FALAX vs. FLCOX

Last updated Jun 5, 2026

FALAX (Fidelity Advisor Large Cap Fund Class A) and FLCOX (Fidelity Large Cap Value Index Fund) are both Large Cap Value Equities funds from Fidelity. Over the past 5 years, FALAX returned 12.02%/yr vs 10.35%/yr for FLCOX. Their correlation of 0.89 suggests significant overlap in exposure. FALAX charges 0.80%/yr vs 0.04%/yr for FLCOX.

Performance

FALAX vs. FLCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Large Cap Fund Class A (FALAX) and Fidelity Large Cap Value Index Fund (FLCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FALAX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 11.80%
• 3Y*: 18.84%
• 5Y*: 12.02%
• 10Y*: 13.87%

FLCOX

• 1D: -0.04%
• 1M: 3.10%
• YTD: 14.20%
• 6M: 14.80%
• 1Y: 28.74%
• 3Y*: 18.58%
• 5Y*: 10.35%
• 10Y*: —

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

FALAX vs. FLCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FALAX Fidelity Advisor Large Cap Fund Class A	0.00%	19.36%	26.05%	23.16%	-8.16%	25.49%	8.56%	31.37%	-8.64%	15.64%
FLCOX Fidelity Large Cap Value Index Fund	14.20%	15.90%	14.38%	11.48%	-7.57%	25.09%	2.87%	26.54%	-8.38%	10.90%

Correlation

The correlation between FALAX and FLCOX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.89

Over the past year, the correlation between FALAX and FLCOX has dropped to 0.42 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

Return for Risk

FALAX vs. FLCOX — Risk / Return Rank

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

FALAX

FALAX Risk / Return Rank: 41
FALAX Sharpe Ratio Rank: 35
FALAX Sortino Ratio Rank: 34
FALAX Omega Ratio Rank: 68
FALAX Calmar Ratio Rank: 50
FALAX Martin Ratio Rank: 17

FLCOX

FLCOX Risk / Return Rank: 81
FLCOX Sharpe Ratio Rank: 80
FLCOX Sortino Ratio Rank: 77
FLCOX Omega Ratio Rank: 71
FLCOX Calmar Ratio Rank: 86
FLCOX Martin Ratio Rank: 89

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.

FALAX vs. FLCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Large Cap Fund Class A (FALAX) and Fidelity Large Cap Value Index Fund (FLCOX). 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.

	FALAX	FLCOX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.63	-0.93
Sortino ratio: Return per unit of downside risk	2.39	3.73	-1.34
Omega ratio: Gain probability vs. loss probability	1.46	1.47	-0.02
Calmar ratio: Return relative to maximum drawdown	2.70	4.17	-1.47
Martin ratio: Return relative to average drawdown	4.58	17.54	-12.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FALAX vs. FLCOX - Sharpe Ratio Comparison

The current FALAX Sharpe Ratio is 1.70, which is lower than the FLCOX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of FALAX and FLCOX, 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

	FALAX	FLCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.63	-0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.70	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.60	-0.14

Drawdowns

FALAX vs. FLCOX - Drawdown Comparison

The maximum FALAX drawdown since its inception was -63.41%, which is greater than FLCOX's maximum drawdown of -38.28%. Use the drawdown chart below to compare losses from any high point for FALAX and FLCOX.

Drawdown Indicators

	FALAX	FLCOX	Difference
Max Drawdown Largest peak-to-trough decline	-63.41%	-38.28%	-25.13%
Max Drawdown (1Y) Largest decline over 1 year	-5.05%	-6.80%	+1.75%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-15.60%	-3.32%
Max Drawdown (5Y) Largest decline over 5 years	-21.62%	-19.00%	-2.62%
Max Drawdown (10Y) Largest decline over 10 years	-37.55%	—	—
Current Drawdown Current decline from peak	-4.19%	-0.04%	-4.15%
Average Drawdown Average peak-to-trough decline	-13.96%	-4.45%	-9.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	1.62%	+1.19%

Volatility

FALAX vs. FLCOX - Volatility Comparison

The current volatility for Fidelity Advisor Large Cap Fund Class A (FALAX) is 0.00%, while Fidelity Large Cap Value Index Fund (FLCOX) has a volatility of 2.97%. This indicates that FALAX experiences smaller price fluctuations and is considered to be less risky than FLCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FALAX	FLCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	2.97%	-2.97%
Volatility (6M) Calculated over the trailing 6-month period	4.10%	8.10%	-4.00%
Volatility (1Y) Calculated over the trailing 1-year period	8.05%	10.80%	-2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.44%	14.83%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.58%	17.63%	+0.95%

FALAX vs. FLCOX - Expense Ratio Comparison

FALAX has a 0.80% expense ratio, which is higher than FLCOX's 0.04% expense ratio.

Dividends

FALAX vs. FLCOX - Dividend Comparison

FALAX's dividend yield for the trailing twelve months is around 6.03%, more than FLCOX's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FALAX Fidelity Advisor Large Cap Fund Class A	6.03%	6.03%	6.33%	3.46%	2.21%	6.69%	5.50%	8.65%	17.32%	6.41%	2.11%	3.02%
FLCOX Fidelity Large Cap Value Index Fund	1.32%	1.51%	1.92%	1.99%	2.01%	1.55%	2.28%	3.82%	2.79%	0.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FALAX and FLCOX in my portfolio?

FALAX and FLCOX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FALAX or FLCOX?

FLCOX has higher volatility (2.97%) compared to FALAX (0.00%). In terms of maximum drawdown, FALAX dropped -63.41% vs FLCOX's -38.28%.

Which has better risk-adjusted returns?

FLCOX currently has the higher Sharpe Ratio (2.63 vs 1.70), 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.