ARGFX vs. FSLSX

Last updated Jun 26, 2026

ARGFX (Ariel Fund) and FSLSX (Fidelity Value Strategies Fund) are both Mid Cap Value Equities funds. Over the past 10 years, ARGFX returned 10.68%/yr vs 12.13%/yr for FSLSX. Their correlation of 0.82 suggests significant overlap in exposure. ARGFX charges 1.00%/yr vs 0.86%/yr for FSLSX.

Performance

ARGFX vs. FSLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ariel Fund (ARGFX) and Fidelity Value Strategies Fund (FSLSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARGFX achieves a 8.48% return, which is significantly lower than FSLSX's 23.71% return. Over the past 10 years, ARGFX has underperformed FSLSX with an annualized return of 10.68%, while FSLSX has yielded a comparatively higher 12.13% annualized return.

ARGFX

• 1D: 1.16%
• 1M: 4.53%
• YTD: 8.48%
• 6M: 7.16%
• 1Y: 28.30%
• 3Y*: 14.86%
• 5Y*: 5.90%
• 10Y*: 10.68%

FSLSX

• 1D: 0.79%
• 1M: 2.82%
• YTD: 23.71%
• 6M: 12.78%
• 1Y: 29.52%
• 3Y*: 16.69%
• 5Y*: 9.90%
• 10Y*: 12.13%

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

ARGFX vs. FSLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARGFX Ariel Fund	8.48%	14.08%	11.56%	15.78%	-18.68%	30.29%	10.05%	24.64%	-13.59%	15.99%
FSLSX Fidelity Value Strategies Fund	23.71%	0.24%	9.25%	20.54%	-7.37%	33.32%	8.24%	34.54%	-16.90%	17.49%

Correlation

The correlation between ARGFX and FSLSX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 29, 1986	0.82

The correlation between ARGFX and FSLSX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

ARGFX vs. FSLSX — Risk / Return Rank

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

ARGFX

ARGFX Risk / Return Rank: 37
ARGFX Sharpe Ratio Rank: 35
ARGFX Sortino Ratio Rank: 38
ARGFX Omega Ratio Rank: 32
ARGFX Calmar Ratio Rank: 44
ARGFX Martin Ratio Rank: 34

FSLSX

FSLSX Risk / Return Rank: 47
FSLSX Sharpe Ratio Rank: 37
FSLSX Sortino Ratio Rank: 33
FSLSX Omega Ratio Rank: 38
FSLSX Calmar Ratio Rank: 74
FSLSX Martin Ratio Rank: 54

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.

ARGFX vs. FSLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ariel Fund (ARGFX) and Fidelity Value Strategies Fund (FSLSX). 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.

	ARGFX	FSLSX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.50	-0.05
Sortino ratio: Return per unit of downside risk	2.18	2.03	+0.14
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	2.23	2.92	-0.69
Martin ratio: Return relative to average drawdown	6.53	9.51	-2.98

ARGFX vs. FSLSX - Sharpe Ratio Comparison

The current ARGFX Sharpe Ratio is 1.45, which is comparable to the FSLSX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of ARGFX and FSLSX, 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

ARGFX vs. FSLSX - Drawdown Comparison

The maximum ARGFX drawdown since its inception was -71.02%, roughly equal to the maximum FSLSX drawdown of -69.87%. Use the drawdown chart below to compare losses from any high point for ARGFX and FSLSX.

Drawdown Indicators

	ARGFX	FSLSX	Difference
Max Drawdown Largest peak-to-trough decline	-71.02%	-69.87%	-1.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.36%	-9.79%	-2.57%
Max Drawdown (3Y) Largest decline over 3 years	-28.07%	-26.81%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-33.00%	-26.81%	-6.19%
Max Drawdown (10Y) Largest decline over 10 years	-45.29%	-47.98%	+2.69%
Current Drawdown Current decline from peak	-0.25%	-0.78%	+0.53%
Average Drawdown Average peak-to-trough decline	-8.45%	-8.26%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	3.00%	+1.21%

Volatility

ARGFX vs. FSLSX - Volatility Comparison

Ariel Fund (ARGFX) and Fidelity Value Strategies Fund (FSLSX) have volatilities of 5.19% and 5.14%, 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.

Volatility by Period

	ARGFX	FSLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	5.14%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	14.86%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	19.07%	19.11%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.47%	20.52%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.76%	21.91%	+0.85%

ARGFX vs. FSLSX - Expense Ratio Comparison

ARGFX has a 1.00% expense ratio, which is higher than FSLSX's 0.86% expense ratio.

Dividends

ARGFX vs. FSLSX - Dividend Comparison

ARGFX's dividend yield for the trailing twelve months is around 10.88%, while FSLSX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARGFX Ariel Fund	10.88%	11.80%	5.49%	5.09%	9.01%	5.56%	5.33%	5.81%	10.35%	6.30%	6.56%	16.28%
FSLSX Fidelity Value Strategies Fund	0.00%	0.00%	10.41%	2.49%	2.13%	7.29%	0.84%	4.84%	14.59%	6.57%	19.71%	1.26%

Frequently Asked Questions

Can I hold both ARGFX and FSLSX in my portfolio?

ARGFX and FSLSX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARGFX or FSLSX?

ARGFX has higher volatility (5.19%) compared to FSLSX (5.14%). In terms of maximum drawdown, ARGFX dropped -71.02% vs FSLSX's -69.87%.

Which has better risk-adjusted returns?

FSLSX currently has the higher Sharpe Ratio (1.50 vs 1.45), 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.