FMILX vs. DVY

Last updated Jun 5, 2026

FMILX (Fidelity New Millennium Fund) and DVY (iShares Select Dividend ETF) are both Large Cap Value Equities funds. Over the past 10 years, FMILX returned 15.17%/yr vs 10.15%/yr for DVY. A 0.80 correlation means they provide meaningful diversification when combined. FMILX charges 0.59%/yr vs 0.39%/yr for DVY.

Performance

FMILX vs. DVY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity New Millennium Fund (FMILX) and iShares Select Dividend ETF (DVY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMILX achieves a 13.16% return, which is significantly higher than DVY's 10.60% return. Over the past 10 years, FMILX has outperformed DVY with an annualized return of 15.17%, while DVY has yielded a comparatively lower 10.15% annualized return.

FMILX

• 1D: 0.40%
• 1M: 5.31%
• YTD: 13.16%
• 6M: 9.62%
• 1Y: 24.54%
• 3Y*: 22.92%
• 5Y*: 15.35%
• 10Y*: 15.17%

DVY

• 1D: 0.81%
• 1M: 0.23%
• YTD: 10.60%
• 6M: 11.31%
• 1Y: 23.13%
• 3Y*: 15.97%
• 5Y*: 8.68%
• 10Y*: 10.15%

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

FMILX vs. DVY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMILX Fidelity New Millennium Fund	13.16%	12.97%	28.83%	25.37%	-1.56%	23.92%	5.73%	26.17%	-6.31%	19.00%
DVY iShares Select Dividend ETF	10.60%	11.60%	16.24%	1.12%	1.80%	31.70%	-4.91%	22.62%	-6.36%	14.82%

Correlation

The correlation between FMILX and DVY is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 10, 2003	0.80

Over the past year, the correlation between FMILX and DVY has dropped to 0.37 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

FMILX vs. DVY — Risk / Return Rank

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

FMILX

FMILX Risk / Return Rank: 35
FMILX Sharpe Ratio Rank: 37
FMILX Sortino Ratio Rank: 31
FMILX Omega Ratio Rank: 38
FMILX Calmar Ratio Rank: 32
FMILX Martin Ratio Rank: 34

DVY

DVY Risk / Return Rank: 65
DVY Sharpe Ratio Rank: 64
DVY Sortino Ratio Rank: 68
DVY Omega Ratio Rank: 59
DVY Calmar Ratio Rank: 69
DVY Martin Ratio Rank: 66

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.

FMILX vs. DVY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Millennium Fund (FMILX) and iShares Select Dividend ETF (DVY). 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.

	FMILX	DVY	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.09	-0.32
Sortino ratio: Return per unit of downside risk	2.34	3.06	-0.72
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	2.12	3.37	-1.25
Martin ratio: Return relative to average drawdown	7.69	11.90	-4.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMILX vs. DVY - Sharpe Ratio Comparison

The current FMILX Sharpe Ratio is 1.77, which is comparable to the DVY Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of FMILX and DVY, 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

	FMILX	DVY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.09	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.57	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.57	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.48	+0.16

Drawdowns

FMILX vs. DVY - Drawdown Comparison

The maximum FMILX drawdown since its inception was -58.56%, smaller than the maximum DVY drawdown of -62.59%. Use the drawdown chart below to compare losses from any high point for FMILX and DVY.

Drawdown Indicators

	FMILX	DVY	Difference
Max Drawdown Largest peak-to-trough decline	-58.56%	-62.59%	+4.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-6.89%	-4.97%
Max Drawdown (3Y) Largest decline over 3 years	-20.48%	-16.00%	-4.48%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-17.54%	-2.94%
Max Drawdown (10Y) Largest decline over 10 years	-38.92%	-41.59%	+2.67%
Current Drawdown Current decline from peak	0.00%	-1.16%	+1.16%
Average Drawdown Average peak-to-trough decline	-12.45%	-8.79%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	1.95%	+1.31%

Volatility

FMILX vs. DVY - Volatility Comparison

Fidelity New Millennium Fund (FMILX) has a higher volatility of 3.56% compared to iShares Select Dividend ETF (DVY) at 2.83%. This indicates that FMILX's price experiences larger fluctuations and is considered to be riskier than DVY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMILX	DVY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	2.83%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	7.53%	+4.14%
Volatility (1Y) Calculated over the trailing 1-year period	14.24%	11.15%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	15.21%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	18.01%	+0.01%

FMILX vs. DVY - Expense Ratio Comparison

FMILX has a 0.59% expense ratio, which is higher than DVY's 0.39% expense ratio.

Dividends

FMILX vs. DVY - Dividend Comparison

FMILX has not paid dividends to shareholders, while DVY's dividend yield for the trailing twelve months is around 3.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVY iShares Select Dividend ETF	3.39%	3.65%	3.65%	3.82%	3.43%	3.12%	3.66%	3.41%	3.58%	3.00%	3.04%	3.45%
FMILX Fidelity New Millennium Fund	0.00%	0.00%	3.64%	3.87%	4.19%	8.25%	8.60%	4.72%	18.25%	7.84%	6.65%	11.99%

Frequently Asked Questions

Can I hold both FMILX and DVY in my portfolio?

FMILX and DVY have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMILX or DVY?

FMILX has higher volatility (3.56%) compared to DVY (2.83%). In terms of maximum drawdown, FMILX dropped -58.56% vs DVY's -62.59%.

Which has better risk-adjusted returns?

DVY currently has the higher Sharpe Ratio (2.09 vs 1.77), 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.