THYUX vs. FIQTX

Last updated Jul 3, 2026

THYUX (Morgan Stanley Pathway Funds High Yield Fund) and FIQTX (Fidelity Advisor High Income Advantage Fund Class Z) are both High Yield Bonds funds. Over the past 5 years, THYUX returned 2.88%/yr vs 6.35%/yr for FIQTX. A 0.65 correlation means they provide meaningful diversification when combined. THYUX charges 0.76%/yr vs 0.64%/yr for FIQTX.

Performance

THYUX vs. FIQTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Pathway Funds High Yield Fund (THYUX) and Fidelity Advisor High Income Advantage Fund Class Z (FIQTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THYUX achieves a 1.91% return, which is significantly lower than FIQTX's 7.10% return.

THYUX

• 1D: 0.00%
• 1M: 0.22%
• 6M: 1.91%
• YTD: 1.91%
• 1Y: 3.26%
• 3Y*: 7.24%
• 5Y*: 2.88%
• 10Y*: 4.42%

FIQTX

• 1D: -0.56%
• 1M: -0.50%
• 6M: 7.10%
• YTD: 7.10%
• 1Y: 13.42%
• 3Y*: 12.10%
• 5Y*: 6.35%
• 10Y*: —

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

THYUX vs. FIQTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
THYUX Morgan Stanley Pathway Funds High Yield Fund	1.91%	4.96%	7.43%	12.70%	-12.01%	4.45%	2.02%	14.10%	-4.65%
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	7.10%	12.17%	10.38%	12.37%	-11.16%	11.13%	9.06%	17.93%	-6.84%

Correlation

The correlation between THYUX and FIQTX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.65

Over the past year, the correlation between THYUX and FIQTX has dropped to 0.40 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

THYUX vs. FIQTX — Risk / Return Rank

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

THYUX

THYUX Risk / Return Rank: 32
THYUX Sharpe Ratio Rank: 25
THYUX Sortino Ratio Rank: 24
THYUX Omega Ratio Rank: 37
THYUX Calmar Ratio Rank: 38
THYUX Martin Ratio Rank: 36

FIQTX

FIQTX Risk / Return Rank: 86
FIQTX Sharpe Ratio Rank: 82
FIQTX Sortino Ratio Rank: 81
FIQTX Omega Ratio Rank: 81
FIQTX Calmar Ratio Rank: 93
FIQTX Martin Ratio Rank: 95

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.

THYUX vs. FIQTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds High Yield Fund (THYUX) and Fidelity Advisor High Income Advantage Fund Class Z (FIQTX). 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.

	THYUX	FIQTX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	2.26	-1.18
Sortino ratio: Return per unit of downside risk	1.55	3.20	-1.66
Omega ratio: Gain probability vs. loss probability	1.25	1.43	-0.18
Calmar ratio: Return relative to maximum drawdown	1.89	4.41	-2.52
Martin ratio: Return relative to average drawdown	6.38	17.63	-11.25

THYUX vs. FIQTX - Sharpe Ratio Comparison

The current THYUX Sharpe Ratio is 1.08, which is lower than the FIQTX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of THYUX and FIQTX, 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

THYUX vs. FIQTX - Drawdown Comparison

The maximum THYUX drawdown since its inception was -35.28%, which is greater than FIQTX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for THYUX and FIQTX.

Drawdown Indicators

	THYUX	FIQTX	Difference
Max Drawdown Largest peak-to-trough decline	-35.28%	-28.49%	-6.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-3.12%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-4.72%	-6.96%	+2.24%
Max Drawdown (5Y) Largest decline over 5 years	-15.49%	-15.16%	-0.33%
Max Drawdown (10Y) Largest decline over 10 years	-21.20%	—	—
Current Drawdown Current decline from peak	-0.09%	-0.82%	+0.73%
Average Drawdown Average peak-to-trough decline	-4.67%	-3.27%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.78%	-0.19%

Volatility

THYUX vs. FIQTX - Volatility Comparison

The current volatility for Morgan Stanley Pathway Funds High Yield Fund (THYUX) is 0.81%, while Fidelity Advisor High Income Advantage Fund Class Z (FIQTX) has a volatility of 2.92%. This indicates that THYUX experiences smaller price fluctuations and is considered to be less risky than FIQTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THYUX	FIQTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	2.92%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	5.12%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	6.10%	-2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.24%	6.51%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.46%	8.38%	-2.92%

THYUX vs. FIQTX - Expense Ratio Comparison

THYUX has a 0.76% expense ratio, which is higher than FIQTX's 0.64% expense ratio.

Dividends

THYUX vs. FIQTX - Dividend Comparison

THYUX's dividend yield for the trailing twelve months is around 4.79%, more than FIQTX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQTX Fidelity Advisor High Income Advantage Fund Class Z	4.48%	4.83%	5.06%	4.79%	7.43%	5.01%	3.80%	4.61%	2.54%	0.00%	0.00%	0.00%
THYUX Morgan Stanley Pathway Funds High Yield Fund	4.79%	4.24%	7.54%	6.35%	6.62%	4.93%	4.22%	5.20%	6.43%	6.04%	6.21%	7.43%

Frequently Asked Questions

Can I hold both THYUX and FIQTX in my portfolio?

THYUX and FIQTX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THYUX or FIQTX?

FIQTX has higher volatility (2.92%) compared to THYUX (0.81%). In terms of maximum drawdown, THYUX dropped -35.28% vs FIQTX's -28.49%.

Which has better risk-adjusted returns?

FIQTX currently has the higher Sharpe Ratio (2.26 vs 1.08), 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.