FSRRX vs. SEMRX

Last updated Aug 6, 2026

FSRRX (Fidelity Strategic Real Return Fund) and SEMRX (Medalist Partners Short Duration Fund) are both mutual funds - FSRRX is a Diversified Portfolio fund managed by Fidelity, while SEMRX is a Ultrashort Bond fund managed by Medalist Partners. Over the past 10 years, FSRRX returned 5.45%/yr vs 3.47%/yr for SEMRX. Their 0.07 correlation means their historical movements had little consistent relationship. FSRRX charges 0.70%/yr vs 0.85%/yr for SEMRX.

Performance

FSRRX vs. SEMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Strategic Real Return Fund (FSRRX) and Medalist Partners Short Duration Fund (SEMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSRRX achieves a 8.03% return, which is significantly higher than SEMRX's 3.10% return. Over the past 10 years, FSRRX has outperformed SEMRX with an annualized return of 5.45%, while SEMRX has yielded a comparatively lower 3.47% annualized return.

FSRRX

• 1D: 0.11%
• 1M: 1.18%
• 6M: 4.26%
• YTD: 8.03%
• 1Y: 13.72%
• 3Y*: 8.87%
• 5Y*: 5.82%
• 10Y*: 5.45%
• ALL TIME*: 4.01%

SEMRX

• 1D: 0.00%
• 1M: 0.47%
• 6M: 2.42%
• YTD: 3.10%
• 1Y: 5.43%
• 3Y*: 7.08%
• 5Y*: 4.95%
• 10Y*: 3.47%
• ALL TIME*: 2.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSRRX Fidelity Strategic Real Return Fund	$0.00	$0.00	$0.00
SEMRX Medalist Partners Short Duration Fund	$0.00	$0.00	$0.00

FSRRX vs. SEMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRRX Fidelity Strategic Real Return Fund	8.03%	10.45%	5.84%	4.59%	-3.34%	15.84%	3.74%	10.48%	-3.99%	3.00%
SEMRX Medalist Partners Short Duration Fund	3.10%	6.47%	8.21%	8.76%	-1.69%	1.93%	-1.19%	3.48%	2.11%	2.74%

Correlation

The correlation between FSRRX and SEMRX is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.07

Return for Risk

FSRRX vs. SEMRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSRRX

FSRRX Risk / Return Rank: 94
FSRRX Sharpe Ratio Rank: 97
FSRRX Sortino Ratio Rank: 95
FSRRX Omega Ratio Rank: 96
FSRRX Calmar Ratio Rank: 92
FSRRX Martin Ratio Rank: 91

SEMRX

SEMRX Risk / Return Rank: 99
SEMRX Sharpe Ratio Rank: 97
SEMRX Sortino Ratio Rank: 100
SEMRX Omega Ratio Rank: 99
SEMRX Calmar Ratio Rank: 99
SEMRX Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSRRX vs. SEMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Strategic Real Return Fund (FSRRX) and Medalist Partners Short Duration Fund (SEMRX). 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	SEMRX	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.98	-0.07
Sortino ratio: Return per unit of downside risk	4.02	10.15	-6.14
Omega ratio: Gain probability vs. loss probability	1.57	3.03	-1.46
Calmar ratio: Return relative to maximum drawdown	4.11	10.43	-6.32
Martin ratio: Return relative to average drawdown	14.54	43.19	-28.64

FSRRX vs. SEMRX - Sharpe Ratio Comparison

The current FSRRX Sharpe Ratio is 2.91, which is comparable to the SEMRX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of FSRRX and SEMRX, 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. SEMRX - Drawdown Comparison

The maximum FSRRX drawdown since its inception was -33.42%, which is greater than SEMRX's maximum drawdown of -13.09%. Use the drawdown chart below to compare losses from any high point for FSRRX and SEMRX.

Drawdown Indicators

	FSRRX	SEMRX	Difference
Max Drawdown Largest peak-to-trough decline	-33.42%	-13.09%	-20.33%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-0.52%	-2.90%
Max Drawdown (3Y) Largest decline over 3 years	-5.80%	-0.63%	-5.17%
Max Drawdown (5Y) Largest decline over 5 years	-12.78%	-4.05%	-8.73%
Max Drawdown (10Y) Largest decline over 10 years	-19.93%	-13.09%	-6.84%
Current Drawdown Current decline from peak	-1.33%	0.00%	-1.33%
Average Drawdown Average peak-to-trough decline	-4.19%	-0.62%	-3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.13%	+0.83%

Volatility

FSRRX vs. SEMRX - Volatility Comparison

Fidelity Strategic Real Return Fund (FSRRX) has a higher volatility of 1.15% compared to Medalist Partners Short Duration Fund (SEMRX) at 0.52%. This indicates that FSRRX's price experiences larger fluctuations and is considered to be riskier than SEMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSRRX	SEMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.52%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	3.45%	1.24%	+2.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.83%	1.83%	+3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.87%	1.86%	+5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.72%	2.32%	+4.40%

FSRRX vs. SEMRX - Expense Ratio Comparison

FSRRX has a 0.70% expense ratio, which is lower than SEMRX's 0.85% expense ratio.

Dividends

FSRRX vs. SEMRX - Dividend Comparison

FSRRX's dividend yield for the trailing twelve months is around 4.60%, less than SEMRX's 5.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRRX Fidelity Strategic Real Return Fund	4.60%	4.68%	4.82%	5.29%	7.31%	5.35%	2.25%	3.05%	9.39%	1.57%	2.34%	1.75%
SEMRX Medalist Partners Short Duration Fund	5.60%	5.94%	6.13%	6.05%	3.22%	1.71%	1.95%	2.90%	2.70%	2.20%	3.03%	2.35%

Frequently Asked Questions

Can I hold both FSRRX and SEMRX in my portfolio?

FSRRX and SEMRX have a correlation of 0.05, 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 SEMRX?

FSRRX has higher volatility (1.15%) compared to SEMRX (0.52%). In terms of maximum drawdown, FSRRX dropped -33.42% vs SEMRX's -13.09%.

Which has better risk-adjusted returns?

SEMRX currently has the higher Sharpe Ratio (2.98 vs 2.91), 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.