FSLSX vs. FVCSX

Last updated Jul 14, 2026

FSLSX (Fidelity Value Strategies Fund) and FVCSX (Fidelity Advisor Value Strategies Fund Class C) are both Mid Cap Value Equities funds from Fidelity. Over the past 10 years, FSLSX returned 11.78%/yr vs 10.01%/yr for FVCSX. Their correlation of 0.88 suggests significant overlap in exposure. FSLSX charges 0.86%/yr vs 1.92%/yr for FVCSX.

Performance

FSLSX vs. FVCSX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FSLSX having a 26.44% return and FVCSX slightly lower at 25.73%. Over the past 10 years, FSLSX has outperformed FVCSX with an annualized return of 11.78%, while FVCSX has yielded a comparatively lower 10.01% annualized return.

FSLSX

• 1D: 0.41%
• 1M: 2.47%
• 6M: 18.49%
• YTD: 26.44%
• 1Y: 26.12%
• 3Y*: 14.88%
• 5Y*: 10.62%
• 10Y*: 11.78%

FVCSX

• 1D: 0.40%
• 1M: 2.38%
• 6M: 17.86%
• YTD: 25.73%
• 1Y: 34.90%
• 3Y*: 11.09%
• 5Y*: 7.96%
• 10Y*: 10.01%

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

FSLSX vs. FVCSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSLSX Fidelity Value Strategies Fund	26.44%	0.24%	9.25%	20.54%	-7.37%	33.32%	8.24%	34.54%	-16.90%	17.49%
FVCSX Fidelity Advisor Value Strategies Fund Class C	25.73%	7.23%	-6.69%	19.32%	-8.35%	31.94%	7.10%	33.09%	-17.58%	16.92%

Correlation

The correlation between FSLSX and FVCSX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 31, 1993	0.88

The correlation between FSLSX and FVCSX shifts across timeframes, from 0.88 (all time) to 1.00 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FSLSX vs. FVCSX — Risk / Return Rank

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

FSLSX

FSLSX Risk / Return Rank: 45
FSLSX Sharpe Ratio Rank: 36
FSLSX Sortino Ratio Rank: 33
FSLSX Omega Ratio Rank: 37
FSLSX Calmar Ratio Rank: 69
FSLSX Martin Ratio Rank: 52

FVCSX

FVCSX Risk / Return Rank: 79
FVCSX Sharpe Ratio Rank: 75
FVCSX Sortino Ratio Rank: 77
FVCSX Omega Ratio Rank: 66
FVCSX Calmar Ratio Rank: 87
FVCSX Martin Ratio Rank: 87

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. FVCSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Strategies Fund (FSLSX) and Fidelity Advisor Value Strategies Fund Class C (FVCSX). 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	FVCSX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.96	-0.63
Sortino ratio: Return per unit of downside risk	1.82	2.83	-1.01
Omega ratio: Gain probability vs. loss probability	1.25	1.33	-0.09
Calmar ratio: Return relative to maximum drawdown	2.56	3.41	-0.85
Martin ratio: Return relative to average drawdown	8.37	12.60	-4.23

FSLSX vs. FVCSX - Sharpe Ratio Comparison

The current FSLSX Sharpe Ratio is 1.32, which is lower than the FVCSX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of FSLSX and FVCSX, 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. FVCSX - Drawdown Comparison

The maximum FSLSX drawdown since its inception was -69.87%, roughly equal to the maximum FVCSX drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for FSLSX and FVCSX.

Drawdown Indicators

	FSLSX	FVCSX	Difference
Max Drawdown Largest peak-to-trough decline	-69.87%	-70.38%	+0.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-9.89%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-26.81%	-37.07%	+10.26%
Max Drawdown (5Y) Largest decline over 5 years	-26.81%	-37.07%	+10.26%
Max Drawdown (10Y) Largest decline over 10 years	-47.98%	-48.07%	+0.09%
Current Drawdown Current decline from peak	-0.34%	-0.37%	+0.03%
Average Drawdown Average peak-to-trough decline	-8.26%	-11.15%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.69%	+0.31%

Volatility

FSLSX vs. FVCSX - Volatility Comparison

Fidelity Value Strategies Fund (FSLSX) and Fidelity Advisor Value Strategies Fund Class C (FVCSX) have volatilities of 5.18% and 5.17%, 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

	FSLSX	FVCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	5.17%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	12.06%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	19.00%	17.25%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.49%	21.04%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	22.13%	-0.26%

FSLSX vs. FVCSX - Expense Ratio Comparison

FSLSX has a 0.86% expense ratio, which is lower than FVCSX's 1.92% expense ratio.

Dividends

FSLSX vs. FVCSX - Dividend Comparison

FSLSX has not paid dividends to shareholders, while FVCSX's dividend yield for the trailing twelve months is around 10.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FVCSX Fidelity Advisor Value Strategies Fund Class C	10.40%	13.08%	0.00%	2.96%	2.23%	9.80%	0.33%	5.50%	18.83%	8.78%	25.66%	0.43%

Frequently Asked Questions

Can I hold both FSLSX and FVCSX in my portfolio?

With a correlation of 1.00, FSLSX and FVCSX 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, FSLSX or FVCSX?

FSLSX has higher volatility (5.18%) compared to FVCSX (5.17%). In terms of maximum drawdown, FSLSX dropped -69.87% vs FVCSX's -70.38%.

Which has better risk-adjusted returns?

FVCSX currently has the higher Sharpe Ratio (1.96 vs 1.32), 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.