FCIGX vs. FSSNX

Last updated Jun 24, 2026

FCIGX (Fidelity Advisor Small Cap Growth Fund Class I) and FSSNX (Fidelity Small Cap Index Fund) are both mutual funds - FCIGX is a Small Cap Growth Equities fund managed by Fidelity, while FSSNX is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past 10 years, FCIGX returned 15.66%/yr vs 11.85%/yr for FSSNX. Their correlation of 0.94 suggests significant overlap in exposure. FCIGX charges 1.04%/yr vs 0.03%/yr for FSSNX.

Performance

FCIGX vs. FSSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Small Cap Growth Fund Class I (FCIGX) and Fidelity Small Cap Index Fund (FSSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCIGX achieves a 25.22% return, which is significantly higher than FSSNX's 21.76% return. Over the past 10 years, FCIGX has outperformed FSSNX with an annualized return of 15.66%, while FSSNX has yielded a comparatively lower 11.85% annualized return.

FCIGX

• 1D: 1.20%
• 1M: 7.47%
• YTD: 25.22%
• 6M: 21.51%
• 1Y: 44.82%
• 3Y*: 22.81%
• 5Y*: 8.63%
• 10Y*: 15.66%

FSSNX

• 1D: 0.83%
• 1M: 4.84%
• YTD: 21.76%
• 6M: 18.99%
• 1Y: 42.83%
• 3Y*: 19.92%
• 5Y*: 7.03%
• 10Y*: 11.85%

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

FCIGX vs. FSSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCIGX Fidelity Advisor Small Cap Growth Fund Class I	25.22%	11.17%	20.53%	19.01%	-25.35%	10.45%	36.36%	36.31%	-4.57%	28.97%
FSSNX Fidelity Small Cap Index Fund	21.76%	12.94%	11.71%	17.11%	-20.28%	14.70%	19.99%	25.70%	-11.24%	14.54%

Correlation

The correlation between FCIGX and FSSNX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.94

The correlation between FCIGX and FSSNX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

FCIGX vs. FSSNX — Risk / Return Rank

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

FCIGX

FCIGX Risk / Return Rank: 64
FCIGX Sharpe Ratio Rank: 58
FCIGX Sortino Ratio Rank: 51
FCIGX Omega Ratio Rank: 47
FCIGX Calmar Ratio Rank: 81
FCIGX Martin Ratio Rank: 81

FSSNX

FSSNX Risk / Return Rank: 72
FSSNX Sharpe Ratio Rank: 72
FSSNX Sortino Ratio Rank: 65
FSSNX Omega Ratio Rank: 53
FSSNX Calmar Ratio Rank: 88
FSSNX Martin Ratio Rank: 83

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.

FCIGX vs. FSSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Small Cap Growth Fund Class I (FCIGX) and Fidelity Small Cap Index Fund (FSSNX). 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.

	FCIGX	FSSNX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.26	-0.19
Sortino ratio: Return per unit of downside risk	2.76	3.08	-0.32
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	3.51	4.05	-0.55
Martin ratio: Return relative to average drawdown	14.00	14.35	-0.35

FCIGX vs. FSSNX - Sharpe Ratio Comparison

The current FCIGX Sharpe Ratio is 2.07, which is comparable to the FSSNX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of FCIGX and FSSNX, 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

FCIGX vs. FSSNX - Drawdown Comparison

The maximum FCIGX drawdown since its inception was -61.04%, which is greater than FSSNX's maximum drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for FCIGX and FSSNX.

Drawdown Indicators

	FCIGX	FSSNX	Difference
Max Drawdown Largest peak-to-trough decline	-61.04%	-41.72%	-19.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-11.00%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-27.45%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-39.05%	-31.87%	-7.18%
Max Drawdown (10Y) Largest decline over 10 years	-39.05%	-41.72%	+2.67%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.31%	-8.27%	-3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	3.10%	+0.18%

Volatility

FCIGX vs. FSSNX - Volatility Comparison

Fidelity Advisor Small Cap Growth Fund Class I (FCIGX) has a higher volatility of 7.85% compared to Fidelity Small Cap Index Fund (FSSNX) at 6.43%. This indicates that FCIGX's price experiences larger fluctuations and is considered to be riskier than FSSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCIGX	FSSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.85%	6.43%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	17.33%	14.33%	+3.00%
Volatility (1Y) Calculated over the trailing 1-year period	22.25%	19.75%	+2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.67%	22.67%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.94%	23.50%	-0.56%

FCIGX vs. FSSNX - Expense Ratio Comparison

FCIGX has a 1.04% expense ratio, which is higher than FSSNX's 0.03% expense ratio.

Dividends

FCIGX vs. FSSNX - Dividend Comparison

FCIGX's dividend yield for the trailing twelve months is around 5.09%, more than FSSNX's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCIGX Fidelity Advisor Small Cap Growth Fund Class I	5.09%	6.37%	1.36%	0.00%	0.00%	19.19%	8.16%	5.29%	14.29%	6.87%	0.76%	4.32%
FSSNX Fidelity Small Cap Index Fund	0.89%	1.08%	1.04%	1.43%	1.26%	3.92%	0.94%	2.96%	4.94%	3.37%	2.27%	2.66%

Frequently Asked Questions

Can I hold both FCIGX and FSSNX in my portfolio?

With a correlation of 0.94, FCIGX and FSSNX 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, FCIGX or FSSNX?

FCIGX has higher volatility (7.85%) compared to FSSNX (6.43%). In terms of maximum drawdown, FCIGX dropped -61.04% vs FSSNX's -41.72%.

Which has better risk-adjusted returns?

FSSNX currently has the higher Sharpe Ratio (2.26 vs 2.07), 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.