FSCEX vs. SWSSX

Last updated Jun 4, 2026

FSCEX (Fidelity Advisor Small Cap Fund Class C) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both Small Cap Blend Equities funds. Over the past 10 years, FSCEX returned 7.87%/yr vs 11.20%/yr for SWSSX. Their correlation of 0.95 suggests significant overlap in exposure. FSCEX charges 2.04%/yr vs 0.04%/yr for SWSSX.

Performance

FSCEX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Small Cap Fund Class C (FSCEX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FSCEX having a 17.99% return and SWSSX slightly higher at 18.71%. Over the past 10 years, FSCEX has underperformed SWSSX with an annualized return of 7.87%, while SWSSX has yielded a comparatively higher 11.20% annualized return.

FSCEX

• 1D: 1.01%
• 1M: 2.91%
• YTD: 17.99%
• 6M: 16.14%
• 1Y: 36.53%
• 3Y*: 9.30%
• 5Y*: 3.24%
• 10Y*: 7.87%

SWSSX

• 1D: 0.92%
• 1M: 5.00%
• YTD: 18.71%
• 6M: 17.43%
• 1Y: 41.24%
• 3Y*: 18.69%
• 5Y*: 6.65%
• 10Y*: 11.20%

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

FSCEX vs. SWSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSCEX Fidelity Advisor Small Cap Fund Class C	17.99%	11.04%	-11.92%	17.31%	-21.33%	30.13%	16.12%	31.37%	-16.86%	12.93%
SWSSX Schwab Small-Cap Index Fund-Select Shares	18.71%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%

Correlation

The correlation between FSCEX and SWSSX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 10, 1998	0.95

The correlation between FSCEX and SWSSX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

FSCEX vs. SWSSX — Risk / Return Rank

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

FSCEX

FSCEX Risk / Return Rank: 66
FSCEX Sharpe Ratio Rank: 57
FSCEX Sortino Ratio Rank: 56
FSCEX Omega Ratio Rank: 47
FSCEX Calmar Ratio Rank: 86
FSCEX Martin Ratio Rank: 83

SWSSX

SWSSX Risk / Return Rank: 64
SWSSX Sharpe Ratio Rank: 60
SWSSX Sortino Ratio Rank: 55
SWSSX Omega Ratio Rank: 47
SWSSX Calmar Ratio Rank: 84
SWSSX 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.

FSCEX vs. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Small Cap Fund Class C (FSCEX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). 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.

	FSCEX	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.28	-0.07
Sortino ratio: Return per unit of downside risk	3.14	3.13	+0.01
Omega ratio: Gain probability vs. loss probability	1.38	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	4.17	3.97	+0.20
Martin ratio: Return relative to average drawdown	15.63	14.11	+1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSCEX vs. SWSSX - Sharpe Ratio Comparison

The current FSCEX Sharpe Ratio is 2.21, which is comparable to the SWSSX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of FSCEX and SWSSX, 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

	FSCEX	SWSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.28	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.30	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.47	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.36	+0.04

Drawdowns

FSCEX vs. SWSSX - Drawdown Comparison

The maximum FSCEX drawdown since its inception was -51.02%, smaller than the maximum SWSSX drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for FSCEX and SWSSX.

Drawdown Indicators

	FSCEX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-51.02%	-60.34%	+9.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.37%	-11.00%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-41.37%	-27.50%	-13.87%
Max Drawdown (5Y) Largest decline over 5 years	-41.37%	-31.93%	-9.44%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-41.81%	+0.44%
Current Drawdown Current decline from peak	-4.97%	-0.13%	-4.84%
Average Drawdown Average peak-to-trough decline	-12.70%	-10.73%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	3.09%	-0.59%

Volatility

FSCEX vs. SWSSX - Volatility Comparison

Fidelity Advisor Small Cap Fund Class C (FSCEX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX) have volatilities of 5.57% and 5.61%, 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

	FSCEX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	5.61%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	13.60%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.67%	19.15%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.27%	22.59%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.56%	24.09%	-1.53%

FSCEX vs. SWSSX - Expense Ratio Comparison

FSCEX has a 2.04% expense ratio, which is higher than SWSSX's 0.04% expense ratio.

Dividends

FSCEX vs. SWSSX - Dividend Comparison

FSCEX's dividend yield for the trailing twelve months is around 3.03%, more than SWSSX's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSCEX Fidelity Advisor Small Cap Fund Class C	3.03%	3.58%	0.00%	2.23%	8.66%	16.35%	3.97%	5.72%	20.54%	18.60%	2.60%	10.50%
SWSSX Schwab Small-Cap Index Fund-Select Shares	1.08%	1.29%	1.66%	1.49%	1.32%	8.88%	2.55%	6.12%	10.45%	5.22%	4.10%	6.92%

Frequently Asked Questions

Can I hold both FSCEX and SWSSX in my portfolio?

With a correlation of 0.93, FSCEX and SWSSX 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, FSCEX or SWSSX?

SWSSX has higher volatility (5.61%) compared to FSCEX (5.57%). In terms of maximum drawdown, FSCEX dropped -51.02% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (2.28 vs 2.21), 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.