FLVCX vs. SPMD

Last updated Jun 24, 2026

FLVCX (Fidelity Leveraged Company Stock Fund) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both funds - FLVCX is a Large Cap Blend Equities fund managed by Fidelity, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Over the past 10 years, FLVCX returned 16.53%/yr vs 11.86%/yr for SPMD. Their correlation of 0.84 suggests significant overlap in exposure. FLVCX charges 0.74%/yr vs 0.03%/yr for SPMD.

Performance

FLVCX vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Leveraged Company Stock Fund (FLVCX) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLVCX achieves a 26.99% return, which is significantly higher than SPMD's 14.65% return. Over the past 10 years, FLVCX has outperformed SPMD with an annualized return of 16.53%, while SPMD has yielded a comparatively lower 11.86% annualized return.

FLVCX

• 1D: 1.44%
• 1M: 9.26%
• YTD: 26.99%
• 6M: 25.31%
• 1Y: 44.76%
• 3Y*: 29.79%
• 5Y*: 15.32%
• 10Y*: 16.53%

SPMD

• 1D: -1.02%
• 1M: 2.69%
• YTD: 14.65%
• 6M: 12.55%
• 1Y: 25.12%
• 3Y*: 16.14%
• 5Y*: 8.50%
• 10Y*: 11.86%

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

FLVCX vs. SPMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLVCX Fidelity Leveraged Company Stock Fund	26.99%	20.34%	26.95%	26.10%	-22.99%	26.08%	26.74%	35.60%	-16.43%	20.92%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	14.65%	7.44%	13.91%	16.48%	-13.13%	24.76%	13.46%	25.19%	-10.34%	15.12%

Correlation

The correlation between FLVCX and SPMD is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.84

The correlation between FLVCX and SPMD shifts across timeframes, from 0.76 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FLVCX vs. SPMD — Risk / Return Rank

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

FLVCX

FLVCX Risk / Return Rank: 63
FLVCX Sharpe Ratio Rank: 59
FLVCX Sortino Ratio Rank: 49
FLVCX Omega Ratio Rank: 51
FLVCX Calmar Ratio Rank: 82
FLVCX Martin Ratio Rank: 73

SPMD

SPMD Risk / Return Rank: 52
SPMD Sharpe Ratio Rank: 47
SPMD Sortino Ratio Rank: 49
SPMD Omega Ratio Rank: 45
SPMD Calmar Ratio Rank: 60
SPMD Martin Ratio Rank: 60

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.

FLVCX vs. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Leveraged Company Stock Fund (FLVCX) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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.

	FLVCX	SPMD	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.59	+0.50
Sortino ratio: Return per unit of downside risk	2.70	2.33	+0.37
Omega ratio: Gain probability vs. loss probability	1.36	1.28	+0.08
Calmar ratio: Return relative to maximum drawdown	3.56	2.85	+0.71
Martin ratio: Return relative to average drawdown	12.93	10.44	+2.49

FLVCX vs. SPMD - Sharpe Ratio Comparison

The current FLVCX Sharpe Ratio is 2.09, which is higher than the SPMD Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of FLVCX and SPMD, 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

FLVCX vs. SPMD - Drawdown Comparison

The maximum FLVCX drawdown since its inception was -70.02%, which is greater than SPMD's maximum drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for FLVCX and SPMD.

Drawdown Indicators

	FLVCX	SPMD	Difference
Max Drawdown Largest peak-to-trough decline	-70.02%	-57.62%	-12.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-8.86%	-4.20%
Max Drawdown (3Y) Largest decline over 3 years	-28.54%	-24.08%	-4.46%
Max Drawdown (5Y) Largest decline over 5 years	-28.54%	-24.08%	-4.46%
Max Drawdown (10Y) Largest decline over 10 years	-44.14%	-41.86%	-2.28%
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-10.98%	-8.10%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	2.41%	+1.18%

Volatility

FLVCX vs. SPMD - Volatility Comparison

Fidelity Leveraged Company Stock Fund (FLVCX) has a higher volatility of 9.08% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.72%. This indicates that FLVCX's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLVCX	SPMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.08%	4.72%	+4.36%
Volatility (6M) Calculated over the trailing 6-month period	18.05%	11.79%	+6.26%
Volatility (1Y) Calculated over the trailing 1-year period	22.29%	15.90%	+6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.07%	19.72%	+3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.51%	21.19%	+2.32%

FLVCX vs. SPMD - Expense Ratio Comparison

FLVCX has a 0.74% expense ratio, which is higher than SPMD's 0.03% expense ratio.

Dividends

FLVCX vs. SPMD - Dividend Comparison

FLVCX's dividend yield for the trailing twelve months is around 3.72%, more than SPMD's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLVCX Fidelity Leveraged Company Stock Fund	3.72%	4.72%	14.53%	12.19%	18.49%	8.40%	0.11%	0.10%	19.91%	18.96%	27.48%	6.18%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	1.23%	1.39%	1.42%	1.47%	1.64%	1.24%	1.30%	1.57%	1.85%	1.97%	2.13%	5.33%

Frequently Asked Questions

Can I hold both FLVCX and SPMD in my portfolio?

FLVCX and SPMD have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLVCX or SPMD?

FLVCX has higher volatility (9.08%) compared to SPMD (4.72%). In terms of maximum drawdown, FLVCX dropped -70.02% vs SPMD's -57.62%.

Which has better risk-adjusted returns?

FLVCX currently has the higher Sharpe Ratio (2.09 vs 1.59), 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.