FSRRX vs. PIMIX

Last updated Jun 24, 2026

FSRRX (Fidelity Strategic Real Return Fund) and PIMIX (PIMCO Income Fund Institutional Class) are both mutual funds - FSRRX is a Diversified Portfolio fund managed by Fidelity, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Over the past 10 years, FSRRX returned 5.41%/yr vs 4.72%/yr for PIMIX. At a 0.29 correlation, their price movements are largely independent. FSRRX charges 0.70%/yr vs 0.54%/yr for PIMIX.

Performance

FSRRX vs. PIMIX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSRRX achieves a 6.54% return, which is significantly higher than PIMIX's 0.72% return. Over the past 10 years, FSRRX has outperformed PIMIX with an annualized return of 5.41%, while PIMIX has yielded a comparatively lower 4.72% annualized return.

FSRRX

• 1D: 0.00%
• 1M: -1.67%
• YTD: 6.54%
• 6M: 6.42%
• 1Y: 12.72%
• 3Y*: 9.30%
• 5Y*: 5.94%
• 10Y*: 5.41%

PIMIX

• 1D: -0.28%
• 1M: 0.91%
• YTD: 0.72%
• 6M: 1.32%
• 1Y: 7.28%
• 3Y*: 7.60%
• 5Y*: 3.49%
• 10Y*: 4.72%

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

FSRRX vs. PIMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRRX Fidelity Strategic Real Return Fund	6.54%	10.45%	5.84%	4.59%	-3.34%	15.84%	3.74%	10.48%	-3.99%	3.00%
PIMIX PIMCO Income Fund Institutional Class	0.72%	11.08%	5.45%	9.36%	-9.07%	2.62%	5.84%	8.10%	0.63%	8.63%

Correlation

The correlation between FSRRX and PIMIX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007	0.29

The correlation between FSRRX and PIMIX shifts across timeframes, from 0.25 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSRRX vs. PIMIX — Risk / Return Rank

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

FSRRX

FSRRX Risk / Return Rank: 87
FSRRX Sharpe Ratio Rank: 85
FSRRX Sortino Ratio Rank: 81
FSRRX Omega Ratio Rank: 81
FSRRX Calmar Ratio Rank: 92
FSRRX Martin Ratio Rank: 93

PIMIX

PIMIX Risk / Return Rank: 42
PIMIX Sharpe Ratio Rank: 45
PIMIX Sortino Ratio Rank: 50
PIMIX Omega Ratio Rank: 49
PIMIX Calmar Ratio Rank: 34
PIMIX Martin Ratio Rank: 33

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. PIMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Strategic Real Return Fund (FSRRX) and PIMCO Income Fund Institutional Class (PIMIX). 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.

	FSRRX	PIMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.83	+0.74
Sortino ratio: Return per unit of downside risk	3.53	2.73	+0.79
Omega ratio: Gain probability vs. loss probability	1.49	1.35	+0.14
Calmar ratio: Return relative to maximum drawdown	4.65	2.07	+2.58
Martin ratio: Return relative to average drawdown	18.60	6.98	+11.63

FSRRX vs. PIMIX - Sharpe Ratio Comparison

The current FSRRX Sharpe Ratio is 2.57, which is higher than the PIMIX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of FSRRX and PIMIX, 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

FSRRX vs. PIMIX - Drawdown Comparison

The maximum FSRRX drawdown since its inception was -33.42%, which is greater than PIMIX's maximum drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for FSRRX and PIMIX.

Drawdown Indicators

	FSRRX	PIMIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.42%	-13.39%	-20.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.69%	-3.69%	+1.00%
Max Drawdown (3Y) Largest decline over 3 years	-5.80%	-3.84%	-1.96%
Max Drawdown (5Y) Largest decline over 5 years	-12.78%	-13.34%	+0.56%
Max Drawdown (10Y) Largest decline over 10 years	-19.93%	-13.39%	-6.54%
Current Drawdown Current decline from peak	-2.69%	-1.21%	-1.48%
Average Drawdown Average peak-to-trough decline	-4.21%	-1.69%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	1.09%	-0.42%

Volatility

FSRRX vs. PIMIX - Volatility Comparison

Fidelity Strategic Real Return Fund (FSRRX) and PIMCO Income Fund Institutional Class (PIMIX) have volatilities of 1.35% 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

	FSRRX	PIMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	1.34%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.81%	3.41%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	4.88%	4.19%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.88%	4.87%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.73%	4.26%	+2.47%

FSRRX vs. PIMIX - Expense Ratio Comparison

FSRRX has a 0.70% expense ratio, which is higher than PIMIX's 0.54% expense ratio.

Dividends

FSRRX vs. PIMIX - Dividend Comparison

FSRRX's dividend yield for the trailing twelve months is around 4.21%, less than PIMIX's 5.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRRX Fidelity Strategic Real Return Fund	4.21%	4.68%	4.82%	5.29%	7.31%	5.35%	2.25%	3.05%	9.39%	1.57%	2.34%	1.75%
PIMIX PIMCO Income Fund Institutional Class	5.85%	6.01%	6.27%	6.21%	4.98%	4.02%	4.88%	5.83%	5.66%	5.37%	5.52%	7.88%

Frequently Asked Questions

Can I hold both FSRRX and PIMIX in my portfolio?

FSRRX and PIMIX have a correlation of 0.25, 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 PIMIX?

FSRRX has higher volatility (1.35%) compared to PIMIX (1.34%). In terms of maximum drawdown, FSRRX dropped -33.42% vs PIMIX's -13.39%.

Which has better risk-adjusted returns?

FSRRX currently has the higher Sharpe Ratio (2.57 vs 1.83), 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.