FASPX vs. FVCSX

Last updated Jun 24, 2026

FASPX (Fidelity Advisor Value Strategies Fund Class M) and FVCSX (Fidelity Advisor Value Strategies Fund Class C) are both Mid Cap Value Equities funds from Fidelity. Over the past 10 years, FASPX returned 11.34%/yr vs 10.40%/yr for FVCSX. Their correlation of 0.88 suggests significant overlap in exposure. FASPX charges 1.37%/yr vs 1.92%/yr for FVCSX.

Performance

FASPX vs. FVCSX - 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 Strategies Fund Class C (FVCSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FASPX having a 23.85% return and FVCSX slightly lower at 23.56%. Over the past 10 years, FASPX has outperformed FVCSX with an annualized return of 11.34%, while FVCSX has yielded a comparatively lower 10.40% annualized return.

FASPX

• 1D: 0.07%
• 1M: 4.47%
• YTD: 23.85%
• 6M: 22.48%
• 1Y: 40.27%
• 3Y*: 15.00%
• 5Y*: 9.12%
• 10Y*: 11.34%

FVCSX

• 1D: 0.08%
• 1M: 4.43%
• YTD: 23.56%
• 6M: 22.18%
• 1Y: 39.56%
• 3Y*: 12.99%
• 5Y*: 7.74%
• 10Y*: 10.40%

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

FASPX vs. FVCSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FASPX Fidelity Advisor Value Strategies Fund Class M	23.85%	7.76%	-2.60%	19.93%	-7.82%	32.65%	7.70%	33.85%	-17.27%	17.34%
FVCSX Fidelity Advisor Value Strategies Fund Class C	23.56%	7.23%	-6.69%	19.32%	-8.35%	31.94%	7.10%	33.09%	-17.58%	16.92%

Correlation

The correlation between FASPX and FVCSX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 31, 1993	0.88

The correlation between FASPX and FVCSX shifts across timeframes, from 0.88 (all time) to 1.00 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FASPX vs. FVCSX — Risk / Return Rank

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

FASPX

FASPX Risk / Return Rank: 79
FASPX Sharpe Ratio Rank: 78
FASPX Sortino Ratio Rank: 77
FASPX Omega Ratio Rank: 63
FASPX Calmar Ratio Rank: 89
FASPX Martin Ratio Rank: 87

FVCSX

FVCSX Risk / Return Rank: 77
FVCSX Sharpe Ratio Rank: 76
FVCSX Sortino Ratio Rank: 75
FVCSX Omega Ratio Rank: 61
FVCSX Calmar Ratio Rank: 88
FVCSX Martin Ratio Rank: 86

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. FVCSX - 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 Strategies Fund Class C (FVCSX). 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.

	FASPX	FVCSX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.34	+0.04
Sortino ratio: Return per unit of downside risk	3.36	3.31	+0.05
Omega ratio: Gain probability vs. loss probability	1.40	1.40	+0.01
Calmar ratio: Return relative to maximum drawdown	4.20	4.10	+0.09
Martin ratio: Return relative to average drawdown	15.44	15.09	+0.35

FASPX vs. FVCSX - Sharpe Ratio Comparison

The current FASPX Sharpe Ratio is 2.39, which is comparable to the FVCSX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FASPX and FVCSX, 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

FASPX vs. FVCSX - Drawdown Comparison

The maximum FASPX drawdown since its inception was -70.11%, roughly equal to the maximum FVCSX drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for FASPX and FVCSX.

Drawdown Indicators

	FASPX	FVCSX	Difference
Max Drawdown Largest peak-to-trough decline	-70.11%	-70.38%	+0.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-9.89%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-34.53%	-37.07%	+2.54%
Max Drawdown (5Y) Largest decline over 5 years	-34.53%	-37.07%	+2.54%
Max Drawdown (10Y) Largest decline over 10 years	-48.02%	-48.07%	+0.05%
Current Drawdown Current decline from peak	-0.42%	-0.43%	+0.01%
Average Drawdown Average peak-to-trough decline	-9.82%	-11.17%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.68%	-0.01%

Volatility

FASPX vs. FVCSX - Volatility Comparison

Fidelity Advisor Value Strategies Fund Class M (FASPX) and Fidelity Advisor Value Strategies Fund Class C (FVCSX) have volatilities of 4.93% and 4.94%, 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	FVCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	4.94%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	12.29%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.35%	17.34%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.70%	21.07%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.04%	22.22%	-0.18%

FASPX vs. FVCSX - Expense Ratio Comparison

FASPX has a 1.37% expense ratio, which is lower than FVCSX's 1.92% expense ratio.

Dividends

FASPX vs. FVCSX - Dividend Comparison

FASPX's dividend yield for the trailing twelve months is around 7.53%, less than FVCSX's 10.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FASPX Fidelity Advisor Value Strategies Fund Class M	7.53%	9.32%	0.00%	2.40%	1.93%	7.80%	0.55%	4.98%	15.67%	7.26%	21.61%	0.80%
FVCSX Fidelity Advisor Value Strategies Fund Class C	10.58%	13.08%	0.00%	2.96%	2.23%	9.80%	0.33%	5.50%	18.83%	8.78%	25.66%	0.43%

Frequently Asked Questions

Can I hold both FASPX and FVCSX in my portfolio?

With a correlation of 1.00, FASPX and FVCSX 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 FVCSX?

FVCSX has higher volatility (4.94%) compared to FASPX (4.93%). In terms of maximum drawdown, FASPX dropped -70.11% vs FVCSX's -70.38%.

Which has better risk-adjusted returns?

FASPX currently has the higher Sharpe Ratio (2.38 vs 2.34), 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.