FDCAX vs. VOO

Last updated Aug 4, 2026

FDCAX (Fidelity Capital Appreciation Fund) and VOO (Vanguard S&P 500 ETF) are both funds - FDCAX is a Large Cap Growth Equities fund managed by Fidelity, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FDCAX returned 16.11%/yr vs 15.17%/yr for VOO. Their correlation of 0.93 means they have usually moved in the same direction. FDCAX charges 0.84%/yr vs 0.03%/yr for VOO.

Performance

FDCAX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Capital Appreciation Fund (FDCAX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDCAX achieves a 15.12% return, which is significantly higher than VOO's 11.72% return. Over the past 10 years, FDCAX has outperformed VOO with an annualized return of 16.11%, while VOO has yielded a comparatively lower 15.17% annualized return.

FDCAX

• 1D: 1.49%
• 1M: 0.53%
• 6M: 10.21%
• YTD: 15.12%
• 1Y: 27.02%
• 3Y*: 21.65%
• 5Y*: 13.07%
• 10Y*: 16.11%
• ALL TIME*: 11.92%

VOO

• 1D: 1.42%
• 1M: 1.69%
• 6M: 9.53%
• YTD: 11.72%
• 1Y: 23.30%
• 3Y*: 20.85%
• 5Y*: 13.12%
• 10Y*: 15.17%
• ALL TIME*: 14.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDCAX Fidelity Capital Appreciation Fund	$0.00	$0.00	$0.00
VOO Vanguard S&P 500 ETF	$3.97B	$3.80B	$5.49B

FDCAX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDCAX Fidelity Capital Appreciation Fund	15.12%	18.05%	25.11%	28.81%	-21.23%	23.85%	33.92%	30.15%	-5.23%	22.83%
VOO Vanguard S&P 500 ETF	11.72%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between FDCAX and VOO is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.93

The correlation between FDCAX and VOO has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

FDCAX vs. VOO - Sectors Allocation Comparison

Sectors	FDCAX	VOO
Technology	34.3%	38.6%
Consumer Cyclical	12.8%	9.5%
Financial Services	11.3%	11.4%
Communication Services	11.2%	9.9%
Industrials	9.4%	8.5%
Energy	5.7%	3.0%
Healthcare	5.3%	8.9%
Consumer Defensive	4.9%	4.5%
Basic Materials	3.4%	1.7%
Real Estate	1.3%	1.8%
Utilities	0.6%	2.2%

Return for Risk

FDCAX vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDCAX

FDCAX Risk / Return Rank: 55
FDCAX Sharpe Ratio Rank: 54
FDCAX Sortino Ratio Rank: 49
FDCAX Omega Ratio Rank: 48
FDCAX Calmar Ratio Rank: 62
FDCAX Martin Ratio Rank: 64

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 79
VOO Sortino Ratio Rank: 77
VOO Omega Ratio Rank: 78
VOO Calmar Ratio Rank: 74
VOO Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDCAX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Capital Appreciation Fund (FDCAX) and Vanguard S&P 500 ETF (VOO). 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.

	FDCAX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.83	-0.33
Sortino ratio: Return per unit of downside risk	2.06	2.53	-0.46
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	2.23	2.63	-0.40
Martin ratio: Return relative to average drawdown	8.68	11.23	-2.55

FDCAX vs. VOO - Sharpe Ratio Comparison

The current FDCAX Sharpe Ratio is 1.50, which is comparable to the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of FDCAX and VOO, 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

FDCAX vs. VOO - Drawdown Comparison

The maximum FDCAX drawdown since its inception was -58.53%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FDCAX and VOO.

Drawdown Indicators

	FDCAX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-58.53%	-33.99%	-24.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-8.90%	-2.16%
Max Drawdown (3Y) Largest decline over 3 years	-29.68%	-18.69%	-10.99%
Max Drawdown (5Y) Largest decline over 5 years	-29.68%	-24.52%	-5.16%
Max Drawdown (10Y) Largest decline over 10 years	-33.06%	-33.99%	+0.93%
Current Drawdown Current decline from peak	-2.23%	0.00%	-2.23%
Average Drawdown Average peak-to-trough decline	-9.88%	-3.67%	-6.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.08%	+0.75%

Volatility

FDCAX vs. VOO - Volatility Comparison

Fidelity Capital Appreciation Fund (FDCAX) has a higher volatility of 4.81% compared to Vanguard S&P 500 ETF (VOO) at 3.81%. This indicates that FDCAX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDCAX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	3.81%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	10.18%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	12.80%	+3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	16.95%	+4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	18.02%	+2.62%

FDCAX vs. VOO - Expense Ratio Comparison

FDCAX has a 0.84% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

FDCAX vs. VOO - Dividend Comparison

FDCAX's dividend yield for the trailing twelve months is around 6.92%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDCAX Fidelity Capital Appreciation Fund	6.92%	7.96%	18.33%	3.33%	9.32%	16.76%	8.38%	13.50%	13.29%	10.43%	5.62%	12.38%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FDCAX and VOO in my portfolio?

With a correlation of 0.95, FDCAX and VOO 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 VOO?

FDCAX has higher volatility (4.81%) compared to VOO (3.81%). In terms of maximum drawdown, FDCAX dropped -58.53% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.83 vs 1.50), 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.