FSMVX vs. PVMIX

Last updated Jun 4, 2026

FSMVX (Fidelity Mid Cap Value Fund) and PVMIX (Principal MidCap Value Fund I) are both Mid Cap Value Equities funds. Over the past 10 years, FSMVX returned 11.28%/yr vs 12.56%/yr for PVMIX. With a 0.97 correlation, they move nearly in lockstep. FSMVX charges 0.57%/yr vs 0.69%/yr for PVMIX.

Performance

FSMVX vs. PVMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mid Cap Value Fund (FSMVX) and Principal MidCap Value Fund I (PVMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMVX achieves a 19.22% return, which is significantly higher than PVMIX's 12.36% return. Over the past 10 years, FSMVX has underperformed PVMIX with an annualized return of 11.28%, while PVMIX has yielded a comparatively higher 12.56% annualized return.

FSMVX

• 1D: 1.26%
• 1M: 4.55%
• YTD: 19.22%
• 6M: 20.38%
• 1Y: 37.14%
• 3Y*: 22.38%
• 5Y*: 12.40%
• 10Y*: 11.28%

PVMIX

• 1D: 0.99%
• 1M: 2.31%
• YTD: 12.36%
• 6M: 12.07%
• 1Y: 19.21%
• 3Y*: 20.89%
• 5Y*: 11.73%
• 10Y*: 12.56%

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

FSMVX vs. PVMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMVX Fidelity Mid Cap Value Fund	19.22%	13.06%	14.53%	22.59%	-10.64%	34.00%	0.95%	23.57%	-18.91%	17.06%
PVMIX Principal MidCap Value Fund I	12.36%	6.09%	33.38%	11.04%	-5.95%	30.97%	6.50%	26.69%	-11.07%	14.63%

Correlation

The correlation between FSMVX and PVMIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 31, 2003	0.97

The correlation between FSMVX and PVMIX has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.

Return for Risk

FSMVX vs. PVMIX — Risk / Return Rank

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

FSMVX

FSMVX Risk / Return Rank: 71
FSMVX Sharpe Ratio Rank: 69
FSMVX Sortino Ratio Rank: 69
FSMVX Omega Ratio Rank: 57
FSMVX Calmar Ratio Rank: 82
FSMVX Martin Ratio Rank: 78

PVMIX

PVMIX Risk / Return Rank: 40
PVMIX Sharpe Ratio Rank: 35
PVMIX Sortino Ratio Rank: 37
PVMIX Omega Ratio Rank: 32
PVMIX Calmar Ratio Rank: 51
PVMIX Martin Ratio Rank: 46

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. PVMIX - Risk-Adjusted Trends Comparison

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

	FSMVX	PVMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.71	+0.72
Sortino ratio: Return per unit of downside risk	3.46	2.55	+0.90
Omega ratio: Gain probability vs. loss probability	1.42	1.30	+0.12
Calmar ratio: Return relative to maximum drawdown	3.82	2.72	+1.09
Martin ratio: Return relative to average drawdown	14.70	9.66	+5.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMVX vs. PVMIX - Sharpe Ratio Comparison

The current FSMVX Sharpe Ratio is 2.43, which is higher than the PVMIX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FSMVX and PVMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSMVX	PVMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	1.71	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.65	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.66	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.54	-0.06

Drawdowns

FSMVX vs. PVMIX - Drawdown Comparison

The maximum FSMVX drawdown since its inception was -62.96%, which is greater than PVMIX's maximum drawdown of -56.76%. Use the drawdown chart below to compare losses from any high point for FSMVX and PVMIX.

Drawdown Indicators

	FSMVX	PVMIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-56.76%	-6.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.30%	-7.37%	-2.93%
Max Drawdown (3Y) Largest decline over 3 years	-23.70%	-16.78%	-6.92%
Max Drawdown (5Y) Largest decline over 5 years	-23.70%	-17.05%	-6.65%
Max Drawdown (10Y) Largest decline over 10 years	-45.11%	-41.34%	-3.77%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.95%	-6.84%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.07%	+0.60%

Volatility

FSMVX vs. PVMIX - Volatility Comparison

Fidelity Mid Cap Value Fund (FSMVX) has a higher volatility of 4.81% compared to Principal MidCap Value Fund I (PVMIX) at 3.11%. This indicates that FSMVX's price experiences larger fluctuations and is considered to be riskier than PVMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMVX	PVMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	3.11%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	12.04%	8.49%	+3.55%
Volatility (1Y) Calculated over the trailing 1-year period	16.22%	11.74%	+4.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.20%	18.25%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	19.22%	+1.89%

FSMVX vs. PVMIX - Expense Ratio Comparison

FSMVX has a 0.57% expense ratio, which is lower than PVMIX's 0.69% expense ratio.

Dividends

FSMVX vs. PVMIX - Dividend Comparison

FSMVX's dividend yield for the trailing twelve months is around 6.60%, more than PVMIX's 6.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMVX Fidelity Mid Cap Value Fund	6.60%	8.28%	10.41%	1.17%	13.12%	1.30%	1.99%	1.87%	14.79%	8.92%	1.34%	5.15%
PVMIX Principal MidCap Value Fund I	6.43%	7.22%	33.98%	4.63%	7.12%	11.44%	1.38%	5.11%	13.23%	6.92%	1.58%	11.19%

Frequently Asked Questions

Can I hold both FSMVX and PVMIX in my portfolio?

With a correlation of 0.91, FSMVX and PVMIX 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 PVMIX?

FSMVX has higher volatility (4.81%) compared to PVMIX (3.11%). In terms of maximum drawdown, FSMVX dropped -62.96% vs PVMIX's -56.76%.

Which has better risk-adjusted returns?

FSMVX currently has the higher Sharpe Ratio (2.42 vs 1.71), 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.