FSMVX vs. FCMVX

Last updated Jul 17, 2026

FSMVX (Fidelity Mid Cap Value Fund) and FCMVX (Fidelity Mid Cap Value K6 Fund) are both Mid Cap Value Equities funds from Fidelity. Over the past 5 years, FSMVX returned 14.64%/yr vs 26.62%/yr for FCMVX. With a 1.00 correlation, they move nearly in lockstep. FSMVX charges 0.57%/yr vs 0.45%/yr for FCMVX.

Performance

FSMVX vs. FCMVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mid Cap Value Fund (FSMVX) and Fidelity Mid Cap Value K6 Fund (FCMVX). 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 FSMVX having a 24.87% return and FCMVX slightly higher at 25.05%.

FSMVX

• 1D: 0.16%
• 1M: 1.82%
• 6M: 16.53%
• YTD: 24.87%
• 1Y: 38.12%
• 3Y*: 21.12%
• 5Y*: 14.64%
• 10Y*: 11.62%

FCMVX

• 1D: 0.13%
• 1M: 1.81%
• 6M: 16.72%
• YTD: 25.05%
• 1Y: 38.49%
• 3Y*: 42.59%
• 5Y*: 26.62%
• 10Y*: —

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

FSMVX vs. FCMVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMVX Fidelity Mid Cap Value Fund	24.87%	13.06%	14.53%	22.59%	-10.64%	34.00%	0.95%	23.57%	-18.91%	12.09%
FCMVX Fidelity Mid Cap Value K6 Fund	25.05%	12.62%	87.16%	23.07%	-10.26%	34.12%	0.52%	23.65%	-18.69%	12.67%

Correlation

The correlation between FSMVX and FCMVX 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	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since May 25, 2017	1.00

The correlation between FSMVX and FCMVX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FSMVX vs. FCMVX — Risk / Return Rank

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

FSMVX

FSMVX Risk / Return Rank: 87
FSMVX Sharpe Ratio Rank: 87
FSMVX Sortino Ratio Rank: 85
FSMVX Omega Ratio Rank: 80
FSMVX Calmar Ratio Rank: 91
FSMVX Martin Ratio Rank: 92

FCMVX

FCMVX Risk / Return Rank: 88
FCMVX Sharpe Ratio Rank: 88
FCMVX Sortino Ratio Rank: 86
FCMVX Omega Ratio Rank: 81
FCMVX Calmar Ratio Rank: 91
FCMVX Martin Ratio Rank: 93

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.

FSMVX vs. FCMVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Value Fund (FSMVX) and Fidelity Mid Cap Value K6 Fund (FCMVX). 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.

	FSMVX	FCMVX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.36	-0.04
Sortino ratio: Return per unit of downside risk	3.34	3.39	-0.05
Omega ratio: Gain probability vs. loss probability	1.41	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	3.74	3.83	-0.09
Martin ratio: Return relative to average drawdown	14.46	14.78	-0.32

FSMVX vs. FCMVX - Sharpe Ratio Comparison

The current FSMVX Sharpe Ratio is 2.33, which is comparable to the FCMVX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of FSMVX and FCMVX, 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

FSMVX vs. FCMVX - Drawdown Comparison

The maximum FSMVX drawdown since its inception was -62.96%, which is greater than FCMVX's maximum drawdown of -44.63%. Use the drawdown chart below to compare losses from any high point for FSMVX and FCMVX.

Drawdown Indicators

	FSMVX	FCMVX	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-44.63%	-18.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.30%	-10.21%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-23.70%	-38.56%	+14.86%
Max Drawdown (5Y) Largest decline over 5 years	-23.70%	-38.56%	+14.86%
Max Drawdown (10Y) Largest decline over 10 years	-45.11%	—	—
Current Drawdown Current decline from peak	-0.21%	-0.19%	-0.02%
Average Drawdown Average peak-to-trough decline	-8.91%	-9.24%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.64%	+0.02%

Volatility

FSMVX vs. FCMVX - Volatility Comparison

Fidelity Mid Cap Value Fund (FSMVX) and Fidelity Mid Cap Value K6 Fund (FCMVX) have volatilities of 4.02% and 3.98%, 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

	FSMVX	FCMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	3.98%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	12.42%	12.37%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	16.64%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.20%	60.60%	-40.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	47.52%	-26.45%

FSMVX vs. FCMVX - Expense Ratio Comparison

FSMVX has a 0.57% expense ratio, which is higher than FCMVX's 0.45% expense ratio.

Dividends

FSMVX vs. FCMVX - Dividend Comparison

FSMVX's dividend yield for the trailing twelve months is around 6.30%, more than FCMVX's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCMVX Fidelity Mid Cap Value K6 Fund	3.95%	6.68%	76.67%	1.29%	1.68%	1.39%	2.19%	1.68%	2.99%	0.77%	0.00%	0.00%
FSMVX Fidelity Mid Cap Value Fund	6.30%	8.28%	10.41%	1.17%	13.12%	1.30%	1.99%	1.87%	14.79%	8.92%	1.34%	5.15%

Frequently Asked Questions

Can I hold both FSMVX and FCMVX in my portfolio?

With a correlation of 1.00, FSMVX and FCMVX 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, FSMVX or FCMVX?

FSMVX has higher volatility (4.02%) compared to FCMVX (3.98%). In terms of maximum drawdown, FSMVX dropped -62.96% vs FCMVX's -44.63%.

Which has better risk-adjusted returns?

FCMVX currently has the higher Sharpe Ratio (2.36 vs 2.33), 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.