FCVAX vs. FESCX

Last updated Aug 5, 2026

FCVAX (Fidelity Advisor Small Cap Value Fund Class A) and FESCX (First Eagle Small Cap Opportunity Fund) are both Small Cap Value Equities funds. Over the past 5 years, FCVAX returned 10.37%/yr vs 9.95%/yr for FESCX. Their correlation of 0.94 means they have usually moved in the same direction. FCVAX charges 1.26%/yr vs 1.00%/yr for FESCX.

Performance

FCVAX vs. FESCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Small Cap Value Fund Class A (FCVAX) and First Eagle Small Cap Opportunity Fund (FESCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FCVAX having a 27.34% return and FESCX slightly higher at 27.91%.

FCVAX

• 1D: 1.75%
• 1M: 0.58%
• 6M: 19.04%
• YTD: 27.34%
• 1Y: 37.84%
• 3Y*: 15.72%
• 5Y*: 10.37%
• 10Y*: 11.27%
• ALL TIME*: 10.79%

FESCX

• 1D: 1.78%
• 1M: -0.74%
• 6M: 16.38%
• YTD: 27.91%
• 1Y: 43.85%
• 3Y*: 16.36%
• 5Y*: 9.95%
• 10Y*: —
• ALL TIME*: 9.30%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCVAX Fidelity Advisor Small Cap Value Fund Class A	$0.00	$0.00	$0.00
FESCX First Eagle Small Cap Opportunity Fund	$0.00	$0.00	$0.00

FCVAX vs. FESCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCVAX Fidelity Advisor Small Cap Value Fund Class A	27.34%	7.75%	7.72%	17.47%	-13.29%	8.97%
FESCX First Eagle Small Cap Opportunity Fund	27.91%	13.33%	6.47%	16.75%	-14.05%	1.23%

Correlation

The correlation between FCVAX and FESCX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021	0.94

The correlation between FCVAX and FESCX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

FCVAX vs. FESCX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FCVAX

FCVAX Risk / Return Rank: 89
FCVAX Sharpe Ratio Rank: 89
FCVAX Sortino Ratio Rank: 89
FCVAX Omega Ratio Rank: 81
FCVAX Calmar Ratio Rank: 92
FCVAX Martin Ratio Rank: 91

FESCX

FESCX Risk / Return Rank: 90
FESCX Sharpe Ratio Rank: 91
FESCX Sortino Ratio Rank: 88
FESCX Omega Ratio Rank: 82
FESCX Calmar Ratio Rank: 95
FESCX Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FCVAX vs. FESCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Small Cap Value Fund Class A (FCVAX) and First Eagle Small Cap Opportunity Fund (FESCX). 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.

	FCVAX	FESCX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.36	-0.08
Sortino ratio: Return per unit of downside risk	3.36	3.29	+0.07
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	3.92	4.57	-0.66
Martin ratio: Return relative to average drawdown	13.97	15.18	-1.22

FCVAX vs. FESCX - Sharpe Ratio Comparison

The current FCVAX Sharpe Ratio is 2.29, which is comparable to the FESCX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of FCVAX and FESCX, 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

FCVAX vs. FESCX - Drawdown Comparison

The maximum FCVAX drawdown since its inception was -57.86%, which is greater than FESCX's maximum drawdown of -28.53%. Use the drawdown chart below to compare losses from any high point for FCVAX and FESCX.

Drawdown Indicators

	FCVAX	FESCX	Difference
Max Drawdown Largest peak-to-trough decline	-57.86%	-28.53%	-29.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-10.26%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-24.90%	-28.53%	+3.63%
Max Drawdown (5Y) Largest decline over 5 years	-24.90%	-28.53%	+3.63%
Max Drawdown (10Y) Largest decline over 10 years	-44.71%	—	—
Current Drawdown Current decline from peak	-0.93%	-3.95%	+3.02%
Average Drawdown Average peak-to-trough decline	-8.06%	-8.64%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	3.08%	-0.17%

Volatility

FCVAX vs. FESCX - Volatility Comparison

The current volatility for Fidelity Advisor Small Cap Value Fund Class A (FCVAX) is 4.50%, while First Eagle Small Cap Opportunity Fund (FESCX) has a volatility of 4.74%. This indicates that FCVAX experiences smaller price fluctuations and is considered to be less risky than FESCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVAX	FESCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.74%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	14.41%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	17.86%	19.88%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.87%	22.55%	-1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	22.56%	-0.24%

FCVAX vs. FESCX - Expense Ratio Comparison

FCVAX has a 1.26% expense ratio, which is higher than FESCX's 1.00% expense ratio.

Dividends

FCVAX vs. FESCX - Dividend Comparison

FCVAX's dividend yield for the trailing twelve months is around 8.09%, more than FESCX's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVAX Fidelity Advisor Small Cap Value Fund Class A	8.09%	10.30%	4.77%	5.19%	6.11%	7.94%	0.30%	3.32%	37.11%	3.43%	7.01%	11.07%
FESCX First Eagle Small Cap Opportunity Fund	0.81%	1.03%	1.56%	0.60%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCVAX and FESCX in my portfolio?

With a correlation of 0.90, FCVAX and FESCX 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, FCVAX or FESCX?

FESCX has higher volatility (4.74%) compared to FCVAX (4.50%). In terms of maximum drawdown, FCVAX dropped -57.86% vs FESCX's -28.53%.

Which has better risk-adjusted returns?

FESCX currently has the higher Sharpe Ratio (2.36 vs 2.29), 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.