FDCAX vs. SPY

Last updated Jun 4, 2026

FDCAX (Fidelity Capital Appreciation Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - FDCAX is a Large Cap Growth Equities fund managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FDCAX returned 16.39%/yr vs 15.49%/yr for SPY. Their correlation of 0.87 suggests significant overlap in exposure. FDCAX charges 0.84%/yr vs 0.09%/yr for SPY.

Performance

FDCAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Capital Appreciation Fund (FDCAX) 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, FDCAX achieves a 16.79% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, FDCAX has outperformed SPY with an annualized return of 16.39%, while SPY has yielded a comparatively lower 15.49% annualized return.

FDCAX

• 1D: -0.15%
• 1M: 5.64%
• YTD: 16.79%
• 6M: 17.41%
• 1Y: 34.43%
• 3Y*: 25.08%
• 5Y*: 14.59%
• 10Y*: 16.39%

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)

FDCAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDCAX Fidelity Capital Appreciation Fund	16.79%	18.05%	25.11%	28.81%	-21.23%	23.85%	33.92%	30.15%	-5.23%	22.83%
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 FDCAX and SPY is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 1, 1993	0.87

The correlation between FDCAX and SPY has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

FDCAX vs. SPY - Sectors Allocation Comparison

Sectors	FDCAX	SPY
Technology	27.4%	35.9%
Consumer Cyclical	12.8%	10.3%
Financial Services	11.5%	11.8%
Communication Services	11.0%	11.3%
Industrials	10.8%	7.8%
Energy	9.1%	3.6%
Healthcare	5.1%	8.4%
Consumer Defensive	4.8%	4.8%
Basic Materials	4.4%	1.8%
Real Estate	1.7%	1.9%
Utilities	1.3%	2.4%

Return for Risk

FDCAX vs. SPY — Risk / Return Rank

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

FDCAX

FDCAX Risk / Return Rank: 66
FDCAX Sharpe Ratio Rank: 71
FDCAX Sortino Ratio Rank: 59
FDCAX Omega Ratio Rank: 59
FDCAX Calmar Ratio Rank: 69
FDCAX Martin Ratio Rank: 72

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.

FDCAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Capital Appreciation Fund (FDCAX) 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.

	FDCAX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.45	2.38	+0.07
Sortino ratio Return per unit of downside risk	3.24	3.24	0.00
Omega ratio Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio Return relative to maximum drawdown	3.20	3.16	+0.04
Martin ratio Return relative to average drawdown	13.79	14.72	-0.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDCAX vs. SPY - Sharpe Ratio Comparison

The current FDCAX Sharpe Ratio is 2.45, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FDCAX 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

	FDCAX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.38	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.82	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.87	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.59	+0.03

Drawdowns

FDCAX vs. SPY - Drawdown Comparison

The maximum FDCAX drawdown since its inception was -58.53%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FDCAX and SPY.

Drawdown Indicators

	FDCAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-58.53%	-55.19%	-3.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-8.88%	-2.18%
Max Drawdown (3Y) Largest decline over 3 years	-29.68%	-18.76%	-10.92%
Max Drawdown (5Y) Largest decline over 5 years	-29.68%	-24.50%	-5.18%
Max Drawdown (10Y) Largest decline over 10 years	-33.06%	-33.72%	+0.66%
Current Drawdown Current decline from peak	-0.15%	-0.70%	+0.55%
Average Drawdown Average peak-to-trough decline	-9.91%	-9.05%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	1.91%	+0.66%

Volatility

FDCAX vs. SPY - Volatility Comparison

Fidelity Capital Appreciation Fund (FDCAX) has a higher volatility of 4.27% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that FDCAX'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

	FDCAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	2.84%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	8.90%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.47%	11.83%	+2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	17.05%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.60%	17.94%	+2.66%

FDCAX vs. SPY - Expense Ratio Comparison

FDCAX has a 0.84% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FDCAX vs. SPY - Dividend Comparison

FDCAX's dividend yield for the trailing twelve months is around 6.82%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDCAX Fidelity Capital Appreciation Fund	6.82%	7.96%	18.33%	3.33%	9.32%	16.76%	8.38%	13.50%	13.29%	10.43%	5.62%	12.38%
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 FDCAX and SPY in my portfolio?

With a correlation of 0.94, FDCAX and SPY 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, FDCAX or SPY?

FDCAX has higher volatility (4.27%) compared to SPY (2.84%). In terms of maximum drawdown, FDCAX dropped -58.53% vs SPY's -55.19%.

Which has better risk-adjusted returns?

FDCAX currently has the higher Sharpe Ratio (2.45 vs 2.38), 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.