FSMVX vs. FVCSX

Last updated Aug 4, 2026

FSMVX (Fidelity Mid Cap Value Fund) and FVCSX (Fidelity Advisor Value Strategies Fund Class C) are both Mid Cap Value Equities funds from Fidelity. Over the past 10 years, FSMVX returned 11.88%/yr vs 10.45%/yr for FVCSX. Their correlation of 0.95 means they have usually moved in the same direction. FSMVX charges 0.57%/yr vs 1.92%/yr for FVCSX.

Performance

FSMVX vs. FVCSX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSMVX achieves a 26.08% return, which is significantly lower than FVCSX's 27.96% return. Over the past 10 years, FSMVX has outperformed FVCSX with an annualized return of 11.88%, while FVCSX has yielded a comparatively lower 10.45% annualized return.

FSMVX

• 1D: -0.31%
• 1M: 1.21%
• 6M: 17.73%
• YTD: 26.08%
• 1Y: 41.37%
• 3Y*: 20.18%
• 5Y*: 14.03%
• 10Y*: 11.88%
• ALL TIME*: 10.32%

FVCSX

• 1D: -0.22%
• 1M: 1.75%
• 6M: 16.63%
• YTD: 27.96%
• 1Y: 42.24%
• 3Y*: 10.23%
• 5Y*: 8.56%
• 10Y*: 10.45%
• ALL TIME*: 6.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSMVX Fidelity Mid Cap Value Fund	$0.00	$0.00	$0.00
FVCSX Fidelity Advisor Value Strategies Fund Class C	$0.00	$0.00	$0.00

FSMVX vs. FVCSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMVX Fidelity Mid Cap Value Fund	26.08%	13.06%	14.53%	22.59%	-10.64%	34.00%	0.95%	23.57%	-18.91%	17.06%
FVCSX Fidelity Advisor Value Strategies Fund Class C	27.96%	7.23%	-6.69%	19.32%	-8.35%	31.94%	7.10%	33.09%	-17.58%	16.92%

Correlation

The correlation between FSMVX and FVCSX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Nov 15, 2001	0.95

The correlation between FSMVX and FVCSX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

FSMVX vs. FVCSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSMVX

FSMVX Risk / Return Rank: 90
FSMVX Sharpe Ratio Rank: 92
FSMVX Sortino Ratio Rank: 90
FSMVX Omega Ratio Rank: 84
FSMVX Calmar Ratio Rank: 93
FSMVX Martin Ratio Rank: 94

FVCSX

FVCSX Risk / Return Rank: 90
FVCSX Sharpe Ratio Rank: 92
FVCSX Sortino Ratio Rank: 90
FVCSX Omega Ratio Rank: 83
FVCSX Calmar Ratio Rank: 94
FVCSX Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSMVX vs. FVCSX - Risk-Adjusted Trends Comparison

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

	FSMVX	FVCSX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.37	+0.01
Sortino ratio: Return per unit of downside risk	3.40	3.36	+0.03
Omega ratio: Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	3.82	4.05	-0.24
Martin ratio: Return relative to average drawdown	15.14	15.61	-0.47

FSMVX vs. FVCSX - Sharpe Ratio Comparison

The current FSMVX Sharpe Ratio is 2.39, which is comparable to the FVCSX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of FSMVX 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

FSMVX vs. FVCSX - Drawdown Comparison

The maximum FSMVX drawdown since its inception was -62.96%, smaller than the maximum FVCSX drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for FSMVX and FVCSX.

Drawdown Indicators

	FSMVX	FVCSX	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-70.38%	+7.42%
Max Drawdown (1Y) Largest decline over 1 year	-10.30%	-9.89%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-23.70%	-37.07%	+13.37%
Max Drawdown (5Y) Largest decline over 5 years	-23.70%	-37.07%	+13.37%
Max Drawdown (10Y) Largest decline over 10 years	-45.11%	-48.07%	+2.96%
Current Drawdown Current decline from peak	-1.26%	-1.15%	-0.11%
Average Drawdown Average peak-to-trough decline	-8.89%	-11.14%	+2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.56%	+0.03%

Volatility

FSMVX vs. FVCSX - Volatility Comparison

Fidelity Mid Cap Value Fund (FSMVX) and Fidelity Advisor Value Strategies Fund Class C (FVCSX) have volatilities of 3.33% and 3.28%, 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	FVCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	3.28%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	11.74%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	16.53%	16.95%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.14%	20.96%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.08%	22.13%	-1.05%

FSMVX vs. FVCSX - Expense Ratio Comparison

FSMVX has a 0.57% expense ratio, which is lower than FVCSX's 1.92% expense ratio.

Dividends

FSMVX vs. FVCSX - Dividend Comparison

FSMVX's dividend yield for the trailing twelve months is around 6.24%, less than FVCSX's 10.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMVX Fidelity Mid Cap Value Fund	6.24%	8.28%	10.41%	1.17%	13.12%	1.30%	1.99%	1.87%	14.79%	8.92%	1.34%	5.15%
FVCSX Fidelity Advisor Value Strategies Fund Class C	10.22%	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 FSMVX and FVCSX in my portfolio?

With a correlation of 0.97, FSMVX 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, FSMVX or FVCSX?

FSMVX has higher volatility (3.33%) compared to FVCSX (3.28%). In terms of maximum drawdown, FSMVX dropped -62.96% vs FVCSX's -70.38%.

Which has better risk-adjusted returns?

FSMVX currently has the higher Sharpe Ratio (2.38 vs 2.37), 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.