DFMAX vs. FZALX

Last updated Jun 3, 2026

DFMAX (Davidson Multi-Cap Equity Fund) and FZALX (Fidelity Advisor Mega Cap Stock Fund Class Z) are both Large Cap Blend Equities funds. Over the past 10 years, DFMAX returned 13.60%/yr vs 16.75%/yr for FZALX. Their correlation of 0.92 suggests significant overlap in exposure. DFMAX charges 1.15%/yr vs 0.51%/yr for FZALX.

Performance

DFMAX vs. FZALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davidson Multi-Cap Equity Fund (DFMAX) and Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFMAX achieves a 6.86% return, which is significantly lower than FZALX's 10.90% return. Over the past 10 years, DFMAX has underperformed FZALX with an annualized return of 13.60%, while FZALX has yielded a comparatively higher 16.75% annualized return.

DFMAX

• 1D: 0.34%
• 1M: 1.58%
• YTD: 6.86%
• 6M: 7.11%
• 1Y: 18.60%
• 3Y*: 15.39%
• 5Y*: 9.61%
• 10Y*: 13.60%

FZALX

• 1D: 0.41%
• 1M: 3.21%
• YTD: 10.90%
• 6M: 13.34%
• 1Y: 32.73%
• 3Y*: 25.87%
• 5Y*: 16.43%
• 10Y*: 16.75%

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

DFMAX vs. FZALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFMAX Davidson Multi-Cap Equity Fund	6.86%	11.60%	17.28%	17.50%	-13.02%	28.82%	21.99%	36.02%	-4.73%	13.18%
FZALX Fidelity Advisor Mega Cap Stock Fund Class Z	10.90%	27.07%	26.13%	26.63%	-8.89%	26.44%	13.06%	31.25%	-7.31%	18.01%

Correlation

The correlation between DFMAX and FZALX 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	0.89
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 Aug 21, 2013	0.92

The correlation between DFMAX and FZALX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

Return for Risk

DFMAX vs. FZALX — Risk / Return Rank

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

DFMAX

DFMAX Risk / Return Rank: 37
DFMAX Sharpe Ratio Rank: 34
DFMAX Sortino Ratio Rank: 32
DFMAX Omega Ratio Rank: 32
DFMAX Calmar Ratio Rank: 40
DFMAX Martin Ratio Rank: 50

FZALX

FZALX Risk / Return Rank: 83
FZALX Sharpe Ratio Rank: 87
FZALX Sortino Ratio Rank: 82
FZALX Omega Ratio Rank: 78
FZALX Calmar Ratio Rank: 81
FZALX Martin Ratio Rank: 87

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.

DFMAX vs. FZALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davidson Multi-Cap Equity Fund (DFMAX) and Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX). 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.

	DFMAX	FZALX	Difference
Sharpe ratio Return per unit of total volatility	1.68	2.82	-1.14
Sortino ratio Return per unit of downside risk	2.35	3.85	-1.50
Omega ratio Gain probability vs. loss probability	1.30	1.51	-0.21
Calmar ratio Return relative to maximum drawdown	2.40	3.73	-1.33
Martin ratio Return relative to average drawdown	10.26	16.99	-6.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFMAX vs. FZALX - Sharpe Ratio Comparison

The current DFMAX Sharpe Ratio is 1.68, which is lower than the FZALX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of DFMAX and FZALX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFMAX	FZALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	2.82	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.99	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.93	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.86	-0.30

Drawdowns

DFMAX vs. FZALX - Drawdown Comparison

The maximum DFMAX drawdown since its inception was -47.78%, which is greater than FZALX's maximum drawdown of -35.23%. Use the drawdown chart below to compare losses from any high point for DFMAX and FZALX.

Drawdown Indicators

	DFMAX	FZALX	Difference
Max Drawdown Largest peak-to-trough decline	-47.78%	-35.23%	-12.55%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-8.99%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-18.80%	-18.49%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-19.77%	-23.25%	+3.48%
Max Drawdown (10Y) Largest decline over 10 years	-32.36%	-35.23%	+2.87%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.62%	-3.78%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.98%	-0.12%

Volatility

DFMAX vs. FZALX - Volatility Comparison

The current volatility for Davidson Multi-Cap Equity Fund (DFMAX) is 2.37%, while Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX) has a volatility of 2.71%. This indicates that DFMAX experiences smaller price fluctuations and is considered to be less risky than FZALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFMAX	FZALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	2.71%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	9.07%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	11.41%	12.00%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	16.70%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	18.14%	-0.69%

DFMAX vs. FZALX - Expense Ratio Comparison

DFMAX has a 1.15% expense ratio, which is higher than FZALX's 0.51% expense ratio.

Dividends

DFMAX vs. FZALX - Dividend Comparison

DFMAX's dividend yield for the trailing twelve months is around 7.03%, more than FZALX's 3.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFMAX Davidson Multi-Cap Equity Fund	7.03%	7.51%	1.51%	2.12%	11.53%	8.85%	11.84%	13.72%	11.41%	2.90%	4.01%	4.19%
FZALX Fidelity Advisor Mega Cap Stock Fund Class Z	3.64%	4.04%	2.83%	2.17%	4.51%	4.92%	8.14%	13.19%	21.94%	16.56%	2.12%	4.33%

Frequently Asked Questions

Can I hold both DFMAX and FZALX in my portfolio?

DFMAX and FZALX 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, DFMAX or FZALX?

FZALX has higher volatility (2.71%) compared to DFMAX (2.37%). In terms of maximum drawdown, DFMAX dropped -47.78% vs FZALX's -35.23%.

Which has better risk-adjusted returns?

FZALX currently has the higher Sharpe Ratio (2.82 vs 1.68), 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.