FDESX vs. FLCSX

Last updated Jun 3, 2026

FDESX (Fidelity Advisor Diversified Stock Fund Class O) and FLCSX (Fidelity Large Cap Stock Fund) are both mutual funds - FDESX is a Large Cap Growth Equities fund managed by Fidelity, while FLCSX is a Large Cap Value Equities fund managed by Fidelity. Over the past 10 years, FDESX returned 16.19%/yr vs 15.34%/yr for FLCSX. With a 0.95 correlation, they move nearly in lockstep. FDESX charges 0.45%/yr vs 0.54%/yr for FLCSX.

Performance

FDESX vs. FLCSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Diversified Stock Fund Class O (FDESX) and Fidelity Large Cap Stock Fund (FLCSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDESX achieves a 14.17% return, which is significantly higher than FLCSX's 10.03% return. Over the past 10 years, FDESX has outperformed FLCSX with an annualized return of 16.19%, while FLCSX has yielded a comparatively lower 15.34% annualized return.

FDESX

• 1D: 0.32%
• 1M: 5.14%
• YTD: 14.17%
• 6M: 14.12%
• 1Y: 31.70%
• 3Y*: 23.47%
• 5Y*: 13.80%
• 10Y*: 16.19%

FLCSX

• 1D: 0.29%
• 1M: 2.88%
• YTD: 10.03%
• 6M: 12.49%
• 1Y: 31.84%
• 3Y*: 25.55%
• 5Y*: 15.95%
• 10Y*: 15.34%

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

FDESX vs. FLCSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDESX Fidelity Advisor Diversified Stock Fund Class O	14.17%	14.07%	28.08%	28.34%	-19.86%	28.26%	27.46%	28.23%	-5.62%	17.76%
FLCSX Fidelity Large Cap Stock Fund	10.03%	27.49%	26.31%	23.51%	-8.02%	25.80%	9.05%	31.59%	-13.62%	17.86%

Correlation

The correlation between FDESX and FLCSX 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	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 23, 1995	0.95

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

Return for Risk

FDESX vs. FLCSX — Risk / Return Rank

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

FDESX

FDESX Risk / Return Rank: 63
FDESX Sharpe Ratio Rank: 60
FDESX Sortino Ratio Rank: 54
FDESX Omega Ratio Rank: 55
FDESX Calmar Ratio Rank: 71
FDESX Martin Ratio Rank: 76

FLCSX

FLCSX Risk / Return Rank: 79
FLCSX Sharpe Ratio Rank: 83
FLCSX Sortino Ratio Rank: 78
FLCSX Omega Ratio Rank: 75
FLCSX Calmar Ratio Rank: 75
FLCSX Martin Ratio Rank: 83

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.

FDESX vs. FLCSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Diversified Stock Fund Class O (FDESX) and Fidelity Large Cap Stock Fund (FLCSX). 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.

	FDESX	FLCSX	Difference
Sharpe ratio Return per unit of total volatility	2.30	2.70	-0.40
Sortino ratio Return per unit of downside risk	3.08	3.70	-0.62
Omega ratio Gain probability vs. loss probability	1.41	1.49	-0.08
Calmar ratio Return relative to maximum drawdown	3.28	3.42	-0.15
Martin ratio Return relative to average drawdown	14.47	15.68	-1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDESX vs. FLCSX - Sharpe Ratio Comparison

The current FDESX Sharpe Ratio is 2.30, which is comparable to the FLCSX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of FDESX and FLCSX, 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

	FDESX	FLCSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.70	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.95	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.83	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.50	-0.02

Drawdowns

FDESX vs. FLCSX - Drawdown Comparison

The maximum FDESX drawdown since its inception was -65.36%, roughly equal to the maximum FLCSX drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for FDESX and FLCSX.

Drawdown Indicators

	FDESX	FLCSX	Difference
Max Drawdown Largest peak-to-trough decline	-65.36%	-63.67%	-1.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.99%	-9.55%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-27.06%	-18.82%	-8.24%
Max Drawdown (5Y) Largest decline over 5 years	-27.06%	-21.69%	-5.37%
Max Drawdown (10Y) Largest decline over 10 years	-30.39%	-37.11%	+6.72%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.04%	-13.82%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	2.08%	+0.18%

Volatility

FDESX vs. FLCSX - Volatility Comparison

Fidelity Advisor Diversified Stock Fund Class O (FDESX) has a higher volatility of 4.24% compared to Fidelity Large Cap Stock Fund (FLCSX) at 2.87%. This indicates that FDESX's price experiences larger fluctuations and is considered to be riskier than FLCSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDESX	FLCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	2.87%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	11.16%	9.31%	+1.85%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	12.21%	+2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	16.85%	+2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.56%	18.66%	+0.90%

FDESX vs. FLCSX - Expense Ratio Comparison

FDESX has a 0.45% expense ratio, which is lower than FLCSX's 0.54% expense ratio.

Dividends

FDESX vs. FLCSX - Dividend Comparison

FDESX's dividend yield for the trailing twelve months is around 5.77%, less than FLCSX's 5.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDESX Fidelity Advisor Diversified Stock Fund Class O	5.77%	6.58%	13.97%	3.55%	9.06%	16.87%	5.28%	3.23%	13.54%	7.61%	1.67%	8.53%
FLCSX Fidelity Large Cap Stock Fund	5.90%	6.50%	4.26%	2.83%	3.07%	4.71%	3.93%	5.43%	7.63%	3.25%	3.61%	4.55%

Frequently Asked Questions

Can I hold both FDESX and FLCSX in my portfolio?

With a correlation of 0.94, FDESX and FLCSX 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, FDESX or FLCSX?

FDESX has higher volatility (4.24%) compared to FLCSX (2.87%). In terms of maximum drawdown, FDESX dropped -65.36% vs FLCSX's -63.67%.

Which has better risk-adjusted returns?

FLCSX currently has the higher Sharpe Ratio (2.70 vs 2.30), 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.