HIO vs. FSHGX
HIO (Western Asset High Income Opportunity Fund Inc) and FSHGX (Fidelity SAI High Income Fund) are both High Yield Bonds funds. Over the past 5 years, HIO returned 2.20%/yr vs 4.15%/yr for FSHGX. Their 0.47 correlation means their historical movements had little consistent relationship. HIO charges 0.01%/yr vs 0.60%/yr for FSHGX.
Performance
HIO vs. FSHGX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HIO achieves a 1.83% return, which is significantly lower than FSHGX's 2.59% return.
HIO
- 1D
- 0.57%
- 1M
- -2.58%
- 6M
- -0.73%
- YTD
- 1.83%
- 1Y
- 0.16%
- 3Y*
- 8.36%
- 5Y*
- 2.20%
- 10Y*
- 5.44%
- ALL TIME*
- 6.14%
FSHGX
- 1D
- 0.21%
- 1M
- -1.05%
- 6M
- 1.67%
- YTD
- 2.59%
- 1Y
- 7.23%
- 3Y*
- 9.15%
- 5Y*
- 4.15%
- 10Y*
- —
- ALL TIME*
- 4.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.80M | $1.29M | $1.25M |
HIO vs. FSHGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HIO Western Asset High Income Opportunity Fund Inc | 1.83% | 5.33% | 13.58% | 8.07% | -17.09% | 6.16% |
FSHGX Fidelity SAI High Income Fund | 2.59% | 10.26% | 9.79% | 10.82% | -12.03% | 2.72% |
Correlation
The correlation between HIO and FSHGX is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.48 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.47 |
The correlation between HIO and FSHGX has been stable across timeframes, ranging from 0.43 to 0.50 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HIO vs. FSHGX — Risk / Return Rank
HIO
FSHGX
HIO vs. FSHGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Income Opportunity Fund Inc (HIO) and Fidelity SAI High Income Fund (FSHGX). 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.
| HIO | FSHGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -3.54 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.47 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 3.24 | -3.25 |
| Martin ratioReturn relative to average drawdown | -0.03 | 14.19 | -14.22 |
Loading charts...
Drawdowns
HIO vs. FSHGX - Drawdown Comparison
The maximum HIO drawdown since its inception was -49.69%, which is greater than FSHGX's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for HIO and FSHGX.
Loading charts...
Drawdown Indicators
| HIO | FSHGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.69% | -15.77% | -33.92% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -2.31% | -4.39% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -3.92% | -9.37% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -15.77% | -10.41% |
Max Drawdown (10Y)Largest decline over 10 years | -40.57% | — | — |
Current DrawdownCurrent decline from peak | -2.96% | -1.17% | -1.79% |
Average DrawdownAverage peak-to-trough decline | -6.44% | -3.72% | -2.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 0.52% | +2.65% |
Volatility
HIO vs. FSHGX - Volatility Comparison
Western Asset High Income Opportunity Fund Inc (HIO) has a higher volatility of 2.76% compared to Fidelity SAI High Income Fund (FSHGX) at 0.58%. This indicates that HIO's price experiences larger fluctuations and is considered to be riskier than FSHGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HIO | FSHGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.76% | 0.58% | +2.18% |
Volatility (6M)Calculated over the trailing 6-month period | 7.92% | 2.76% | +5.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.47% | 3.46% | +7.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 5.27% | +7.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.95% | 5.18% | +10.77% |
HIO vs. FSHGX - Expense Ratio Comparison
HIO has a 0.02% expense ratio, which is lower than FSHGX's 0.60% expense ratio.
Dividends
HIO vs. FSHGX - Dividend Comparison
HIO's dividend yield for the trailing twelve months is around 12.07%, more than FSHGX's 5.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSHGX Fidelity SAI High Income Fund | 5.94% | 6.34% | 6.15% | 5.47% | 3.99% | 2.28% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HIO Western Asset High Income Opportunity Fund Inc | 12.07% | 11.48% | 10.84% | 9.90% | 9.11% | 7.02% | 7.86% | 6.91% | 7.31% | 7.04% | 8.44% | 9.08% |
Frequently Asked Questions
HIO and FSHGX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIO has higher volatility (2.76%) compared to FSHGX (0.58%). In terms of maximum drawdown, HIO dropped -49.69% vs FSHGX's -15.77%.
FSHGX currently has the higher Sharpe Ratio (2.16 vs -0.01), 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.
Find the right allocation for HIO and FSHGX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer