FSRCX vs. FADMX

Last updated Jun 3, 2026

FSRCX (Fidelity Advisor Strategic Income Fund Class C) and FADMX (Fidelity Strategic Income Fund) are both Total Bond Market funds from Fidelity. Over the past 5 years, FSRCX returned 2.07%/yr vs 3.28%/yr for FADMX. With a 0.97 correlation, they move nearly in lockstep. FSRCX charges 1.72%/yr vs 0.66%/yr for FADMX.

Performance

FSRCX vs. FADMX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSRCX achieves a 2.70% return, which is significantly lower than FADMX's 3.12% return.

FSRCX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 2.70%
• 6M: 3.21%
• 1Y: 8.90%
• 3Y*: 6.74%
• 5Y*: 2.07%
• 10Y*: 3.28%

FADMX

• 1D: 0.00%
• 1M: 0.76%
• YTD: 3.12%
• 6M: 3.71%
• 1Y: 10.02%
• 3Y*: 8.15%
• 5Y*: 3.28%
• 10Y*: —

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

FSRCX vs. FADMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSRCX Fidelity Advisor Strategic Income Fund Class C	2.70%	7.88%	4.38%	7.98%	-12.53%	2.56%	6.41%	9.95%	-2.90%
FADMX Fidelity Strategic Income Fund	3.12%	9.01%	6.02%	9.55%	-11.84%	3.46%	6.72%	11.06%	-2.02%

Correlation

The correlation between FSRCX and FADMX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since May 1, 2018	0.97

The correlation between FSRCX and FADMX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

FSRCX vs. FADMX — Risk / Return Rank

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

FSRCX

FSRCX Risk / Return Rank: 78
FSRCX Sharpe Ratio Rank: 76
FSRCX Sortino Ratio Rank: 80
FSRCX Omega Ratio Rank: 79
FSRCX Calmar Ratio Rank: 76
FSRCX Martin Ratio Rank: 78

FADMX

FADMX Risk / Return Rank: 87
FADMX Sharpe Ratio Rank: 88
FADMX Sortino Ratio Rank: 89
FADMX Omega Ratio Rank: 87
FADMX Calmar Ratio Rank: 84
FADMX Martin Ratio Rank: 88

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.

FSRCX vs. FADMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Strategic Income Fund Class C (FSRCX) and Fidelity Strategic Income Fund (FADMX). 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.

	FSRCX	FADMX	Difference
Sharpe ratio Return per unit of total volatility	2.53	2.85	-0.31
Sortino ratio Return per unit of downside risk	3.78	4.32	-0.53
Omega ratio Gain probability vs. loss probability	1.52	1.60	-0.09
Calmar ratio Return relative to maximum drawdown	3.41	3.94	-0.53
Martin ratio Return relative to average drawdown	14.65	17.30	-2.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSRCX vs. FADMX - Sharpe Ratio Comparison

The current FSRCX Sharpe Ratio is 2.53, which is comparable to the FADMX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of FSRCX and FADMX, 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

	FSRCX	FADMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.85	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.73	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.86	+0.31

Drawdowns

FSRCX vs. FADMX - Drawdown Comparison

The maximum FSRCX drawdown since its inception was -18.16%, which is greater than FADMX's maximum drawdown of -15.98%. Use the drawdown chart below to compare losses from any high point for FSRCX and FADMX.

Drawdown Indicators

	FSRCX	FADMX	Difference
Max Drawdown Largest peak-to-trough decline	-18.16%	-15.98%	-2.18%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-2.62%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-4.24%	-3.99%	-0.25%
Max Drawdown (5Y) Largest decline over 5 years	-16.69%	-15.98%	-0.71%
Max Drawdown (10Y) Largest decline over 10 years	-16.69%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.09%	-3.07%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.60%	+0.02%

Volatility

FSRCX vs. FADMX - Volatility Comparison

Fidelity Advisor Strategic Income Fund Class C (FSRCX) and Fidelity Strategic Income Fund (FADMX) have volatilities of 1.39% and 1.34%, 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

	FSRCX	FADMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	1.34%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	2.92%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	3.49%	3.51%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.48%	4.51%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.41%	4.77%	-0.36%

FSRCX vs. FADMX - Expense Ratio Comparison

FSRCX has a 1.72% expense ratio, which is higher than FADMX's 0.66% expense ratio.

Dividends

FSRCX vs. FADMX - Dividend Comparison

FSRCX's dividend yield for the trailing twelve months is around 3.28%, less than FADMX's 4.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FADMX Fidelity Strategic Income Fund	4.29%	4.33%	4.16%	4.31%	2.91%	4.23%	3.82%	4.34%	2.74%	0.00%	0.00%	0.00%
FSRCX Fidelity Advisor Strategic Income Fund Class C	3.28%	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 FSRCX and FADMX in my portfolio?

With a correlation of 0.97, FSRCX and FADMX 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, FSRCX or FADMX?

FSRCX has higher volatility (1.39%) compared to FADMX (1.34%). In terms of maximum drawdown, FSRCX dropped -18.16% vs FADMX's -15.98%.

Which has better risk-adjusted returns?

FADMX currently has the higher Sharpe Ratio (2.85 vs 2.53), 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.