FSLSX vs. DODGX

Last updated Jun 23, 2026

FSLSX (Fidelity Value Strategies Fund) and DODGX (Dodge & Cox Stock Fund Class I) are both mutual funds - FSLSX is a Mid Cap Value Equities fund managed by Fidelity, while DODGX is a Large Cap Value Equities fund actively managed by Dodge & Cox. Over the past 10 years, FSLSX returned 11.79%/yr vs 12.85%/yr for DODGX. Their correlation of 0.82 suggests significant overlap in exposure. FSLSX charges 0.86%/yr vs 0.51%/yr for DODGX.

Performance

FSLSX vs. DODGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Strategies Fund (FSLSX) and Dodge & Cox Stock Fund Class I (DODGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSLSX achieves a 24.09% return, which is significantly higher than DODGX's 2.93% return. Over the past 10 years, FSLSX has underperformed DODGX with an annualized return of 11.79%, while DODGX has yielded a comparatively higher 12.85% annualized return.

FSLSX

• 1D: 1.23%
• 1M: 4.44%
• YTD: 24.09%
• 6M: 13.25%
• 1Y: 31.17%
• 3Y*: 15.61%
• 5Y*: 10.92%
• 10Y*: 11.79%

DODGX

• 1D: -0.30%
• 1M: -0.77%
• YTD: 2.93%
• 6M: 2.68%
• 1Y: 11.69%
• 3Y*: 13.97%
• 5Y*: 9.41%
• 10Y*: 12.85%

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

FSLSX vs. DODGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSLSX Fidelity Value Strategies Fund	24.09%	0.24%	9.25%	20.54%	-7.37%	33.32%	8.24%	34.54%	-16.90%	17.49%
DODGX Dodge & Cox Stock Fund Class I	2.93%	13.66%	14.36%	17.49%	-7.25%	31.72%	7.10%	24.30%	-7.15%	18.33%

Correlation

The correlation between FSLSX and DODGX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 30, 1983	0.82

The correlation between FSLSX and DODGX shifts across timeframes, from 0.79 (1 year) to 0.90 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FSLSX vs. DODGX — Risk / Return Rank

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

FSLSX

FSLSX Risk / Return Rank: 49
FSLSX Sharpe Ratio Rank: 39
FSLSX Sortino Ratio Rank: 34
FSLSX Omega Ratio Rank: 38
FSLSX Calmar Ratio Rank: 76
FSLSX Martin Ratio Rank: 56

DODGX

DODGX Risk / Return Rank: 17
DODGX Sharpe Ratio Rank: 15
DODGX Sortino Ratio Rank: 15
DODGX Omega Ratio Rank: 13
DODGX Calmar Ratio Rank: 20
DODGX Martin Ratio Rank: 24

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.

FSLSX vs. DODGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Strategies Fund (FSLSX) and Dodge & Cox Stock Fund Class I (DODGX). 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.

	FSLSX	DODGX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.02	+0.67
Sortino ratio: Return per unit of downside risk	2.24	1.49	+0.75
Omega ratio: Gain probability vs. loss probability	1.31	1.18	+0.13
Calmar ratio: Return relative to maximum drawdown	3.28	1.55	+1.73
Martin ratio: Return relative to average drawdown	10.67	5.44	+5.23

FSLSX vs. DODGX - Sharpe Ratio Comparison

The current FSLSX Sharpe Ratio is 1.68, which is higher than the DODGX Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of FSLSX and DODGX, 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

FSLSX vs. DODGX - Drawdown Comparison

The maximum FSLSX drawdown since its inception was -69.87%, which is greater than DODGX's maximum drawdown of -63.24%. Use the drawdown chart below to compare losses from any high point for FSLSX and DODGX.

Drawdown Indicators

	FSLSX	DODGX	Difference
Max Drawdown Largest peak-to-trough decline	-69.87%	-63.24%	-6.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-7.48%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-26.81%	-14.89%	-11.92%
Max Drawdown (5Y) Largest decline over 5 years	-26.81%	-21.85%	-4.96%
Max Drawdown (10Y) Largest decline over 10 years	-47.98%	-40.41%	-7.57%
Current Drawdown Current decline from peak	-0.47%	-1.98%	+1.51%
Average Drawdown Average peak-to-trough decline	-8.27%	-7.51%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.13%	+0.87%

Volatility

FSLSX vs. DODGX - Volatility Comparison

Fidelity Value Strategies Fund (FSLSX) has a higher volatility of 5.18% compared to Dodge & Cox Stock Fund Class I (DODGX) at 3.77%. This indicates that FSLSX's price experiences larger fluctuations and is considered to be riskier than DODGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSLSX	DODGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	3.77%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	8.43%	+6.39%
Volatility (1Y) Calculated over the trailing 1-year period	19.07%	11.43%	+7.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.53%	15.97%	+4.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.95%	19.23%	+2.72%

FSLSX vs. DODGX - Expense Ratio Comparison

FSLSX has a 0.86% expense ratio, which is higher than DODGX's 0.51% expense ratio.

Dividends

FSLSX vs. DODGX - Dividend Comparison

FSLSX has not paid dividends to shareholders, while DODGX's dividend yield for the trailing twelve months is around 9.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODGX Dodge & Cox Stock Fund Class I	9.45%	9.86%	8.20%	3.76%	5.47%	3.22%	6.74%	10.23%	9.69%	6.78%	6.26%	5.36%
FSLSX Fidelity Value Strategies Fund	0.00%	0.00%	10.41%	2.49%	2.13%	7.29%	0.84%	4.84%	14.59%	6.57%	19.71%	1.26%

Frequently Asked Questions

Can I hold both FSLSX and DODGX in my portfolio?

FSLSX and DODGX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSLSX or DODGX?

FSLSX has higher volatility (5.18%) compared to DODGX (3.77%). In terms of maximum drawdown, FSLSX dropped -69.87% vs DODGX's -63.24%.

Which has better risk-adjusted returns?

FSLSX currently has the higher Sharpe Ratio (1.68 vs 1.02), 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.