FCVAX vs. SPY

Last updated Jun 4, 2026

FCVAX (Fidelity Advisor Small Cap Value Fund Class A) and SPY (State Street SPDR S&P 500 ETF) are both funds - FCVAX is a Small Cap Value Equities fund managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FCVAX returned 10.69%/yr vs 15.49%/yr for SPY. Their correlation of 0.83 suggests significant overlap in exposure. FCVAX charges 1.26%/yr vs 0.09%/yr for SPY.

Performance

FCVAX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCVAX achieves a 19.06% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, FCVAX has underperformed SPY with an annualized return of 10.69%, while SPY has yielded a comparatively higher 15.49% annualized return.

FCVAX

• 1D: 1.96%
• 1M: 4.29%
• YTD: 19.06%
• 6M: 16.58%
• 1Y: 34.37%
• 3Y*: 16.47%
• 5Y*: 7.66%
• 10Y*: 10.69%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

FCVAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCVAX Fidelity Advisor Small Cap Value Fund Class A	19.06%	7.75%	7.72%	17.47%	-13.29%	37.77%	10.82%	20.47%	-15.50%	11.99%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FCVAX and SPY is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Nov 5, 2004	0.83

The correlation between FCVAX and SPY shifts across timeframes, from 0.69 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FCVAX vs. SPY — Risk / Return Rank

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

FCVAX

FCVAX Risk / Return Rank: 58
FCVAX Sharpe Ratio Rank: 51
FCVAX Sortino Ratio Rank: 54
FCVAX Omega Ratio Rank: 43
FCVAX Calmar Ratio Rank: 79
FCVAX Martin Ratio Rank: 63

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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.

	FCVAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.38	-0.29
Sortino ratio: Return per unit of downside risk	3.08	3.24	-0.16
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	3.57	3.16	+0.41
Martin ratio: Return relative to average drawdown	12.45	14.72	-2.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCVAX vs. SPY - Sharpe Ratio Comparison

The current FCVAX Sharpe Ratio is 2.09, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FCVAX and SPY, 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

	FCVAX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	2.38	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.82	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.87	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.59	-0.13

Drawdowns

FCVAX vs. SPY - Drawdown Comparison

The maximum FCVAX drawdown since its inception was -57.86%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FCVAX and SPY.

Drawdown Indicators

	FCVAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-57.86%	-55.19%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-8.88%	-1.53%
Max Drawdown (3Y) Largest decline over 3 years	-24.90%	-18.76%	-6.14%
Max Drawdown (5Y) Largest decline over 5 years	-24.90%	-24.50%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	-44.71%	-33.72%	-10.99%
Current Drawdown Current decline from peak	-0.52%	-0.70%	+0.18%
Average Drawdown Average peak-to-trough decline	-8.12%	-9.05%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	1.91%	+1.07%

Volatility

FCVAX vs. SPY - Volatility Comparison

Fidelity Advisor Small Cap Value Fund Class A (FCVAX) has a higher volatility of 6.09% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that FCVAX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	2.84%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	8.90%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	17.85%	11.83%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.93%	17.05%	+3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	17.94%	+4.41%

FCVAX vs. SPY - Expense Ratio Comparison

FCVAX has a 1.26% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FCVAX vs. SPY - Dividend Comparison

FCVAX's dividend yield for the trailing twelve months is around 8.65%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVAX Fidelity Advisor Small Cap Value Fund Class A	8.65%	10.30%	4.77%	5.19%	6.11%	7.94%	0.30%	3.32%	37.11%	3.43%	7.01%	11.07%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FCVAX and SPY in my portfolio?

FCVAX and SPY have a correlation of 0.69, 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 SPY?

FCVAX has higher volatility (6.09%) compared to SPY (2.84%). In terms of maximum drawdown, FCVAX dropped -57.86% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.08), 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.