FMPEX vs. PCGRX

Last updated Jul 3, 2026

FMPEX (Fidelity Advisor Mid Cap Value Fund Class C) and PCGRX (Pioneer Mid Cap Value Fund) are both Mid Cap Value Equities funds. Over the past 10 years, FMPEX returned 11.86%/yr vs 9.79%/yr for PCGRX. Their correlation of 0.95 suggests significant overlap in exposure. FMPEX charges 1.62%/yr vs 1.05%/yr for PCGRX.

Performance

FMPEX vs. PCGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Mid Cap Value Fund Class C (FMPEX) and Pioneer Mid Cap Value Fund (PCGRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMPEX achieves a 24.02% return, which is significantly higher than PCGRX's 15.71% return. Over the past 10 years, FMPEX has outperformed PCGRX with an annualized return of 11.86%, while PCGRX has yielded a comparatively lower 9.79% annualized return.

FMPEX

• 1D: -0.37%
• 1M: 4.50%
• 6M: 24.02%
• YTD: 24.02%
• 1Y: 34.16%
• 3Y*: 24.72%
• 5Y*: 15.03%
• 10Y*: 11.86%

PCGRX

• 1D: -0.29%
• 1M: 2.34%
• 6M: 15.71%
• YTD: 15.71%
• 1Y: 24.17%
• 3Y*: 14.90%
• 5Y*: 9.99%
• 10Y*: 9.79%

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

FMPEX vs. PCGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMPEX Fidelity Advisor Mid Cap Value Fund Class C	24.02%	11.91%	25.09%	21.29%	-11.59%	32.56%	-0.04%	22.30%	-19.75%	15.82%
PCGRX Pioneer Mid Cap Value Fund	15.71%	10.84%	10.44%	12.38%	-5.85%	28.94%	1.81%	28.04%	-19.52%	12.89%

Correlation

The correlation between FMPEX and PCGRX 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	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 3, 2006	0.95

The correlation between FMPEX and PCGRX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

FMPEX vs. PCGRX — Risk / Return Rank

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

FMPEX

FMPEX Risk / Return Rank: 81
FMPEX Sharpe Ratio Rank: 80
FMPEX Sortino Ratio Rank: 80
FMPEX Omega Ratio Rank: 73
FMPEX Calmar Ratio Rank: 86
FMPEX Martin Ratio Rank: 87

PCGRX

PCGRX Risk / Return Rank: 70
PCGRX Sharpe Ratio Rank: 67
PCGRX Sortino Ratio Rank: 69
PCGRX Omega Ratio Rank: 60
PCGRX Calmar Ratio Rank: 82
PCGRX Martin Ratio Rank: 74

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.

FMPEX vs. PCGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Mid Cap Value Fund Class C (FMPEX) and Pioneer Mid Cap Value Fund (PCGRX). 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.

	FMPEX	PCGRX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.89	+0.23
Sortino ratio: Return per unit of downside risk	3.05	2.74	+0.31
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	3.40	3.16	+0.24
Martin ratio: Return relative to average drawdown	12.99	11.19	+1.80

FMPEX vs. PCGRX - Sharpe Ratio Comparison

The current FMPEX Sharpe Ratio is 2.12, which is comparable to the PCGRX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FMPEX and PCGRX, 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

FMPEX vs. PCGRX - Drawdown Comparison

The maximum FMPEX drawdown since its inception was -62.63%, which is greater than PCGRX's maximum drawdown of -53.63%. Use the drawdown chart below to compare losses from any high point for FMPEX and PCGRX.

Drawdown Indicators

	FMPEX	PCGRX	Difference
Max Drawdown Largest peak-to-trough decline	-62.63%	-53.63%	-9.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-7.99%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-22.47%	-20.29%	-2.18%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-20.29%	-2.18%
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	-42.30%	-4.03%
Current Drawdown Current decline from peak	-0.37%	-0.53%	+0.16%
Average Drawdown Average peak-to-trough decline	-9.81%	-7.51%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.25%	+0.46%

Volatility

FMPEX vs. PCGRX - Volatility Comparison

Fidelity Advisor Mid Cap Value Fund Class C (FMPEX) has a higher volatility of 5.64% compared to Pioneer Mid Cap Value Fund (PCGRX) at 3.58%. This indicates that FMPEX's price experiences larger fluctuations and is considered to be riskier than PCGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMPEX	PCGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	3.58%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	9.74%	+3.01%
Volatility (1Y) Calculated over the trailing 1-year period	16.73%	13.47%	+3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	17.57%	+4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	19.46%	+2.32%

FMPEX vs. PCGRX - Expense Ratio Comparison

FMPEX has a 1.62% expense ratio, which is higher than PCGRX's 1.05% expense ratio.

Dividends

FMPEX vs. PCGRX - Dividend Comparison

FMPEX's dividend yield for the trailing twelve months is around 6.14%, less than PCGRX's 6.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMPEX Fidelity Advisor Mid Cap Value Fund Class C	6.14%	8.07%	19.14%	0.41%	12.77%	0.40%	1.15%	0.94%	14.04%	8.36%	0.47%	4.49%
PCGRX Pioneer Mid Cap Value Fund	6.22%	7.19%	9.50%	6.92%	12.41%	14.24%	0.71%	1.08%	12.40%	8.35%	6.59%	10.48%

Frequently Asked Questions

Can I hold both FMPEX and PCGRX in my portfolio?

With a correlation of 0.91, FMPEX and PCGRX 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, FMPEX or PCGRX?

FMPEX has higher volatility (5.64%) compared to PCGRX (3.58%). In terms of maximum drawdown, FMPEX dropped -62.63% vs PCGRX's -53.63%.

Which has better risk-adjusted returns?

FMPEX currently has the higher Sharpe Ratio (2.12 vs 1.89), 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.