FEQIX vs. FRVLX

Last updated Jun 3, 2026

FEQIX (Fidelity Equity-Income Fund) and FRVLX (Franklin Small Cap Value Fund) are both mutual funds - FEQIX is a Large Cap Value Equities fund managed by Fidelity, while FRVLX is a Small Cap Value Equities fund managed by Franklin Templeton. Over the past 10 years, FEQIX returned 11.80%/yr vs 10.11%/yr for FRVLX. Their correlation of 0.83 suggests significant overlap in exposure. FEQIX charges 0.57%/yr vs 1.00%/yr for FRVLX.

Performance

FEQIX vs. FRVLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Equity-Income Fund (FEQIX) and Franklin Small Cap Value Fund (FRVLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEQIX achieves a 8.04% return, which is significantly lower than FRVLX's 15.28% return. Over the past 10 years, FEQIX has outperformed FRVLX with an annualized return of 11.80%, while FRVLX has yielded a comparatively lower 10.11% annualized return.

FEQIX

• 1D: -0.38%
• 1M: -0.10%
• YTD: 8.04%
• 6M: 10.39%
• 1Y: 22.13%
• 3Y*: 17.60%
• 5Y*: 10.53%
• 10Y*: 11.80%

FRVLX

• 1D: -0.57%
• 1M: 1.29%
• YTD: 15.28%
• 6M: 17.87%
• 1Y: 31.44%
• 3Y*: 16.02%
• 5Y*: 6.46%
• 10Y*: 10.11%

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

FEQIX vs. FRVLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEQIX Fidelity Equity-Income Fund	8.04%	18.96%	15.34%	10.62%	-5.10%	24.49%	6.77%	27.90%	-8.46%	12.80%
FRVLX Franklin Small Cap Value Fund	15.28%	7.36%	13.16%	12.81%	-10.25%	22.51%	5.45%	26.08%	-12.92%	9.91%

Correlation

The correlation between FEQIX and FRVLX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 12, 1996	0.83

The correlation between FEQIX and FRVLX has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

Return for Risk

FEQIX vs. FRVLX — Risk / Return Rank

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

FEQIX

FEQIX Risk / Return Rank: 68
FEQIX Sharpe Ratio Rank: 64
FEQIX Sortino Ratio Rank: 65
FEQIX Omega Ratio Rank: 59
FEQIX Calmar Ratio Rank: 77
FEQIX Martin Ratio Rank: 75

FRVLX

FRVLX Risk / Return Rank: 37
FRVLX Sharpe Ratio Rank: 35
FRVLX Sortino Ratio Rank: 38
FRVLX Omega Ratio Rank: 32
FRVLX Calmar Ratio Rank: 43
FRVLX Martin Ratio Rank: 38

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.

FEQIX vs. FRVLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Equity-Income Fund (FEQIX) and Franklin Small Cap Value Fund (FRVLX). 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.

	FEQIX	FRVLX	Difference
Sharpe ratio Return per unit of total volatility	2.36	1.72	+0.63
Sortino ratio Return per unit of downside risk	3.38	2.57	+0.81
Omega ratio Gain probability vs. loss probability	1.43	1.30	+0.13
Calmar ratio Return relative to maximum drawdown	3.51	2.53	+0.98
Martin ratio Return relative to average drawdown	14.19	8.41	+5.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEQIX vs. FRVLX - Sharpe Ratio Comparison

The current FEQIX Sharpe Ratio is 2.36, which is higher than the FRVLX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of FEQIX and FRVLX, 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

	FEQIX	FRVLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	1.72	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.30	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.44	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.43	+0.08

Drawdowns

FEQIX vs. FRVLX - Drawdown Comparison

The maximum FEQIX drawdown since its inception was -62.38%, roughly equal to the maximum FRVLX drawdown of -60.27%. Use the drawdown chart below to compare losses from any high point for FEQIX and FRVLX.

Drawdown Indicators

	FEQIX	FRVLX	Difference
Max Drawdown Largest peak-to-trough decline	-62.38%	-60.27%	-2.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.48%	-12.04%	+5.56%
Max Drawdown (3Y) Largest decline over 3 years	-13.18%	-25.09%	+11.91%
Max Drawdown (5Y) Largest decline over 5 years	-17.20%	-25.09%	+7.89%
Max Drawdown (10Y) Largest decline over 10 years	-33.12%	-44.10%	+10.98%
Current Drawdown Current decline from peak	-1.07%	-1.31%	+0.24%
Average Drawdown Average peak-to-trough decline	-8.01%	-10.32%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	3.62%	-2.02%

Volatility

FEQIX vs. FRVLX - Volatility Comparison

The current volatility for Fidelity Equity-Income Fund (FEQIX) is 2.39%, while Franklin Small Cap Value Fund (FRVLX) has a volatility of 4.94%. This indicates that FEQIX experiences smaller price fluctuations and is considered to be less risky than FRVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEQIX	FRVLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.39%	4.94%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	12.75%	-5.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.56%	18.44%	-8.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.47%	21.58%	-8.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	22.82%	-7.32%

FEQIX vs. FRVLX - Expense Ratio Comparison

FEQIX has a 0.57% expense ratio, which is lower than FRVLX's 1.00% expense ratio.

Dividends

FEQIX vs. FRVLX - Dividend Comparison

FEQIX's dividend yield for the trailing twelve months is around 4.65%, less than FRVLX's 6.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEQIX Fidelity Equity-Income Fund	4.65%	4.67%	5.51%	4.26%	4.56%	9.90%	3.38%	7.16%	9.76%	6.29%	4.28%	12.17%
FRVLX Franklin Small Cap Value Fund	6.93%	7.99%	8.45%	4.54%	3.21%	7.55%	2.20%	6.31%	18.48%	8.06%	4.76%	11.04%

Frequently Asked Questions

Can I hold both FEQIX and FRVLX in my portfolio?

FEQIX and FRVLX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEQIX or FRVLX?

FRVLX has higher volatility (4.94%) compared to FEQIX (2.39%). In terms of maximum drawdown, FEQIX dropped -62.38% vs FRVLX's -60.27%.

Which has better risk-adjusted returns?

FEQIX currently has the higher Sharpe Ratio (2.36 vs 1.72), 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.