FMAGX vs. FMGKX

Last updated Jun 5, 2026

FMAGX (Fidelity Magellan Fund) and FMGKX (Fidelity Magellan Fund Class K) are both Large Cap Growth Equities funds from Fidelity. Over the past 10 years, FMAGX returned 15.20%/yr vs 15.63%/yr for FMGKX. With a 1.00 correlation, they move nearly in lockstep. FMAGX charges 0.68%/yr vs 0.62%/yr for FMGKX.

Performance

FMAGX vs. FMGKX - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with FMAGX at 8.11% and FMGKX at 8.11%. Both investments have delivered pretty close results over the past 10 years, with FMAGX having a 15.20% annualized return and FMGKX not far ahead at 15.63%.

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%

FMGKX

• 1D: -0.57%
• 1M: 3.67%
• YTD: 8.11%
• 6M: 7.72%
• 1Y: 12.00%
• 3Y*: 24.18%
• 5Y*: 13.61%
• 10Y*: 15.63%

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

FMAGX vs. FMGKX - 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%
FMGKX Fidelity Magellan Fund Class K	8.11%	16.35%	32.08%	31.15%	-27.11%	27.08%	28.49%	31.42%	-5.67%	26.60%

Correlation

The correlation between FMAGX and FMGKX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since May 12, 2008	1.00

The correlation between FMAGX and FMGKX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FMAGX vs. FMGKX — 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

FMGKX

FMGKX Risk / Return Rank: 11
FMGKX Sharpe Ratio Rank: 11
FMGKX Sortino Ratio Rank: 11
FMGKX Omega Ratio Rank: 11
FMGKX Calmar Ratio Rank: 10
FMGKX Martin Ratio Rank: 11

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. FMGKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan Fund (FMAGX) and Fidelity Magellan Fund Class K (FMGKX). 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	FMGKX	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.87	-0.01
Sortino ratio: Return per unit of downside risk	1.28	1.29	-0.01
Omega ratio: Gain probability vs. loss probability	1.16	1.16	0.00
Calmar ratio: Return relative to maximum drawdown	0.88	0.89	-0.01
Martin ratio: Return relative to average drawdown	3.15	3.21	-0.06
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. FMGKX - Sharpe Ratio Comparison

The current FMAGX Sharpe Ratio is 0.86, which is comparable to the FMGKX Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of FMAGX and FMGKX, 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	FMGKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	0.87	-0.01
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	0.78	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.47	+0.10

Drawdowns

FMAGX vs. FMGKX - Drawdown Comparison

The maximum FMAGX drawdown since its inception was -71.14%, which is greater than FMGKX's maximum drawdown of -59.38%. Use the drawdown chart below to compare losses from any high point for FMAGX and FMGKX.

Drawdown Indicators

	FMAGX	FMGKX	Difference
Max Drawdown Largest peak-to-trough decline	-71.14%	-59.38%	-11.76%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-13.95%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-20.10%	-20.05%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-33.13%	-33.05%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-33.13%	-33.05%	-0.08%
Current Drawdown Current decline from peak	-0.50%	-0.57%	+0.07%
Average Drawdown Average peak-to-trough decline	-14.96%	-10.94%	-4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	3.88%	+0.04%

Volatility

FMAGX vs. FMGKX - Volatility Comparison

Fidelity Magellan Fund (FMAGX) and Fidelity Magellan Fund Class K (FMGKX) have volatilities of 4.01% and 4.00%, 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

	FMAGX	FMGKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	4.00%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	11.39%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	14.33%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.06%	20.13%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.15%	20.19%	-0.04%

FMAGX vs. FMGKX - Expense Ratio Comparison

FMAGX has a 0.68% expense ratio, which is higher than FMGKX's 0.62% expense ratio.

Dividends

FMAGX vs. FMGKX - Dividend Comparison

FMAGX's dividend yield for the trailing twelve months is around 6.37%, which matches FMGKX's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FMGKX Fidelity Magellan Fund Class K	6.37%	13.90%	9.26%	11.80%	5.08%	7.07%	0.30%	15.04%	10.95%	9.74%	2.87%	7.69%

Frequently Asked Questions

Can I hold both FMAGX and FMGKX in my portfolio?

With a correlation of 1.00, FMAGX and FMGKX 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 FMGKX?

FMAGX has higher volatility (4.01%) compared to FMGKX (4.00%). In terms of maximum drawdown, FMAGX dropped -71.14% vs FMGKX's -59.38%.

Which has better risk-adjusted returns?

FMGKX currently has the higher Sharpe Ratio (0.87 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.