SPHIX vs. FHIFX

Last updated Jun 23, 2026

SPHIX (Fidelity High Income Fund) and FHIFX (Fidelity Focused High Income Fund) are both High Yield Bonds funds from Fidelity. Over the past 10 years, SPHIX returned 5.27%/yr vs 4.45%/yr for FHIFX. Their correlation of 0.87 suggests significant overlap in exposure. SPHIX charges 0.70%/yr vs 0.75%/yr for FHIFX.

Performance

SPHIX vs. FHIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity High Income Fund (SPHIX) and Fidelity Focused High Income Fund (FHIFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHIX achieves a 3.57% return, which is significantly higher than FHIFX's 1.73% return. Over the past 10 years, SPHIX has outperformed FHIFX with an annualized return of 5.27%, while FHIFX has yielded a comparatively lower 4.45% annualized return.

SPHIX

• 1D: 0.12%
• 1M: 0.87%
• YTD: 3.57%
• 6M: 4.21%
• 1Y: 10.03%
• 3Y*: 9.87%
• 5Y*: 4.34%
• 10Y*: 5.27%

FHIFX

• 1D: 0.00%
• 1M: 0.70%
• YTD: 1.73%
• 6M: 2.44%
• 1Y: 7.51%
• 3Y*: 7.49%
• 5Y*: 3.02%
• 10Y*: 4.45%

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

SPHIX vs. FHIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHIX Fidelity High Income Fund	3.57%	9.85%	9.57%	10.99%	-13.08%	3.55%	2.47%	14.27%	-2.39%	8.60%
FHIFX Fidelity Focused High Income Fund	1.73%	8.91%	5.23%	10.28%	-11.88%	2.86%	4.51%	15.49%	-2.90%	7.00%

Correlation

The correlation between SPHIX and FHIFX is 0.86, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 9, 2004	0.87

The correlation between SPHIX and FHIFX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

SPHIX vs. FHIFX — Risk / Return Rank

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

SPHIX

SPHIX Risk / Return Rank: 94
SPHIX Sharpe Ratio Rank: 95
SPHIX Sortino Ratio Rank: 96
SPHIX Omega Ratio Rank: 94
SPHIX Calmar Ratio Rank: 90
SPHIX Martin Ratio Rank: 96

FHIFX

FHIFX Risk / Return Rank: 86
FHIFX Sharpe Ratio Rank: 83
FHIFX Sortino Ratio Rank: 93
FHIFX Omega Ratio Rank: 87
FHIFX Calmar Ratio Rank: 78
FHIFX Martin Ratio Rank: 91

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.

SPHIX vs. FHIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Income Fund (SPHIX) and Fidelity Focused High Income Fund (FHIFX). 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.

	SPHIX	FHIFX	Difference
Sharpe ratio: Return per unit of total volatility	3.03	2.50	+0.54
Sortino ratio: Return per unit of downside risk	5.17	4.32	+0.84
Omega ratio: Gain probability vs. loss probability	1.70	1.57	+0.14
Calmar ratio: Return relative to maximum drawdown	4.38	3.36	+1.02
Martin ratio: Return relative to average drawdown	21.87	17.04	+4.83

SPHIX vs. FHIFX - Sharpe Ratio Comparison

The current SPHIX Sharpe Ratio is 3.03, which is comparable to the FHIFX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of SPHIX and FHIFX, 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

SPHIX vs. FHIFX - Drawdown Comparison

The maximum SPHIX drawdown since its inception was -31.36%, which is greater than FHIFX's maximum drawdown of -27.06%. Use the drawdown chart below to compare losses from any high point for SPHIX and FHIFX.

Drawdown Indicators

	SPHIX	FHIFX	Difference
Max Drawdown Largest peak-to-trough decline	-31.36%	-27.06%	-4.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.33%	-2.28%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-4.15%	-3.67%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-15.60%	-0.86%
Max Drawdown (10Y) Largest decline over 10 years	-22.44%	-19.11%	-3.33%
Current Drawdown Current decline from peak	-0.12%	-0.12%	0.00%
Average Drawdown Average peak-to-trough decline	-3.47%	-2.38%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.45%	+0.02%

Volatility

SPHIX vs. FHIFX - Volatility Comparison

Fidelity High Income Fund (SPHIX) has a higher volatility of 0.92% compared to Fidelity Focused High Income Fund (FHIFX) at 0.87%. This indicates that SPHIX's price experiences larger fluctuations and is considered to be riskier than FHIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHIX	FHIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.87%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.63%	2.44%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	3.07%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	4.85%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	5.14%	+0.64%

SPHIX vs. FHIFX - Expense Ratio Comparison

SPHIX has a 0.70% expense ratio, which is lower than FHIFX's 0.75% expense ratio.

Dividends

SPHIX vs. FHIFX - Dividend Comparison

SPHIX's dividend yield for the trailing twelve months is around 6.38%, more than FHIFX's 5.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHIFX Fidelity Focused High Income Fund	5.77%	5.54%	4.09%	4.36%	3.43%	3.37%	3.81%	4.27%	5.00%	4.19%	4.84%	4.44%
SPHIX Fidelity High Income Fund	6.38%	6.43%	6.10%	5.41%	3.91%	4.07%	4.71%	5.10%	6.02%	5.40%	6.07%	5.59%

Frequently Asked Questions

Can I hold both SPHIX and FHIFX in my portfolio?

SPHIX and FHIFX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHIX or FHIFX?

SPHIX has higher volatility (0.92%) compared to FHIFX (0.87%). In terms of maximum drawdown, SPHIX dropped -31.36% vs FHIFX's -27.06%.

Which has better risk-adjusted returns?

SPHIX currently has the higher Sharpe Ratio (3.03 vs 2.50), 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.