FMCAX vs. FASPX

Last updated Jul 16, 2026

FMCAX (Fidelity Advisor Stock Selector Mid Cap Fund Class M) and FASPX (Fidelity Advisor Value Strategies Fund Class M) are both mutual funds - FMCAX is a Mid Cap Blend Equities fund managed by Fidelity, while FASPX is a Mid Cap Value Equities fund managed by Fidelity. Over the past 10 years, FMCAX returned 11.63%/yr vs 10.89%/yr for FASPX. Their correlation of 0.89 suggests significant overlap in exposure. FMCAX charges 1.29%/yr vs 1.37%/yr for FASPX.

Performance

FMCAX vs. FASPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Stock Selector Mid Cap Fund Class M (FMCAX) and Fidelity Advisor Value Strategies Fund Class M (FASPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMCAX achieves a 20.58% return, which is significantly lower than FASPX's 26.04% return. Over the past 10 years, FMCAX has outperformed FASPX with an annualized return of 11.63%, while FASPX has yielded a comparatively lower 10.89% annualized return.

FMCAX

• 1D: 0.72%
• 1M: -0.25%
• 6M: 14.96%
• YTD: 20.58%
• 1Y: 28.07%
• 3Y*: 14.84%
• 5Y*: 9.02%
• 10Y*: 11.63%

FASPX

• 1D: 0.00%
• 1M: 1.34%
• 6M: 17.38%
• YTD: 26.04%
• 1Y: 38.54%
• 3Y*: 12.97%
• 5Y*: 9.75%
• 10Y*: 10.89%

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

FMCAX vs. FASPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMCAX Fidelity Advisor Stock Selector Mid Cap Fund Class M	20.58%	9.87%	8.94%	16.59%	-14.31%	22.62%	12.48%	28.98%	-8.06%	19.55%
FASPX Fidelity Advisor Value Strategies Fund Class M	26.04%	7.76%	-2.60%	19.93%	-7.82%	32.65%	7.70%	33.85%	-17.27%	17.34%

Correlation

The correlation between FMCAX and FASPX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 20, 1996	0.89

The correlation between FMCAX and FASPX has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

Return for Risk

FMCAX vs. FASPX — Risk / Return Rank

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

FMCAX

FMCAX Risk / Return Rank: 63
FMCAX Sharpe Ratio Rank: 51
FMCAX Sortino Ratio Rank: 54
FMCAX Omega Ratio Rank: 47
FMCAX Calmar Ratio Rank: 82
FMCAX Martin Ratio Rank: 79

FASPX

FASPX Risk / Return Rank: 83
FASPX Sharpe Ratio Rank: 81
FASPX Sortino Ratio Rank: 81
FASPX Omega Ratio Rank: 74
FASPX Calmar Ratio Rank: 90
FASPX Martin Ratio Rank: 90

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.

FMCAX vs. FASPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Stock Selector Mid Cap Fund Class M (FMCAX) and Fidelity Advisor Value Strategies Fund Class M (FASPX). 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.

	FMCAX	FASPX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.10	-0.52
Sortino ratio: Return per unit of downside risk	2.30	3.02	-0.71
Omega ratio: Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	3.02	3.67	-0.66
Martin ratio: Return relative to average drawdown	11.08	13.65	-2.57

FMCAX vs. FASPX - Sharpe Ratio Comparison

The current FMCAX Sharpe Ratio is 1.58, which is comparable to the FASPX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of FMCAX and FASPX, 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

FMCAX vs. FASPX - Drawdown Comparison

The maximum FMCAX drawdown since its inception was -65.06%, smaller than the maximum FASPX drawdown of -70.11%. Use the drawdown chart below to compare losses from any high point for FMCAX and FASPX.

Drawdown Indicators

	FMCAX	FASPX	Difference
Max Drawdown Largest peak-to-trough decline	-65.06%	-70.11%	+5.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-9.84%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-25.04%	-34.53%	+9.49%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-34.53%	+9.49%
Max Drawdown (10Y) Largest decline over 10 years	-43.42%	-48.02%	+4.60%
Current Drawdown Current decline from peak	-1.79%	-0.39%	-1.40%
Average Drawdown Average peak-to-trough decline	-10.93%	-9.81%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	2.65%	-0.28%

Volatility

FMCAX vs. FASPX - Volatility Comparison

Fidelity Advisor Stock Selector Mid Cap Fund Class M (FMCAX) and Fidelity Advisor Value Strategies Fund Class M (FASPX) have volatilities of 4.10% and 4.05%, 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

	FMCAX	FASPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	4.05%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	11.96%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	17.19%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.04%	20.67%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	21.95%	-0.99%

FMCAX vs. FASPX - Expense Ratio Comparison

FMCAX has a 1.29% expense ratio, which is lower than FASPX's 1.37% expense ratio.

Dividends

FMCAX vs. FASPX - Dividend Comparison

FMCAX's dividend yield for the trailing twelve months is around 6.78%, less than FASPX's 7.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FASPX Fidelity Advisor Value Strategies Fund Class M	7.40%	9.32%	0.00%	2.40%	1.93%	7.80%	0.55%	4.98%	15.67%	7.26%	21.61%	0.80%
FMCAX Fidelity Advisor Stock Selector Mid Cap Fund Class M	6.78%	8.17%	0.00%	0.36%	9.72%	13.00%	2.00%	3.87%	21.28%	4.27%	0.51%	1.53%

Frequently Asked Questions

Can I hold both FMCAX and FASPX in my portfolio?

With a correlation of 0.90, FMCAX and FASPX 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, FMCAX or FASPX?

FMCAX has higher volatility (4.10%) compared to FASPX (4.05%). In terms of maximum drawdown, FMCAX dropped -65.06% vs FASPX's -70.11%.

Which has better risk-adjusted returns?

FASPX currently has the higher Sharpe Ratio (2.10 vs 1.58), 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.