FSRIX vs. MRBIX

Last updated Jun 23, 2026

FSRIX (Fidelity Advisor Strategic Income Fund Class I) and MRBIX (MFS Total Return Bond Fund) are both mutual funds - FSRIX is a Total Bond Market fund managed by Fidelity, while MRBIX is a Intermediate Core-Plus Bond fund managed by MFS. Over the past 10 years, FSRIX returned 4.40%/yr vs 1.96%/yr for MRBIX. A 0.58 correlation means they provide meaningful diversification when combined. FSRIX charges 0.71%/yr vs 0.45%/yr for MRBIX.

Performance

FSRIX vs. MRBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Strategic Income Fund Class I (FSRIX) and MFS Total Return Bond Fund (MRBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSRIX achieves a 3.44% return, which is significantly higher than MRBIX's 0.52% return. Over the past 10 years, FSRIX has outperformed MRBIX with an annualized return of 4.40%, while MRBIX has yielded a comparatively lower 1.96% annualized return.

FSRIX

• 1D: 0.33%
• 1M: 1.42%
• YTD: 3.44%
• 6M: 3.93%
• 1Y: 9.58%
• 3Y*: 8.09%
• 5Y*: 3.23%
• 10Y*: 4.40%

MRBIX

• 1D: 0.21%
• 1M: 0.87%
• YTD: 0.52%
• 6M: 0.89%
• 1Y: 5.00%
• 3Y*: 4.35%
• 5Y*: 0.03%
• 10Y*: 1.96%

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

FSRIX vs. MRBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRIX Fidelity Advisor Strategic Income Fund Class I	3.44%	8.97%	5.97%	9.51%	-11.91%	3.50%	7.50%	11.01%	-2.70%	8.08%
MRBIX MFS Total Return Bond Fund	0.52%	7.35%	1.77%	6.45%	-14.52%	-0.84%	8.83%	9.96%	-1.03%	4.15%

Correlation

The correlation between FSRIX and MRBIX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 31, 1998	0.58

The correlation between FSRIX and MRBIX shifts across timeframes, from 0.58 (all time) to 0.81 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSRIX vs. MRBIX — Risk / Return Rank

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

FSRIX

FSRIX Risk / Return Rank: 86
FSRIX Sharpe Ratio Rank: 86
FSRIX Sortino Ratio Rank: 88
FSRIX Omega Ratio Rank: 87
FSRIX Calmar Ratio Rank: 82
FSRIX Martin Ratio Rank: 88

MRBIX

MRBIX Risk / Return Rank: 25
MRBIX Sharpe Ratio Rank: 25
MRBIX Sortino Ratio Rank: 27
MRBIX Omega Ratio Rank: 24
MRBIX Calmar Ratio Rank: 27
MRBIX 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.

FSRIX vs. MRBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Strategic Income Fund Class I (FSRIX) and MFS Total Return Bond Fund (MRBIX). 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.

	FSRIX	MRBIX	Difference
Sharpe ratio: Return per unit of total volatility	2.60	1.33	+1.27
Sortino ratio: Return per unit of downside risk	3.92	2.00	+1.92
Omega ratio: Gain probability vs. loss probability	1.56	1.24	+0.32
Calmar ratio: Return relative to maximum drawdown	3.57	1.81	+1.76
Martin ratio: Return relative to average drawdown	15.54	5.03	+10.51

FSRIX vs. MRBIX - Sharpe Ratio Comparison

The current FSRIX Sharpe Ratio is 2.60, which is higher than the MRBIX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of FSRIX and MRBIX, 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

FSRIX vs. MRBIX - Drawdown Comparison

The maximum FSRIX drawdown since its inception was -22.98%, which is greater than MRBIX's maximum drawdown of -19.25%. Use the drawdown chart below to compare losses from any high point for FSRIX and MRBIX.

Drawdown Indicators

	FSRIX	MRBIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.98%	-19.25%	-3.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-2.77%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-4.00%	-6.29%	+2.29%
Max Drawdown (5Y) Largest decline over 5 years	-15.99%	-19.25%	+3.26%
Max Drawdown (10Y) Largest decline over 10 years	-15.99%	-19.25%	+3.26%
Current Drawdown Current decline from peak	0.00%	-1.29%	+1.29%
Average Drawdown Average peak-to-trough decline	-4.68%	-2.47%	-2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	1.00%	-0.38%

Volatility

FSRIX vs. MRBIX - Volatility Comparison

Fidelity Advisor Strategic Income Fund Class I (FSRIX) has a higher volatility of 1.41% compared to MFS Total Return Bond Fund (MRBIX) at 1.21%. This indicates that FSRIX's price experiences larger fluctuations and is considered to be riskier than MRBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSRIX	MRBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	1.21%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	3.15%	2.79%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	3.78%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.54%	5.73%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.47%	4.92%	-0.45%

FSRIX vs. MRBIX - Expense Ratio Comparison

FSRIX has a 0.71% expense ratio, which is higher than MRBIX's 0.45% expense ratio.

Dividends

FSRIX vs. MRBIX - Dividend Comparison

FSRIX's dividend yield for the trailing twelve months is around 4.24%, more than MRBIX's 4.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRIX Fidelity Advisor Strategic Income Fund Class I	4.24%	4.29%	4.11%	4.28%	2.91%	4.18%	4.53%	4.30%	3.74%	4.17%	3.75%	3.09%
MRBIX MFS Total Return Bond Fund	4.17%	4.21%	3.69%	3.42%	2.39%	3.42%	3.00%	3.06%	2.87%	2.65%	3.02%	3.76%

Frequently Asked Questions

Can I hold both FSRIX and MRBIX in my portfolio?

FSRIX and MRBIX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSRIX or MRBIX?

FSRIX has higher volatility (1.41%) compared to MRBIX (1.21%). In terms of maximum drawdown, FSRIX dropped -22.98% vs MRBIX's -19.25%.

Which has better risk-adjusted returns?

FSRIX currently has the higher Sharpe Ratio (2.60 vs 1.33), 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.