSRX Sharpe Ratio Rank: 95
FCSRX Sortino Ratio Rank: 93
FCSRX Omega Ratio Rank: 91
FCSRX Calmar Ratio Rank: 98
FCSRX Martin Ratio Rank: 98

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.

FSRAX vs. FCSRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Strategic Real Return Fund Class A (FSRAX) and Fidelity Advisor Strategic Real Return Fund Class C (FCSRX). 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.

	FSRAX	FCSRX	Difference
Sharpe ratio: Return per unit of total volatility	3.49	3.39	+0.09
Sortino ratio: Return per unit of downside risk	4.89	4.78	+0.10
Omega ratio: Gain probability vs. loss probability	1.69	1.68	+0.01
Calmar ratio: Return relative to maximum drawdown	8.00	7.81	+0.19
Martin ratio: Return relative to average drawdown	31.05	29.53	+1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSRAX vs. FCSRX - Sharpe Ratio Comparison

The current FSRAX Sharpe Ratio is 3.49, which is comparable to the FCSRX Sharpe Ratio of 3.39. The chart below compares the historical Sharpe Ratios of FSRAX and FCSRX, 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

	FSRAX	FCSRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.49	3.39	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.77	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.70	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.45	+0.11

Drawdowns

FSRAX vs. FCSRX - Drawdown Comparison

The maximum FSRAX drawdown since its inception was -33.52%, roughly equal to the maximum FCSRX drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for FSRAX and FCSRX.

Drawdown Indicators

	FSRAX	FCSRX	Difference
Max Drawdown Largest peak-to-trough decline	-33.52%	-33.91%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.06%	-1.99%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-5.78%	-5.85%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-12.89%	-13.22%	+0.33%
Max Drawdown (10Y) Largest decline over 10 years	-20.00%	-20.02%	+0.02%
Current Drawdown Current decline from peak	-0.73%	-0.74%	+0.01%
Average Drawdown Average peak-to-trough decline	-4.37%	-5.09%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.52%	+0.01%

Volatility

FSRAX vs. FCSRX - Volatility Comparison

Fidelity Advisor Strategic Real Return Fund Class A (FSRAX) has a higher volatility of 1.37% compared to Fidelity Advisor Strategic Real Return Fund Class C (FCSRX) at 1.23%. This indicates that FSRAX's price experiences larger fluctuations and is considered to be riskier than FCSRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSRAX	FCSRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.23%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.75%	3.58%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	4.73%	4.59%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	6.89%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.78%	6.71%	+0.07%

FSRAX vs. FCSRX - Expense Ratio Comparison

FSRAX has a 0.95% expense ratio, which is lower than FCSRX's 1.70% expense ratio.

Dividends

FSRAX vs. FCSRX - Dividend Comparison

FSRAX's dividend yield for the trailing twelve months is around 3.91%, more than FCSRX's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCSRX Fidelity Advisor Strategic Real Return Fund Class C	3.27%	3.74%	3.86%	4.35%	6.51%	4.53%	1.32%	2.20%	8.51%	1.58%	1.34%	0.66%
FSRAX Fidelity Advisor Strategic Real Return Fund Class A	3.91%	4.45%	4.56%	5.04%	7.08%	5.16%	2.02%	2.83%	9.13%	2.30%	2.08%	1.44%

Frequently Asked Questions

Can I hold both FSRAX and FCSRX in my portfolio?

With a correlation of 0.96, FSRAX and FCSRX 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, FSRAX or FCSRX?

FSRAX has higher volatility (1.37%) compared to FCSRX (1.23%). In terms of maximum drawdown, FSRAX dropped -33.52% vs FCSRX's -33.91%.

Which has better risk-adjusted returns?

FSRAX currently has the higher Sharpe Ratio (3.49 vs 3.39), 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.