PMEFX vs. FSRRX

Last updated Jul 31, 2026

PMEFX (Penn Mutual AM 1847 Income Fund) and FSRRX (Fidelity Strategic Real Return Fund) are both Diversified Portfolio funds. Over the past 5 years, PMEFX returned 2.89%/yr vs 5.82%/yr for FSRRX. Their 0.66 correlation means they have sometimes moved together and sometimes differently. PMEFX charges 0.65%/yr vs 0.70%/yr for FSRRX.

Performance

PMEFX vs. FSRRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Penn Mutual AM 1847 Income Fund (PMEFX) and Fidelity Strategic Real Return Fund (FSRRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PMEFX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: -3.78%
• 3Y*: 4.63%
• 5Y*: 2.89%
• 10Y*: —
• ALL TIME*: 5.31%

FSRRX

• 1D: 0.21%
• 1M: 2.27%
• 6M: 3.47%
• YTD: 8.37%
• 1Y: 14.09%
• 3Y*: 8.73%
• 5Y*: 5.82%
• 10Y*: 5.44%
• ALL TIME*: 4.03%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSRRX Fidelity Strategic Real Return Fund	$0.00	$0.00	$0.00
PMEFX Penn Mutual AM 1847 Income Fund	$0.00	$0.00	$0.00

PMEFX vs. FSRRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PMEFX Penn Mutual AM 1847 Income Fund	0.00%	1.11%	9.80%	9.80%	-4.30%	9.78%	6.47%
FSRRX Fidelity Strategic Real Return Fund	8.37%	10.45%	5.84%	4.59%	-3.34%	15.84%	7.84%

Correlation

The correlation between PMEFX and FSRRX is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (All Time) Calculated using the full available price history since Jul 31, 2020	0.66

Over the past year, the correlation between PMEFX and FSRRX has dropped to 0.18 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

PMEFX vs. FSRRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PMEFX

PMEFX Risk / Return Rank: 1
PMEFX Sharpe Ratio Rank: 1
PMEFX Sortino Ratio Rank: 1
PMEFX Omega Ratio Rank: 0
PMEFX Calmar Ratio Rank: 0
PMEFX Martin Ratio Rank: 2

FSRRX

FSRRX Risk / Return Rank: 93
FSRRX Sharpe Ratio Rank: 96
FSRRX Sortino Ratio Rank: 92
FSRRX Omega Ratio Rank: 91
FSRRX Calmar Ratio Rank: 93
FSRRX Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PMEFX vs. FSRRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn Mutual AM 1847 Income Fund (PMEFX) and Fidelity Strategic Real Return Fund (FSRRX). 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.

	PMEFX	FSRRX	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	2.73	-3.37
Sortino ratio: Return per unit of downside risk	-0.65	3.73	-4.38
Omega ratio: Gain probability vs. loss probability	0.68	1.52	-0.84
Calmar ratio: Return relative to maximum drawdown	-0.67	3.91	-4.58
Martin ratio: Return relative to average drawdown	-0.83	14.01	-14.84

PMEFX vs. FSRRX - Sharpe Ratio Comparison

The current PMEFX Sharpe Ratio is -0.64, which is lower than the FSRRX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of PMEFX and FSRRX, 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

PMEFX vs. FSRRX - Drawdown Comparison

The maximum PMEFX drawdown since its inception was -13.27%, smaller than the maximum FSRRX drawdown of -33.42%. Use the drawdown chart below to compare losses from any high point for PMEFX and FSRRX.

Drawdown Indicators

	PMEFX	FSRRX	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-33.42%	+20.15%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-3.42%	-3.77%
Max Drawdown (3Y) Largest decline over 3 years	-10.04%	-5.80%	-4.24%
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	-12.78%	+0.66%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.93%	—
Current Drawdown Current decline from peak	-7.19%	-1.01%	-6.18%
Average Drawdown Average peak-to-trough decline	-3.19%	-4.20%	+1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.30%	0.97%	+4.33%

Volatility

PMEFX vs. FSRRX - Volatility Comparison

The current volatility for Penn Mutual AM 1847 Income Fund (PMEFX) is 0.00%, while Fidelity Strategic Real Return Fund (FSRRX) has a volatility of 1.27%. This indicates that PMEFX experiences smaller price fluctuations and is considered to be less risky than FSRRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMEFX	FSRRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	1.27%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	0.00%	3.78%	-3.78%
Volatility (1Y) Calculated over the trailing 1-year period	7.48%	4.92%	+2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	6.87%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.61%	6.72%	+0.89%

PMEFX vs. FSRRX - Expense Ratio Comparison

PMEFX has a 0.65% expense ratio, which is lower than FSRRX's 0.70% expense ratio.

Dividends

PMEFX vs. FSRRX - Dividend Comparison

PMEFX's dividend yield for the trailing twelve months is around 5.89%, more than FSRRX's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRRX Fidelity Strategic Real Return Fund	4.58%	4.68%	4.82%	5.29%	7.31%	5.35%	2.25%	3.05%	9.39%	1.57%	2.34%	1.75%
PMEFX Penn Mutual AM 1847 Income Fund	5.89%	8.73%	6.16%	4.41%	3.25%	13.55%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMEFX and FSRRX in my portfolio?

PMEFX and FSRRX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMEFX or FSRRX?

FSRRX has higher volatility (1.27%) compared to PMEFX (0.00%). In terms of maximum drawdown, PMEFX dropped -13.27% vs FSRRX's -33.42%.

Which has better risk-adjusted returns?

FSRRX currently has the higher Sharpe Ratio (2.73 vs -0.64), 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.