OFSAX vs. FISVX

Last updated Jun 23, 2026

OFSAX (Olstein Strategic Opportunities Fund) and FISVX (Fidelity Small Cap Value Index Fund) are both Small Cap Value Equities funds. Over the past 5 years, OFSAX returned 2.55%/yr vs 8.38%/yr for FISVX. Their correlation of 0.93 suggests significant overlap in exposure. OFSAX charges 1.60%/yr vs 0.05%/yr for FISVX.

Performance

OFSAX vs. FISVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Olstein Strategic Opportunities Fund (OFSAX) and Fidelity Small Cap Value Index Fund (FISVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OFSAX achieves a 15.59% return, which is significantly lower than FISVX's 20.57% return.

OFSAX

• 1D: 1.65%
• 1M: 6.42%
• YTD: 15.59%
• 6M: 13.00%
• 1Y: 30.00%
• 3Y*: 9.45%
• 5Y*: 2.55%
• 10Y*: 8.06%

FISVX

• 1D: 1.61%
• 1M: 3.16%
• YTD: 20.57%
• 6M: 17.69%
• 1Y: 44.34%
• 3Y*: 18.15%
• 5Y*: 8.38%
• 10Y*: —

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

OFSAX vs. FISVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OFSAX Olstein Strategic Opportunities Fund	15.59%	4.93%	2.99%	14.28%	-21.36%	21.82%	15.82%	10.69%
FISVX Fidelity Small Cap Value Index Fund	20.57%	12.70%	8.16%	14.72%	-14.42%	28.26%	4.49%	9.54%

Correlation

The correlation between OFSAX and FISVX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.93

The correlation between OFSAX and FISVX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

Return for Risk

OFSAX vs. FISVX — Risk / Return Rank

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

OFSAX

OFSAX Risk / Return Rank: 29
OFSAX Sharpe Ratio Rank: 29
OFSAX Sortino Ratio Rank: 33
OFSAX Omega Ratio Rank: 27
OFSAX Calmar Ratio Rank: 31
OFSAX Martin Ratio Rank: 27

FISVX

FISVX Risk / Return Rank: 82
FISVX Sharpe Ratio Rank: 80
FISVX Sortino Ratio Rank: 78
FISVX Omega Ratio Rank: 66
FISVX Calmar Ratio Rank: 95
FISVX Martin Ratio Rank: 92

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.

OFSAX vs. FISVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Olstein Strategic Opportunities Fund (OFSAX) and Fidelity Small Cap Value Index Fund (FISVX). 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.

	OFSAX	FISVX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.43	-0.98
Sortino ratio: Return per unit of downside risk	2.22	3.39	-1.17
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	1.97	5.19	-3.22
Martin ratio: Return relative to average drawdown	6.04	17.61	-11.57

OFSAX vs. FISVX - Sharpe Ratio Comparison

The current OFSAX Sharpe Ratio is 1.45, which is lower than the FISVX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of OFSAX and FISVX, 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

OFSAX vs. FISVX - Drawdown Comparison

The maximum OFSAX drawdown since its inception was -66.34%, which is greater than FISVX's maximum drawdown of -44.66%. Use the drawdown chart below to compare losses from any high point for OFSAX and FISVX.

Drawdown Indicators

	OFSAX	FISVX	Difference
Max Drawdown Largest peak-to-trough decline	-66.34%	-44.66%	-21.68%
Max Drawdown (1Y) Largest decline over 1 year	-15.17%	-8.54%	-6.63%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-26.50%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	-35.35%	-26.50%	-8.85%
Max Drawdown (10Y) Largest decline over 10 years	-47.25%	—	—
Current Drawdown Current decline from peak	0.00%	-0.15%	+0.15%
Average Drawdown Average peak-to-trough decline	-13.18%	-10.27%	-2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.94%	2.51%	+2.43%

Volatility

OFSAX vs. FISVX - Volatility Comparison

The current volatility for Olstein Strategic Opportunities Fund (OFSAX) is 5.23%, while Fidelity Small Cap Value Index Fund (FISVX) has a volatility of 5.65%. This indicates that OFSAX experiences smaller price fluctuations and is considered to be less risky than FISVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OFSAX	FISVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.23%	5.65%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	12.47%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	20.62%	18.24%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.93%	21.72%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.31%	26.70%	-2.39%

OFSAX vs. FISVX - Expense Ratio Comparison

OFSAX has a 1.60% expense ratio, which is higher than FISVX's 0.05% expense ratio.

Dividends

OFSAX vs. FISVX - Dividend Comparison

OFSAX's dividend yield for the trailing twelve months is around 2.27%, more than FISVX's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISVX Fidelity Small Cap Value Index Fund	1.81%	2.18%	1.70%	2.06%	3.69%	9.55%	1.33%	0.62%	0.00%	0.00%	0.00%	0.00%
OFSAX Olstein Strategic Opportunities Fund	2.27%	2.63%	6.92%	0.09%	1.67%	10.25%	0.00%	0.00%	0.94%	0.00%	0.00%	10.33%

Frequently Asked Questions

Can I hold both OFSAX and FISVX in my portfolio?

OFSAX and FISVX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OFSAX or FISVX?

FISVX has higher volatility (5.65%) compared to OFSAX (5.23%). In terms of maximum drawdown, OFSAX dropped -66.34% vs FISVX's -44.66%.

Which has better risk-adjusted returns?

FISVX currently has the higher Sharpe Ratio (2.43 vs 1.45), 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.