FMAGX vs. FDCAX

Last updated Jun 5, 2026

FMAGX (Fidelity Magellan Fund) and FDCAX (Fidelity Capital Appreciation Fund) are both Large Cap Growth Equities funds from Fidelity. Over the past 10 years, FMAGX returned 15.20%/yr vs 16.30%/yr for FDCAX. Their correlation of 0.88 suggests significant overlap in exposure. FMAGX charges 0.68%/yr vs 0.84%/yr for FDCAX.

Performance

FMAGX vs. FDCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan Fund (FMAGX) and Fidelity Capital Appreciation Fund (FDCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAGX achieves a 8.11% return, which is significantly lower than FDCAX's 15.86% return. Over the past 10 years, FMAGX has underperformed FDCAX with an annualized return of 15.20%, while FDCAX has yielded a comparatively higher 16.30% annualized return.

FMAGX

• 1D: -0.50%
• 1M: 3.67%
• YTD: 8.11%
• 6M: 7.72%
• 1Y: 11.93%
• 3Y*: 22.86%
• 5Y*: 12.86%
• 10Y*: 15.20%

FDCAX

• 1D: -0.80%
• 1M: 3.62%
• YTD: 15.86%
• 6M: 15.96%
• 1Y: 33.05%
• 3Y*: 24.74%
• 5Y*: 14.14%
• 10Y*: 16.30%

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

FMAGX vs. FDCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMAGX Fidelity Magellan Fund	8.11%	16.27%	28.06%	31.04%	-27.18%	27.08%	28.34%	31.26%	-5.70%	26.49%
FDCAX Fidelity Capital Appreciation Fund	15.86%	18.05%	25.11%	28.81%	-21.23%	23.85%	33.92%	30.15%	-5.23%	22.83%

Correlation

The correlation between FMAGX and FDCAX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 28, 1986	0.88

The correlation between FMAGX and FDCAX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

FMAGX vs. FDCAX — Risk / Return Rank

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

FMAGX

FMAGX Risk / Return Rank: 11
FMAGX Sharpe Ratio Rank: 11
FMAGX Sortino Ratio Rank: 11
FMAGX Omega Ratio Rank: 11
FMAGX Calmar Ratio Rank: 9
FMAGX Martin Ratio Rank: 11

FDCAX

FDCAX Risk / Return Rank: 60
FDCAX Sharpe Ratio Rank: 61
FDCAX Sortino Ratio Rank: 53
FDCAX Omega Ratio Rank: 53
FDCAX Calmar Ratio Rank: 62
FDCAX Martin Ratio Rank: 67

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.

FMAGX vs. FDCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan Fund (FMAGX) and Fidelity Capital Appreciation Fund (FDCAX). 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.

	FMAGX	FDCAX	Difference
Sharpe ratio: Return per unit of total volatility	0.86	2.31	-1.45
Sortino ratio: Return per unit of downside risk	1.28	3.08	-1.80
Omega ratio: Gain probability vs. loss probability	1.16	1.40	-0.25
Calmar ratio: Return relative to maximum drawdown	0.88	3.03	-2.15
Martin ratio: Return relative to average drawdown	3.15	13.03	-9.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMAGX vs. FDCAX - Sharpe Ratio Comparison

The current FMAGX Sharpe Ratio is 0.86, which is lower than the FDCAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FMAGX and FDCAX, 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

	FMAGX	FDCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	2.31	-1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.68	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.79	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.61	-0.04

Drawdowns

FMAGX vs. FDCAX - Drawdown Comparison

The maximum FMAGX drawdown since its inception was -71.14%, which is greater than FDCAX's maximum drawdown of -58.53%. Use the drawdown chart below to compare losses from any high point for FMAGX and FDCAX.

Drawdown Indicators

	FMAGX	FDCAX	Difference
Max Drawdown Largest peak-to-trough decline	-71.14%	-58.53%	-12.61%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-11.06%	-2.94%
Max Drawdown (3Y) Largest decline over 3 years	-20.10%	-29.68%	+9.58%
Max Drawdown (5Y) Largest decline over 5 years	-33.13%	-29.68%	-3.45%
Max Drawdown (10Y) Largest decline over 10 years	-33.13%	-33.06%	-0.07%
Current Drawdown Current decline from peak	-0.50%	-0.94%	+0.44%
Average Drawdown Average peak-to-trough decline	-14.96%	-9.91%	-5.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	2.57%	+1.35%

Volatility

FMAGX vs. FDCAX - Volatility Comparison

The current volatility for Fidelity Magellan Fund (FMAGX) is 4.01%, while Fidelity Capital Appreciation Fund (FDCAX) has a volatility of 4.40%. This indicates that FMAGX experiences smaller price fluctuations and is considered to be less risky than FDCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAGX	FDCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	4.40%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	11.30%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	14.49%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.06%	20.92%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.15%	20.60%	-0.45%

FMAGX vs. FDCAX - Expense Ratio Comparison

FMAGX has a 0.68% expense ratio, which is lower than FDCAX's 0.84% expense ratio.

Dividends

FMAGX vs. FDCAX - Dividend Comparison

FMAGX's dividend yield for the trailing twelve months is around 6.37%, less than FDCAX's 6.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDCAX Fidelity Capital Appreciation Fund	6.87%	7.96%	18.33%	3.33%	9.32%	16.76%	8.38%	13.50%	13.29%	10.43%	5.62%	12.38%
FMAGX Fidelity Magellan Fund	6.37%	13.90%	6.12%	11.72%	5.02%	7.01%	0.30%	14.93%	10.83%	9.64%	2.92%	7.60%

Frequently Asked Questions

Can I hold both FMAGX and FDCAX in my portfolio?

With a correlation of 0.91, FMAGX and FDCAX 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, FMAGX or FDCAX?

FDCAX has higher volatility (4.40%) compared to FMAGX (4.01%). In terms of maximum drawdown, FMAGX dropped -71.14% vs FDCAX's -58.53%.

Which has better risk-adjusted returns?

FDCAX currently has the higher Sharpe Ratio (2.31 vs 0.86), 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.