FSCRX vs. DFSCX

Last updated Jun 23, 2026

FSCRX (Fidelity Small Cap Discovery Fund) and DFSCX (DFA U.S. Micro Cap Portfolio) are both Small Cap Blend Equities funds. Over the past 10 years, FSCRX returned 10.09%/yr vs 11.56%/yr for DFSCX. Their correlation of 0.93 suggests significant overlap in exposure. FSCRX charges 0.98%/yr vs 0.41%/yr for DFSCX.

Performance

FSCRX vs. DFSCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small Cap Discovery Fund (FSCRX) and DFA U.S. Micro Cap Portfolio (DFSCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSCRX achieves a 17.56% return, which is significantly lower than DFSCX's 20.47% return. Over the past 10 years, FSCRX has underperformed DFSCX with an annualized return of 10.09%, while DFSCX has yielded a comparatively higher 11.56% annualized return.

FSCRX

• 1D: 2.14%
• 1M: 5.18%
• YTD: 17.56%
• 6M: 15.04%
• 1Y: 34.63%
• 3Y*: 14.48%
• 5Y*: 8.58%
• 10Y*: 10.09%

DFSCX

• 1D: 1.64%
• 1M: 4.76%
• YTD: 20.47%
• 6M: 17.63%
• 1Y: 39.85%
• 3Y*: 17.89%
• 5Y*: 10.59%
• 10Y*: 11.56%

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

FSCRX vs. DFSCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSCRX Fidelity Small Cap Discovery Fund	17.56%	10.89%	2.75%	21.28%	-16.68%	35.66%	6.87%	27.31%	-14.06%	7.71%
DFSCX DFA U.S. Micro Cap Portfolio	20.47%	9.65%	11.43%	17.93%	-12.49%	33.70%	6.61%	20.68%	-11.60%	10.92%

Correlation

The correlation between FSCRX and DFSCX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 26, 2000	0.93

The correlation between FSCRX and DFSCX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

FSCRX vs. DFSCX — Risk / Return Rank

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

FSCRX

FSCRX Risk / Return Rank: 51
FSCRX Sharpe Ratio Rank: 46
FSCRX Sortino Ratio Rank: 47
FSCRX Omega Ratio Rank: 40
FSCRX Calmar Ratio Rank: 68
FSCRX Martin Ratio Rank: 52

DFSCX

DFSCX Risk / Return Rank: 77
DFSCX Sharpe Ratio Rank: 71
DFSCX Sortino Ratio Rank: 73
DFSCX Omega Ratio Rank: 58
DFSCX Calmar Ratio Rank: 93
DFSCX Martin Ratio Rank: 88

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.

FSCRX vs. DFSCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small Cap Discovery Fund (FSCRX) and DFA U.S. Micro Cap Portfolio (DFSCX). 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.

	FSCRX	DFSCX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.26	-0.41
Sortino ratio: Return per unit of downside risk	2.66	3.25	-0.59
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	3.04	4.90	-1.86
Martin ratio: Return relative to average drawdown	10.03	15.89	-5.86

FSCRX vs. DFSCX - Sharpe Ratio Comparison

The current FSCRX Sharpe Ratio is 1.85, which is comparable to the DFSCX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of FSCRX and DFSCX, 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

FSCRX vs. DFSCX - Drawdown Comparison

The maximum FSCRX drawdown since its inception was -56.27%, smaller than the maximum DFSCX drawdown of -63.07%. Use the drawdown chart below to compare losses from any high point for FSCRX and DFSCX.

Drawdown Indicators

	FSCRX	DFSCX	Difference
Max Drawdown Largest peak-to-trough decline	-56.27%	-63.07%	+6.80%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-8.17%	-3.17%
Max Drawdown (3Y) Largest decline over 3 years	-22.51%	-27.01%	+4.50%
Max Drawdown (5Y) Largest decline over 5 years	-25.91%	-27.01%	+1.10%
Max Drawdown (10Y) Largest decline over 10 years	-47.06%	-46.88%	-0.18%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.91%	-9.89%	+1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.51%	+0.92%

Volatility

FSCRX vs. DFSCX - Volatility Comparison

Fidelity Small Cap Discovery Fund (FSCRX) has a higher volatility of 7.11% compared to DFA U.S. Micro Cap Portfolio (DFSCX) at 4.87%. This indicates that FSCRX's price experiences larger fluctuations and is considered to be riskier than DFSCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSCRX	DFSCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.11%	4.87%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	14.15%	11.92%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	18.65%	17.72%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.32%	21.02%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	22.66%	-0.88%

FSCRX vs. DFSCX - Expense Ratio Comparison

FSCRX has a 0.98% expense ratio, which is higher than DFSCX's 0.41% expense ratio.

Dividends

FSCRX vs. DFSCX - Dividend Comparison

FSCRX's dividend yield for the trailing twelve months is around 12.87%, more than DFSCX's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSCX DFA U.S. Micro Cap Portfolio	0.80%	1.03%	0.97%	2.48%	5.16%	10.77%	0.87%	2.80%	5.50%	5.05%	0.90%	6.33%
FSCRX Fidelity Small Cap Discovery Fund	12.87%	14.70%	13.03%	4.44%	11.56%	6.12%	2.79%	7.46%	35.48%	13.68%	0.44%	7.28%

Frequently Asked Questions

Can I hold both FSCRX and DFSCX in my portfolio?

With a correlation of 0.94, FSCRX and DFSCX 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, FSCRX or DFSCX?

FSCRX has higher volatility (7.11%) compared to DFSCX (4.87%). In terms of maximum drawdown, FSCRX dropped -56.27% vs DFSCX's -63.07%.

Which has better risk-adjusted returns?

DFSCX currently has the higher Sharpe Ratio (2.26 vs 1.85), 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.