FMILX vs. FOCPX

Last updated Jun 3, 2026

FMILX (Fidelity New Millennium Fund) and FOCPX (Fidelity OTC Portfolio) are both mutual funds - FMILX is a Large Cap Value Equities fund managed by Fidelity, while FOCPX is a Large Cap Growth Equities fund managed by Fidelity. Over the past 10 years, FMILX returned 15.07%/yr vs 22.54%/yr for FOCPX. Their correlation of 0.86 suggests significant overlap in exposure. FMILX charges 0.59%/yr vs 0.80%/yr for FOCPX.

Performance

FMILX vs. FOCPX - Performance Comparison

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

Returns By Period

In the year-to-date period, FMILX achieves a 12.22% return, which is significantly lower than FOCPX's 26.61% return. Over the past 10 years, FMILX has underperformed FOCPX with an annualized return of 15.07%, while FOCPX has yielded a comparatively higher 22.54% annualized return.

FMILX

• 1D: 0.25%
• 1M: 4.91%
• YTD: 12.22%
• 6M: 8.94%
• 1Y: 24.84%
• 3Y*: 22.58%
• 5Y*: 15.22%
• 10Y*: 15.07%

FOCPX

• 1D: 0.82%
• 1M: 10.06%
• YTD: 26.61%
• 6M: 27.59%
• 1Y: 61.27%
• 3Y*: 34.50%
• 5Y*: 19.15%
• 10Y*: 22.54%

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

FMILX vs. FOCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMILX Fidelity New Millennium Fund	12.22%	12.97%	28.83%	25.37%	-1.56%	23.92%	5.73%	26.17%	-6.31%	19.00%
FOCPX Fidelity OTC Portfolio	26.61%	22.21%	38.95%	42.64%	-32.08%	24.94%	46.75%	39.20%	-3.30%	38.61%

Correlation

The correlation between FMILX and FOCPX 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	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Dec 29, 1992	0.86

The correlation between FMILX and FOCPX shifts across timeframes, from 0.77 (10 years) to 0.91 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FMILX vs. FOCPX — Risk / Return Rank

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

FMILX

FMILX Risk / Return Rank: 36
FMILX Sharpe Ratio Rank: 39
FMILX Sortino Ratio Rank: 32
FMILX Omega Ratio Rank: 40
FMILX Calmar Ratio Rank: 33
FMILX Martin Ratio Rank: 35

FOCPX

FOCPX Risk / Return Rank: 92
FOCPX Sharpe Ratio Rank: 97
FOCPX Sortino Ratio Rank: 90
FOCPX Omega Ratio Rank: 86
FOCPX Calmar Ratio Rank: 94
FOCPX Martin Ratio Rank: 96

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. FOCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Millennium Fund (FMILX) and Fidelity OTC Portfolio (FOCPX). 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	FOCPX	Difference
Sharpe ratio Return per unit of total volatility	1.82	3.53	-1.72
Sortino ratio Return per unit of downside risk	2.39	4.38	-1.99
Omega ratio Gain probability vs. loss probability	1.34	1.59	-0.25
Calmar ratio Return relative to maximum drawdown	2.21	5.45	-3.24
Martin ratio Return relative to average drawdown	8.05	24.12	-16.07
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. FOCPX - Sharpe Ratio Comparison

The current FMILX Sharpe Ratio is 1.82, which is lower than the FOCPX Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of FMILX and FOCPX, 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	FOCPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	3.53	-1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.85	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	1.01	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.66	-0.03

Drawdowns

FMILX vs. FOCPX - Drawdown Comparison

The maximum FMILX drawdown since its inception was -58.56%, smaller than the maximum FOCPX drawdown of -70.25%. Use the drawdown chart below to compare losses from any high point for FMILX and FOCPX.

Drawdown Indicators

	FMILX	FOCPX	Difference
Max Drawdown Largest peak-to-trough decline	-58.56%	-70.25%	+11.69%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-11.29%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-20.48%	-24.82%	+4.34%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-37.05%	+16.57%
Max Drawdown (10Y) Largest decline over 10 years	-38.92%	-37.05%	-1.87%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.45%	-17.01%	+4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.55%	+0.71%

Volatility

FMILX vs. FOCPX - Volatility Comparison

The current volatility for Fidelity New Millennium Fund (FMILX) is 3.62%, while Fidelity OTC Portfolio (FOCPX) has a volatility of 5.41%. This indicates that FMILX experiences smaller price fluctuations and is considered to be less risky than FOCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMILX	FOCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	5.41%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	13.88%	-2.19%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	17.74%	-3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	22.65%	-5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	22.44%	-4.42%

FMILX vs. FOCPX - Expense Ratio Comparison

FMILX has a 0.59% expense ratio, which is lower than FOCPX's 0.80% expense ratio.

Dividends

FMILX vs. FOCPX - Dividend Comparison

FMILX has not paid dividends to shareholders, while FOCPX's dividend yield for the trailing twelve months is around 6.14%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FOCPX Fidelity OTC Portfolio	6.14%	7.78%	16.76%	0.05%	4.06%	11.53%	6.23%	7.58%	7.93%	4.86%	3.24%	5.41%

Frequently Asked Questions

Can I hold both FMILX and FOCPX in my portfolio?

With a correlation of 0.91, FMILX and FOCPX 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, FMILX or FOCPX?

FOCPX has higher volatility (5.41%) compared to FMILX (3.62%). In terms of maximum drawdown, FMILX dropped -58.56% vs FOCPX's -70.25%.

Which has better risk-adjusted returns?

FOCPX currently has the higher Sharpe Ratio (3.53 vs 1.82), 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.