FSSZX vs. FSSNX

Last updated Jun 23, 2026

FSSZX (Fidelity Advisor Stock Selector Small Cap Fund Class Z) and FSSNX (Fidelity Small Cap Index Fund) are both Small Cap Blend Equities funds from Fidelity. Over the past 5 years, FSSZX returned 11.23%/yr vs 7.47%/yr for FSSNX. With a 0.97 correlation, they move nearly in lockstep. FSSZX charges 0.79%/yr vs 0.03%/yr for FSSNX.

Performance

FSSZX vs. FSSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Stock Selector Small Cap Fund Class Z (FSSZX) and Fidelity Small Cap Index Fund (FSSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSSZX achieves a 19.77% return, which is significantly lower than FSSNX's 20.76% return.

FSSZX

• 1D: 1.80%
• 1M: 3.86%
• YTD: 19.77%
• 6M: 16.64%
• 1Y: 42.33%
• 3Y*: 20.32%
• 5Y*: 11.23%
• 10Y*: —

FSSNX

• 1D: 2.10%
• 1M: 3.98%
• YTD: 20.76%
• 6M: 17.19%
• 1Y: 43.21%
• 3Y*: 18.44%
• 5Y*: 7.47%
• 10Y*: 11.46%

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

FSSZX vs. FSSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSSZX Fidelity Advisor Stock Selector Small Cap Fund Class Z	19.77%	14.49%	14.62%	19.60%	-18.17%	24.90%	21.91%	30.62%	-8.79%	9.74%
FSSNX Fidelity Small Cap Index Fund	20.76%	12.94%	11.71%	17.11%	-20.28%	14.70%	19.99%	25.70%	-11.24%	14.29%

Correlation

The correlation between FSSZX and FSSNX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.97

The correlation between FSSZX and FSSNX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

FSSZX vs. FSSNX — Risk / Return Rank

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

FSSZX

FSSZX Risk / Return Rank: 78
FSSZX Sharpe Ratio Rank: 75
FSSZX Sortino Ratio Rank: 73
FSSZX Omega Ratio Rank: 60
FSSZX Calmar Ratio Rank: 89
FSSZX Martin Ratio Rank: 90

FSSNX

FSSNX Risk / Return Rank: 69
FSSNX Sharpe Ratio Rank: 66
FSSNX Sortino Ratio Rank: 62
FSSNX Omega Ratio Rank: 50
FSSNX Calmar Ratio Rank: 86
FSSNX Martin Ratio Rank: 80

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.

FSSZX vs. FSSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Stock Selector Small Cap Fund Class Z (FSSZX) and Fidelity Small Cap Index Fund (FSSNX). 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.

	FSSZX	FSSNX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.19	+0.13
Sortino ratio: Return per unit of downside risk	3.24	2.99	+0.25
Omega ratio: Gain probability vs. loss probability	1.39	1.36	+0.03
Calmar ratio: Return relative to maximum drawdown	4.25	3.92	+0.33
Martin ratio: Return relative to average drawdown	16.39	13.88	+2.51

FSSZX vs. FSSNX - Sharpe Ratio Comparison

The current FSSZX Sharpe Ratio is 2.32, which is comparable to the FSSNX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of FSSZX and FSSNX, 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

FSSZX vs. FSSNX - Drawdown Comparison

The maximum FSSZX drawdown since its inception was -38.43%, smaller than the maximum FSSNX drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for FSSZX and FSSNX.

Drawdown Indicators

	FSSZX	FSSNX	Difference
Max Drawdown Largest peak-to-trough decline	-38.43%	-41.72%	+3.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.04%	-11.00%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-27.45%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-30.51%	-31.87%	+1.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.08%	-8.27%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	3.10%	-0.50%

Volatility

FSSZX vs. FSSNX - Volatility Comparison

The current volatility for Fidelity Advisor Stock Selector Small Cap Fund Class Z (FSSZX) is 6.43%, while Fidelity Small Cap Index Fund (FSSNX) has a volatility of 6.79%. This indicates that FSSZX experiences smaller price fluctuations and is considered to be less risky than FSSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSSZX	FSSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	6.79%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	14.37%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	19.71%	-1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.69%	22.68%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	23.50%	-1.18%

FSSZX vs. FSSNX - Expense Ratio Comparison

FSSZX has a 0.79% expense ratio, which is higher than FSSNX's 0.03% expense ratio.

Dividends

FSSZX vs. FSSNX - Dividend Comparison

FSSZX's dividend yield for the trailing twelve months is around 0.70%, less than FSSNX's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSSNX Fidelity Small Cap Index Fund	0.90%	1.08%	1.04%	1.43%	1.26%	3.92%	0.94%	2.96%	4.94%	3.37%	2.27%	2.66%
FSSZX Fidelity Advisor Stock Selector Small Cap Fund Class Z	0.70%	0.84%	2.93%	0.35%	0.15%	10.95%	1.40%	2.29%	22.58%	10.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSSZX and FSSNX in my portfolio?

With a correlation of 0.94, FSSZX and FSSNX 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, FSSZX or FSSNX?

FSSNX has higher volatility (6.79%) compared to FSSZX (6.43%). In terms of maximum drawdown, FSSZX dropped -38.43% vs FSSNX's -41.72%.

Which has better risk-adjusted returns?

FSSZX currently has the higher Sharpe Ratio (2.32 vs 2.19), 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.