FZAOX vs. FTHSX

Last updated Jul 11, 2026

FZAOX (Fidelity Advisor Small Cap Fund Class Z) and FTHSX (FullerThaler Behavioral Small-Cap Equity Fund Class I) are both Small Cap Blend Equities funds. Over the past 10 years, FZAOX returned 10.58%/yr vs 13.99%/yr for FTHSX. Their correlation of 0.94 suggests significant overlap in exposure. FZAOX charges 0.83%/yr vs 0.76%/yr for FTHSX.

Performance

FZAOX vs. FTHSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Small Cap Fund Class Z (FZAOX) and FullerThaler Behavioral Small-Cap Equity Fund Class I (FTHSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZAOX achieves a 21.81% return, which is significantly higher than FTHSX's 14.90% return. Over the past 10 years, FZAOX has underperformed FTHSX with an annualized return of 10.58%, while FTHSX has yielded a comparatively higher 13.99% annualized return.

FZAOX

• 1D: 1.43%
• 1M: -0.23%
• 6M: 16.65%
• YTD: 21.81%
• 1Y: 31.78%
• 3Y*: 14.05%
• 5Y*: 7.10%
• 10Y*: 10.58%

FTHSX

• 1D: 1.34%
• 1M: 1.09%
• 6M: 11.24%
• YTD: 14.90%
• 1Y: 25.21%
• 3Y*: 18.95%
• 5Y*: 12.64%
• 10Y*: 13.99%

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

FZAOX vs. FTHSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZAOX Fidelity Advisor Small Cap Fund Class Z	21.81%	12.25%	-0.46%	18.75%	-20.39%	31.71%	17.62%	32.92%	-16.11%	14.26%
FTHSX FullerThaler Behavioral Small-Cap Equity Fund Class I	14.90%	12.02%	16.17%	22.55%	-7.49%	30.83%	10.38%	28.06%	-13.18%	17.35%

Correlation

The correlation between FZAOX and FTHSX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 28, 2015	0.94

The correlation between FZAOX and FTHSX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

FZAOX vs. FTHSX — 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: 59
FZAOX Sortino Ratio Rank: 64
FZAOX Omega Ratio Rank: 51
FZAOX Calmar Ratio Rank: 87
FZAOX Martin Ratio Rank: 86

FTHSX

FTHSX Risk / Return Rank: 60
FTHSX Sharpe Ratio Rank: 54
FTHSX Sortino Ratio Rank: 61
FTHSX Omega Ratio Rank: 49
FTHSX Calmar Ratio Rank: 73
FTHSX Martin Ratio Rank: 62

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. FTHSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Small Cap Fund Class Z (FZAOX) and FullerThaler Behavioral Small-Cap Equity Fund Class I (FTHSX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FZAOX	FTHSX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.65	+0.07
Sortino ratio: Return per unit of downside risk	2.52	2.46	+0.06
Omega ratio: Gain probability vs. loss probability	1.29	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	3.38	2.66	+0.73
Martin ratio: Return relative to average drawdown	12.44	9.48	+2.96

FZAOX vs. FTHSX - Sharpe Ratio Comparison

The current FZAOX Sharpe Ratio is 1.72, which is comparable to the FTHSX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of FZAOX and FTHSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FZAOX vs. FTHSX - Drawdown Comparison

The maximum FZAOX drawdown since its inception was -40.41%, which is greater than FTHSX's maximum drawdown of -37.74%. Use the drawdown chart below to compare losses from any high point for FZAOX and FTHSX.

Drawdown Indicators

	FZAOX	FTHSX	Difference
Max Drawdown Largest peak-to-trough decline	-40.41%	-37.74%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.31%	-9.42%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-34.21%	-24.58%	-9.63%
Max Drawdown (5Y) Largest decline over 5 years	-34.21%	-24.58%	-9.63%
Max Drawdown (10Y) Largest decline over 10 years	-40.41%	-37.74%	-2.67%
Current Drawdown Current decline from peak	-2.84%	-0.64%	-2.20%
Average Drawdown Average peak-to-trough decline	-8.30%	-5.60%	-2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.63%	-0.10%

Volatility

FZAOX vs. FTHSX - Volatility Comparison

Fidelity Advisor Small Cap Fund Class Z (FZAOX) has a higher volatility of 5.99% compared to FullerThaler Behavioral Small-Cap Equity Fund Class I (FTHSX) at 4.00%. This indicates that FZAOX's price experiences larger fluctuations and is considered to be riskier than FTHSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAOX	FTHSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	4.00%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	10.97%	+3.03%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	15.20%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.11%	18.86%	+3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	20.06%	+1.84%

FZAOX vs. FTHSX - Expense Ratio Comparison

FZAOX has a 0.83% expense ratio, which is higher than FTHSX's 0.76% expense ratio.

Dividends

FZAOX vs. FTHSX - Dividend Comparison

FZAOX's dividend yield for the trailing twelve months is around 1.32%, more than FTHSX's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTHSX FullerThaler Behavioral Small-Cap Equity Fund Class I	0.47%	0.54%	8.05%	1.81%	1.23%	3.77%	0.35%	0.39%	0.55%	0.26%	0.00%	15.40%
FZAOX Fidelity Advisor Small Cap Fund Class Z	1.32%	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 FTHSX in my portfolio?

With a correlation of 0.91, FZAOX and FTHSX 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, FZAOX or FTHSX?

FZAOX has higher volatility (5.99%) compared to FTHSX (4.00%). In terms of maximum drawdown, FZAOX dropped -40.41% vs FTHSX's -37.74%.

Which has better risk-adjusted returns?

FZAOX currently has the higher Sharpe Ratio (1.72 vs 1.65), 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.