FCDAX vs. SPY

Last updated Jun 23, 2026

FCDAX (Fidelity Advisor Stock Selector Small Cap Fund Class A) and SPY (State Street SPDR S&P 500 ETF) are both funds - FCDAX is a Small Cap Blend Equities fund managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FCDAX returned 13.03%/yr vs 15.70%/yr for SPY. Their correlation of 0.86 suggests significant overlap in exposure. FCDAX charges 1.19%/yr vs 0.09%/yr for SPY.

Performance

FCDAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Stock Selector Small Cap Fund Class A (FCDAX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCDAX achieves a 19.52% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, FCDAX has underperformed SPY with an annualized return of 13.03%, while SPY has yielded a comparatively higher 15.70% annualized return.

FCDAX

• 1D: 1.77%
• 1M: 3.81%
• YTD: 19.52%
• 6M: 16.38%
• 1Y: 41.75%
• 3Y*: 19.84%
• 5Y*: 10.78%
• 10Y*: 13.03%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

FCDAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCDAX Fidelity Advisor Stock Selector Small Cap Fund Class A	19.52%	14.04%	14.16%	19.09%	-18.47%	24.38%	21.39%	30.05%	-9.16%	11.34%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FCDAX and SPY is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 3, 2006	0.86

The correlation between FCDAX and SPY shifts across timeframes, from 0.76 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FCDAX vs. SPY — Risk / Return Rank

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

FCDAX

FCDAX Risk / Return Rank: 76
FCDAX Sharpe Ratio Rank: 73
FCDAX Sortino Ratio Rank: 72
FCDAX Omega Ratio Rank: 59
FCDAX Calmar Ratio Rank: 89
FCDAX Martin Ratio Rank: 89

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

FCDAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Stock Selector Small Cap Fund Class A (FCDAX) and State Street SPDR S&P 500 ETF (SPY). 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.

	FCDAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.16	+0.13
Sortino ratio: Return per unit of downside risk	3.21	2.91	+0.30
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	4.19	3.01	+1.17
Martin ratio: Return relative to average drawdown	16.11	13.54	+2.57

FCDAX vs. SPY - Sharpe Ratio Comparison

The current FCDAX Sharpe Ratio is 2.29, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FCDAX and SPY, 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

FCDAX vs. SPY - Drawdown Comparison

The maximum FCDAX drawdown since its inception was -65.62%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FCDAX and SPY.

Drawdown Indicators

	FCDAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-65.62%	-55.19%	-10.43%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-8.88%	-1.17%
Max Drawdown (3Y) Largest decline over 3 years	-27.50%	-18.76%	-8.74%
Max Drawdown (5Y) Largest decline over 5 years	-30.67%	-24.50%	-6.17%
Max Drawdown (10Y) Largest decline over 10 years	-38.46%	-33.72%	-4.74%
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-12.11%	-9.04%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	1.97%	+0.64%

Volatility

FCDAX vs. SPY - Volatility Comparison

Fidelity Advisor Stock Selector Small Cap Fund Class A (FCDAX) has a higher volatility of 6.41% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that FCDAX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCDAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	4.64%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	9.75%	+4.28%
Volatility (1Y) Calculated over the trailing 1-year period	18.40%	12.43%	+5.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.67%	17.14%	+4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.91%	17.99%	+3.92%

FCDAX vs. SPY - Expense Ratio Comparison

FCDAX has a 1.19% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FCDAX vs. SPY - Dividend Comparison

FCDAX's dividend yield for the trailing twelve months is around 0.37%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCDAX Fidelity Advisor Stock Selector Small Cap Fund Class A	0.37%	0.44%	2.61%	0.02%	0.08%	10.93%	1.44%	1.96%	22.71%	10.34%	1.43%	6.93%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FCDAX and SPY in my portfolio?

FCDAX and SPY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCDAX or SPY?

FCDAX has higher volatility (6.41%) compared to SPY (4.64%). In terms of maximum drawdown, FCDAX dropped -65.62% vs SPY's -55.19%.

Which has better risk-adjusted returns?

FCDAX currently has the higher Sharpe Ratio (2.29 vs 2.16), 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.