FZAHX vs. VMVAX

Last updated Jun 3, 2026

FZAHX (Fidelity Advisor Growth Opportunities Fund Class Z) and VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) are both mutual funds - FZAHX is a Large Cap Growth Equities fund managed by Fidelity, while VMVAX is a Mid Cap Value Equities fund managed by Vanguard. Over the past 10 years, FZAHX returned 22.58%/yr vs 10.47%/yr for VMVAX. A 0.65 correlation means they provide meaningful diversification when combined. FZAHX charges 0.67%/yr vs 0.07%/yr for VMVAX.

Performance

FZAHX vs. VMVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Growth Opportunities Fund Class Z (FZAHX) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZAHX achieves a 16.99% return, which is significantly higher than VMVAX's 10.01% return. Over the past 10 years, FZAHX has outperformed VMVAX with an annualized return of 22.58%, while VMVAX has yielded a comparatively lower 10.47% annualized return.

FZAHX

• 1D: 0.75%
• 1M: 9.23%
• YTD: 16.99%
• 6M: 17.98%
• 1Y: 42.24%
• 3Y*: 32.24%
• 5Y*: 13.61%
• 10Y*: 22.58%

VMVAX

• 1D: -0.21%
• 1M: 0.15%
• YTD: 10.01%
• 6M: 11.62%
• 1Y: 22.77%
• 3Y*: 16.26%
• 5Y*: 8.30%
• 10Y*: 10.47%

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

FZAHX vs. VMVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZAHX Fidelity Advisor Growth Opportunities Fund Class Z	16.99%	22.61%	39.23%	45.70%	-38.18%	11.74%	69.25%	40.80%	15.25%	35.10%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	10.01%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%

Correlation

The correlation between FZAHX and VMVAX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013	0.65

Over the past year, the correlation between FZAHX and VMVAX has dropped to 0.33 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

FZAHX vs. VMVAX — Risk / Return Rank

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

FZAHX

FZAHX Risk / Return Rank: 55
FZAHX Sharpe Ratio Rank: 67
FZAHX Sortino Ratio Rank: 53
FZAHX Omega Ratio Rank: 55
FZAHX Calmar Ratio Rank: 50
FZAHX Martin Ratio Rank: 49

VMVAX

VMVAX Risk / Return Rank: 54
VMVAX Sharpe Ratio Rank: 46
VMVAX Sortino Ratio Rank: 47
VMVAX Omega Ratio Rank: 42
VMVAX Calmar Ratio Rank: 72
VMVAX Martin Ratio Rank: 64

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.

FZAHX vs. VMVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Growth Opportunities Fund Class Z (FZAHX) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX). 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.

	FZAHX	VMVAX	Difference
Sharpe ratio Return per unit of total volatility	2.40	2.01	+0.39
Sortino ratio Return per unit of downside risk	3.08	2.91	+0.17
Omega ratio Gain probability vs. loss probability	1.41	1.35	+0.06
Calmar ratio Return relative to maximum drawdown	2.72	3.29	-0.57
Martin ratio Return relative to average drawdown	10.21	12.58	-2.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZAHX vs. VMVAX - Sharpe Ratio Comparison

The current FZAHX Sharpe Ratio is 2.40, which is comparable to the VMVAX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of FZAHX and VMVAX, 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

	FZAHX	VMVAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.01	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.52	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	0.56	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.69	+0.19

Drawdowns

FZAHX vs. VMVAX - Drawdown Comparison

The maximum FZAHX drawdown since its inception was -44.45%, roughly equal to the maximum VMVAX drawdown of -43.07%. Use the drawdown chart below to compare losses from any high point for FZAHX and VMVAX.

Drawdown Indicators

	FZAHX	VMVAX	Difference
Max Drawdown Largest peak-to-trough decline	-44.45%	-43.07%	-1.38%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-6.95%	-9.11%
Max Drawdown (3Y) Largest decline over 3 years	-26.58%	-18.40%	-8.18%
Max Drawdown (5Y) Largest decline over 5 years	-44.45%	-19.75%	-24.70%
Max Drawdown (10Y) Largest decline over 10 years	-44.45%	-43.07%	-1.38%
Current Drawdown Current decline from peak	0.00%	-0.50%	+0.50%
Average Drawdown Average peak-to-trough decline	-8.22%	-4.38%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	1.82%	+2.45%

Volatility

FZAHX vs. VMVAX - Volatility Comparison

Fidelity Advisor Growth Opportunities Fund Class Z (FZAHX) has a higher volatility of 4.46% compared to Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) at 2.56%. This indicates that FZAHX's price experiences larger fluctuations and is considered to be riskier than VMVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAHX	VMVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	2.56%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	8.15%	+6.12%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	11.41%	+6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.84%	16.01%	+8.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.89%	18.79%	+5.10%

FZAHX vs. VMVAX - Expense Ratio Comparison

FZAHX has a 0.67% expense ratio, which is higher than VMVAX's 0.07% expense ratio.

Dividends

FZAHX vs. VMVAX - Dividend Comparison

FZAHX's dividend yield for the trailing twelve months is around 3.08%, more than VMVAX's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZAHX Fidelity Advisor Growth Opportunities Fund Class Z	3.08%	3.61%	0.00%	0.00%	0.00%	9.45%	5.15%	3.74%	11.00%	7.50%	14.42%	10.52%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.89%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%

Frequently Asked Questions

Can I hold both FZAHX and VMVAX in my portfolio?

FZAHX and VMVAX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FZAHX or VMVAX?

FZAHX has higher volatility (4.46%) compared to VMVAX (2.56%). In terms of maximum drawdown, FZAHX dropped -44.45% vs VMVAX's -43.07%.

Which has better risk-adjusted returns?

FZAHX currently has the higher Sharpe Ratio (2.40 vs 2.01), 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.