FVIFX vs. FMUEX

Last updated Jun 24, 2026

FVIFX (Fidelity Advisor Value Fund Class I) and FMUEX (RBB Free Market U.S. Equity Fund) are both Mid Cap Value Equities funds. Over the past 10 years, FVIFX returned 12.92%/yr vs 12.02%/yr for FMUEX. With a 0.95 correlation, they move nearly in lockstep. FVIFX charges 0.90%/yr vs 0.78%/yr for FMUEX.

Performance

FVIFX vs. FMUEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Value Fund Class I (FVIFX) and RBB Free Market U.S. Equity Fund (FMUEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FVIFX achieves a 19.75% return, which is significantly higher than FMUEX's 18.38% return. Over the past 10 years, FVIFX has outperformed FMUEX with an annualized return of 12.92%, while FMUEX has yielded a comparatively lower 12.02% annualized return.

FVIFX

• 1D: 0.02%
• 1M: 4.50%
• YTD: 19.75%
• 6M: 18.57%
• 1Y: 35.99%
• 3Y*: 20.14%
• 5Y*: 11.37%
• 10Y*: 12.92%

FMUEX

• 1D: 0.42%
• 1M: 3.19%
• YTD: 18.38%
• 6M: 16.91%
• 1Y: 35.05%
• 3Y*: 17.87%
• 5Y*: 10.18%
• 10Y*: 12.02%

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

FVIFX vs. FMUEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVIFX Fidelity Advisor Value Fund Class I	19.75%	11.29%	10.37%	19.68%	-9.15%	35.08%	9.87%	31.79%	-17.76%	15.35%
FMUEX RBB Free Market U.S. Equity Fund	18.38%	12.79%	8.09%	17.10%	-10.47%	31.75%	5.65%	22.44%	-11.62%	13.44%

Correlation

The correlation between FVIFX and FMUEX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	0.95

The correlation between FVIFX and FMUEX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

FVIFX vs. FMUEX — Risk / Return Rank

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

FVIFX

FVIFX Risk / Return Rank: 73
FVIFX Sharpe Ratio Rank: 71
FVIFX Sortino Ratio Rank: 72
FVIFX Omega Ratio Rank: 59
FVIFX Calmar Ratio Rank: 84
FVIFX Martin Ratio Rank: 78

FMUEX

FMUEX Risk / Return Rank: 85
FMUEX Sharpe Ratio Rank: 84
FMUEX Sortino Ratio Rank: 81
FMUEX Omega Ratio Rank: 74
FMUEX Calmar Ratio Rank: 93
FMUEX Martin Ratio Rank: 91

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. FMUEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Value Fund Class I (FVIFX) and RBB Free Market U.S. Equity Fund (FMUEX). 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.

	FVIFX	FMUEX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.52	-0.28
Sortino ratio: Return per unit of downside risk	3.21	3.53	-0.32
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	3.73	4.80	-1.07
Martin ratio: Return relative to average drawdown	13.68	17.31	-3.62

FVIFX vs. FMUEX - Sharpe Ratio Comparison

The current FVIFX Sharpe Ratio is 2.25, which is comparable to the FMUEX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FVIFX and FMUEX, 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

FVIFX vs. FMUEX - Drawdown Comparison

The maximum FVIFX drawdown since its inception was -66.85%, which is greater than FMUEX's maximum drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for FVIFX and FMUEX.

Drawdown Indicators

	FVIFX	FMUEX	Difference
Max Drawdown Largest peak-to-trough decline	-66.85%	-58.03%	-8.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-7.61%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-24.33%	-25.49%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.33%	-25.49%	+1.16%
Max Drawdown (10Y) Largest decline over 10 years	-48.52%	-42.31%	-6.21%
Current Drawdown Current decline from peak	-0.44%	-0.35%	-0.09%
Average Drawdown Average peak-to-trough decline	-9.62%	-8.04%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.10%	+0.60%

Volatility

FVIFX vs. FMUEX - Volatility Comparison

Fidelity Advisor Value Fund Class I (FVIFX) has a higher volatility of 4.94% compared to RBB Free Market U.S. Equity Fund (FMUEX) at 4.20%. This indicates that FVIFX's price experiences larger fluctuations and is considered to be riskier than FMUEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVIFX	FMUEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	4.20%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	11.93%	10.23%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	14.49%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.51%	18.39%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.20%	19.76%	+2.44%

FVIFX vs. FMUEX - Expense Ratio Comparison

FVIFX has a 0.90% expense ratio, which is higher than FMUEX's 0.78% expense ratio.

Dividends

FVIFX vs. FMUEX - Dividend Comparison

FVIFX's dividend yield for the trailing twelve months is around 6.98%, more than FMUEX's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMUEX RBB Free Market U.S. Equity Fund	1.58%	1.87%	0.00%	4.12%	8.26%	4.38%	1.61%	5.57%	5.88%	3.80%	4.80%	8.51%
FVIFX Fidelity Advisor Value Fund Class I	6.98%	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 FMUEX in my portfolio?

With a correlation of 0.96, FVIFX and FMUEX 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 FMUEX?

FVIFX has higher volatility (4.94%) compared to FMUEX (4.20%). In terms of maximum drawdown, FVIFX dropped -66.85% vs FMUEX's -58.03%.

Which has better risk-adjusted returns?

FMUEX currently has the higher Sharpe Ratio (2.52 vs 2.25), 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.