FAOFX vs. FCGSX

Last updated Aug 1, 2026

FAOFX (Fidelity Advisor Series Growth Opportunities Fund) and FCGSX (Fidelity Series Growth Company Fund) are both Large Cap Growth Equities funds from Fidelity. Over the past 10 years, FAOFX returned 21.81%/yr vs 23.21%/yr for FCGSX. Their 0.97 correlation means they have historically moved very closely together. Both charge a 0.00% expense ratio.

Performance

FAOFX vs. FCGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Series Growth Opportunities Fund (FAOFX) and Fidelity Series Growth Company Fund (FCGSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAOFX achieves a 8.31% return, which is significantly lower than FCGSX's 15.70% return. Over the past 10 years, FAOFX has underperformed FCGSX with an annualized return of 21.81%, while FCGSX has yielded a comparatively higher 23.21% annualized return.

FAOFX

• 1D: 3.31%
• 1M: -5.89%
• 6M: 9.24%
• YTD: 8.31%
• 1Y: 18.20%
• 3Y*: 24.92%
• 5Y*: 11.25%
• 10Y*: 21.81%
• ALL TIME*: 18.84%

FCGSX

• 1D: 2.90%
• 1M: -4.42%
• 6M: 12.80%
• YTD: 15.70%
• 1Y: 35.19%
• 3Y*: 28.42%
• 5Y*: 16.31%
• 10Y*: 23.21%
• ALL TIME*: 20.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FAOFX Fidelity Advisor Series Growth Opportunities Fund	$0.00	$0.00	$0.00
FCGSX Fidelity Series Growth Company Fund	$0.00	$0.00	$0.00

FAOFX vs. FCGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAOFX Fidelity Advisor Series Growth Opportunities Fund	8.31%	22.32%	39.90%	46.96%	-37.34%	13.29%	68.46%	40.79%	16.47%	35.62%
FCGSX Fidelity Series Growth Company Fund	15.70%	25.52%	38.00%	45.97%	-32.15%	25.13%	70.01%	39.75%	-4.03%	37.69%

Correlation

The correlation between FAOFX and FCGSX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Nov 19, 2013	0.97

The correlation between FAOFX and FCGSX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

FAOFX vs. FCGSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FAOFX

FAOFX Risk / Return Rank: 24
FAOFX Sharpe Ratio Rank: 23
FAOFX Sortino Ratio Rank: 23
FAOFX Omega Ratio Rank: 23
FAOFX Calmar Ratio Rank: 24
FAOFX Martin Ratio Rank: 26

FCGSX

FCGSX Risk / Return Rank: 76
FCGSX Sharpe Ratio Rank: 72
FCGSX Sortino Ratio Rank: 67
FCGSX Omega Ratio Rank: 65
FCGSX Calmar Ratio Rank: 88
FCGSX Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FAOFX vs. FCGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Series Growth Opportunities Fund (FAOFX) and Fidelity Series Growth Company Fund (FCGSX). 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.

	FAOFX	FCGSX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.65	-0.86
Sortino ratio: Return per unit of downside risk	1.19	2.23	-1.04
Omega ratio: Gain probability vs. loss probability	1.15	1.28	-0.13
Calmar ratio: Return relative to maximum drawdown	1.09	3.15	-2.07
Martin ratio: Return relative to average drawdown	3.65	11.58	-7.93

FAOFX vs. FCGSX - Sharpe Ratio Comparison

The current FAOFX Sharpe Ratio is 0.78, which is lower than the FCGSX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of FAOFX and FCGSX, 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

FAOFX vs. FCGSX - Drawdown Comparison

The maximum FAOFX drawdown since its inception was -43.59%, which is greater than FCGSX's maximum drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for FAOFX and FCGSX.

Drawdown Indicators

	FAOFX	FCGSX	Difference
Max Drawdown Largest peak-to-trough decline	-43.59%	-38.77%	-4.82%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-10.42%	-5.06%
Max Drawdown (3Y) Largest decline over 3 years	-26.60%	-26.07%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-43.59%	-38.77%	-4.82%
Max Drawdown (10Y) Largest decline over 10 years	-43.59%	-38.77%	-4.82%
Current Drawdown Current decline from peak	-8.95%	-7.07%	-1.88%
Average Drawdown Average peak-to-trough decline	-8.05%	-6.92%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	2.83%	+1.77%

Volatility

FAOFX vs. FCGSX - Volatility Comparison

Fidelity Advisor Series Growth Opportunities Fund (FAOFX) has a higher volatility of 7.89% compared to Fidelity Series Growth Company Fund (FCGSX) at 6.27%. This indicates that FAOFX's price experiences larger fluctuations and is considered to be riskier than FCGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAOFX	FCGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.89%	6.27%	+1.62%
Volatility (6M) Calculated over the trailing 6-month period	17.83%	15.91%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	21.55%	19.98%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.52%	24.00%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.12%	23.37%	+0.75%

FAOFX vs. FCGSX - Expense Ratio Comparison

FAOFX has a 0.00% expense ratio, which is lower than FCGSX's 0.00% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FAOFX vs. FCGSX - Dividend Comparison

FAOFX's dividend yield for the trailing twelve months is around 14.30%, more than FCGSX's 9.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAOFX Fidelity Advisor Series Growth Opportunities Fund	14.30%	15.49%	8.75%	0.33%	0.54%	30.66%	32.61%	28.66%	24.08%	10.40%	4.35%	11.85%
FCGSX Fidelity Series Growth Company Fund	9.06%	10.48%	12.49%	3.13%	0.61%	38.65%	31.99%	11.06%	13.21%	10.51%	2.44%	0.25%

Frequently Asked Questions

Can I hold both FAOFX and FCGSX in my portfolio?

With a correlation of 0.96, FAOFX and FCGSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FAOFX or FCGSX?

FAOFX has higher volatility (7.89%) compared to FCGSX (6.27%). In terms of maximum drawdown, FAOFX dropped -43.59% vs FCGSX's -38.77%.

Which has better risk-adjusted returns?

FCGSX currently has the higher Sharpe Ratio (1.65 vs 0.78), 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.