FCDTX vs. SPY

Last updated Jun 4, 2026

FCDTX (Fidelity Advisor Stock Selector Small Cap Fund Class M) and SPY (State Street SPDR S&P 500 ETF) are both funds - FCDTX 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, FCDTX returned 12.23%/yr vs 15.49%/yr for SPY. Their correlation of 0.86 suggests significant overlap in exposure. FCDTX charges 1.46%/yr vs 0.09%/yr for SPY.

Performance

FCDTX 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 M (FCDTX) 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, FCDTX achieves a 15.67% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, FCDTX has underperformed SPY with an annualized return of 12.23%, while SPY has yielded a comparatively higher 15.49% annualized return.

FCDTX

• 1D: 0.83%
• 1M: 0.97%
• YTD: 15.67%
• 6M: 14.22%
• 1Y: 38.18%
• 3Y*: 19.13%
• 5Y*: 9.33%
• 10Y*: 12.23%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

FCDTX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCDTX Fidelity Advisor Stock Selector Small Cap Fund Class M	15.67%	13.73%	13.89%	18.79%	-18.70%	24.02%	21.08%	29.68%	-9.50%	10.97%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FCDTX 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	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 4, 2006	0.86

The correlation between FCDTX 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

FCDTX vs. SPY — Risk / Return Rank

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

FCDTX

FCDTX Risk / Return Rank: 67
FCDTX Sharpe Ratio Rank: 60
FCDTX Sortino Ratio Rank: 59
FCDTX Omega Ratio Rank: 50
FCDTX Calmar Ratio Rank: 85
FCDTX Martin Ratio Rank: 83

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

FCDTX 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 M (FCDTX) 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.

	FCDTX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.28	2.38	-0.10
Sortino ratio Return per unit of downside risk	3.22	3.24	-0.02
Omega ratio Gain probability vs. loss probability	1.39	1.43	-0.04
Calmar ratio Return relative to maximum drawdown	4.03	3.16	+0.87
Martin ratio Return relative to average drawdown	15.67	14.72	+0.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCDTX vs. SPY - Sharpe Ratio Comparison

The current FCDTX Sharpe Ratio is 2.28, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FCDTX 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.

Sharpe Ratios by Period

	FCDTX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.38	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.82	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.87	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.59	-0.26

Drawdowns

FCDTX vs. SPY - Drawdown Comparison

The maximum FCDTX drawdown since its inception was -65.78%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FCDTX and SPY.

Drawdown Indicators

	FCDTX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-65.78%	-55.19%	-10.59%
Max Drawdown (1Y) Largest decline over 1 year	-10.07%	-8.88%	-1.19%
Max Drawdown (3Y) Largest decline over 3 years	-27.56%	-18.76%	-8.80%
Max Drawdown (5Y) Largest decline over 5 years	-30.78%	-24.50%	-6.28%
Max Drawdown (10Y) Largest decline over 10 years	-38.48%	-33.72%	-4.76%
Current Drawdown Current decline from peak	-1.78%	-0.70%	-1.08%
Average Drawdown Average peak-to-trough decline	-12.40%	-9.05%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	1.91%	+0.68%

Volatility

FCDTX vs. SPY - Volatility Comparison

Fidelity Advisor Stock Selector Small Cap Fund Class M (FCDTX) has a higher volatility of 5.23% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that FCDTX'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

	FCDTX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.23%	2.84%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	13.36%	8.90%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.84%	11.83%	+6.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.61%	17.05%	+4.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	17.94%	+3.93%

FCDTX vs. SPY - Expense Ratio Comparison

FCDTX has a 1.46% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FCDTX vs. SPY - Dividend Comparison

FCDTX's dividend yield for the trailing twelve months is around 0.36%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCDTX Fidelity Advisor Stock Selector Small Cap Fund Class M	0.36%	0.42%	2.47%	0.00%	0.04%	11.15%	1.50%	1.91%	23.15%	10.48%	1.20%	6.83%
SPY State Street SPDR S&P 500 ETF	0.98%	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 FCDTX and SPY in my portfolio?

FCDTX 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, FCDTX or SPY?

FCDTX has higher volatility (5.23%) compared to SPY (2.84%). In terms of maximum drawdown, FCDTX dropped -65.78% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.28), 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.