FCMVX vs. FASPX

Last updated Jun 5, 2026

FCMVX (Fidelity Mid Cap Value K6 Fund) and FASPX (Fidelity Advisor Value Strategies Fund Class M) are both Mid Cap Value Equities funds from Fidelity. Over the past 5 years, FCMVX returned 24.18%/yr vs 7.81%/yr for FASPX. With a 0.96 correlation, they move nearly in lockstep. FCMVX charges 0.45%/yr vs 1.37%/yr for FASPX.

Performance

FCMVX vs. FASPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mid Cap Value K6 Fund (FCMVX) and Fidelity Advisor Value Strategies Fund Class M (FASPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCMVX achieves a 19.80% return, which is significantly lower than FASPX's 20.91% return.

FCMVX

• 1D: 0.27%
• 1M: 3.36%
• YTD: 19.80%
• 6M: 20.81%
• 1Y: 38.86%
• 3Y*: 44.29%
• 5Y*: 24.18%
• 10Y*: —

FASPX

• 1D: 0.13%
• 1M: 2.31%
• YTD: 20.91%
• 6M: 22.01%
• 1Y: 40.34%
• 3Y*: 13.97%
• 5Y*: 7.81%
• 10Y*: 10.61%

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

FCMVX vs. FASPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCMVX Fidelity Mid Cap Value K6 Fund	19.80%	12.62%	87.16%	23.07%	-10.26%	34.12%	0.52%	23.65%	-18.69%	12.67%
FASPX Fidelity Advisor Value Strategies Fund Class M	20.91%	7.76%	-2.60%	19.93%	-7.82%	32.65%	7.70%	33.85%	-17.27%	9.53%

Correlation

The correlation between FCMVX and FASPX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 26, 2017	0.96

The correlation between FCMVX and FASPX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

FCMVX vs. FASPX — Risk / Return Rank

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

FCMVX

FCMVX Risk / Return Rank: 69
FCMVX Sharpe Ratio Rank: 65
FCMVX Sortino Ratio Rank: 66
FCMVX Omega Ratio Rank: 56
FCMVX Calmar Ratio Rank: 82
FCMVX Martin Ratio Rank: 78

FASPX

FASPX Risk / Return Rank: 71
FASPX Sharpe Ratio Rank: 66
FASPX Sortino Ratio Rank: 66
FASPX Omega Ratio Rank: 54
FASPX Calmar Ratio Rank: 86
FASPX Martin Ratio Rank: 82

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.

FCMVX vs. FASPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Value K6 Fund (FCMVX) and Fidelity Advisor Value Strategies Fund Class M (FASPX). 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.

	FCMVX	FASPX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.37	+0.01
Sortino ratio: Return per unit of downside risk	3.40	3.36	+0.03
Omega ratio: Gain probability vs. loss probability	1.41	1.40	+0.01
Calmar ratio: Return relative to maximum drawdown	3.76	4.06	-0.30
Martin ratio: Return relative to average drawdown	14.47	15.00	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCMVX vs. FASPX - Sharpe Ratio Comparison

The current FCMVX Sharpe Ratio is 2.38, which is comparable to the FASPX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of FCMVX and FASPX, 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

	FCMVX	FASPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.37	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.38	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.41	-0.05

Drawdowns

FCMVX vs. FASPX - Drawdown Comparison

The maximum FCMVX drawdown since its inception was -44.63%, smaller than the maximum FASPX drawdown of -70.11%. Use the drawdown chart below to compare losses from any high point for FCMVX and FASPX.

Drawdown Indicators

	FCMVX	FASPX	Difference
Max Drawdown Largest peak-to-trough decline	-44.63%	-70.11%	+25.48%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-9.84%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-38.56%	-34.53%	-4.03%
Max Drawdown (5Y) Largest decline over 5 years	-38.56%	-34.53%	-4.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.02%	—
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-9.35%	-9.83%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.66%	-0.02%

Volatility

FCMVX vs. FASPX - Volatility Comparison

Fidelity Mid Cap Value K6 Fund (FCMVX) has a higher volatility of 4.64% compared to Fidelity Advisor Value Strategies Fund Class M (FASPX) at 4.09%. This indicates that FCMVX's price experiences larger fluctuations and is considered to be riskier than FASPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCMVX	FASPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	4.09%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	11.97%	11.91%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	16.98%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.58%	20.68%	+39.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.78%	22.00%	+25.78%

FCMVX vs. FASPX - Expense Ratio Comparison

FCMVX has a 0.45% expense ratio, which is lower than FASPX's 1.37% expense ratio.

Dividends

FCMVX vs. FASPX - Dividend Comparison

FCMVX's dividend yield for the trailing twelve months is around 4.13%, less than FASPX's 7.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FASPX Fidelity Advisor Value Strategies Fund Class M	7.71%	9.32%	0.00%	2.40%	1.93%	7.80%	0.55%	4.98%	15.67%	7.26%	21.61%	0.80%
FCMVX Fidelity Mid Cap Value K6 Fund	4.13%	6.68%	76.67%	1.29%	1.68%	1.39%	2.19%	1.68%	2.99%	0.77%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCMVX and FASPX in my portfolio?

With a correlation of 0.98, FCMVX and FASPX 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, FCMVX or FASPX?

FCMVX has higher volatility (4.64%) compared to FASPX (4.09%). In terms of maximum drawdown, FCMVX dropped -44.63% vs FASPX's -70.11%.

Which has better risk-adjusted returns?

FCMVX currently has the higher Sharpe Ratio (2.38 vs 2.37), 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.