FVCSX vs. FASPX

Last updated Jun 23, 2026

FVCSX (Fidelity Advisor Value Strategies Fund Class C) and FASPX (Fidelity Advisor Value Strategies Fund Class M) are both Mid Cap Value Equities funds from Fidelity. Over the past 10 years, FVCSX returned 10.02%/yr vs 10.96%/yr for FASPX. Their correlation of 0.88 suggests significant overlap in exposure. FVCSX charges 1.92%/yr vs 1.37%/yr for FASPX.

Performance

FVCSX vs. FASPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Value Strategies Fund Class C (FVCSX) and Fidelity Advisor Value Strategies Fund Class M (FASPX). 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 FVCSX having a 23.46% return and FASPX slightly higher at 23.77%. Over the past 10 years, FVCSX has underperformed FASPX with an annualized return of 10.02%, while FASPX has yielded a comparatively higher 10.96% annualized return.

FVCSX

• 1D: 1.22%
• 1M: 4.35%
• YTD: 23.46%
• 6M: 21.76%
• 1Y: 40.29%
• 3Y*: 11.79%
• 5Y*: 8.26%
• 10Y*: 10.02%

FASPX

• 1D: 1.24%
• 1M: 4.40%
• YTD: 23.77%
• 6M: 22.06%
• 1Y: 40.99%
• 3Y*: 13.79%
• 5Y*: 9.65%
• 10Y*: 10.96%

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

FVCSX vs. FASPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVCSX Fidelity Advisor Value Strategies Fund Class C	23.46%	7.23%	-6.69%	19.32%	-8.35%	31.94%	7.10%	33.09%	-17.58%	16.92%
FASPX Fidelity Advisor Value Strategies Fund Class M	23.77%	7.76%	-2.60%	19.93%	-7.82%	32.65%	7.70%	33.85%	-17.27%	17.34%

Correlation

The correlation between FVCSX and FASPX 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 (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 31, 1993	0.88

The correlation between FVCSX and FASPX shifts across timeframes, from 0.88 (all time) to 1.00 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FVCSX vs. FASPX — Risk / Return Rank

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

FVCSX

FVCSX Risk / Return Rank: 79
FVCSX Sharpe Ratio Rank: 78
FVCSX Sortino Ratio Rank: 77
FVCSX Omega Ratio Rank: 63
FVCSX Calmar Ratio Rank: 89
FVCSX Martin Ratio Rank: 87

FASPX

FASPX Risk / Return Rank: 80
FASPX Sharpe Ratio Rank: 80
FASPX Sortino Ratio Rank: 78
FASPX Omega Ratio Rank: 65
FASPX Calmar Ratio Rank: 89
FASPX Martin Ratio Rank: 88

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.

FVCSX vs. FASPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Value Strategies Fund Class C (FVCSX) and Fidelity Advisor Value Strategies Fund Class M (FASPX). 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.

	FVCSX	FASPX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.42	-0.04
Sortino ratio: Return per unit of downside risk	3.35	3.40	-0.05
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	4.16	4.26	-0.09
Martin ratio: Return relative to average drawdown	15.31	15.67	-0.35

FVCSX vs. FASPX - Sharpe Ratio Comparison

The current FVCSX Sharpe Ratio is 2.38, which is comparable to the FASPX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of FVCSX and FASPX, 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

FVCSX vs. FASPX - Drawdown Comparison

The maximum FVCSX drawdown since its inception was -70.38%, roughly equal to the maximum FASPX drawdown of -70.11%. Use the drawdown chart below to compare losses from any high point for FVCSX and FASPX.

Drawdown Indicators

	FVCSX	FASPX	Difference
Max Drawdown Largest peak-to-trough decline	-70.38%	-70.11%	-0.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-9.84%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-37.07%	-34.53%	-2.54%
Max Drawdown (5Y) Largest decline over 5 years	-37.07%	-34.53%	-2.54%
Max Drawdown (10Y) Largest decline over 10 years	-48.07%	-48.02%	-0.05%
Current Drawdown Current decline from peak	-0.50%	-0.49%	-0.01%
Average Drawdown Average peak-to-trough decline	-11.17%	-9.82%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.67%	+0.01%

Volatility

FVCSX vs. FASPX - Volatility Comparison

Fidelity Advisor Value Strategies Fund Class C (FVCSX) and Fidelity Advisor Value Strategies Fund Class M (FASPX) have volatilities of 5.18% and 5.18%, 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

	FVCSX	FASPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	5.18%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	12.30%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	17.32%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	20.72%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	22.04%	+0.18%

FVCSX vs. FASPX - Expense Ratio Comparison

FVCSX has a 1.92% expense ratio, which is higher than FASPX's 1.37% expense ratio.

Dividends

FVCSX vs. FASPX - Dividend Comparison

FVCSX's dividend yield for the trailing twelve months is around 10.59%, more than FASPX's 7.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FASPX Fidelity Advisor Value Strategies Fund Class M	7.53%	9.32%	0.00%	2.40%	1.93%	7.80%	0.55%	4.98%	15.67%	7.26%	21.61%	0.80%
FVCSX Fidelity Advisor Value Strategies Fund Class C	10.59%	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 FVCSX and FASPX in my portfolio?

With a correlation of 1.00, FVCSX and FASPX 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, FVCSX or FASPX?

FASPX has higher volatility (5.18%) compared to FVCSX (5.18%). In terms of maximum drawdown, FVCSX dropped -70.38% vs FASPX's -70.11%.

Which has better risk-adjusted returns?

FASPX currently has the higher Sharpe Ratio (2.42 vs 2.38), 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.