FEMIX vs. FSPGX

Last updated Aug 1, 2026

FEMIX (Fidelity Advisor New York Municipal Income Fund Class I) and FSPGX (Fidelity Large Cap Growth Index Fund) are both mutual funds - FEMIX is a Municipal Bonds fund managed by Fidelity, while FSPGX is a Large Cap Growth Equities fund managed by Fidelity. Over the past 5 years, FEMIX returned 0.13%/yr vs 11.68%/yr for FSPGX. Their 0.04 correlation means their historical movements had little consistent relationship. FEMIX charges 0.54%/yr vs 0.04%/yr for FSPGX.

Performance

FEMIX vs. FSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New York Municipal Income Fund Class I (FEMIX) and Fidelity Large Cap Growth Index Fund (FSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMIX achieves a 0.14% return, which is significantly higher than FSPGX's -0.52% return.

FEMIX

• 1D: -0.24%
• 1M: -2.31%
• 6M: -0.66%
• YTD: 0.14%
• 1Y: 5.26%
• 3Y*: 3.11%
• 5Y*: 0.13%
• 10Y*: 1.58%
• ALL TIME*: 2.59%

FSPGX

• 1D: 2.95%
• 1M: -3.22%
• 6M: 1.01%
• YTD: -0.52%
• 1Y: 9.22%
• 3Y*: 18.94%
• 5Y*: 11.68%
• 10Y*: —
• ALL TIME*: 17.82%

*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)
FEMIX Fidelity Advisor New York Municipal Income Fund Class I	$0.00	$0.00	$0.00
FSPGX Fidelity Large Cap Growth Index Fund	$0.00	$0.00	$0.00

FEMIX vs. FSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEMIX Fidelity Advisor New York Municipal Income Fund Class I	0.14%	4.93%	0.99%	7.17%	-11.15%	2.32%	4.00%	7.75%	0.42%	5.22%
FSPGX Fidelity Large Cap Growth Index Fund	-0.52%	18.54%	33.27%	42.77%	-29.17%	27.57%	38.46%	36.38%	-1.79%	27.70%

Correlation

The correlation between FEMIX and FSPGX is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (3Y) Balances recent behavior with more history.	0.11
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.04

The correlation between FEMIX and FSPGX shifts across timeframes, from 0.04 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FEMIX vs. FSPGX — Risk / Return Rank

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

FEMIX

FEMIX Risk / Return Rank: 66
FEMIX Sharpe Ratio Rank: 81
FEMIX Sortino Ratio Rank: 81
FEMIX Omega Ratio Rank: 87
FEMIX Calmar Ratio Rank: 45
FEMIX Martin Ratio Rank: 38

FSPGX

FSPGX Risk / Return Rank: 11
FSPGX Sharpe Ratio Rank: 12
FSPGX Sortino Ratio Rank: 12
FSPGX Omega Ratio Rank: 11
FSPGX Calmar Ratio Rank: 11
FSPGX Martin Ratio Rank: 11

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.

FEMIX vs. FSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New York Municipal Income Fund Class I (FEMIX) and Fidelity Large Cap Growth Index Fund (FSPGX). 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.

	FEMIX	FSPGX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	0.41	+1.55
Sortino ratio: Return per unit of downside risk	2.86	0.69	+2.17
Omega ratio: Gain probability vs. loss probability	1.45	1.08	+0.37
Calmar ratio: Return relative to maximum drawdown	1.86	0.45	+1.41
Martin ratio: Return relative to average drawdown	5.93	1.34	+4.59

FEMIX vs. FSPGX - Sharpe Ratio Comparison

The current FEMIX Sharpe Ratio is 1.97, which is higher than the FSPGX Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of FEMIX and FSPGX, 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

FEMIX vs. FSPGX - Drawdown Comparison

The maximum FEMIX drawdown since its inception was -22.72%, smaller than the maximum FSPGX drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for FEMIX and FSPGX.

Drawdown Indicators

	FEMIX	FSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-22.72%	-32.66%	+9.94%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-16.17%	+12.85%
Max Drawdown (3Y) Largest decline over 3 years	-5.90%	-23.32%	+17.42%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	-32.66%	+16.55%
Max Drawdown (10Y) Largest decline over 10 years	-16.11%	—	—
Current Drawdown Current decline from peak	-2.31%	-8.74%	+6.43%
Average Drawdown Average peak-to-trough decline	-4.24%	-6.36%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	5.38%	-4.34%

Volatility

FEMIX vs. FSPGX - Volatility Comparison

The current volatility for Fidelity Advisor New York Municipal Income Fund Class I (FEMIX) is 1.01%, while Fidelity Large Cap Growth Index Fund (FSPGX) has a volatility of 6.40%. This indicates that FEMIX experiences smaller price fluctuations and is considered to be less risky than FSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMIX	FSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	6.40%	-5.39%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	14.04%	-11.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	17.49%	-14.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.33%	21.81%	-17.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.27%	21.58%	-17.31%

FEMIX vs. FSPGX - Expense Ratio Comparison

FEMIX has a 0.54% expense ratio, which is higher than FSPGX's 0.04% expense ratio.

Dividends

FEMIX vs. FSPGX - Dividend Comparison

FEMIX's dividend yield for the trailing twelve months is around 2.68%, more than FSPGX's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMIX Fidelity Advisor New York Municipal Income Fund Class I	2.68%	3.68%	2.28%	2.34%	1.74%	2.45%	2.71%	2.80%	2.94%	3.56%	4.16%	3.72%
FSPGX Fidelity Large Cap Growth Index Fund	0.39%	0.34%	0.37%	0.73%	0.86%	2.22%	1.76%	1.04%	1.32%	0.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEMIX and FSPGX in my portfolio?

FEMIX and FSPGX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEMIX or FSPGX?

FSPGX has higher volatility (6.40%) compared to FEMIX (1.01%). In terms of maximum drawdown, FEMIX dropped -22.72% vs FSPGX's -32.66%.

Which has better risk-adjusted returns?

FEMIX currently has the higher Sharpe Ratio (1.97 vs 0.41), 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.