FSRRX vs. NWQIX

Last updated Jun 5, 2026

FSRRX (Fidelity Strategic Real Return Fund) and NWQIX (Nuveen Flexible Income Fund) are both Diversified Portfolio funds. Over the past 10 years, FSRRX returned 5.62%/yr vs 5.67%/yr for NWQIX. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.70% expense ratio.

Performance

FSRRX vs. NWQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Strategic Real Return Fund (FSRRX) and Nuveen Flexible Income Fund (NWQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSRRX achieves a 8.58% return, which is significantly higher than NWQIX's 5.04% return. Both investments have delivered pretty close results over the past 10 years, with FSRRX having a 5.62% annualized return and NWQIX not far ahead at 5.67%.

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%

NWQIX

• 1D: -0.15%
• 1M: 1.12%
• YTD: 5.04%
• 6M: 6.42%
• 1Y: 14.76%
• 3Y*: 10.78%
• 5Y*: 4.45%
• 10Y*: 5.67%

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

FSRRX vs. NWQIX - 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%
NWQIX Nuveen Flexible Income Fund	5.04%	12.22%	6.03%	11.61%	-13.64%	4.94%	5.54%	18.57%	-4.07%	9.18%

Correlation

The correlation between FSRRX and NWQIX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	0.53

Over the past year, the correlation between FSRRX and NWQIX has dropped to 0.33 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

FSRRX vs. NWQIX — 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

NWQIX

NWQIX Risk / Return Rank: 96
NWQIX Sharpe Ratio Rank: 98
NWQIX Sortino Ratio Rank: 98
NWQIX Omega Ratio Rank: 96
NWQIX Calmar Ratio Rank: 93
NWQIX Martin Ratio Rank: 96

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. NWQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Strategic Real Return Fund (FSRRX) and Nuveen Flexible Income Fund (NWQIX). 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	NWQIX	Difference
Sharpe ratio: Return per unit of total volatility	3.52	3.93	-0.41
Sortino ratio: Return per unit of downside risk	4.91	6.30	-1.39
Omega ratio: Gain probability vs. loss probability	1.70	1.89	-0.19
Calmar ratio: Return relative to maximum drawdown	8.08	5.15	+2.94
Martin ratio: Return relative to average drawdown	31.61	24.52	+7.09
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. NWQIX - Sharpe Ratio Comparison

The current FSRRX Sharpe Ratio is 3.52, which is comparable to the NWQIX Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of FSRRX and NWQIX, 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	NWQIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	3.93	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.79	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.90	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.76	-0.17

Drawdowns

FSRRX vs. NWQIX - Drawdown Comparison

The maximum FSRRX drawdown since its inception was -33.42%, which is greater than NWQIX's maximum drawdown of -23.89%. Use the drawdown chart below to compare losses from any high point for FSRRX and NWQIX.

Drawdown Indicators

	FSRRX	NWQIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.42%	-23.89%	-9.53%
Max Drawdown (1Y) Largest decline over 1 year	-2.05%	-2.94%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	-5.80%	-4.59%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	-12.78%	-17.75%	+4.97%
Max Drawdown (10Y) Largest decline over 10 years	-19.93%	-23.89%	+3.96%
Current Drawdown Current decline from peak	-0.83%	-0.15%	-0.68%
Average Drawdown Average peak-to-trough decline	-4.21%	-3.01%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.61%	-0.09%

Volatility

FSRRX vs. NWQIX - Volatility Comparison

Fidelity Strategic Real Return Fund (FSRRX) has a higher volatility of 1.30% compared to Nuveen Flexible Income Fund (NWQIX) at 1.21%. This indicates that FSRRX's price experiences larger fluctuations and is considered to be riskier than NWQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSRRX	NWQIX	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%	3.02%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	3.86%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.88%	5.68%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.73%	6.32%	+0.41%

FSRRX vs. NWQIX - Expense Ratio Comparison

Both FSRRX and NWQIX have an expense ratio of 0.70%.

Dividends

FSRRX vs. NWQIX - Dividend Comparison

FSRRX's dividend yield for the trailing twelve months is around 4.13%, less than NWQIX's 5.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NWQIX Nuveen Flexible Income Fund	5.94%	6.52%	5.20%	7.84%	7.02%	4.39%	4.82%	5.71%	6.23%	5.67%	5.52%	5.70%

Frequently Asked Questions

Can I hold both FSRRX and NWQIX in my portfolio?

FSRRX and NWQIX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSRRX or NWQIX?

FSRRX has higher volatility (1.30%) compared to NWQIX (1.21%). In terms of maximum drawdown, FSRRX dropped -33.42% vs NWQIX's -23.89%.

Which has better risk-adjusted returns?

NWQIX currently has the higher Sharpe Ratio (3.93 vs 3.52), 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.