FLCSX vs. FXAIX

Last updated Jul 30, 2026

FLCSX (Fidelity Large Cap Stock Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - FLCSX is a Large Cap Blend Equities fund actively managed by Fidelity Investments, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. FLCSX is actively managed, while FXAIX is passively managed. Over the past 10 years, FLCSX returned 15.03%/yr vs 14.97%/yr for FXAIX. Their correlation of 0.93 means they have usually moved in the same direction. FLCSX charges 0.75%/yr vs 0.02%/yr for FXAIX.

Performance

FLCSX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Large Cap Stock Fund (FLCSX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLCSX achieves a 10.36% return, which is significantly higher than FXAIX's 9.22% return. Both investments have delivered pretty close results over the past 10 years, with FLCSX having a 15.03% annualized return and FXAIX not far behind at 14.97%.

FLCSX

• 1D: 0.50%
• 1M: 0.98%
• 6M: 6.58%
• YTD: 10.36%
• 1Y: 20.89%
• 3Y*: 22.84%
• 5Y*: 16.01%
• 10Y*: 15.03%
• ALL TIME*: 10.22%

FXAIX

• 1D: 0.21%
• 1M: -0.09%
• 6M: 7.07%
• YTD: 9.22%
• 1Y: 17.99%
• 3Y*: 19.04%
• 5Y*: 12.54%
• 10Y*: 14.97%
• ALL TIME*: 13.88%

*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)
FLCSX Fidelity Large Cap Stock Fund	$0.00	$0.00	$0.00
FXAIX Fidelity 500 Index Fund	$0.00	$0.00	$0.00

FLCSX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLCSX Fidelity Large Cap Stock Fund	10.36%	27.49%	26.31%	23.51%	-8.02%	25.80%	9.05%	31.59%	-13.62%	17.86%
FXAIX Fidelity 500 Index Fund	9.22%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between FLCSX and FXAIX is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.93

The correlation between FLCSX and FXAIX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

FLCSX vs. FXAIX — Risk / Return Rank

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

FLCSX

FLCSX Risk / Return Rank: 67
FLCSX Sharpe Ratio Rank: 67
FLCSX Sortino Ratio Rank: 65
FLCSX Omega Ratio Rank: 62
FLCSX Calmar Ratio Rank: 62
FLCSX Martin Ratio Rank: 77

FXAIX

FXAIX Risk / Return Rank: 56
FXAIX Sharpe Ratio Rank: 53
FXAIX Sortino Ratio Rank: 50
FXAIX Omega Ratio Rank: 51
FXAIX Calmar Ratio Rank: 56
FXAIX Martin Ratio Rank: 68

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.

FLCSX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Large Cap Stock Fund (FLCSX) and Fidelity 500 Index Fund (FXAIX). 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.

	FLCSX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.40	+0.18
Sortino ratio: Return per unit of downside risk	2.24	1.96	+0.28
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.03
Calmar ratio: Return relative to maximum drawdown	2.11	1.99	+0.12
Martin ratio: Return relative to average drawdown	9.42	8.61	+0.80

FLCSX vs. FXAIX - Sharpe Ratio Comparison

The current FLCSX Sharpe Ratio is 1.58, which is comparable to the FXAIX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of FLCSX and FXAIX, 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

FLCSX vs. FXAIX - Drawdown Comparison

The maximum FLCSX drawdown since its inception was -63.67%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FLCSX and FXAIX.

Drawdown Indicators

	FLCSX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-33.79%	-29.88%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-8.89%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-18.82%	-18.76%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-21.69%	-24.50%	+2.81%
Max Drawdown (10Y) Largest decline over 10 years	-37.11%	-33.79%	-3.32%
Current Drawdown Current decline from peak	-1.34%	-2.22%	+0.88%
Average Drawdown Average peak-to-trough decline	-13.76%	-3.77%	-9.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	2.06%	+0.08%

Volatility

FLCSX vs. FXAIX - Volatility Comparison

The current volatility for Fidelity Large Cap Stock Fund (FLCSX) is 2.69%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 2.94%. This indicates that FLCSX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLCSX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	2.94%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	9.80%	9.85%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	12.66%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	17.00%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.56%	18.07%	+0.49%

FLCSX vs. FXAIX - Expense Ratio Comparison

FLCSX has a 0.75% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FLCSX vs. FXAIX - Dividend Comparison

FLCSX's dividend yield for the trailing twelve months is around 8.95%, more than FXAIX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLCSX Fidelity Large Cap Stock Fund	8.95%	6.50%	4.26%	2.83%	3.07%	4.71%	3.93%	5.43%	7.63%	3.25%	3.61%	4.55%
FXAIX Fidelity 500 Index Fund	1.07%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FLCSX and FXAIX in my portfolio?

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

FXAIX has higher volatility (2.94%) compared to FLCSX (2.69%). In terms of maximum drawdown, FLCSX dropped -63.67% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FLCSX currently has the higher Sharpe Ratio (1.58 vs 1.40), 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.