FSSZX vs. SPY

Last updated Jun 23, 2026

FSSZX (Fidelity Advisor Stock Selector Small Cap Fund Class Z) and SPY (State Street SPDR S&P 500 ETF) are both funds - FSSZX is a Small Cap Blend Equities fund managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, FSSZX returned 11.23%/yr vs 13.51%/yr for SPY. Their correlation of 0.83 suggests significant overlap in exposure. FSSZX charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

FSSZX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 higher than SPY's 9.74% return.

FSSZX

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

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

FSSZX vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	18.67%

Correlation

The correlation between FSSZX and SPY is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.83

The correlation between FSSZX and SPY has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

Return for Risk

FSSZX vs. SPY — 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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.16	+0.16
Sortino ratio: Return per unit of downside risk	3.24	2.91	+0.33
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	4.25	3.01	+1.24
Martin ratio: Return relative to average drawdown	16.39	13.54	+2.86

FSSZX vs. SPY - Sharpe Ratio Comparison

The current FSSZX Sharpe Ratio is 2.32, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FSSZX and SPY, 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. SPY - Drawdown Comparison

The maximum FSSZX drawdown since its inception was -38.43%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FSSZX and SPY.

Drawdown Indicators

	FSSZX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-38.43%	-55.19%	+16.76%
Max Drawdown (1Y) Largest decline over 1 year	-10.04%	-8.88%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-18.76%	-8.63%
Max Drawdown (5Y) Largest decline over 5 years	-30.51%	-24.50%	-6.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-8.08%	-9.04%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	1.97%	+0.63%

Volatility

FSSZX vs. SPY - Volatility Comparison

Fidelity Advisor Stock Selector Small Cap Fund Class Z (FSSZX) has a higher volatility of 6.43% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that FSSZX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSSZX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	4.64%	+1.79%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	9.75%	+4.30%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	12.43%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.69%	17.14%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	17.99%	+4.33%

FSSZX vs. SPY - Expense Ratio Comparison

FSSZX has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FSSZX vs. SPY - Dividend Comparison

FSSZX's dividend yield for the trailing twelve months is around 0.70%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FSSZX and SPY in my portfolio?

FSSZX and SPY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSSZX or SPY?

FSSZX has higher volatility (6.43%) compared to SPY (4.64%). In terms of maximum drawdown, FSSZX dropped -38.43% vs SPY's -55.19%.

Which has better risk-adjusted returns?

FSSZX currently has the higher Sharpe Ratio (2.32 vs 2.16), 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.