PAOPX vs. FSHNX

Last updated Jun 6, 2026

PAOPX (T. Rowe Price Credit Opportunities Fund, Inc.) and FSHNX (Fidelity Series High Income Fund) are both High Yield Bonds funds. Over the past 10 years, PAOPX returned 5.84%/yr vs 6.16%/yr for FSHNX. Their correlation of 0.82 suggests significant overlap in exposure. PAOPX charges 0.91%/yr vs 0.00%/yr for FSHNX.

Performance

PAOPX vs. FSHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Credit Opportunities Fund, Inc. (PAOPX) and Fidelity Series High Income Fund (FSHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAOPX achieves a 1.75% return, which is significantly lower than FSHNX's 3.22% return. Over the past 10 years, PAOPX has underperformed FSHNX with an annualized return of 5.84%, while FSHNX has yielded a comparatively higher 6.16% annualized return.

PAOPX

• 1D: 0.13%
• 1M: 0.07%
• YTD: 1.75%
• 6M: 2.60%
• 1Y: 6.98%
• 3Y*: 8.62%
• 5Y*: 4.05%
• 10Y*: 5.84%

FSHNX

• 1D: 0.00%
• 1M: 0.43%
• YTD: 3.22%
• 6M: 3.96%
• 1Y: 10.50%
• 3Y*: 10.18%
• 5Y*: 5.12%
• 10Y*: 6.16%

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

PAOPX vs. FSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAOPX T. Rowe Price Credit Opportunities Fund, Inc.	1.75%	8.65%	6.89%	11.99%	-10.61%	6.24%	5.48%	15.69%	-1.68%	6.70%
FSHNX Fidelity Series High Income Fund	3.22%	11.17%	8.75%	11.25%	-11.52%	6.05%	4.57%	15.20%	-2.14%	9.40%

Correlation

The correlation between PAOPX and FSHNX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 2, 2014	0.82

The correlation between PAOPX and FSHNX shifts across timeframes, from 0.66 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PAOPX vs. FSHNX — Risk / Return Rank

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

PAOPX

PAOPX Risk / Return Rank: 82
PAOPX Sharpe Ratio Rank: 68
PAOPX Sortino Ratio Rank: 89
PAOPX Omega Ratio Rank: 85
PAOPX Calmar Ratio Rank: 80
PAOPX Martin Ratio Rank: 90

FSHNX

FSHNX Risk / Return Rank: 95
FSHNX Sharpe Ratio Rank: 93
FSHNX Sortino Ratio Rank: 97
FSHNX Omega Ratio Rank: 95
FSHNX Calmar Ratio Rank: 93
FSHNX Martin Ratio Rank: 97

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.

PAOPX vs. FSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Credit Opportunities Fund, Inc. (PAOPX) and Fidelity Series High Income Fund (FSHNX). 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.

	PAOPX	FSHNX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	3.17	-0.82
Sortino ratio: Return per unit of downside risk	4.25	5.80	-1.55
Omega ratio: Gain probability vs. loss probability	1.57	1.78	-0.22
Calmar ratio: Return relative to maximum drawdown	3.51	4.96	-1.45
Martin ratio: Return relative to average drawdown	17.09	25.99	-8.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAOPX vs. FSHNX - Sharpe Ratio Comparison

The current PAOPX Sharpe Ratio is 2.35, which is comparable to the FSHNX Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of PAOPX and FSHNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAOPX	FSHNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	3.17	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.97	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.08	1.06	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.00	-0.23

Drawdowns

PAOPX vs. FSHNX - Drawdown Comparison

The maximum PAOPX drawdown since its inception was -23.13%, which is greater than FSHNX's maximum drawdown of -21.98%. Use the drawdown chart below to compare losses from any high point for PAOPX and FSHNX.

Drawdown Indicators

	PAOPX	FSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-23.13%	-21.98%	-1.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-2.13%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-3.86%	-4.05%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-14.41%	-15.32%	+0.91%
Max Drawdown (10Y) Largest decline over 10 years	-23.13%	-21.98%	-1.15%
Current Drawdown Current decline from peak	-0.13%	-0.11%	-0.02%
Average Drawdown Average peak-to-trough decline	-3.29%	-2.42%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.40%	+0.01%

Volatility

PAOPX vs. FSHNX - Volatility Comparison

T. Rowe Price Credit Opportunities Fund, Inc. (PAOPX) and Fidelity Series High Income Fund (FSHNX) have volatilities of 0.92% and 0.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAOPX	FSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.94%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.27%	2.55%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	3.33%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.66%	5.31%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.41%	5.83%	-0.42%

PAOPX vs. FSHNX - Expense Ratio Comparison

PAOPX has a 0.91% expense ratio, which is higher than FSHNX's 0.00% expense ratio.

Dividends

PAOPX vs. FSHNX - Dividend Comparison

PAOPX's dividend yield for the trailing twelve months is around 6.78%, less than FSHNX's 6.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSHNX Fidelity Series High Income Fund	6.97%	7.04%	5.97%	6.21%	4.90%	5.01%	5.57%	6.35%	6.95%	6.03%	6.24%	5.79%
PAOPX T. Rowe Price Credit Opportunities Fund, Inc.	6.78%	6.85%	6.37%	5.67%	4.80%	5.01%	5.29%	6.77%	5.61%	4.85%	5.80%	7.48%

Frequently Asked Questions

Can I hold both PAOPX and FSHNX in my portfolio?

PAOPX and FSHNX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAOPX or FSHNX?

FSHNX has higher volatility (0.94%) compared to PAOPX (0.92%). In terms of maximum drawdown, PAOPX dropped -23.13% vs FSHNX's -21.98%.

Which has better risk-adjusted returns?

FSHNX currently has the higher Sharpe Ratio (3.17 vs 2.35), 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.