FWMNX vs. FXAIX

Last updated Jun 4, 2026

FWMNX (Fidelity Advisor Women's Leadership Fund Class I) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - FWMNX is a Large Cap Blend Equities fund managed by Fidelity, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, FWMNX returned 10.04%/yr vs 14.28%/yr for FXAIX. Their correlation of 0.95 suggests significant overlap in exposure. FWMNX charges 0.81%/yr vs 0.02%/yr for FXAIX.

Performance

FWMNX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Women's Leadership Fund Class I (FWMNX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FWMNX achieves a 15.92% return, which is significantly higher than FXAIX's 11.71% return.

FWMNX

• 1D: 0.64%
• 1M: 7.56%
• YTD: 15.92%
• 6M: 16.39%
• 1Y: 37.61%
• 3Y*: 19.61%
• 5Y*: 10.04%
• 10Y*: —

FXAIX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.71%
• 6M: 11.74%
• 1Y: 28.99%
• 3Y*: 22.75%
• 5Y*: 14.28%
• 10Y*: 15.66%

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

FWMNX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FWMNX Fidelity Advisor Women's Leadership Fund Class I	15.92%	19.13%	11.74%	21.18%	-19.76%	19.59%	25.28%	11.17%
FXAIX Fidelity 500 Index Fund	11.71%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	14.15%

Correlation

The correlation between FWMNX and FXAIX 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	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 22, 2019	0.95

The correlation between FWMNX and FXAIX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

FWMNX vs. FXAIX — Risk / Return Rank

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

FWMNX

FWMNX Risk / Return Rank: 84
FWMNX Sharpe Ratio Rank: 88
FWMNX Sortino Ratio Rank: 83
FWMNX Omega Ratio Rank: 78
FWMNX Calmar Ratio Rank: 81
FWMNX Martin Ratio Rank: 91

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 76
FXAIX Sortino Ratio Rank: 67
FXAIX Omega Ratio Rank: 67
FXAIX Calmar Ratio Rank: 74
FXAIX Martin Ratio Rank: 83

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.

FWMNX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Women's Leadership Fund Class I (FWMNX) and Fidelity 500 Index Fund (FXAIX). 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.

	FWMNX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.52	+0.40
Sortino ratio: Return per unit of downside risk	3.97	3.42	+0.55
Omega ratio: Gain probability vs. loss probability	1.52	1.46	+0.06
Calmar ratio: Return relative to maximum drawdown	3.76	3.36	+0.40
Martin ratio: Return relative to average drawdown	18.44	15.70	+2.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FWMNX vs. FXAIX - Sharpe Ratio Comparison

The current FWMNX Sharpe Ratio is 2.92, which is comparable to the FXAIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FWMNX and FXAIX, 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

	FWMNX	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.52	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.85	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.82	-0.14

Drawdowns

FWMNX vs. FXAIX - Drawdown Comparison

The maximum FWMNX drawdown since its inception was -36.47%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FWMNX and FXAIX.

Drawdown Indicators

	FWMNX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.47%	-33.79%	-2.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.30%	-8.89%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-22.88%	-18.76%	-4.12%
Max Drawdown (5Y) Largest decline over 5 years	-29.96%	-24.50%	-5.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.44%	-3.79%	-3.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.90%	+0.19%

Volatility

FWMNX vs. FXAIX - Volatility Comparison

Fidelity Advisor Women's Leadership Fund Class I (FWMNX) has a higher volatility of 3.88% compared to Fidelity 500 Index Fund (FXAIX) at 2.83%. This indicates that FWMNX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FWMNX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	2.83%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	8.97%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	13.23%	11.86%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.79%	16.91%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.53%	18.07%	+2.46%

FWMNX vs. FXAIX - Expense Ratio Comparison

FWMNX has a 0.81% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FWMNX vs. FXAIX - Dividend Comparison

FWMNX's dividend yield for the trailing twelve months is around 4.94%, more than FXAIX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FWMNX Fidelity Advisor Women's Leadership Fund Class I	4.94%	5.73%	0.08%	0.66%	0.70%	2.78%	0.26%	0.27%	0.00%	0.00%	0.00%	0.00%
FXAIX Fidelity 500 Index Fund	1.03%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FWMNX and FXAIX in my portfolio?

With a correlation of 0.96, FWMNX and FXAIX 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, FWMNX or FXAIX?

FWMNX has higher volatility (3.88%) compared to FXAIX (2.83%). In terms of maximum drawdown, FWMNX dropped -36.47% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FWMNX currently has the higher Sharpe Ratio (2.92 vs 2.52), 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.