FSLSX vs. SCHX

Last updated Jun 23, 2026

FSLSX (Fidelity Value Strategies Fund) and SCHX (Schwab U.S. Large-Cap ETF) are both funds - FSLSX is a Mid Cap Value Equities fund managed by Fidelity, while SCHX is a Large Cap Blend Equities fund tracking the Dow Jones U.S. Large-Cap Total Stock Market Index. Over the past 10 years, FSLSX returned 11.79%/yr vs 15.62%/yr for SCHX. Their correlation of 0.87 suggests significant overlap in exposure. FSLSX charges 0.86%/yr vs 0.03%/yr for SCHX.

Performance

FSLSX vs. SCHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Strategies Fund (FSLSX) and Schwab U.S. Large-Cap ETF (SCHX). 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 SCHX's 9.45% return. Over the past 10 years, FSLSX has underperformed SCHX with an annualized return of 11.79%, while SCHX has yielded a comparatively higher 15.62% 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%

SCHX

• 1D: -0.41%
• 1M: 0.14%
• YTD: 9.45%
• 6M: 8.85%
• 1Y: 25.85%
• 3Y*: 21.28%
• 5Y*: 12.86%
• 10Y*: 15.62%

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

FSLSX vs. SCHX - 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%
SCHX Schwab U.S. Large-Cap ETF	9.45%	17.46%	24.88%	26.84%	-19.41%	26.81%	20.81%	31.22%	-4.66%	21.95%

Correlation

The correlation between FSLSX and SCHX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.87

The correlation between FSLSX and SCHX shifts across timeframes, from 0.71 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSLSX vs. SCHX — 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

SCHX

SCHX Risk / Return Rank: 64
SCHX Sharpe Ratio Rank: 65
SCHX Sortino Ratio Rank: 62
SCHX Omega Ratio Rank: 64
SCHX Calmar Ratio Rank: 60
SCHX Martin Ratio Rank: 70

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. SCHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Strategies Fund (FSLSX) and Schwab U.S. Large-Cap ETF (SCHX). 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	SCHX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.07	-0.38
Sortino ratio: Return per unit of downside risk	2.24	2.80	-0.56
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.07
Calmar ratio: Return relative to maximum drawdown	3.28	2.88	+0.40
Martin ratio: Return relative to average drawdown	10.67	12.67	-2.00

FSLSX vs. SCHX - Sharpe Ratio Comparison

The current FSLSX Sharpe Ratio is 1.68, which is comparable to the SCHX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of FSLSX and SCHX, 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. SCHX - Drawdown Comparison

The maximum FSLSX drawdown since its inception was -69.87%, which is greater than SCHX's maximum drawdown of -34.33%. Use the drawdown chart below to compare losses from any high point for FSLSX and SCHX.

Drawdown Indicators

	FSLSX	SCHX	Difference
Max Drawdown Largest peak-to-trough decline	-69.87%	-34.33%	-35.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-9.02%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-26.81%	-19.04%	-7.77%
Max Drawdown (5Y) Largest decline over 5 years	-26.81%	-25.41%	-1.40%
Max Drawdown (10Y) Largest decline over 10 years	-47.98%	-34.33%	-13.65%
Current Drawdown Current decline from peak	-0.47%	-1.84%	+1.37%
Average Drawdown Average peak-to-trough decline	-8.27%	-3.96%	-4.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.05%	+0.95%

Volatility

FSLSX vs. SCHX - Volatility Comparison

Fidelity Value Strategies Fund (FSLSX) has a higher volatility of 5.18% compared to Schwab U.S. Large-Cap ETF (SCHX) at 4.71%. This indicates that FSLSX's price experiences larger fluctuations and is considered to be riskier than SCHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSLSX	SCHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	4.71%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	9.86%	+4.96%
Volatility (1Y) Calculated over the trailing 1-year period	19.07%	12.60%	+6.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.53%	17.22%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.95%	18.20%	+3.75%

FSLSX vs. SCHX - Expense Ratio Comparison

FSLSX has a 0.86% expense ratio, which is higher than SCHX's 0.03% expense ratio.

Dividends

FSLSX vs. SCHX - Dividend Comparison

FSLSX has not paid dividends to shareholders, while SCHX's dividend yield for the trailing twelve months is around 1.02%.

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%
SCHX Schwab U.S. Large-Cap ETF	1.02%	1.09%	1.22%	1.39%	1.64%	1.22%	1.64%	1.82%	2.02%	1.70%	1.92%	2.04%

Frequently Asked Questions

Can I hold both FSLSX and SCHX in my portfolio?

FSLSX and SCHX have a correlation of 0.71, 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 SCHX?

FSLSX has higher volatility (5.18%) compared to SCHX (4.71%). In terms of maximum drawdown, FSLSX dropped -69.87% vs SCHX's -34.33%.

Which has better risk-adjusted returns?

SCHX currently has the higher Sharpe Ratio (2.07 vs 1.68), 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.