FCVAX vs. FIKNX

Last updated Jul 16, 2026

FCVAX (Fidelity Advisor Small Cap Value Fund Class A) and FIKNX (Fidelity Advisor Small Cap Value Fund Class Z) are both Small Cap Value Equities funds from Fidelity. Over the past 5 years, FCVAX returned 10.37%/yr vs 10.77%/yr for FIKNX. With a 1.00 correlation, they move nearly in lockstep. FCVAX charges 1.26%/yr vs 0.87%/yr for FIKNX.

Performance

FCVAX vs. FIKNX - 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 Fidelity Advisor Small Cap Value Fund Class Z (FIKNX). 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 26.35% return and FIKNX slightly higher at 26.59%.

FCVAX

• 1D: 0.29%
• 1M: 2.88%
• 6M: 19.57%
• YTD: 26.35%
• 1Y: 37.05%
• 3Y*: 16.68%
• 5Y*: 10.37%
• 10Y*: 11.18%

FIKNX

• 1D: 0.28%
• 1M: 2.93%
• 6M: 19.82%
• YTD: 26.59%
• 1Y: 37.61%
• 3Y*: 17.09%
• 5Y*: 10.77%
• 10Y*: —

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

FCVAX vs. FIKNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FCVAX Fidelity Advisor Small Cap Value Fund Class A	26.35%	7.75%	7.72%	17.47%	-13.29%	37.77%	10.82%	20.47%	-13.49%
FIKNX Fidelity Advisor Small Cap Value Fund Class Z	26.59%	8.18%	8.00%	17.97%	-12.98%	38.27%	11.35%	20.98%	-13.08%

Correlation

The correlation between FCVAX and FIKNX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	1.00

The correlation between FCVAX and FIKNX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FCVAX vs. FIKNX — Risk / Return Rank

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

FCVAX

FCVAX Risk / Return Rank: 77
FCVAX Sharpe Ratio Rank: 74
FCVAX Sortino Ratio Rank: 77
FCVAX Omega Ratio Rank: 65
FCVAX Calmar Ratio Rank: 86
FCVAX Martin Ratio Rank: 82

FIKNX

FIKNX Risk / Return Rank: 78
FIKNX Sharpe Ratio Rank: 75
FIKNX Sortino Ratio Rank: 78
FIKNX Omega Ratio Rank: 67
FIKNX Calmar Ratio Rank: 87
FIKNX Martin Ratio Rank: 84

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.

FCVAX vs. FIKNX - 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 Fidelity Advisor Small Cap Value Fund Class Z (FIKNX). 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	FIKNX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.92	-0.03
Sortino ratio: Return per unit of downside risk	2.84	2.88	-0.04
Omega ratio: Gain probability vs. loss probability	1.33	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	3.28	3.35	-0.07
Martin ratio: Return relative to average drawdown	11.46	11.74	-0.29

FCVAX vs. FIKNX - Sharpe Ratio Comparison

The current FCVAX Sharpe Ratio is 1.89, which is comparable to the FIKNX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of FCVAX and FIKNX, 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. FIKNX - Drawdown Comparison

The maximum FCVAX drawdown since its inception was -57.86%, which is greater than FIKNX's maximum drawdown of -44.09%. Use the drawdown chart below to compare losses from any high point for FCVAX and FIKNX.

Drawdown Indicators

	FCVAX	FIKNX	Difference
Max Drawdown Largest peak-to-trough decline	-57.86%	-44.09%	-13.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-10.35%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-24.90%	-24.87%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-24.90%	-24.87%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-44.71%	—	—
Current Drawdown Current decline from peak	-1.70%	-1.67%	-0.03%
Average Drawdown Average peak-to-trough decline	-8.08%	-7.56%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.95%	+0.03%

Volatility

FCVAX vs. FIKNX - Volatility Comparison

Fidelity Advisor Small Cap Value Fund Class A (FCVAX) and Fidelity Advisor Small Cap Value Fund Class Z (FIKNX) have volatilities of 4.30% and 4.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVAX	FIKNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	4.26%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	13.48%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	18.04%	18.03%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	20.93%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.30%	24.54%	-2.24%

FCVAX vs. FIKNX - Expense Ratio Comparison

FCVAX has a 1.26% expense ratio, which is higher than FIKNX's 0.87% expense ratio.

Dividends

FCVAX vs. FIKNX - Dividend Comparison

FCVAX's dividend yield for the trailing twelve months is around 8.15%, which matches FIKNX's 8.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVAX Fidelity Advisor Small Cap Value Fund Class A	8.15%	10.30%	4.77%	5.19%	6.11%	7.94%	0.30%	3.32%	37.11%	3.43%	7.01%	11.07%
FIKNX Fidelity Advisor Small Cap Value Fund Class Z	8.09%	10.24%	4.82%	5.32%	5.92%	8.07%	0.58%	3.65%	8.42%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCVAX and FIKNX in my portfolio?

With a correlation of 1.00, FCVAX and FIKNX 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 FIKNX?

FCVAX has higher volatility (4.30%) compared to FIKNX (4.26%). In terms of maximum drawdown, FCVAX dropped -57.86% vs FIKNX's -44.09%.

Which has better risk-adjusted returns?

FIKNX currently has the higher Sharpe Ratio (1.92 vs 1.89), 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.