FCVAX vs. HWSIX

Last updated Jun 24, 2026

FCVAX (Fidelity Advisor Small Cap Value Fund Class A) and HWSIX (Hotchkis & Wiley Small Cap Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, FCVAX returned 11.57%/yr vs 11.16%/yr for HWSIX. Their correlation of 0.92 suggests significant overlap in exposure. FCVAX charges 1.26%/yr vs 1.06%/yr for HWSIX.

Performance

FCVAX vs. HWSIX - 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 Hotchkis & Wiley Small Cap Value Fund (HWSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCVAX achieves a 23.70% return, which is significantly higher than HWSIX's 15.23% return. Both investments have delivered pretty close results over the past 10 years, with FCVAX having a 11.57% annualized return and HWSIX not far behind at 11.16%.

FCVAX

• 1D: 0.30%
• 1M: 5.42%
• YTD: 23.70%
• 6M: 21.30%
• 1Y: 38.42%
• 3Y*: 18.48%
• 5Y*: 9.40%
• 10Y*: 11.57%

HWSIX

• 1D: -0.19%
• 1M: 0.74%
• YTD: 15.23%
• 6M: 13.71%
• 1Y: 22.86%
• 3Y*: 12.66%
• 5Y*: 9.78%
• 10Y*: 11.16%

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

FCVAX vs. HWSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCVAX Fidelity Advisor Small Cap Value Fund Class A	23.70%	7.75%	7.72%	17.47%	-13.29%	37.77%	10.82%	20.47%	-15.50%	11.99%
HWSIX Hotchkis & Wiley Small Cap Value Fund	15.23%	1.60%	5.00%	18.85%	2.97%	35.54%	-0.31%	20.54%	-15.03%	7.66%

Correlation

The correlation between FCVAX and HWSIX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 4, 2004	0.92

The correlation between FCVAX and HWSIX shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FCVAX vs. HWSIX — Risk / Return Rank

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

FCVAX

FCVAX Risk / Return Rank: 73
FCVAX Sharpe Ratio Rank: 70
FCVAX Sortino Ratio Rank: 74
FCVAX Omega Ratio Rank: 56
FCVAX Calmar Ratio Rank: 86
FCVAX Martin Ratio Rank: 78

HWSIX

HWSIX Risk / Return Rank: 32
HWSIX Sharpe Ratio Rank: 27
HWSIX Sortino Ratio Rank: 27
HWSIX Omega Ratio Rank: 26
HWSIX Calmar Ratio Rank: 43
HWSIX Martin Ratio Rank: 38

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. HWSIX - 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 Hotchkis & Wiley Small Cap Value Fund (HWSIX). 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	HWSIX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.39	+0.85
Sortino ratio: Return per unit of downside risk	3.27	2.02	+1.25
Omega ratio: Gain probability vs. loss probability	1.38	1.25	+0.13
Calmar ratio: Return relative to maximum drawdown	3.91	2.38	+1.53
Martin ratio: Return relative to average drawdown	13.67	7.78	+5.89

FCVAX vs. HWSIX - Sharpe Ratio Comparison

The current FCVAX Sharpe Ratio is 2.24, which is higher than the HWSIX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of FCVAX and HWSIX, 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. HWSIX - Drawdown Comparison

The maximum FCVAX drawdown since its inception was -57.86%, smaller than the maximum HWSIX drawdown of -72.00%. Use the drawdown chart below to compare losses from any high point for FCVAX and HWSIX.

Drawdown Indicators

	FCVAX	HWSIX	Difference
Max Drawdown Largest peak-to-trough decline	-57.86%	-72.00%	+14.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-10.01%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-24.90%	-26.92%	+2.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.90%	-26.92%	+2.02%
Max Drawdown (10Y) Largest decline over 10 years	-44.71%	-53.67%	+8.96%
Current Drawdown Current decline from peak	0.00%	-2.77%	+2.77%
Average Drawdown Average peak-to-trough decline	-8.10%	-12.06%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	3.05%	-0.08%

Volatility

FCVAX vs. HWSIX - Volatility Comparison

Fidelity Advisor Small Cap Value Fund Class A (FCVAX) has a higher volatility of 5.82% compared to Hotchkis & Wiley Small Cap Value Fund (HWSIX) at 3.90%. This indicates that FCVAX's price experiences larger fluctuations and is considered to be riskier than HWSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVAX	HWSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	3.90%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	13.44%	11.14%	+2.30%
Volatility (1Y) Calculated over the trailing 1-year period	18.21%	17.18%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.96%	21.48%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.39%	24.64%	-2.25%

FCVAX vs. HWSIX - Expense Ratio Comparison

FCVAX has a 1.26% expense ratio, which is higher than HWSIX's 1.06% expense ratio.

Dividends

FCVAX vs. HWSIX - Dividend Comparison

FCVAX's dividend yield for the trailing twelve months is around 8.32%, more than HWSIX's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVAX Fidelity Advisor Small Cap Value Fund Class A	8.32%	10.30%	4.77%	5.19%	6.11%	7.94%	0.30%	3.32%	37.11%	3.43%	7.01%	11.07%
HWSIX Hotchkis & Wiley Small Cap Value Fund	0.87%	1.01%	8.35%	1.90%	13.44%	0.36%	0.80%	4.89%	9.84%	5.07%	0.41%	11.78%

Frequently Asked Questions

Can I hold both FCVAX and HWSIX in my portfolio?

FCVAX and HWSIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCVAX or HWSIX?

FCVAX has higher volatility (5.82%) compared to HWSIX (3.90%). In terms of maximum drawdown, FCVAX dropped -57.86% vs HWSIX's -72.00%.

Which has better risk-adjusted returns?

FCVAX currently has the higher Sharpe Ratio (2.24 vs 1.39), 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.