FSTAX vs. FMSFX

Last updated Jul 14, 2026

FSTAX (Fidelity Advisor Strategic Income Fund Class A) and FMSFX (Fidelity Mortgage Securities Fund) are both Total Bond Market funds from Fidelity. Over the past 10 years, FSTAX returned 3.78%/yr vs 1.21%/yr for FMSFX. At a 0.48 correlation, their price movements are largely independent. FSTAX charges 0.97%/yr vs 0.45%/yr for FMSFX.

Performance

FSTAX vs. FMSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Strategic Income Fund Class A (FSTAX) and Fidelity Mortgage Securities Fund (FMSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSTAX achieves a 2.80% return, which is significantly higher than FMSFX's 0.60% return. Over the past 10 years, FSTAX has outperformed FMSFX with an annualized return of 3.78%, while FMSFX has yielded a comparatively lower 1.21% annualized return.

FSTAX

• 1D: 0.08%
• 1M: -0.13%
• 6M: 2.20%
• YTD: 2.80%
• 1Y: 7.46%
• 3Y*: 7.34%
• 5Y*: 2.50%
• 10Y*: 3.78%

FMSFX

• 1D: -0.20%
• 1M: -0.27%
• 6M: 0.20%
• YTD: 0.60%
• 1Y: 5.46%
• 3Y*: 4.70%
• 5Y*: 0.07%
• 10Y*: 1.21%

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

FSTAX vs. FMSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSTAX Fidelity Advisor Strategic Income Fund Class A	2.80%	8.68%	4.93%	8.82%	-11.98%	3.22%	7.21%	10.74%	-2.94%	7.63%
FMSFX Fidelity Mortgage Securities Fund	0.60%	8.29%	1.00%	4.91%	-12.61%	-1.20%	4.41%	6.43%	0.79%	2.35%

Correlation

The correlation between FSTAX and FMSFX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Oct 31, 1994	0.48

Over the past year, FSTAX and FMSFX have become more correlated (0.70) than their long-term average of 0.48, meaning their price movements have been converging.

Return for Risk

FSTAX vs. FMSFX — Risk / Return Rank

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

FSTAX

FSTAX Risk / Return Rank: 78
FSTAX Sharpe Ratio Rank: 75
FSTAX Sortino Ratio Rank: 77
FSTAX Omega Ratio Rank: 78
FSTAX Calmar Ratio Rank: 75
FSTAX Martin Ratio Rank: 82

FMSFX

FMSFX Risk / Return Rank: 34
FMSFX Sharpe Ratio Rank: 35
FMSFX Sortino Ratio Rank: 37
FMSFX Omega Ratio Rank: 34
FMSFX Calmar Ratio Rank: 36
FMSFX Martin Ratio Rank: 31

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.

FSTAX vs. FMSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Strategic Income Fund Class A (FSTAX) and Fidelity Mortgage Securities Fund (FMSFX). 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.

	FSTAX	FMSFX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.30	+0.65
Sortino ratio: Return per unit of downside risk	2.87	1.94	+0.93
Omega ratio: Gain probability vs. loss probability	1.39	1.23	+0.15
Calmar ratio: Return relative to maximum drawdown	2.72	1.79	+0.92
Martin ratio: Return relative to average drawdown	11.53	5.54	+5.99

FSTAX vs. FMSFX - Sharpe Ratio Comparison

The current FSTAX Sharpe Ratio is 1.95, which is higher than the FMSFX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of FSTAX and FMSFX, 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

FSTAX vs. FMSFX - Drawdown Comparison

The maximum FSTAX drawdown since its inception was -23.29%, which is greater than FMSFX's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for FSTAX and FMSFX.

Drawdown Indicators

	FSTAX	FMSFX	Difference
Max Drawdown Largest peak-to-trough decline	-23.29%	-18.81%	-4.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.65%	-2.81%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-4.04%	-7.95%	+3.91%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	-18.66%	+2.48%
Max Drawdown (10Y) Largest decline over 10 years	-16.18%	-18.81%	+2.63%
Current Drawdown Current decline from peak	-0.58%	-1.47%	+0.89%
Average Drawdown Average peak-to-trough decline	-4.82%	-1.92%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.91%	-0.28%

Volatility

FSTAX vs. FMSFX - Volatility Comparison

Fidelity Advisor Strategic Income Fund Class A (FSTAX) has a higher volatility of 1.33% compared to Fidelity Mortgage Securities Fund (FMSFX) at 1.13%. This indicates that FSTAX's price experiences larger fluctuations and is considered to be riskier than FMSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSTAX	FMSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.13%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	2.97%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	3.88%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	6.81%	-2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.43%	5.14%	-0.71%

FSTAX vs. FMSFX - Expense Ratio Comparison

FSTAX has a 0.97% expense ratio, which is higher than FMSFX's 0.45% expense ratio.

Dividends

FSTAX vs. FMSFX - Dividend Comparison

FSTAX's dividend yield for the trailing twelve months is around 4.03%, more than FMSFX's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMSFX Fidelity Mortgage Securities Fund	3.92%	3.93%	4.12%	3.50%	1.43%	0.62%	2.40%	2.62%	2.57%	2.60%	2.65%	2.05%
FSTAX Fidelity Advisor Strategic Income Fund Class A	4.03%	4.05%	3.21%	3.70%	2.70%	4.01%	4.32%	4.06%	3.50%	3.70%	3.49%	2.89%

Frequently Asked Questions

Can I hold both FSTAX and FMSFX in my portfolio?

FSTAX and FMSFX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSTAX or FMSFX?

FSTAX has higher volatility (1.33%) compared to FMSFX (1.13%). In terms of maximum drawdown, FSTAX dropped -23.29% vs FMSFX's -18.81%.

Which has better risk-adjusted returns?

FSTAX currently has the higher Sharpe Ratio (1.95 vs 1.30), 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.