The axis of FractionBox[x, y] is taken to go through the fraction line. The baseline lies below the axis by the distance between the axis and the bottom of characters such as ( in the current font.
The width of the fraction line can be given in x heights as the setting for the SpanLineThickness option in StyleBox.
If FractionBox[x, y] does not fit on a single line, it is output as x/y.