FSRRX vs. FCSRX

Last updated Jun 5, 2026

FSRRX (Fidelity Strategic Real Return Fund) and FCSRX (Fidelity Advisor Strategic Real Return Fund Class C) are both Diversified Portfolio funds from Fidelity. Over the past 10 years, FSRRX returned 5.62%/yr vs 4.68%/yr for FCSRX. With a 0.97 correlation, they move nearly in lockstep. FSRRX charges 0.70%/yr vs 1.70%/yr for FCSRX.

Performance

FSRRX vs. FCSRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Strategic Real Return Fund (FSRRX) 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 FSRRX having a 8.58% return and FCSRX slightly lower at 8.17%. Over the past 10 years, FSRRX has outperformed FCSRX with an annualized return of 5.62%, while FCSRX has yielded a comparatively lower 4.68% annualized return.

FSRRX

• 1D: -0.10%
• 1M: -0.21%
• YTD: 8.58%
• 6M: 8.93%
• 1Y: 16.35%
• 3Y*: 10.08%
• 5Y*: 6.23%
• 10Y*: 5.62%

FCSRX

• 1D: -0.11%
• 1M: -0.21%
• YTD: 8.17%
• 6M: 8.34%
• 1Y: 15.18%
• 3Y*: 9.01%
• 5Y*: 5.17%
• 10Y*: 4.68%

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

FSRRX vs. FCSRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRRX Fidelity Strategic Real Return Fund	8.58%	10.45%	5.84%	4.59%	-3.34%	15.84%	3.74%	10.48%	-3.99%	3.00%
FCSRX Fidelity Advisor Strategic Real Return Fund Class C	8.17%	9.27%	4.75%	3.60%	-4.26%	14.68%	2.60%	9.54%	-5.03%	3.02%

Correlation

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

Return for Risk

FSRRX vs. FCSRX — Risk / Return Rank

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

FSRRX

FSRRX Risk / Return Rank: 95
FSRRX Sharpe Ratio Rank: 96
FSRRX Sortino Ratio Rank: 94
FSRRX Omega Ratio Rank: 92
FSRRX Calmar Ratio Rank: 98
FSRRX Martin Ratio Rank: 98

FCSRX

FCSRX Risk / Return Rank: 95
FCSRX Sharpe Ratio Rank: 95
FCSRX Sortino Ratio Rank: 94
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.

FSRRX vs. FCSRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Strategic Real Return Fund (FSRRX) 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.

	FSRRX	FCSRX	Difference
Sharpe ratio: Return per unit of total volatility	3.52	3.40	+0.13
Sortino ratio: Return per unit of downside risk	4.91	4.79	+0.13
Omega ratio: Gain probability vs. loss probability	1.70	1.68	+0.03
Calmar ratio: Return relative to maximum drawdown	8.08	7.81	+0.27
Martin ratio: Return relative to average drawdown	31.61	29.41	+2.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSRRX vs. FCSRX - Sharpe Ratio Comparison

The current FSRRX Sharpe Ratio is 3.52, which is comparable to the FCSRX Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of FSRRX 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

	FSRRX	FCSRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	3.40	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.75	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.70	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.44	+0.15

Drawdowns

FSRRX vs. FCSRX - Drawdown Comparison

The maximum FSRRX drawdown since its inception was -33.42%, roughly equal to the maximum FCSRX drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for FSRRX and FCSRX.

Drawdown Indicators

	FSRRX	FCSRX	Difference
Max Drawdown Largest peak-to-trough decline	-33.42%	-33.91%	+0.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.05%	-1.99%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-5.80%	-5.85%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-12.78%	-13.22%	+0.44%
Max Drawdown (10Y) Largest decline over 10 years	-19.93%	-20.02%	+0.09%
Current Drawdown Current decline from peak	-0.83%	-0.85%	+0.02%
Average Drawdown Average peak-to-trough decline	-4.21%	-5.09%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.53%	-0.01%

Volatility

FSRRX vs. FCSRX - Volatility Comparison

Fidelity Strategic Real Return Fund (FSRRX) has a higher volatility of 1.30% compared to Fidelity Advisor Strategic Real Return Fund Class C (FCSRX) at 1.21%. This indicates that FSRRX'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

	FSRRX	FCSRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.21%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	3.68%	3.58%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	4.57%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.88%	6.89%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.73%	6.71%	+0.02%

FSRRX vs. FCSRX - Expense Ratio Comparison

FSRRX has a 0.70% expense ratio, which is lower than FCSRX's 1.70% expense ratio.

Dividends

FSRRX vs. FCSRX - Dividend Comparison

FSRRX's dividend yield for the trailing twelve months is around 4.13%, 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%
FSRRX Fidelity Strategic Real Return Fund	4.13%	4.68%	4.82%	5.29%	7.31%	5.35%	2.25%	3.05%	9.39%	1.57%	2.34%	1.75%

Frequently Asked Questions

Can I hold both FSRRX and FCSRX in my portfolio?

With a correlation of 0.96, FSRRX 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, FSRRX or FCSRX?

FSRRX has higher volatility (1.30%) compared to FCSRX (1.21%). In terms of maximum drawdown, FSRRX dropped -33.42% vs FCSRX's -33.91%.

Which has better risk-adjusted returns?

FSRRX currently has the higher Sharpe Ratio (3.52 vs 3.40), 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.