FSRCX vs. FSIAX

Last updated Jun 3, 2026

FSRCX (Fidelity Advisor Strategic Income Fund Class C) and FSIAX (Fidelity Advisor Strategic Income Fund Class M) are both Total Bond Market funds from Fidelity. Over the past 10 years, FSRCX returned 3.28%/yr vs 4.01%/yr for FSIAX. Their correlation of 0.89 suggests significant overlap in exposure. FSRCX charges 1.72%/yr vs 0.96%/yr for FSIAX.

Performance

FSRCX vs. FSIAX - 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 Advisor Strategic Income Fund Class M (FSIAX). 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 FSIAX's 3.11% return. Over the past 10 years, FSRCX has underperformed FSIAX with an annualized return of 3.28%, while FSIAX has yielded a comparatively higher 4.01% annualized 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%

FSIAX

• 1D: 0.08%
• 1M: 0.74%
• YTD: 3.11%
• 6M: 3.59%
• 1Y: 9.80%
• 3Y*: 7.50%
• 5Y*: 2.78%
• 10Y*: 4.01%

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

FSRCX vs. FSIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRCX Fidelity Advisor Strategic Income Fund Class C	2.70%	7.88%	4.38%	7.98%	-12.53%	2.56%	6.41%	9.95%	-3.81%	7.01%
FSIAX Fidelity Advisor Strategic Income Fund Class M	3.11%	8.59%	5.03%	8.83%	-12.06%	3.22%	7.30%	10.76%	-2.93%	7.54%

Correlation

The correlation between FSRCX and FSIAX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
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	0.95
Correlation (All Time) Calculated using the full available price history since Nov 1, 1994	0.89

The correlation between FSRCX and FSIAX has been stable across timeframes, ranging from 0.89 to 0.97 - a consistent structural relationship.

Return for Risk

FSRCX vs. FSIAX — 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

FSIAX

FSIAX Risk / Return Rank: 85
FSIAX Sharpe Ratio Rank: 85
FSIAX Sortino Ratio Rank: 88
FSIAX Omega Ratio Rank: 85
FSIAX Calmar Ratio Rank: 82
FSIAX Martin Ratio Rank: 85

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. FSIAX - 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 Advisor Strategic Income Fund Class M (FSIAX). 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	FSIAX	Difference
Sharpe ratio Return per unit of total volatility	2.53	2.75	-0.22
Sortino ratio Return per unit of downside risk	3.78	4.19	-0.40
Omega ratio Gain probability vs. loss probability	1.52	1.58	-0.06
Calmar ratio Return relative to maximum drawdown	3.41	3.78	-0.37
Martin ratio Return relative to average drawdown	14.65	16.34	-1.69
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. FSIAX - Sharpe Ratio Comparison

The current FSRCX Sharpe Ratio is 2.53, which is comparable to the FSIAX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of FSRCX and FSIAX, 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	FSIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.75	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.62	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.90	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.55	-0.38

Drawdowns

FSRCX vs. FSIAX - Drawdown Comparison

The maximum FSRCX drawdown since its inception was -18.16%, roughly equal to the maximum FSIAX drawdown of -17.81%. Use the drawdown chart below to compare losses from any high point for FSRCX and FSIAX.

Drawdown Indicators

	FSRCX	FSIAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.16%	-17.81%	-0.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-2.66%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-4.24%	-4.13%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-16.69%	-16.19%	-0.50%
Max Drawdown (10Y) Largest decline over 10 years	-16.69%	-16.19%	-0.50%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.09%	-1.84%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.61%	+0.01%

Volatility

FSRCX vs. FSIAX - Volatility Comparison

Fidelity Advisor Strategic Income Fund Class C (FSRCX) and Fidelity Advisor Strategic Income Fund Class M (FSIAX) have volatilities of 1.39% and 1.41%, 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	FSIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	1.41%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	2.94%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.49%	3.55%	-0.06%
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%	4.46%	-0.05%

FSRCX vs. FSIAX - Expense Ratio Comparison

FSRCX has a 1.72% expense ratio, which is higher than FSIAX's 0.96% expense ratio.

Dividends

FSRCX vs. FSIAX - Dividend Comparison

FSRCX's dividend yield for the trailing twelve months is around 3.28%, less than FSIAX's 4.01% 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%
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 FSIAX in my portfolio?

With a correlation of 0.95, FSRCX and FSIAX 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 FSIAX?

FSIAX has higher volatility (1.41%) compared to FSRCX (1.39%). In terms of maximum drawdown, FSRCX dropped -18.16% vs FSIAX's -17.81%.

Which has better risk-adjusted returns?

FSIAX currently has the higher Sharpe Ratio (2.75 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.