FICEX vs. FZAPX

Last updated Jun 4, 2026

FICEX (Frost Growth Equity Fund) and FZAPX (Fidelity Advisor Stock Selector All Cap Fund Class Z) are both Large Cap Growth Equities funds. Over the past 10 years, FICEX returned 17.03%/yr vs 15.45%/yr for FZAPX. Their correlation of 0.91 suggests significant overlap in exposure. FICEX charges 0.63%/yr vs 0.58%/yr for FZAPX.

Performance

FICEX vs. FZAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frost Growth Equity Fund (FICEX) and Fidelity Advisor Stock Selector All Cap Fund Class Z (FZAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FICEX achieves a 6.16% return, which is significantly lower than FZAPX's 15.87% return. Over the past 10 years, FICEX has outperformed FZAPX with an annualized return of 17.03%, while FZAPX has yielded a comparatively lower 15.45% annualized return.

FICEX

• 1D: -0.58%
• 1M: 6.31%
• YTD: 6.16%
• 6M: 5.20%
• 1Y: 20.07%
• 3Y*: 22.50%
• 5Y*: 13.35%
• 10Y*: 17.03%

FZAPX

• 1D: 0.33%
• 1M: 5.89%
• YTD: 15.87%
• 6M: 16.42%
• 1Y: 37.49%
• 3Y*: 22.95%
• 5Y*: 13.25%
• 10Y*: 15.45%

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

FICEX vs. FZAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FICEX Frost Growth Equity Fund	6.16%	15.00%	30.28%	45.24%	-31.98%	25.23%	32.72%	33.54%	2.63%	31.00%
FZAPX Fidelity Advisor Stock Selector All Cap Fund Class Z	15.87%	18.98%	19.88%	27.05%	-19.49%	23.25%	25.03%	32.34%	-8.52%	24.38%

Correlation

The correlation between FICEX and FZAPX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013	0.91

The correlation between FICEX and FZAPX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

FICEX vs. FZAPX — Risk / Return Rank

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

FICEX

FICEX Risk / Return Rank: 18
FICEX Sharpe Ratio Rank: 24
FICEX Sortino Ratio Rank: 22
FICEX Omega Ratio Rank: 23
FICEX Calmar Ratio Rank: 12
FICEX Martin Ratio Rank: 12

FZAPX

FZAPX Risk / Return Rank: 86
FZAPX Sharpe Ratio Rank: 89
FZAPX Sortino Ratio Rank: 83
FZAPX Omega Ratio Rank: 81
FZAPX Calmar Ratio Rank: 87
FZAPX Martin Ratio Rank: 93

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.

FICEX vs. FZAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frost Growth Equity Fund (FICEX) and Fidelity Advisor Stock Selector All Cap Fund Class Z (FZAPX). 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.

	FICEX	FZAPX	Difference
Sharpe ratio Return per unit of total volatility	1.39	2.96	-1.56
Sortino ratio Return per unit of downside risk	1.95	3.95	-2.00
Omega ratio Gain probability vs. loss probability	1.25	1.54	-0.29
Calmar ratio Return relative to maximum drawdown	1.12	4.18	-3.05
Martin ratio Return relative to average drawdown	3.50	20.24	-16.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FICEX vs. FZAPX - Sharpe Ratio Comparison

The current FICEX Sharpe Ratio is 1.39, which is lower than the FZAPX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of FICEX and FZAPX, 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

	FICEX	FZAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.96	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.75	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.84	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.80	-0.36

Drawdowns

FICEX vs. FZAPX - Drawdown Comparison

The maximum FICEX drawdown since its inception was -50.03%, which is greater than FZAPX's maximum drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for FICEX and FZAPX.

Drawdown Indicators

	FICEX	FZAPX	Difference
Max Drawdown Largest peak-to-trough decline	-50.03%	-34.37%	-15.66%
Max Drawdown (1Y) Largest decline over 1 year	-18.43%	-9.20%	-9.23%
Max Drawdown (3Y) Largest decline over 3 years	-32.32%	-20.84%	-11.48%
Max Drawdown (5Y) Largest decline over 5 years	-35.13%	-25.20%	-9.93%
Max Drawdown (10Y) Largest decline over 10 years	-35.13%	-34.37%	-0.76%
Current Drawdown Current decline from peak	-0.58%	0.00%	-0.58%
Average Drawdown Average peak-to-trough decline	-11.21%	-4.56%	-6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.90%	1.89%	+4.01%

Volatility

FICEX vs. FZAPX - Volatility Comparison

Frost Growth Equity Fund (FICEX) and Fidelity Advisor Stock Selector All Cap Fund Class Z (FZAPX) have volatilities of 3.36% and 3.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FICEX	FZAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.38%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	10.01%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	14.87%	13.00%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.30%	17.76%	+7.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.05%	18.57%	+4.48%

FICEX vs. FZAPX - Expense Ratio Comparison

FICEX has a 0.63% expense ratio, which is higher than FZAPX's 0.58% expense ratio.

Dividends

FICEX vs. FZAPX - Dividend Comparison

FICEX's dividend yield for the trailing twelve months is around 20.67%, more than FZAPX's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FICEX Frost Growth Equity Fund	20.67%	21.94%	22.19%	16.16%	12.25%	12.50%	3.59%	10.57%	16.11%	28.09%	10.86%	12.51%
FZAPX Fidelity Advisor Stock Selector All Cap Fund Class Z	4.21%	4.88%	4.91%	2.12%	0.39%	1.47%	5.33%	6.18%	4.59%	3.07%	1.13%	5.24%

Frequently Asked Questions

Can I hold both FICEX and FZAPX in my portfolio?

FICEX and FZAPX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FICEX or FZAPX?

FZAPX has higher volatility (3.38%) compared to FICEX (3.36%). In terms of maximum drawdown, FICEX dropped -50.03% vs FZAPX's -34.37%.

Which has better risk-adjusted returns?

FZAPX currently has the higher Sharpe Ratio (2.96 vs 1.39), 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.