FIMVX vs. CAAPX

Last updated Jun 4, 2026

FIMVX (Fidelity Mid Cap Value Index Fund) and CAAPX (Ariel Appreciation Fund) are both Mid Cap Value Equities funds. Over the past 5 years, FIMVX returned 8.64%/yr vs 4.76%/yr for CAAPX. Their correlation of 0.94 suggests significant overlap in exposure. FIMVX charges 0.05%/yr vs 1.12%/yr for CAAPX.

Performance

FIMVX vs. CAAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mid Cap Value Index Fund (FIMVX) and Ariel Appreciation Fund (CAAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIMVX achieves a 15.21% return, which is significantly higher than CAAPX's 9.88% return.

FIMVX

• 1D: 0.95%
• 1M: 3.80%
• YTD: 15.21%
• 6M: 15.28%
• 1Y: 27.24%
• 3Y*: 17.61%
• 5Y*: 8.64%
• 10Y*: —

CAAPX

• 1D: 0.33%
• 1M: 3.01%
• YTD: 9.88%
• 6M: 12.22%
• 1Y: 32.01%
• 3Y*: 11.98%
• 5Y*: 4.76%
• 10Y*: 8.54%

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

FIMVX vs. CAAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FIMVX Fidelity Mid Cap Value Index Fund	15.21%	11.01%	13.02%	12.75%	-12.08%	28.21%	4.74%	7.42%
CAAPX Ariel Appreciation Fund	9.88%	11.04%	6.07%	10.58%	-12.27%	25.72%	7.42%	7.23%

Correlation

The correlation between FIMVX and CAAPX 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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019	0.94

The correlation between FIMVX and CAAPX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

FIMVX vs. CAAPX — Risk / Return Rank

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

FIMVX

FIMVX Risk / Return Rank: 63
FIMVX Sharpe Ratio Rank: 54
FIMVX Sortino Ratio Rank: 54
FIMVX Omega Ratio Rank: 48
FIMVX Calmar Ratio Rank: 82
FIMVX Martin Ratio Rank: 76

CAAPX

CAAPX Risk / Return Rank: 44
CAAPX Sharpe Ratio Rank: 42
CAAPX Sortino Ratio Rank: 42
CAAPX Omega Ratio Rank: 38
CAAPX Calmar Ratio Rank: 58
CAAPX Martin Ratio Rank: 42

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.

FIMVX vs. CAAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Value Index Fund (FIMVX) and Ariel Appreciation Fund (CAAPX). 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.

	FIMVX	CAAPX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.89	+0.28
Sortino ratio: Return per unit of downside risk	3.09	2.72	+0.37
Omega ratio: Gain probability vs. loss probability	1.38	1.33	+0.05
Calmar ratio: Return relative to maximum drawdown	3.79	2.92	+0.88
Martin ratio: Return relative to average drawdown	14.28	8.98	+5.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIMVX vs. CAAPX - Sharpe Ratio Comparison

The current FIMVX Sharpe Ratio is 2.17, which is comparable to the CAAPX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FIMVX and CAAPX, 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

	FIMVX	CAAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	1.89	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.22	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.51	0.00

Drawdowns

FIMVX vs. CAAPX - Drawdown Comparison

The maximum FIMVX drawdown since its inception was -43.61%, smaller than the maximum CAAPX drawdown of -61.92%. Use the drawdown chart below to compare losses from any high point for FIMVX and CAAPX.

Drawdown Indicators

	FIMVX	CAAPX	Difference
Max Drawdown Largest peak-to-trough decline	-43.61%	-61.92%	+18.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-11.70%	+4.18%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-27.29%	+6.89%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	-33.40%	+12.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.58%	—
Current Drawdown Current decline from peak	0.00%	-0.98%	+0.98%
Average Drawdown Average peak-to-trough decline	-6.43%	-8.06%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	3.79%	-1.79%

Volatility

FIMVX vs. CAAPX - Volatility Comparison

The current volatility for Fidelity Mid Cap Value Index Fund (FIMVX) is 3.45%, while Ariel Appreciation Fund (CAAPX) has a volatility of 4.13%. This indicates that FIMVX experiences smaller price fluctuations and is considered to be less risky than CAAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIMVX	CAAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	4.13%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	9.56%	12.73%	-3.17%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	18.10%	-4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	22.25%	-4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.84%	22.17%	-0.33%

FIMVX vs. CAAPX - Expense Ratio Comparison

FIMVX has a 0.05% expense ratio, which is lower than CAAPX's 1.12% expense ratio.

Dividends

FIMVX vs. CAAPX - Dividend Comparison

FIMVX's dividend yield for the trailing twelve months is around 2.15%, less than CAAPX's 11.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAAPX Ariel Appreciation Fund	11.71%	12.86%	6.11%	6.31%	10.51%	14.21%	9.85%	7.58%	7.37%	12.53%	7.88%	12.05%
FIMVX Fidelity Mid Cap Value Index Fund	2.15%	2.48%	4.44%	1.89%	2.75%	5.62%	1.23%	0.63%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIMVX and CAAPX in my portfolio?

FIMVX and CAAPX 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, FIMVX or CAAPX?

CAAPX has higher volatility (4.13%) compared to FIMVX (3.45%). In terms of maximum drawdown, FIMVX dropped -43.61% vs CAAPX's -61.92%.

Which has better risk-adjusted returns?

FIMVX currently has the higher Sharpe Ratio (2.17 vs 1.89), 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.