FWOCX vs. FXAIX

Last updated Jun 4, 2026

FWOCX (Fidelity Advisor Women's Leadership Fund Class C) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - FWOCX 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, FWOCX returned 8.98%/yr vs 14.28%/yr for FXAIX. Their correlation of 0.94 suggests significant overlap in exposure. FWOCX charges 1.84%/yr vs 0.02%/yr for FXAIX.

Performance

FWOCX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Women's Leadership Fund Class C (FWOCX) 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, FWOCX achieves a 15.39% return, which is significantly higher than FXAIX's 11.71% return.

FWOCX

• 1D: 0.62%
• 1M: 7.50%
• YTD: 15.39%
• 6M: 15.84%
• 1Y: 36.16%
• 3Y*: 18.49%
• 5Y*: 8.98%
• 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)

FWOCX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FWOCX Fidelity Advisor Women's Leadership Fund Class C	15.39%	17.93%	10.94%	19.97%	-20.64%	18.34%	23.99%	10.46%
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 FWOCX and FXAIX is 0.95 - 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	0.95
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	0.94

The correlation between FWOCX and FXAIX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

FWOCX vs. FXAIX — Risk / Return Rank

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

FWOCX

FWOCX Risk / Return Rank: 82
FWOCX Sharpe Ratio Rank: 86
FWOCX Sortino Ratio Rank: 80
FWOCX Omega Ratio Rank: 75
FWOCX Calmar Ratio Rank: 79
FWOCX Martin Ratio Rank: 89

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.

FWOCX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Women's Leadership Fund Class C (FWOCX) 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.

	FWOCX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	2.52	+0.29
Sortino ratio: Return per unit of downside risk	3.83	3.42	+0.40
Omega ratio: Gain probability vs. loss probability	1.50	1.46	+0.04
Calmar ratio: Return relative to maximum drawdown	3.60	3.36	+0.24
Martin ratio: Return relative to average drawdown	17.53	15.70	+1.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FWOCX vs. FXAIX - Sharpe Ratio Comparison

The current FWOCX Sharpe Ratio is 2.81, which is comparable to the FXAIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FWOCX 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

	FWOCX	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	2.52	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.85	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.82	-0.20

Drawdowns

FWOCX vs. FXAIX - Drawdown Comparison

The maximum FWOCX drawdown since its inception was -36.57%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FWOCX and FXAIX.

Drawdown Indicators

	FWOCX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.57%	-33.79%	-2.78%
Max Drawdown (1Y) Largest decline over 1 year	-10.35%	-8.89%	-1.46%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-18.76%	-4.11%
Max Drawdown (5Y) Largest decline over 5 years	-30.65%	-24.50%	-6.15%
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	-7.83%	-3.79%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	1.90%	+0.22%

Volatility

FWOCX vs. FXAIX - Volatility Comparison

Fidelity Advisor Women's Leadership Fund Class C (FWOCX) has a higher volatility of 3.90% compared to Fidelity 500 Index Fund (FXAIX) at 2.83%. This indicates that FWOCX'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

	FWOCX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	2.83%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	8.97%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.25%	11.86%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	16.91%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.56%	18.07%	+2.49%

FWOCX vs. FXAIX - Expense Ratio Comparison

FWOCX has a 1.84% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FWOCX vs. FXAIX - Dividend Comparison

FWOCX's dividend yield for the trailing twelve months is around 4.78%, more than FXAIX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FWOCX Fidelity Advisor Women's Leadership Fund Class C	4.78%	5.51%	0.00%	0.00%	0.00%	1.92%	0.00%	0.00%	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 FWOCX and FXAIX in my portfolio?

With a correlation of 0.95, FWOCX 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, FWOCX or FXAIX?

FWOCX has higher volatility (3.90%) compared to FXAIX (2.83%). In terms of maximum drawdown, FWOCX dropped -36.57% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FWOCX currently has the higher Sharpe Ratio (2.81 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.