WAHYX vs. FAHYX
WAHYX (Western Asset High Yield Fund) and FAHYX (Fidelity Advisor High Income Advantage Fund Class M) are both High Yield Bonds funds. Over the past 10 years, WAHYX returned 4.91%/yr vs 7.53%/yr for FAHYX. A 0.69 correlation means they provide meaningful diversification when combined. WAHYX charges 0.81%/yr vs 0.99%/yr for FAHYX.
Performance
WAHYX vs. FAHYX - Performance Comparison
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Returns By Period
In the year-to-date period, WAHYX achieves a 1.86% return, which is significantly lower than FAHYX's 6.86% return. Over the past 10 years, WAHYX has underperformed FAHYX with an annualized return of 4.91%, while FAHYX has yielded a comparatively higher 7.53% annualized return.
WAHYX
- 1D
- 0.00%
- 1M
- 0.21%
- 6M
- 1.86%
- YTD
- 1.86%
- 1Y
- 6.31%
- 3Y*
- 8.06%
- 5Y*
- 2.89%
- 10Y*
- 4.91%
FAHYX
- 1D
- -0.60%
- 1M
- -0.62%
- 6M
- 6.86%
- YTD
- 6.86%
- 1Y
- 13.03%
- 3Y*
- 11.42%
- 5Y*
- 5.83%
- 10Y*
- 7.53%
WAHYX vs. FAHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WAHYX Western Asset High Yield Fund | 1.86% | 9.27% | 7.22% | 11.61% | -14.49% | 4.90% | 6.62% | 14.90% | -2.93% | 7.37% |
FAHYX Fidelity Advisor High Income Advantage Fund Class M | 6.86% | 11.75% | 9.24% | 12.04% | -11.37% | 10.74% | 8.70% | 17.41% | -5.36% | 11.37% |
Correlation
The correlation between WAHYX and FAHYX is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2001 | 0.69 |
The correlation between WAHYX and FAHYX shifts across timeframes, from 0.62 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
WAHYX vs. FAHYX — Risk / Return Rank
WAHYX
FAHYX
WAHYX vs. FAHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Yield Fund (WAHYX) and Fidelity Advisor High Income Advantage Fund Class M (FAHYX). 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.
| WAHYX | FAHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.42 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 4.27 | -2.04 |
| Martin ratioReturn relative to average drawdown | 9.98 | 17.00 | -7.02 |
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Drawdowns
WAHYX vs. FAHYX - Drawdown Comparison
The maximum WAHYX drawdown since its inception was -38.56%, smaller than the maximum FAHYX drawdown of -48.37%. Use the drawdown chart below to compare losses from any high point for WAHYX and FAHYX.
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Drawdown Indicators
| WAHYX | FAHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.56% | -48.37% | +9.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -3.13% | +0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -4.10% | -6.95% | +2.85% |
Max Drawdown (5Y)Largest decline over 5 years | -17.87% | -15.35% | -2.52% |
Max Drawdown (10Y)Largest decline over 10 years | -22.84% | -28.51% | +5.67% |
Current DrawdownCurrent decline from peak | 0.00% | -0.84% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -3.61% | -4.50% | +0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 0.78% | -0.15% |
Volatility
WAHYX vs. FAHYX - Volatility Comparison
The current volatility for Western Asset High Yield Fund (WAHYX) is 0.91%, while Fidelity Advisor High Income Advantage Fund Class M (FAHYX) has a volatility of 2.94%. This indicates that WAHYX experiences smaller price fluctuations and is considered to be less risky than FAHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WAHYX | FAHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 2.94% | -2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 5.08% | -2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.39% | 6.07% | -2.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.21% | 6.53% | -1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.73% | 7.65% | -1.92% |
WAHYX vs. FAHYX - Expense Ratio Comparison
WAHYX has a 0.81% expense ratio, which is lower than FAHYX's 0.99% expense ratio.
Dividends
WAHYX vs. FAHYX - Dividend Comparison
WAHYX's dividend yield for the trailing twelve months is around 7.04%, more than FAHYX's 4.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FAHYX Fidelity Advisor High Income Advantage Fund Class M | 4.11% | 4.45% | 3.96% | 4.45% | 6.84% | 4.56% | 3.47% | 4.25% | 5.74% | 4.66% | 5.29% | 4.21% |
WAHYX Western Asset High Yield Fund | 7.04% | 7.51% | 6.49% | 6.76% | 5.65% | 4.05% | 5.18% | 5.45% | 6.21% | 5.49% | 5.74% | 7.36% |
Frequently Asked Questions
WAHYX and FAHYX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAHYX has higher volatility (2.94%) compared to WAHYX (0.91%). In terms of maximum drawdown, WAHYX dropped -38.56% vs FAHYX's -48.37%.
FAHYX currently has the higher Sharpe Ratio (2.20 vs 1.87), 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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