FVIFX vs. FASPX

Last updated Jun 4, 2026

FVIFX (Fidelity Advisor Value Fund Class I) and FASPX (Fidelity Advisor Value Strategies Fund Class M) are both Mid Cap Value Equities funds from Fidelity. Over the past 10 years, FVIFX returned 12.13%/yr vs 10.60%/yr for FASPX. With a 0.97 correlation, they move nearly in lockstep. FVIFX charges 0.90%/yr vs 1.37%/yr for FASPX.

Performance

FVIFX vs. FASPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Value Fund Class I (FVIFX) and Fidelity Advisor Value Strategies Fund Class M (FASPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVIFX achieves a 16.73% return, which is significantly lower than FASPX's 20.76% return. Over the past 10 years, FVIFX has outperformed FASPX with an annualized return of 12.13%, while FASPX has yielded a comparatively lower 10.60% annualized return.

FVIFX

• 1D: 0.31%
• 1M: 3.49%
• YTD: 16.73%
• 6M: 17.99%
• 1Y: 34.59%
• 3Y*: 18.91%
• 5Y*: 10.23%
• 10Y*: 12.13%

FASPX

• 1D: 0.32%
• 1M: 3.43%
• YTD: 20.76%
• 6M: 22.32%
• 1Y: 39.62%
• 3Y*: 13.92%
• 5Y*: 7.82%
• 10Y*: 10.60%

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

FVIFX vs. FASPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVIFX Fidelity Advisor Value Fund Class I	16.73%	11.29%	10.37%	19.68%	-9.15%	35.08%	9.87%	31.79%	-17.76%	15.35%
FASPX Fidelity Advisor Value Strategies Fund Class M	20.76%	7.76%	-2.60%	19.93%	-7.82%	32.65%	7.70%	33.85%	-17.27%	17.34%

Correlation

The correlation between FVIFX and FASPX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Dec 26, 2003	0.97

The correlation between FVIFX and FASPX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

FVIFX vs. FASPX — Risk / Return Rank

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

FVIFX

FVIFX Risk / Return Rank: 65
FVIFX Sharpe Ratio Rank: 60
FVIFX Sortino Ratio Rank: 62
FVIFX Omega Ratio Rank: 52
FVIFX Calmar Ratio Rank: 81
FVIFX Martin Ratio Rank: 72

FASPX

FASPX Risk / Return Rank: 75
FASPX Sharpe Ratio Rank: 74
FASPX Sortino Ratio Rank: 71
FASPX Omega Ratio Rank: 57
FASPX Calmar Ratio Rank: 88
FASPX Martin Ratio Rank: 84

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.

FVIFX vs. FASPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Value Fund Class I (FVIFX) 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.

	FVIFX	FASPX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.49	-0.20
Sortino ratio: Return per unit of downside risk	3.29	3.52	-0.23
Omega ratio: Gain probability vs. loss probability	1.40	1.42	-0.02
Calmar ratio: Return relative to maximum drawdown	3.72	4.30	-0.58
Martin ratio: Return relative to average drawdown	13.68	15.87	-2.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FVIFX vs. FASPX - Sharpe Ratio Comparison

The current FVIFX Sharpe Ratio is 2.29, which is comparable to the FASPX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FVIFX 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.

Sharpe Ratios by Period

	FVIFX	FASPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.49	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.38	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.48	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.41	+0.02

Drawdowns

FVIFX vs. FASPX - Drawdown Comparison

The maximum FVIFX drawdown since its inception was -66.85%, roughly equal to the maximum FASPX drawdown of -70.11%. Use the drawdown chart below to compare losses from any high point for FVIFX and FASPX.

Drawdown Indicators

	FVIFX	FASPX	Difference
Max Drawdown Largest peak-to-trough decline	-66.85%	-70.11%	+3.26%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-9.84%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-24.33%	-34.53%	+10.20%
Max Drawdown (5Y) Largest decline over 5 years	-24.33%	-34.53%	+10.20%
Max Drawdown (10Y) Largest decline over 10 years	-48.52%	-48.02%	-0.50%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.65%	-9.83%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.66%	+0.03%

Volatility

FVIFX vs. FASPX - Volatility Comparison

Fidelity Advisor Value Fund Class I (FVIFX) and Fidelity Advisor Value Strategies Fund Class M (FASPX) have volatilities of 4.18% and 4.27%, 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

	FVIFX	FASPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	4.27%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	11.92%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	16.07%	17.00%	-0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.49%	20.68%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.17%	22.01%	+0.16%

FVIFX vs. FASPX - Expense Ratio Comparison

FVIFX has a 0.90% expense ratio, which is lower than FASPX's 1.37% expense ratio.

Dividends

FVIFX vs. FASPX - Dividend Comparison

FVIFX's dividend yield for the trailing twelve months is around 7.16%, less than FASPX's 7.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FASPX Fidelity Advisor Value Strategies Fund Class M	7.72%	9.32%	0.00%	2.40%	1.93%	7.80%	0.55%	4.98%	15.67%	7.26%	21.61%	0.80%
FVIFX Fidelity Advisor Value Fund Class I	7.16%	8.36%	12.68%	1.05%	0.64%	4.68%	0.68%	3.33%	15.05%	3.49%	0.91%	1.84%

Frequently Asked Questions

Can I hold both FVIFX and FASPX in my portfolio?

With a correlation of 0.99, FVIFX 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, FVIFX or FASPX?

FASPX has higher volatility (4.27%) compared to FVIFX (4.18%). In terms of maximum drawdown, FVIFX dropped -66.85% vs FASPX's -70.11%.

Which has better risk-adjusted returns?

FASPX currently has the higher Sharpe Ratio (2.49 vs 2.29), 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.