SPHIX vs. VLT

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity High Income Fund (SPHIX) and Invesco High Income Trust II (VLT).

SPHIX is managed by Fidelity. It was launched on Aug 29, 1990.

Performance

SPHIX vs. VLT - Performance Comparison

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

SPHIX vs. VLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHIX Fidelity High Income Fund	-0.85%	9.85%	9.57%	10.99%	-13.08%	3.55%	2.47%	14.27%	-2.39%	8.60%
VLT Invesco High Income Trust II	-7.22%	13.22%	17.38%	13.12%	-20.82%	14.53%	4.46%	23.60%	-7.97%	10.68%

Returns By Period

In the year-to-date period, SPHIX achieves a -0.85% return, which is significantly higher than VLT's -7.22% return. Over the past 10 years, SPHIX has underperformed VLT with an annualized return of 5.26%, while VLT has yielded a comparatively higher 6.64% annualized return.

SPHIX

• 1D: 0.00%
• 1M: -2.33%
• YTD: -0.85%
• 6M: 0.57%
• 1Y: 8.03%
• 3Y*: 8.81%
• 5Y*: 3.72%
• 10Y*: 5.26%

VLT

• 1D: 2.43%
• 1M: -6.34%
• YTD: -7.22%
• 6M: -5.27%
• 1Y: 5.86%
• 3Y*: 9.89%
• 5Y*: 3.83%
• 10Y*: 6.64%

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

Return for Risk

SPHIX vs. VLT — Risk / Return Rank

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

SPHIX

SPHIX Risk / Return Rank: 93
SPHIX Sharpe Ratio Rank: 94
SPHIX Sortino Ratio Rank: 94
SPHIX Omega Ratio Rank: 94
SPHIX Calmar Ratio Rank: 89
SPHIX Martin Ratio Rank: 91

VLT

VLT Risk / Return Rank: 56
VLT Sharpe Ratio Rank: 61
VLT Sortino Ratio Rank: 48
VLT Omega Ratio Rank: 55
VLT Calmar Ratio Rank: 54
VLT Martin Ratio Rank: 62

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. VLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Income Fund (SPHIX) and Invesco High Income Trust II (VLT). 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.

	SPHIX	VLT	Difference
Sharpe ratio Return per unit of total volatility	2.12	0.52	+1.60
Sortino ratio Return per unit of downside risk	2.97	0.73	+2.24
Omega ratio Gain probability vs. loss probability	1.49	1.13	+0.36
Calmar ratio Return relative to maximum drawdown	2.43	0.53	+1.90
Martin ratio Return relative to average drawdown	10.66	2.10	+8.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHIX vs. VLT - Sharpe Ratio Comparison

The current SPHIX Sharpe Ratio is 2.12, which is higher than the VLT Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of SPHIX and VLT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPHIX	VLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	0.52	+1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.33	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.48	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	0.14	+1.30

Correlation

The correlation between SPHIX and VLT is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPHIX vs. VLT - Dividend Comparison

SPHIX's dividend yield for the trailing twelve months is around 6.01%, less than VLT's 11.26% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHIX Fidelity High Income Fund	6.01%	6.43%	6.10%	5.41%	3.91%	4.07%	4.71%	5.10%	6.02%	5.40%	6.07%	5.59%
VLT Invesco High Income Trust II	11.26%	10.27%	10.55%	11.13%	11.27%	8.06%	8.51%	8.10%	8.44%	7.00%	8.06%	9.71%

Drawdowns

SPHIX vs. VLT - Drawdown Comparison

The maximum SPHIX drawdown since its inception was -31.36%, smaller than the maximum VLT drawdown of -75.78%. Use the drawdown chart below to compare losses from any high point for SPHIX and VLT.

Drawdown Indicators

	SPHIX	VLT	Difference
Max Drawdown Largest peak-to-trough decline	-31.36%	-75.78%	+44.42%
Max Drawdown (1Y) Largest decline over 1 year	-3.31%	-10.55%	+7.24%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-30.46%	+14.00%
Max Drawdown (10Y) Largest decline over 10 years	-22.44%	-42.02%	+19.58%
Current Drawdown Current decline from peak	-2.33%	-8.37%	+6.04%
Average Drawdown Average peak-to-trough decline	-3.49%	-17.01%	+13.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	2.64%	-1.89%

Volatility

SPHIX vs. VLT - Volatility Comparison

The current volatility for Fidelity High Income Fund (SPHIX) is 1.33%, while Invesco High Income Trust II (VLT) has a volatility of 4.39%. This indicates that SPHIX experiences smaller price fluctuations and is considered to be less risky than VLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHIX	VLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	4.39%	-3.06%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	6.20%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	11.26%	-7.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	11.66%	-6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.79%	13.91%	-8.12%