FDCAX vs. SWLGX

Last updated Jun 4, 2026

FDCAX (Fidelity Capital Appreciation Fund) and SWLGX (Schwab U.S. Large-Cap Growth Index Fund) are both Large Cap Growth Equities funds. Over the past 5 years, FDCAX returned 14.59%/yr vs 16.03%/yr for SWLGX. Their correlation of 0.95 suggests significant overlap in exposure. FDCAX charges 0.84%/yr vs 0.04%/yr for SWLGX.

Performance

FDCAX vs. SWLGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Capital Appreciation Fund (FDCAX) and Schwab U.S. Large-Cap Growth Index Fund (SWLGX). 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 SWLGX's 8.61% 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%

SWLGX

• 1D: -0.37%
• 1M: 7.15%
• YTD: 8.61%
• 6M: 8.00%
• 1Y: 27.46%
• 3Y*: 25.54%
• 5Y*: 16.03%
• 10Y*: —

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

FDCAX vs. SWLGX - 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%	0.26%
SWLGX Schwab U.S. Large-Cap Growth Index Fund	8.61%	18.55%	33.30%	42.67%	-29.17%	27.55%	38.43%	36.30%	-1.59%	-0.60%

Correlation

The correlation between FDCAX and SWLGX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 20, 2017	0.95

The correlation between FDCAX and SWLGX has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

FDCAX vs. SWLGX - Sectors Allocation Comparison

Sectors	FDCAX	SWLGX
Technology	27.4%	51.4%
Consumer Cyclical	12.8%	13.2%
Financial Services	11.5%	5.4%
Communication Services	11.0%	13.2%
Industrials	10.8%	5.7%
Energy	9.1%	0.4%
Healthcare	5.1%	7.1%
Consumer Defensive	4.8%	2.7%
Basic Materials	4.4%	0.3%
Real Estate	1.7%	0.4%
Utilities	1.3%	0.3%

Return for Risk

FDCAX vs. SWLGX — 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

SWLGX

SWLGX Risk / Return Rank: 32
SWLGX Sharpe Ratio Rank: 40
SWLGX Sortino Ratio Rank: 36
SWLGX Omega Ratio Rank: 37
SWLGX Calmar Ratio Rank: 22
SWLGX Martin Ratio Rank: 23

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. SWLGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Capital Appreciation Fund (FDCAX) and Schwab U.S. Large-Cap Growth Index Fund (SWLGX). 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	SWLGX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.85	+0.60
Sortino ratio: Return per unit of downside risk	3.24	2.50	+0.74
Omega ratio: Gain probability vs. loss probability	1.43	1.32	+0.11
Calmar ratio: Return relative to maximum drawdown	3.20	1.76	+1.44
Martin ratio: Return relative to average drawdown	13.79	5.92	+7.87
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. SWLGX - Sharpe Ratio Comparison

The current FDCAX Sharpe Ratio is 2.45, which is higher than the SWLGX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FDCAX and SWLGX, 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	SWLGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	1.85	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.75	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.80	-0.19

Drawdowns

FDCAX vs. SWLGX - Drawdown Comparison

The maximum FDCAX drawdown since its inception was -58.53%, which is greater than SWLGX's maximum drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for FDCAX and SWLGX.

Drawdown Indicators

	FDCAX	SWLGX	Difference
Max Drawdown Largest peak-to-trough decline	-58.53%	-32.69%	-25.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-16.16%	+5.10%
Max Drawdown (3Y) Largest decline over 3 years	-29.68%	-23.30%	-6.38%
Max Drawdown (5Y) Largest decline over 5 years	-29.68%	-32.69%	+3.01%
Max Drawdown (10Y) Largest decline over 10 years	-33.06%	—	—
Current Drawdown Current decline from peak	-0.15%	-0.37%	+0.22%
Average Drawdown Average peak-to-trough decline	-9.91%	-7.05%	-2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	4.80%	-2.23%

Volatility

FDCAX vs. SWLGX - Volatility Comparison

Fidelity Capital Appreciation Fund (FDCAX) has a higher volatility of 4.27% compared to Schwab U.S. Large-Cap Growth Index Fund (SWLGX) at 3.30%. This indicates that FDCAX's price experiences larger fluctuations and is considered to be riskier than SWLGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDCAX	SWLGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	3.30%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	11.59%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	14.47%	15.40%	-0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	21.49%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.60%	22.68%	-2.08%

FDCAX vs. SWLGX - Expense Ratio Comparison

FDCAX has a 0.84% expense ratio, which is higher than SWLGX's 0.04% expense ratio.

Dividends

FDCAX vs. SWLGX - Dividend Comparison

FDCAX's dividend yield for the trailing twelve months is around 6.82%, more than SWLGX's 0.42% 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%
SWLGX Schwab U.S. Large-Cap Growth Index Fund	0.42%	0.46%	0.52%	0.67%	0.93%	1.76%	0.67%	0.96%	1.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDCAX and SWLGX in my portfolio?

FDCAX and SWLGX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDCAX or SWLGX?

FDCAX has higher volatility (4.27%) compared to SWLGX (3.30%). In terms of maximum drawdown, FDCAX dropped -58.53% vs SWLGX's -32.69%.

Which has better risk-adjusted returns?

FDCAX currently has the higher Sharpe Ratio (2.45 vs 1.85), 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.