MOFIX vs. FBAPX
MOFIX (Mercer Opportunistic Fixed Income Fund) and FBAPX (Fidelity Tactical Bond Fund) are both Multisector Bonds funds. Over the past 3 years, MOFIX returned 5.20%/yr vs 4.48%/yr for FBAPX. A 0.69 correlation means they provide meaningful diversification when combined. MOFIX charges 0.44%/yr vs 0.66%/yr for FBAPX.
Performance
MOFIX vs. FBAPX - Performance Comparison
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Returns By Period
In the year-to-date period, MOFIX achieves a -1.18% return, which is significantly lower than FBAPX's 0.75% return.
MOFIX
- 1D
- -0.12%
- 1M
- 0.48%
- YTD
- -1.18%
- 6M
- -0.52%
- 1Y
- 2.61%
- 3Y*
- 5.20%
- 5Y*
- 1.48%
- 10Y*
- —
FBAPX
- 1D
- -0.34%
- 1M
- 0.74%
- YTD
- 0.75%
- 6M
- 1.11%
- 1Y
- 5.15%
- 3Y*
- 4.48%
- 5Y*
- —
- 10Y*
- —
MOFIX vs. FBAPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MOFIX Mercer Opportunistic Fixed Income Fund | -1.18% | 8.60% | 2.23% | 12.22% | -9.85% |
FBAPX Fidelity Tactical Bond Fund | 0.75% | 7.77% | 1.57% | 6.73% | -9.94% |
Correlation
The correlation between MOFIX and FBAPX is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022 | 0.69 |
The correlation between MOFIX and FBAPX has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.
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Return for Risk
MOFIX vs. FBAPX — Risk / Return Rank
MOFIX
FBAPX
MOFIX vs. FBAPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mercer Opportunistic Fixed Income Fund (MOFIX) and Fidelity Tactical Bond Fund (FBAPX). 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.
| MOFIX | FBAPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.24 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 1.91 | -1.01 |
| Martin ratioReturn relative to average drawdown | 2.68 | 5.50 | -2.83 |
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Drawdowns
MOFIX vs. FBAPX - Drawdown Comparison
The maximum MOFIX drawdown since its inception was -19.96%, which is greater than FBAPX's maximum drawdown of -14.34%. Use the drawdown chart below to compare losses from any high point for MOFIX and FBAPX.
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Drawdown Indicators
| MOFIX | FBAPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.96% | -14.34% | -5.62% |
Max Drawdown (1Y)Largest decline over 1 year | -3.52% | -2.77% | -0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -8.02% | -6.04% | -1.98% |
Max Drawdown (5Y)Largest decline over 5 years | -19.00% | — | — |
Current DrawdownCurrent decline from peak | -1.64% | -1.23% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -5.15% | -4.91% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 0.96% | +0.17% |
Volatility
MOFIX vs. FBAPX - Volatility Comparison
The current volatility for Mercer Opportunistic Fixed Income Fund (MOFIX) is 0.75%, while Fidelity Tactical Bond Fund (FBAPX) has a volatility of 1.11%. This indicates that MOFIX experiences smaller price fluctuations and is considered to be less risky than FBAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MOFIX | FBAPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 1.11% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 2.40% | 2.87% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.01% | 3.92% | -0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.26% | 5.66% | +1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.16% | 5.66% | +1.50% |
MOFIX vs. FBAPX - Expense Ratio Comparison
MOFIX has a 0.44% expense ratio, which is lower than FBAPX's 0.66% expense ratio.
Dividends
MOFIX vs. FBAPX - Dividend Comparison
MOFIX's dividend yield for the trailing twelve months is around 3.36%, less than FBAPX's 4.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FBAPX Fidelity Tactical Bond Fund | 4.72% | 4.61% | 4.81% | 4.08% | 3.19% | 0.00% |
MOFIX Mercer Opportunistic Fixed Income Fund | 3.36% | 3.32% | 6.91% | 6.44% | 3.81% | 4.20% |
Frequently Asked Questions
MOFIX and FBAPX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBAPX has higher volatility (1.11%) compared to MOFIX (0.75%). In terms of maximum drawdown, MOFIX dropped -19.96% vs FBAPX's -14.34%.
FBAPX currently has the higher Sharpe Ratio (1.35 vs 1.06), 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.
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