FNCMX vs. FDVLX

Last updated Jul 31, 2026

FNCMX (Fidelity NASDAQ Composite Index Fund) and FDVLX (Fidelity Value Fund) are both mutual funds - FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while FDVLX is a Mid Cap Value Equities fund managed by Fidelity. Over the past 10 years, FNCMX returned 17.71%/yr vs 14.40%/yr for FDVLX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. FNCMX charges 0.29%/yr vs 0.79%/yr for FDVLX.

Performance

FNCMX vs. FDVLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity NASDAQ Composite Index Fund (FNCMX) and Fidelity Value Fund (FDVLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNCMX achieves a 5.49% return, which is significantly lower than FDVLX's 25.25% return. Over the past 10 years, FNCMX has outperformed FDVLX with an annualized return of 17.71%, while FDVLX has yielded a comparatively lower 14.40% annualized return.

FNCMX

• 1D: -1.75%
• 1M: -6.77%
• 6M: 3.51%
• YTD: 5.49%
• 1Y: 16.35%
• 3Y*: 20.43%
• 5Y*: 11.67%
• 10Y*: 17.71%
• ALL TIME*: 11.80%

FDVLX

• 1D: -0.86%
• 1M: 2.74%
• 6M: 17.18%
• YTD: 25.25%
• 1Y: 36.12%
• 3Y*: 24.41%
• 5Y*: 16.19%
• 10Y*: 14.40%
• ALL TIME*: 11.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDVLX Fidelity Value Fund	$0.00	$0.00	$0.00
FNCMX Fidelity NASDAQ Composite Index Fund	$0.00	$0.00	$0.00

FNCMX vs. FDVLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNCMX Fidelity NASDAQ Composite Index Fund	5.49%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%
FDVLX Fidelity Value Fund	25.25%	11.32%	30.11%	19.57%	-9.07%	35.30%	9.33%	31.68%	-17.58%	14.11%

Correlation

The correlation between FNCMX and FDVLX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	0.67
Correlation (All Time) Calculated using the full available price history since Jan 8, 2003	0.78

Over the past year, the correlation between FNCMX and FDVLX has dropped to 0.55 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

FNCMX vs. FDVLX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FNCMX

FNCMX Risk / Return Rank: 25
FNCMX Sharpe Ratio Rank: 24
FNCMX Sortino Ratio Rank: 23
FNCMX Omega Ratio Rank: 23
FNCMX Calmar Ratio Rank: 26
FNCMX Martin Ratio Rank: 28

FDVLX

FDVLX Risk / Return Rank: 86
FDVLX Sharpe Ratio Rank: 86
FDVLX Sortino Ratio Rank: 84
FDVLX Omega Ratio Rank: 80
FDVLX Calmar Ratio Rank: 90
FDVLX Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FNCMX vs. FDVLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity NASDAQ Composite Index Fund (FNCMX) and Fidelity Value Fund (FDVLX). 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.

	FNCMX	FDVLX	Difference
Sharpe ratio: Return per unit of total volatility	0.91	2.14	-1.23
Sortino ratio: Return per unit of downside risk	1.33	3.08	-1.74
Omega ratio: Gain probability vs. loss probability	1.16	1.37	-0.21
Calmar ratio: Return relative to maximum drawdown	1.28	3.50	-2.22
Martin ratio: Return relative to average drawdown	4.31	13.35	-9.04

FNCMX vs. FDVLX - Sharpe Ratio Comparison

The current FNCMX Sharpe Ratio is 0.91, which is lower than the FDVLX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of FNCMX and FDVLX, 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

FNCMX vs. FDVLX - Drawdown Comparison

The maximum FNCMX drawdown since its inception was -55.08%, smaller than the maximum FDVLX drawdown of -66.91%. Use the drawdown chart below to compare losses from any high point for FNCMX and FDVLX.

Drawdown Indicators

	FNCMX	FDVLX	Difference
Max Drawdown Largest peak-to-trough decline	-55.08%	-66.91%	+11.83%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-9.90%	-3.11%
Max Drawdown (3Y) Largest decline over 3 years	-24.20%	-31.45%	+7.25%
Max Drawdown (5Y) Largest decline over 5 years	-35.64%	-31.45%	-4.19%
Max Drawdown (10Y) Largest decline over 10 years	-35.64%	-48.66%	+13.02%
Current Drawdown Current decline from peak	-9.70%	-0.86%	-8.84%
Average Drawdown Average peak-to-trough decline	-7.84%	-9.00%	+1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	2.62%	+1.23%

Volatility

FNCMX vs. FDVLX - Volatility Comparison

Fidelity NASDAQ Composite Index Fund (FNCMX) has a higher volatility of 5.07% compared to Fidelity Value Fund (FDVLX) at 3.27%. This indicates that FNCMX's price experiences larger fluctuations and is considered to be riskier than FDVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNCMX	FDVLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	3.27%	+1.80%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	11.66%	+2.79%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	16.22%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.76%	26.49%	-3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.14%	25.14%	-3.00%

FNCMX vs. FDVLX - Expense Ratio Comparison

FNCMX has a 0.29% expense ratio, which is lower than FDVLX's 0.79% expense ratio.

Dividends

FNCMX vs. FDVLX - Dividend Comparison

FNCMX's dividend yield for the trailing twelve months is around 0.49%, less than FDVLX's 8.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDVLX Fidelity Value Fund	8.02%	10.05%	33.05%	3.71%	7.08%	9.79%	0.98%	3.34%	16.25%	3.38%	1.26%	10.97%
FNCMX Fidelity NASDAQ Composite Index Fund	0.49%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%

Frequently Asked Questions

Can I hold both FNCMX and FDVLX in my portfolio?

FNCMX and FDVLX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNCMX or FDVLX?

FNCMX has higher volatility (5.07%) compared to FDVLX (3.27%). In terms of maximum drawdown, FNCMX dropped -55.08% vs FDVLX's -66.91%.

Which has better risk-adjusted returns?

FDVLX currently has the higher Sharpe Ratio (2.14 vs 0.91), 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.