MXHYX vs. FIQTX

Last updated Jun 23, 2026

MXHYX (Great-West High Yield Bond Fund) and FIQTX (Fidelity Advisor High Income Advantage Fund Class Z) are both High Yield Bonds funds. Over the past 5 years, MXHYX returned 4.37%/yr vs 6.85%/yr for FIQTX. Their correlation of 0.83 suggests significant overlap in exposure. MXHYX charges 1.08%/yr vs 0.64%/yr for FIQTX.

Performance

MXHYX vs. FIQTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great-West High Yield Bond Fund (MXHYX) and Fidelity Advisor High Income Advantage Fund Class Z (FIQTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MXHYX achieves a 6.30% return, which is significantly lower than FIQTX's 7.73% return.

MXHYX

• 1D: 0.35%
• 1M: 1.41%
• YTD: 6.30%
• 6M: 6.12%
• 1Y: 12.07%
• 3Y*: 9.87%
• 5Y*: 4.37%
• 10Y*: 4.85%

FIQTX

• 1D: 0.65%
• 1M: 1.74%
• YTD: 7.73%
• 6M: 7.97%
• 1Y: 16.65%
• 3Y*: 12.46%
• 5Y*: 6.85%
• 10Y*: —

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

MXHYX vs. FIQTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MXHYX Great-West High Yield Bond Fund	6.30%	8.95%	7.64%	11.14%	-11.80%	3.65%	10.77%	14.40%	-4.47%
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	7.73%	12.17%	10.38%	12.37%	-11.16%	11.13%	9.06%	17.93%	-6.84%

Correlation

The correlation between MXHYX and FIQTX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.83

The correlation between MXHYX and FIQTX has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

MXHYX vs. FIQTX — Risk / Return Rank

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

MXHYX

MXHYX Risk / Return Rank: 85
MXHYX Sharpe Ratio Rank: 83
MXHYX Sortino Ratio Rank: 82
MXHYX Omega Ratio Rank: 82
MXHYX Calmar Ratio Rank: 87
MXHYX Martin Ratio Rank: 91

FIQTX

FIQTX Risk / Return Rank: 92
FIQTX Sharpe Ratio Rank: 92
FIQTX Sortino Ratio Rank: 90
FIQTX Omega Ratio Rank: 87
FIQTX Calmar Ratio Rank: 95
FIQTX Martin Ratio Rank: 96

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.

MXHYX vs. FIQTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great-West High Yield Bond Fund (MXHYX) and Fidelity Advisor High Income Advantage Fund Class Z (FIQTX). 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.

	MXHYX	FIQTX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.84	-0.35
Sortino ratio: Return per unit of downside risk	3.57	4.09	-0.53
Omega ratio: Gain probability vs. loss probability	1.49	1.56	-0.07
Calmar ratio: Return relative to maximum drawdown	3.99	5.35	-1.36
Martin ratio: Return relative to average drawdown	17.17	21.96	-4.79

MXHYX vs. FIQTX - Sharpe Ratio Comparison

The current MXHYX Sharpe Ratio is 2.49, which is comparable to the FIQTX Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of MXHYX and FIQTX, 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

MXHYX vs. FIQTX - Drawdown Comparison

The maximum MXHYX drawdown since its inception was -53.32%, which is greater than FIQTX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for MXHYX and FIQTX.

Drawdown Indicators

	MXHYX	FIQTX	Difference
Max Drawdown Largest peak-to-trough decline	-53.32%	-28.49%	-24.83%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-3.12%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-5.28%	-6.96%	+1.68%
Max Drawdown (5Y) Largest decline over 5 years	-16.23%	-15.16%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-21.28%	—	—
Current Drawdown Current decline from peak	-0.00%	-0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.46%	-3.28%	-13.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.76%	-0.04%

Volatility

MXHYX vs. FIQTX - Volatility Comparison

The current volatility for Great-West High Yield Bond Fund (MXHYX) is 2.01%, while Fidelity Advisor High Income Advantage Fund Class Z (FIQTX) has a volatility of 2.42%. This indicates that MXHYX experiences smaller price fluctuations and is considered to be less risky than FIQTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXHYX	FIQTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	2.42%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	4.24%	4.86%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	5.89%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.79%	6.47%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.22%	8.37%	-2.15%

MXHYX vs. FIQTX - Expense Ratio Comparison

MXHYX has a 1.08% expense ratio, which is higher than FIQTX's 0.64% expense ratio.

Dividends

MXHYX vs. FIQTX - Dividend Comparison

MXHYX's dividend yield for the trailing twelve months is around 4.38%, less than FIQTX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	4.47%	4.83%	5.06%	4.79%	7.43%	5.01%	3.80%	4.61%	2.54%	0.00%
MXHYX Great-West High Yield Bond Fund	4.38%	4.65%	4.19%	5.45%	3.46%	3.14%	3.66%	5.37%	8.16%	3.37%

Frequently Asked Questions

Can I hold both MXHYX and FIQTX in my portfolio?

MXHYX and FIQTX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXHYX or FIQTX?

FIQTX has higher volatility (2.42%) compared to MXHYX (2.01%). In terms of maximum drawdown, MXHYX dropped -53.32% vs FIQTX's -28.49%.

Which has better risk-adjusted returns?

FIQTX currently has the higher Sharpe Ratio (2.84 vs 2.49), 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.