SPHIX vs. VWEAX
SPHIX (Fidelity High Income Fund) and VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) are both High Yield Bonds funds. Over the past 10 years, SPHIX returned 5.33%/yr vs 5.28%/yr for VWEAX. Their correlation of 0.81 suggests significant overlap in exposure. SPHIX charges 0.70%/yr vs 0.12%/yr for VWEAX.
Performance
SPHIX vs. VWEAX - Performance Comparison
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Returns By Period
In the year-to-date period, SPHIX achieves a 3.45% return, which is significantly higher than VWEAX's 1.01% return. Both investments have delivered pretty close results over the past 10 years, with SPHIX having a 5.33% annualized return and VWEAX not far behind at 5.28%.
SPHIX
- 1D
- -0.12%
- 1M
- 0.75%
- YTD
- 3.45%
- 6M
- 4.21%
- 1Y
- 9.76%
- 3Y*
- 10.17%
- 5Y*
- 4.19%
- 10Y*
- 5.33%
VWEAX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 1.01%
- 6M
- 1.72%
- 1Y
- 6.34%
- 3Y*
- 8.49%
- 5Y*
- 4.12%
- 10Y*
- 5.28%
SPHIX vs. VWEAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHIX Fidelity High Income Fund | 3.45% | 9.85% | 9.57% | 10.99% | -13.08% | 3.55% | 2.47% | 14.27% | -2.39% | 8.60% |
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares | 1.01% | 9.49% | 6.42% | 11.79% | -8.95% | 3.04% | 5.41% | 15.92% | -2.80% | 7.17% |
Correlation
The correlation between SPHIX and VWEAX is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.81 |
The correlation between SPHIX and VWEAX has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.
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Return for Risk
SPHIX vs. VWEAX — Risk / Return Rank
SPHIX
VWEAX
SPHIX vs. VWEAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity High Income Fund (SPHIX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). 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 | VWEAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.49 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.26 | 2.60 | +1.66 |
| Martin ratioReturn relative to average drawdown | 21.27 | 13.17 | +8.10 |
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Drawdowns
SPHIX vs. VWEAX - Drawdown Comparison
The maximum SPHIX drawdown since its inception was -31.36%, roughly equal to the maximum VWEAX drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for SPHIX and VWEAX.
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Drawdown Indicators
| SPHIX | VWEAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.36% | -30.05% | -1.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.33% | -2.52% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -4.15% | -3.32% | -0.83% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -13.77% | -2.69% |
Max Drawdown (10Y)Largest decline over 10 years | -22.44% | -19.68% | -2.76% |
Current DrawdownCurrent decline from peak | -0.24% | -0.18% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -3.47% | -2.12% | -1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.50% | -0.03% |
Volatility
SPHIX vs. VWEAX - Volatility Comparison
Fidelity High Income Fund (SPHIX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) have volatilities of 0.88% and 0.87%, 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.
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Volatility by Period
| SPHIX | VWEAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.87% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 2.62% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.37% | 3.29% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 4.92% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 5.27% | +0.51% |
SPHIX vs. VWEAX - Expense Ratio Comparison
SPHIX has a 0.70% expense ratio, which is higher than VWEAX's 0.12% expense ratio.
Dividends
SPHIX vs. VWEAX - Dividend Comparison
SPHIX's dividend yield for the trailing twelve months is around 6.38%, which matches VWEAX's 6.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares | 6.37% | 6.25% | 6.20% | 5.79% | 5.21% | 3.49% | 4.71% | 5.33% | 6.07% | 5.39% | 5.51% | 6.53% |
Frequently Asked Questions
SPHIX and VWEAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHIX has higher volatility (0.88%) compared to VWEAX (0.87%). In terms of maximum drawdown, SPHIX dropped -31.36% vs VWEAX's -30.05%.
SPHIX currently has the higher Sharpe Ratio (2.95 vs 2.00), 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.
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