FASPX vs. FCVFX

Last updated Jun 4, 2026

FASPX (Fidelity Advisor Value Strategies Fund Class M) and FCVFX (Fidelity Advisor Value Fund Class C) are both Mid Cap Value Equities funds from Fidelity. Over the past 10 years, FASPX returned 10.60%/yr vs 12.38%/yr for FCVFX. With a 0.97 correlation, they move nearly in lockstep. FASPX charges 1.37%/yr vs 1.90%/yr for FCVFX.

Performance

FASPX vs. FCVFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Value Strategies Fund Class M (FASPX) and Fidelity Advisor Value Fund Class C (FCVFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FASPX achieves a 20.76% return, which is significantly higher than FCVFX's 16.20% return. Over the past 10 years, FASPX has underperformed FCVFX with an annualized return of 10.60%, while FCVFX has yielded a comparatively higher 12.38% annualized return.

FASPX

• 1D: 0.32%
• 1M: 3.43%
• YTD: 20.76%
• 6M: 22.32%
• 1Y: 39.62%
• 3Y*: 13.92%
• 5Y*: 7.82%
• 10Y*: 10.60%

FCVFX

• 1D: 0.29%
• 1M: 3.39%
• YTD: 16.20%
• 6M: 17.37%
• 1Y: 33.21%
• 3Y*: 22.88%
• 5Y*: 11.97%
• 10Y*: 12.38%

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

FASPX vs. FCVFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FASPX Fidelity Advisor Value Strategies Fund Class M	20.76%	7.76%	-2.60%	19.93%	-7.82%	32.65%	7.70%	33.85%	-17.27%	17.34%
FCVFX Fidelity Advisor Value Fund Class C	16.20%	10.14%	24.29%	18.53%	-10.07%	33.72%	8.57%	30.36%	-18.65%	14.05%

Correlation

The correlation between FASPX and FCVFX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Dec 26, 2003	0.97

The correlation between FASPX and FCVFX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

FASPX vs. FCVFX — Risk / Return Rank

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

FASPX

FASPX Risk / Return Rank: 75
FASPX Sharpe Ratio Rank: 74
FASPX Sortino Ratio Rank: 71
FASPX Omega Ratio Rank: 57
FASPX Calmar Ratio Rank: 88
FASPX Martin Ratio Rank: 84

FCVFX

FCVFX Risk / Return Rank: 62
FCVFX Sharpe Ratio Rank: 56
FCVFX Sortino Ratio Rank: 57
FCVFX Omega Ratio Rank: 49
FCVFX Calmar Ratio Rank: 78
FCVFX Martin Ratio Rank: 67

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.

FASPX vs. FCVFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Value Strategies Fund Class M (FASPX) and Fidelity Advisor Value Fund Class C (FCVFX). 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.

	FASPX	FCVFX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.21	+0.28
Sortino ratio: Return per unit of downside risk	3.52	3.18	+0.34
Omega ratio: Gain probability vs. loss probability	1.42	1.38	+0.04
Calmar ratio: Return relative to maximum drawdown	4.30	3.55	+0.75
Martin ratio: Return relative to average drawdown	15.87	13.01	+2.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FASPX vs. FCVFX - Sharpe Ratio Comparison

The current FASPX Sharpe Ratio is 2.49, which is comparable to the FCVFX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of FASPX and FCVFX, 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

	FASPX	FCVFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.21	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.56	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.55	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.42	-0.01

Drawdowns

FASPX vs. FCVFX - Drawdown Comparison

The maximum FASPX drawdown since its inception was -70.11%, which is greater than FCVFX's maximum drawdown of -65.18%. Use the drawdown chart below to compare losses from any high point for FASPX and FCVFX.

Drawdown Indicators

	FASPX	FCVFX	Difference
Max Drawdown Largest peak-to-trough decline	-70.11%	-65.18%	-4.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-9.99%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-34.53%	-21.74%	-12.79%
Max Drawdown (5Y) Largest decline over 5 years	-34.53%	-23.11%	-11.42%
Max Drawdown (10Y) Largest decline over 10 years	-48.02%	-48.67%	+0.65%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.83%	-9.06%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.72%	-0.06%

Volatility

FASPX vs. FCVFX - Volatility Comparison

Fidelity Advisor Value Strategies Fund Class M (FASPX) and Fidelity Advisor Value Fund Class C (FCVFX) have volatilities of 4.27% and 4.17%, 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

	FASPX	FCVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	4.17%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	11.42%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	16.09%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.68%	21.31%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	22.56%	-0.55%

FASPX vs. FCVFX - Expense Ratio Comparison

FASPX has a 1.37% expense ratio, which is lower than FCVFX's 1.90% expense ratio.

Dividends

FASPX vs. FCVFX - Dividend Comparison

FASPX's dividend yield for the trailing twelve months is around 7.72%, more than FCVFX's 7.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FASPX Fidelity Advisor Value Strategies Fund Class M	7.72%	9.32%	0.00%	2.40%	1.93%	7.80%	0.55%	4.98%	15.67%	7.26%	21.61%	0.80%
FCVFX Fidelity Advisor Value Fund Class C	7.07%	8.22%	25.20%	0.12%	0.00%	4.16%	0.00%	2.46%	14.34%	2.34%	0.00%	1.94%

Frequently Asked Questions

Can I hold both FASPX and FCVFX in my portfolio?

With a correlation of 0.99, FASPX and FCVFX 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, FASPX or FCVFX?

FASPX has higher volatility (4.27%) compared to FCVFX (4.17%). In terms of maximum drawdown, FASPX dropped -70.11% vs FCVFX's -65.18%.

Which has better risk-adjusted returns?

FASPX currently has the higher Sharpe Ratio (2.49 vs 2.21), 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.