FCIGX vs. FZIPX

Last updated Jun 24, 2026

FCIGX (Fidelity Advisor Small Cap Growth Fund Class I) and FZIPX (Fidelity ZERO Extended Market Index Fund) are both mutual funds - FCIGX is a Small Cap Growth Equities fund managed by Fidelity, while FZIPX is a Mid Cap Blend Equities fund tracking the Fidelity U.S. Extended Investable Market Index. Over the past 5 years, FCIGX returned 8.63%/yr vs 7.94%/yr for FZIPX. Their correlation of 0.93 suggests significant overlap in exposure. FCIGX charges 1.04%/yr vs 0.00%/yr for FZIPX.

Performance

FCIGX vs. FZIPX - 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 ZERO Extended Market Index Fund (FZIPX). 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 FZIPX's 17.32% 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%

FZIPX

• 1D: 0.17%
• 1M: 3.20%
• YTD: 17.32%
• 6M: 14.89%
• 1Y: 33.66%
• 3Y*: 18.74%
• 5Y*: 7.94%
• 10Y*: —

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

FCIGX vs. FZIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%	-22.57%
FZIPX Fidelity ZERO Extended Market Index Fund	17.32%	12.51%	12.39%	18.13%	-18.01%	21.31%	16.64%	26.50%	-17.57%

Correlation

The correlation between FCIGX and FZIPX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.93

The correlation between FCIGX and FZIPX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

FCIGX vs. FZIPX — 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

FZIPX

FZIPX Risk / Return Rank: 64
FZIPX Sharpe Ratio Rank: 55
FZIPX Sortino Ratio Rank: 53
FZIPX Omega Ratio Rank: 46
FZIPX Calmar Ratio Rank: 83
FZIPX Martin Ratio Rank: 80

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. FZIPX - 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 ZERO Extended Market Index Fund (FZIPX). 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	FZIPX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.01	+0.06
Sortino ratio: Return per unit of downside risk	2.76	2.82	-0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	3.51	3.65	-0.15
Martin ratio: Return relative to average drawdown	14.00	13.91	+0.10

FCIGX vs. FZIPX - Sharpe Ratio Comparison

The current FCIGX Sharpe Ratio is 2.07, which is comparable to the FZIPX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of FCIGX and FZIPX, 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. FZIPX - Drawdown Comparison

The maximum FCIGX drawdown since its inception was -61.04%, which is greater than FZIPX's maximum drawdown of -42.71%. Use the drawdown chart below to compare losses from any high point for FCIGX and FZIPX.

Drawdown Indicators

	FCIGX	FZIPX	Difference
Max Drawdown Largest peak-to-trough decline	-61.04%	-42.71%	-18.33%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-9.61%	-3.51%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-25.16%	-3.53%
Max Drawdown (5Y) Largest decline over 5 years	-39.05%	-28.19%	-10.86%
Max Drawdown (10Y) Largest decline over 10 years	-39.05%	—	—
Current Drawdown Current decline from peak	0.00%	-0.11%	+0.11%
Average Drawdown Average peak-to-trough decline	-11.31%	-8.86%	-2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	2.52%	+0.76%

Volatility

FCIGX vs. FZIPX - Volatility Comparison

Fidelity Advisor Small Cap Growth Fund Class I (FCIGX) has a higher volatility of 7.85% compared to Fidelity ZERO Extended Market Index Fund (FZIPX) at 4.98%. This indicates that FCIGX's price experiences larger fluctuations and is considered to be riskier than FZIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCIGX	FZIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.85%	4.98%	+2.87%
Volatility (6M) Calculated over the trailing 6-month period	17.33%	12.86%	+4.47%
Volatility (1Y) Calculated over the trailing 1-year period	22.25%	17.48%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.67%	20.97%	+2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.94%	23.80%	-0.86%

FCIGX vs. FZIPX - Expense Ratio Comparison

FCIGX has a 1.04% expense ratio, which is higher than FZIPX's 0.00% expense ratio.

Dividends

FCIGX vs. FZIPX - Dividend Comparison

FCIGX's dividend yield for the trailing twelve months is around 5.09%, more than FZIPX's 1.06% 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%
FZIPX Fidelity ZERO Extended Market Index Fund	1.06%	1.24%	1.22%	1.43%	1.64%	6.97%	2.15%	1.80%	0.50%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCIGX and FZIPX in my portfolio?

With a correlation of 0.92, FCIGX and FZIPX 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 FZIPX?

FCIGX has higher volatility (7.85%) compared to FZIPX (4.98%). In terms of maximum drawdown, FCIGX dropped -61.04% vs FZIPX's -42.71%.

Which has better risk-adjusted returns?

FCIGX currently has the higher Sharpe Ratio (2.07 vs 2.01), 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.