FMAMX vs. FZAPX

Last updated Jun 4, 2026

FMAMX (Fidelity Advisor Stock Selector All Cap Fund Class A) and FZAPX (Fidelity Advisor Stock Selector All Cap Fund Class Z) are both Large Cap Growth Equities funds from Fidelity. Over the past 10 years, FMAMX returned 15.05%/yr vs 15.45%/yr for FZAPX. With a 1.00 correlation, they move nearly in lockstep. FMAMX charges 0.96%/yr vs 0.58%/yr for FZAPX.

Performance

FMAMX vs. FZAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Stock Selector All Cap Fund Class A (FMAMX) and Fidelity Advisor Stock Selector All Cap Fund Class Z (FZAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FMAMX having a 15.69% return and FZAPX slightly higher at 15.87%. Both investments have delivered pretty close results over the past 10 years, with FMAMX having a 15.05% annualized return and FZAPX not far ahead at 15.45%.

FMAMX

• 1D: 0.34%
• 1M: 5.86%
• YTD: 15.69%
• 6M: 16.22%
• 1Y: 37.00%
• 3Y*: 22.49%
• 5Y*: 12.82%
• 10Y*: 15.05%

FZAPX

• 1D: 0.33%
• 1M: 5.89%
• YTD: 15.87%
• 6M: 16.42%
• 1Y: 37.49%
• 3Y*: 22.95%
• 5Y*: 13.25%
• 10Y*: 15.45%

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

FMAMX vs. FZAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMAMX Fidelity Advisor Stock Selector All Cap Fund Class A	15.69%	18.54%	19.44%	26.57%	-19.78%	22.78%	24.52%	31.81%	-8.87%	24.42%
FZAPX Fidelity Advisor Stock Selector All Cap Fund Class Z	15.87%	18.98%	19.88%	27.05%	-19.49%	23.25%	25.03%	32.34%	-8.52%	24.38%

Correlation

The correlation between FMAMX and FZAPX 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 Aug 21, 2013	1.00

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

Return for Risk

FMAMX vs. FZAPX — Risk / Return Rank

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

FMAMX

FMAMX Risk / Return Rank: 86
FMAMX Sharpe Ratio Rank: 88
FMAMX Sortino Ratio Rank: 82
FMAMX Omega Ratio Rank: 80
FMAMX Calmar Ratio Rank: 85
FMAMX Martin Ratio Rank: 93

FZAPX

FZAPX Risk / Return Rank: 86
FZAPX Sharpe Ratio Rank: 89
FZAPX Sortino Ratio Rank: 83
FZAPX Omega Ratio Rank: 81
FZAPX Calmar Ratio Rank: 87
FZAPX Martin Ratio Rank: 93

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.

FMAMX vs. FZAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Stock Selector All Cap Fund Class A (FMAMX) and Fidelity Advisor Stock Selector All Cap Fund Class Z (FZAPX). 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.

	FMAMX	FZAPX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.96	-0.04
Sortino ratio: Return per unit of downside risk	3.91	3.95	-0.05
Omega ratio: Gain probability vs. loss probability	1.53	1.54	-0.01
Calmar ratio: Return relative to maximum drawdown	4.11	4.18	-0.07
Martin ratio: Return relative to average drawdown	19.87	20.24	-0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMAMX vs. FZAPX - Sharpe Ratio Comparison

The current FMAMX Sharpe Ratio is 2.92, which is comparable to the FZAPX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of FMAMX and FZAPX, 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

	FMAMX	FZAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.96	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.75	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.84	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.80	+0.02

Drawdowns

FMAMX vs. FZAPX - Drawdown Comparison

The maximum FMAMX drawdown since its inception was -34.39%, roughly equal to the maximum FZAPX drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for FMAMX and FZAPX.

Drawdown Indicators

	FMAMX	FZAPX	Difference
Max Drawdown Largest peak-to-trough decline	-34.39%	-34.37%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.22%	-9.20%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-20.93%	-20.84%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-25.20%	-0.25%
Max Drawdown (10Y) Largest decline over 10 years	-34.39%	-34.37%	-0.02%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.50%	-4.56%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.89%	+0.01%

Volatility

FMAMX vs. FZAPX - Volatility Comparison

Fidelity Advisor Stock Selector All Cap Fund Class A (FMAMX) and Fidelity Advisor Stock Selector All Cap Fund Class Z (FZAPX) have volatilities of 3.37% and 3.38%, 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

	FMAMX	FZAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	3.38%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	10.01%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.99%	13.00%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.76%	17.76%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	18.57%	0.00%

FMAMX vs. FZAPX - Expense Ratio Comparison

FMAMX has a 0.96% expense ratio, which is higher than FZAPX's 0.58% expense ratio.

Dividends

FMAMX vs. FZAPX - Dividend Comparison

FMAMX's dividend yield for the trailing twelve months is around 3.88%, less than FZAPX's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMAMX Fidelity Advisor Stock Selector All Cap Fund Class A	3.88%	4.48%	4.52%	1.76%	0.29%	1.08%	4.94%	5.79%	4.06%	3.06%	0.69%	4.76%
FZAPX Fidelity Advisor Stock Selector All Cap Fund Class Z	4.21%	4.88%	4.91%	2.12%	0.39%	1.47%	5.33%	6.18%	4.59%	3.07%	1.13%	5.24%

Frequently Asked Questions

Can I hold both FMAMX and FZAPX in my portfolio?

With a correlation of 1.00, FMAMX and FZAPX 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, FMAMX or FZAPX?

FZAPX has higher volatility (3.38%) compared to FMAMX (3.37%). In terms of maximum drawdown, FMAMX dropped -34.39% vs FZAPX's -34.37%.

Which has better risk-adjusted returns?

FZAPX currently has the higher Sharpe Ratio (2.96 vs 2.92), 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.