FZAFX vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Advisor Equity Growth Fund Class Z (FZAFX) and State Street SPDR S&P 500 ETF (SPY).

FZAFX is managed by Fidelity. It was launched on Aug 13, 2013. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

FZAFX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Equity Growth Fund Class Z (FZAFX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

FZAFX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZAFX Fidelity Advisor Equity Growth Fund Class Z	-9.30%	14.68%	18.15%	35.80%	-24.36%	23.09%	43.86%	35.68%	0.36%	35.37%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, FZAFX achieves a -9.30% return, which is significantly lower than SPY's -4.37% return. Over the past 10 years, FZAFX has outperformed SPY with an annualized return of 15.70%, while SPY has yielded a comparatively lower 13.98% annualized return.

FZAFX

• 1D: -0.85%
• 1M: -9.03%
• YTD: -9.30%
• 6M: -8.57%
• 1Y: 13.42%
• 3Y*: 14.83%
• 5Y*: 8.58%
• 10Y*: 15.70%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

FZAFX vs. SPY - Expense Ratio Comparison

FZAFX has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

FZAFX

Fidelity Advisor Equity Growth Fund Class Z

SPY

State Street SPDR S&P 500 ETF

Return for Risk

FZAFX vs. SPY — Risk / Return Rank

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

FZAFX

FZAFX Risk / Return Rank: 28
FZAFX Sharpe Ratio Rank: 26
FZAFX Sortino Ratio Rank: 28
FZAFX Omega Ratio Rank: 27
FZAFX Calmar Ratio Rank: 29
FZAFX Martin Ratio Rank: 28

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

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.

FZAFX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Equity Growth Fund Class Z (FZAFX) and State Street SPDR S&P 500 ETF (SPY). 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.

	FZAFX	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.62	0.93	-0.31
Sortino ratio Return per unit of downside risk	1.02	1.45	-0.44
Omega ratio Gain probability vs. loss probability	1.14	1.22	-0.08
Calmar ratio Return relative to maximum drawdown	0.83	1.53	-0.70
Martin ratio Return relative to average drawdown	2.95	7.30	-4.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZAFX vs. SPY - Sharpe Ratio Comparison

The current FZAFX Sharpe Ratio is 0.62, which is lower than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of FZAFX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FZAFX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	0.93	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.69	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.78	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.56	+0.18

Correlation

The correlation between FZAFX and SPY is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FZAFX vs. SPY - Dividend Comparison

FZAFX's dividend yield for the trailing twelve months is around 0.57%, less than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZAFX Fidelity Advisor Equity Growth Fund Class Z	0.57%	0.51%	0.00%	0.48%	1.93%	11.39%	10.84%	9.53%	6.38%	11.66%	5.87%	0.00%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

FZAFX vs. SPY - Drawdown Comparison

The maximum FZAFX drawdown since its inception was -31.13%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FZAFX and SPY.

Drawdown Indicators

	FZAFX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.13%	-55.19%	+24.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.75%	-12.05%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-29.73%	-24.50%	-5.23%
Max Drawdown (10Y) Largest decline over 10 years	-31.13%	-33.72%	+2.59%
Current Drawdown Current decline from peak	-12.55%	-6.24%	-6.31%
Average Drawdown Average peak-to-trough decline	-5.84%	-9.09%	+3.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	2.52%	+1.05%

Volatility

FZAFX vs. SPY - Volatility Comparison

Fidelity Advisor Equity Growth Fund Class Z (FZAFX) has a higher volatility of 6.24% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that FZAFX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAFX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.24%	5.31%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	9.47%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	21.45%	19.05%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.51%	17.06%	+3.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.65%	17.92%	+2.73%