FCVTX vs. DHSIX

Last updated Jul 16, 2026

FCVTX (Fidelity Advisor Small Cap Value Fund Class M) and DHSIX (Diamond Hill Small Cap Fund Class I) are both Small Cap Value Equities funds. Over the past 10 years, FCVTX returned 10.93%/yr vs 10.64%/yr for DHSIX. Their correlation of 0.93 suggests significant overlap in exposure. FCVTX charges 1.50%/yr vs 0.97%/yr for DHSIX.

Performance

FCVTX vs. DHSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Small Cap Value Fund Class M (FCVTX) and Diamond Hill Small Cap Fund Class I (DHSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FCVTX having a 26.18% return and DHSIX slightly lower at 25.18%. Both investments have delivered pretty close results over the past 10 years, with FCVTX having a 10.93% annualized return and DHSIX not far behind at 10.64%.

FCVTX

• 1D: 0.31%
• 1M: 2.87%
• 6M: 19.48%
• YTD: 26.18%
• 1Y: 36.78%
• 3Y*: 16.40%
• 5Y*: 10.11%
• 10Y*: 10.93%

DHSIX

• 1D: 0.13%
• 1M: 2.73%
• 6M: 17.59%
• YTD: 25.18%
• 1Y: 38.08%
• 3Y*: 19.81%
• 5Y*: 13.45%
• 10Y*: 10.64%

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

FCVTX vs. DHSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCVTX Fidelity Advisor Small Cap Value Fund Class M	26.18%	7.53%	7.42%	17.19%	-13.53%	37.49%	10.60%	20.19%	-15.58%	11.68%
DHSIX Diamond Hill Small Cap Fund Class I	25.18%	11.83%	13.10%	24.25%	-14.85%	32.69%	-0.27%	21.83%	-15.00%	10.89%

Correlation

The correlation between FCVTX and DHSIX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 29, 2005	0.93

The correlation between FCVTX and DHSIX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

Return for Risk

FCVTX vs. DHSIX — Risk / Return Rank

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

FCVTX

FCVTX Risk / Return Rank: 76
FCVTX Sharpe Ratio Rank: 73
FCVTX Sortino Ratio Rank: 76
FCVTX Omega Ratio Rank: 64
FCVTX Calmar Ratio Rank: 85
FCVTX Martin Ratio Rank: 81

DHSIX

DHSIX Risk / Return Rank: 70
DHSIX Sharpe Ratio Rank: 66
DHSIX Sortino Ratio Rank: 70
DHSIX Omega Ratio Rank: 57
DHSIX Calmar Ratio Rank: 85
DHSIX Martin Ratio Rank: 71

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.

FCVTX vs. DHSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Small Cap Value Fund Class M (FCVTX) and Diamond Hill Small Cap Fund Class I (DHSIX). 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.

	FCVTX	DHSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.77	+0.10
Sortino ratio: Return per unit of downside risk	2.81	2.61	+0.20
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	3.25	3.19	+0.06
Martin ratio: Return relative to average drawdown	11.32	10.21	+1.11

FCVTX vs. DHSIX - Sharpe Ratio Comparison

The current FCVTX Sharpe Ratio is 1.87, which is comparable to the DHSIX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of FCVTX and DHSIX, 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

FCVTX vs. DHSIX - Drawdown Comparison

The maximum FCVTX drawdown since its inception was -58.26%, which is greater than DHSIX's maximum drawdown of -52.83%. Use the drawdown chart below to compare losses from any high point for FCVTX and DHSIX.

Drawdown Indicators

	FCVTX	DHSIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.26%	-52.83%	-5.43%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-10.97%	+0.57%
Max Drawdown (3Y) Largest decline over 3 years	-24.91%	-28.33%	+3.42%
Max Drawdown (5Y) Largest decline over 5 years	-24.91%	-28.33%	+3.42%
Max Drawdown (10Y) Largest decline over 10 years	-44.83%	-45.96%	+1.13%
Current Drawdown Current decline from peak	-1.67%	-3.30%	+1.63%
Average Drawdown Average peak-to-trough decline	-8.19%	-8.34%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	3.42%	-0.44%

Volatility

FCVTX vs. DHSIX - Volatility Comparison

The current volatility for Fidelity Advisor Small Cap Value Fund Class M (FCVTX) is 4.24%, while Diamond Hill Small Cap Fund Class I (DHSIX) has a volatility of 5.14%. This indicates that FCVTX experiences smaller price fluctuations and is considered to be less risky than DHSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCVTX	DHSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	5.14%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	13.95%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	19.73%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	21.46%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	22.21%	+0.11%

FCVTX vs. DHSIX - Expense Ratio Comparison

FCVTX has a 1.50% expense ratio, which is higher than DHSIX's 0.97% expense ratio.

Dividends

FCVTX vs. DHSIX - Dividend Comparison

FCVTX's dividend yield for the trailing twelve months is around 8.47%, more than DHSIX's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHSIX Diamond Hill Small Cap Fund Class I	4.59%	5.74%	15.81%	30.09%	18.06%	17.39%	0.61%	7.13%	10.46%	6.90%	2.68%	1.95%
FCVTX Fidelity Advisor Small Cap Value Fund Class M	8.47%	10.69%	4.91%	5.34%	6.37%	8.00%	0.23%	3.20%	38.15%	3.30%	6.98%	11.13%

Frequently Asked Questions

Can I hold both FCVTX and DHSIX in my portfolio?

FCVTX and DHSIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCVTX or DHSIX?

DHSIX has higher volatility (5.14%) compared to FCVTX (4.24%). In terms of maximum drawdown, FCVTX dropped -58.26% vs DHSIX's -52.83%.

Which has better risk-adjusted returns?

FCVTX currently has the higher Sharpe Ratio (1.87 vs 1.77), 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.