LVAMX vs. FFANX

Last updated Jun 24, 2026

LVAMX (LSV U.S. Managed Volatility Fund) and FFANX (Fidelity Asset Manager 40% Fund) are both mutual funds - LVAMX is a Large Cap Value Equities fund managed by BlackRock, while FFANX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, LVAMX returned 7.76%/yr vs 6.99%/yr for FFANX. A 0.72 correlation means they provide meaningful diversification when combined. LVAMX charges 0.94%/yr vs 0.52%/yr for FFANX.

Performance

LVAMX vs. FFANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LSV U.S. Managed Volatility Fund (LVAMX) and Fidelity Asset Manager 40% Fund (FFANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LVAMX achieves a 8.93% return, which is significantly higher than FFANX's 7.45% return. Over the past 10 years, LVAMX has outperformed FFANX with an annualized return of 7.76%, while FFANX has yielded a comparatively lower 6.99% annualized return.

LVAMX

• 1D: 0.19%
• 1M: -1.94%
• YTD: 8.93%
• 6M: 8.07%
• 1Y: 17.69%
• 3Y*: 10.25%
• 5Y*: 6.78%
• 10Y*: 7.76%

FFANX

• 1D: -0.13%
• 1M: 1.41%
• YTD: 7.45%
• 6M: 7.31%
• 1Y: 16.42%
• 3Y*: 11.28%
• 5Y*: 5.36%
• 10Y*: 6.99%

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

LVAMX vs. FFANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LVAMX LSV U.S. Managed Volatility Fund	8.93%	15.33%	2.07%	4.16%	-2.66%	20.97%	-6.86%	22.91%	-2.17%	13.52%
FFANX Fidelity Asset Manager 40% Fund	7.45%	13.16%	7.40%	11.52%	-13.62%	8.03%	13.10%	15.81%	-4.06%	11.25%

Correlation

The correlation between LVAMX and FFANX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 26, 2014	0.72

The correlation between LVAMX and FFANX shifts across timeframes, from 0.57 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LVAMX vs. FFANX — Risk / Return Rank

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

LVAMX

LVAMX Risk / Return Rank: 59
LVAMX Sharpe Ratio Rank: 47
LVAMX Sortino Ratio Rank: 49
LVAMX Omega Ratio Rank: 44
LVAMX Calmar Ratio Rank: 82
LVAMX Martin Ratio Rank: 72

FFANX

FFANX Risk / Return Rank: 79
FFANX Sharpe Ratio Rank: 79
FFANX Sortino Ratio Rank: 79
FFANX Omega Ratio Rank: 79
FFANX Calmar Ratio Rank: 76
FFANX Martin Ratio Rank: 81

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.

LVAMX vs. FFANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LSV U.S. Managed Volatility Fund (LVAMX) and Fidelity Asset Manager 40% Fund (FFANX). 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.

	LVAMX	FFANX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.41	-0.54
Sortino ratio: Return per unit of downside risk	2.70	3.45	-0.75
Omega ratio: Gain probability vs. loss probability	1.33	1.47	-0.14
Calmar ratio: Return relative to maximum drawdown	3.61	3.27	+0.34
Martin ratio: Return relative to average drawdown	12.86	13.95	-1.09

LVAMX vs. FFANX - Sharpe Ratio Comparison

The current LVAMX Sharpe Ratio is 1.87, which is comparable to the FFANX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of LVAMX and FFANX, 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

LVAMX vs. FFANX - Drawdown Comparison

The maximum LVAMX drawdown since its inception was -33.38%, which is greater than FFANX's maximum drawdown of -31.69%. Use the drawdown chart below to compare losses from any high point for LVAMX and FFANX.

Drawdown Indicators

	LVAMX	FFANX	Difference
Max Drawdown Largest peak-to-trough decline	-33.38%	-31.69%	-1.69%
Max Drawdown (1Y) Largest decline over 1 year	-5.13%	-5.20%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-20.84%	-7.55%	-13.29%
Max Drawdown (5Y) Largest decline over 5 years	-20.84%	-18.52%	-2.32%
Max Drawdown (10Y) Largest decline over 10 years	-33.38%	-18.52%	-14.86%
Current Drawdown Current decline from peak	-3.28%	-0.13%	-3.15%
Average Drawdown Average peak-to-trough decline	-4.76%	-3.79%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	1.22%	+0.22%

Volatility

LVAMX vs. FFANX - Volatility Comparison

LSV U.S. Managed Volatility Fund (LVAMX) and Fidelity Asset Manager 40% Fund (FFANX) have volatilities of 3.06% and 2.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LVAMX	FFANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	2.94%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	6.01%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	9.93%	7.09%	+2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	7.94%	+7.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.14%	7.74%	+8.40%

LVAMX vs. FFANX - Expense Ratio Comparison

LVAMX has a 0.94% expense ratio, which is higher than FFANX's 0.52% expense ratio.

Dividends

LVAMX vs. FFANX - Dividend Comparison

LVAMX's dividend yield for the trailing twelve months is around 19.42%, more than FFANX's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFANX Fidelity Asset Manager 40% Fund	3.65%	3.97%	2.81%	2.49%	5.75%	2.35%	2.36%	3.67%	4.56%	2.56%	1.43%	3.18%
LVAMX LSV U.S. Managed Volatility Fund	19.42%	21.15%	3.30%	17.00%	10.71%	6.62%	3.15%	9.37%	6.98%	3.79%	1.98%	2.22%

Frequently Asked Questions

Can I hold both LVAMX and FFANX in my portfolio?

LVAMX and FFANX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LVAMX or FFANX?

LVAMX has higher volatility (3.06%) compared to FFANX (2.94%). In terms of maximum drawdown, LVAMX dropped -33.38% vs FFANX's -31.69%.

Which has better risk-adjusted returns?

FFANX currently has the higher Sharpe Ratio (2.40 vs 1.87), 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.