FZAOX vs. FSKAX

Last updated Jun 4, 2026

FZAOX (Fidelity Advisor Small Cap Fund Class Z) and FSKAX (Fidelity Total Market Index Fund) are both mutual funds - FZAOX is a Small Cap Blend Equities fund managed by Fidelity, while FSKAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, FZAOX returned 10.33%/yr vs 15.09%/yr for FSKAX. Their correlation of 0.88 suggests significant overlap in exposure. FZAOX charges 0.83%/yr vs 0.01%/yr for FSKAX.

Performance

FZAOX vs. FSKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Small Cap Fund Class Z (FZAOX) and Fidelity Total Market Index Fund (FSKAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZAOX achieves a 18.58% return, which is significantly higher than FSKAX's 12.08% return. Over the past 10 years, FZAOX has underperformed FSKAX with an annualized return of 10.33%, while FSKAX has yielded a comparatively higher 15.09% annualized return.

FZAOX

• 1D: 1.01%
• 1M: 3.00%
• YTD: 18.58%
• 6M: 16.79%
• 1Y: 38.08%
• 3Y*: 14.71%
• 5Y*: 6.81%
• 10Y*: 10.33%

FSKAX

• 1D: 0.24%
• 1M: 5.80%
• YTD: 12.08%
• 6M: 11.98%
• 1Y: 29.13%
• 3Y*: 22.42%
• 5Y*: 13.08%
• 10Y*: 15.09%

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

FZAOX vs. FSKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZAOX Fidelity Advisor Small Cap Fund Class Z	18.58%	12.25%	-0.46%	18.75%	-20.39%	31.71%	17.62%	32.92%	-16.11%	14.26%
FSKAX Fidelity Total Market Index Fund	12.08%	17.06%	23.89%	26.12%	-19.53%	25.66%	20.79%	30.92%	-5.32%	20.85%

Correlation

The correlation between FZAOX and FSKAX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013	0.88

The correlation between FZAOX and FSKAX has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

Return for Risk

FZAOX vs. FSKAX — Risk / Return Rank

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

FZAOX

FZAOX Risk / Return Rank: 69
FZAOX Sharpe Ratio Rank: 61
FZAOX Sortino Ratio Rank: 60
FZAOX Omega Ratio Rank: 50
FZAOX Calmar Ratio Rank: 88
FZAOX Martin Ratio Rank: 86

FSKAX

FSKAX Risk / Return Rank: 71
FSKAX Sharpe Ratio Rank: 71
FSKAX Sortino Ratio Rank: 64
FSKAX Omega Ratio Rank: 63
FSKAX Calmar Ratio Rank: 74
FSKAX Martin Ratio Rank: 82

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.

FZAOX vs. FSKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Small Cap Fund Class Z (FZAOX) and Fidelity Total Market Index Fund (FSKAX). 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.

	FZAOX	FSKAX	Difference
Sharpe ratio Return per unit of total volatility	2.31	2.46	-0.15
Sortino ratio Return per unit of downside risk	3.27	3.35	-0.08
Omega ratio Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio Return relative to maximum drawdown	4.37	3.38	+0.99
Martin ratio Return relative to average drawdown	16.45	15.52	+0.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZAOX vs. FSKAX - Sharpe Ratio Comparison

The current FZAOX Sharpe Ratio is 2.31, which is comparable to the FSKAX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of FZAOX and FSKAX, 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

	FZAOX	FSKAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.46	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.76	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.82	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.85	-0.38

Drawdowns

FZAOX vs. FSKAX - Drawdown Comparison

The maximum FZAOX drawdown since its inception was -40.41%, which is greater than FSKAX's maximum drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for FZAOX and FSKAX.

Drawdown Indicators

	FZAOX	FSKAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.41%	-35.01%	-5.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.31%	-8.92%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-34.21%	-19.43%	-14.78%
Max Drawdown (5Y) Largest decline over 5 years	-34.21%	-25.39%	-8.82%
Max Drawdown (10Y) Largest decline over 10 years	-40.41%	-35.01%	-5.40%
Current Drawdown Current decline from peak	-0.97%	0.00%	-0.97%
Average Drawdown Average peak-to-trough decline	-8.36%	-4.02%	-4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	1.94%	+0.53%

Volatility

FZAOX vs. FSKAX - Volatility Comparison

Fidelity Advisor Small Cap Fund Class Z (FZAOX) has a higher volatility of 5.56% compared to Fidelity Total Market Index Fund (FSKAX) at 2.97%. This indicates that FZAOX's price experiences larger fluctuations and is considered to be riskier than FSKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAOX	FSKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	2.97%	+2.59%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	9.23%	+3.82%
Volatility (1Y) Calculated over the trailing 1-year period	17.67%	12.26%	+5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.00%	17.41%	+4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.92%	18.46%	+3.46%

FZAOX vs. FSKAX - Expense Ratio Comparison

FZAOX has a 0.83% expense ratio, which is higher than FSKAX's 0.02% expense ratio.

Dividends

FZAOX vs. FSKAX - Dividend Comparison

FZAOX's dividend yield for the trailing twelve months is around 1.36%, more than FSKAX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSKAX Fidelity Total Market Index Fund	0.93%	1.01%	1.19%	1.41%	1.62%	1.15%	1.45%	1.94%	2.54%	2.07%	2.43%	0.82%
FZAOX Fidelity Advisor Small Cap Fund Class Z	1.36%	1.61%	0.00%	1.16%	4.61%	9.90%	2.38%	3.53%	13.09%	12.80%	2.61%	7.78%

Frequently Asked Questions

Can I hold both FZAOX and FSKAX in my portfolio?

FZAOX and FSKAX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FZAOX or FSKAX?

FZAOX has higher volatility (5.56%) compared to FSKAX (2.97%). In terms of maximum drawdown, FZAOX dropped -40.41% vs FSKAX's -35.01%.

Which has better risk-adjusted returns?

FSKAX currently has the higher Sharpe Ratio (2.46 vs 2.31), 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.