Fund Evaluator:
Fidelity Commodity Strategy (FYHTX)
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Best Performing in Commodities Broad Basket Over the Last Year
| 41.8% | Invesco Balanced-Risk Commodity Strat Y (BRCYX) |
| 39.4% | PGIM Quant Solutions Commodity Strats Z (PQCZX) |
| 37.3% | ALPS/CorCmdty Mgmt CmpltCmdty Strat I (JCRIX) |
| 37.1% | ALPS/CorCmdty Mgmt CmpltCmdty Strat Inv (JCRAX) |
| 35.2% | Cantor Fitzgerald Commodity RetStratPort (CCRSX) |
Fund Details
Fidelity Commodity Strategy Overview
Fidelity Commodity Strategy (FYHTX) is a passively managed Commodities Commodities Broad Basket fund. Fidelity Investments launched the fund in 2017.
The investment seeks to provide investment returns that correspond to the performance of the commodities market. The fund normally invests in commodity-linked derivative instruments, short-term investment-grade debt securities, cash, and cash equivalents. It invests up to 25% of assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands that invests in commodity-linked total return swaps based on the value of commodities or commodities indexes and in other commodity-linked derivative instruments. The fund invests in domestic and foreign issuers.
About Fidelity Commodity Strategy (FYHTX)
There are 3 members of the management team with an average tenure of 7.81 years: Wayne Ryan (2018), Eric Matteson (2017), Ruoyu Wang (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Bloomberg Commodity TR USD index with a weighting of 100%. Fidelity Commodity Strategy has 42 securities in its portfolio. The top 10 holdings constitute 165.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Fidelity Commodity Strategy is part of the Real Assets global asset class and is within the Commodities fund group. Fidelity Commodity Strategy has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Commodity Strategy has -0.1% of the portfolio in cash.
Assets Under Management
The fund has $182 million in total assets, which is below the $481 million average for the Commodities Broad Basket category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FYHTX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Commodity Strategy expense ratio is above average compared to funds in the Commodities Broad Basket category. Fidelity Commodity Strategy has an expense ratio of 0.63%, which is 43% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Fidelity Commodity Strategy. By way of comparison, the average portfolio turnover is 73% for the Commodities Broad Basket category.
Recently, in the month of July 2026, Fidelity Commodity Strategy returned 5.5%, which earned it a grade of F, as the Commodities Broad Basket category had an average return of 6.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Fidelity Commodity Strategy has a trailing yield of 2.52%, which is below the 9.29% category average.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Commodity Strategy Grades
Year to date, the fund has returned 16.4%, 6.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 27.7% over the past year (grade of F), 9.4% over the past three years (grade of F) and 8.4% per year over the past five years (grade of F).
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FYHTX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FYHTX Return (NAV) | 5.5% | -3.7% | 27.7% | 9.4% | 8.4% | na |
| FYHTX Grade | F | B | F | F | F | na |
| +/- Category | -1.4% | 0.7% | -6.5% | -2.7% | -2.3% | na |
| Commodities Broad Basket Avg | 6.9% | -4.4% | 34.2% | 12.1% | 10.7% | 7.8% |
| FYHTX Tax Cost Ratio | na | na | 1.2% | 1.4% | 3.3% | na |
FYHTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FYHTX Return (NAV) | 16.4% | 14.7% | 4.7% | -8.6% | 14.0% | 26.3% | -3.8% | 6.9% | -11.7% | na | na |
| FYHTX Grade | F | D | D | F | C | F | D | D | B | na | na |
| +/- Category | -6.0% | -1.2% | -0.3% | -2.5% | -0.4% | -4.3% | -1.2% | -3.1% | 1.5% | na | na |
| Commodities Broad Basket Avg | 22.4% | 15.9% | 5.0% | -6.1% | 14.4% | 30.6% | -2.7% | 10.0% | -13.2% | 4.6% | 13.5% |
| Risk Measures | |
| Standard Deviation: | 10.9% |
| Total Risk Index: | 0.89 - Average |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (9% Rank) |
| Beta: | 0.77 |
| R-Squared: | 91% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.5% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $182 Mil |
| Fund Total Assets: | $ 183 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.2 years | |||
| Average Tenure: 7.8 years | |||
| Managers (Year): Matteson Eric (2017), Ryan Wayne (2018), Wang Ruoyu (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 42 |
| % in Top 10 Holdings: | 165.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 100.1% |
| Cash: | -0.1% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | May 30, 2017 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.63% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.10% |
| Share Class: | Fidelity Commodity Strategy |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
