OSTFX vs. FEQHX

Last updated Aug 4, 2026

OSTFX (Osterweis Fund) and FEQHX (Fidelity Hedged Equity Fund) are both Large Cap Blend Equities funds. Over the past 3 years, OSTFX returned 13.37%/yr vs 14.80%/yr for FEQHX. Their correlation of 0.91 means they have usually moved in the same direction. OSTFX charges 0.95%/yr vs 0.55%/yr for FEQHX.

Performance

OSTFX vs. FEQHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osterweis Fund (OSTFX) and Fidelity Hedged Equity Fund (FEQHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with OSTFX having a 6.99% return and FEQHX slightly higher at 7.18%.

OSTFX

• 1D: 0.81%
• 1M: 0.38%
• 6M: 4.99%
• YTD: 6.99%
• 1Y: 15.31%
• 3Y*: 13.37%
• 5Y*: 7.22%
• 10Y*: 11.87%
• ALL TIME*: 10.48%

FEQHX

• 1D: 0.50%
• 1M: -0.81%
• 6M: 5.70%
• YTD: 7.18%
• 1Y: 15.06%
• 3Y*: 14.80%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.35%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEQHX Fidelity Hedged Equity Fund	$0.00	$0.00	$0.00
OSTFX Osterweis Fund	$0.00	$0.00	$0.00

OSTFX vs. FEQHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OSTFX Osterweis Fund	6.99%	12.85%	13.48%	22.64%	-4.17%
FEQHX Fidelity Hedged Equity Fund	7.18%	13.61%	19.46%	17.65%	-4.85%

Correlation

The correlation between OSTFX and FEQHX is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.91

The correlation between OSTFX and FEQHX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

OSTFX vs. FEQHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OSTFX

OSTFX Risk / Return Rank: 32
OSTFX Sharpe Ratio Rank: 33
OSTFX Sortino Ratio Rank: 33
OSTFX Omega Ratio Rank: 31
OSTFX Calmar Ratio Rank: 28
OSTFX Martin Ratio Rank: 38

FEQHX

FEQHX Risk / Return Rank: 42
FEQHX Sharpe Ratio Rank: 44
FEQHX Sortino Ratio Rank: 42
FEQHX Omega Ratio Rank: 41
FEQHX Calmar Ratio Rank: 43
FEQHX Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OSTFX vs. FEQHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osterweis Fund (OSTFX) and Fidelity Hedged Equity Fund (FEQHX). 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.

	OSTFX	FEQHX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.36	-0.22
Sortino ratio: Return per unit of downside risk	1.69	1.93	-0.24
Omega ratio: Gain probability vs. loss probability	1.20	1.24	-0.04
Calmar ratio: Return relative to maximum drawdown	1.36	1.84	-0.48
Martin ratio: Return relative to average drawdown	5.89	6.61	-0.71

OSTFX vs. FEQHX - Sharpe Ratio Comparison

The current OSTFX Sharpe Ratio is 1.15, which is comparable to the FEQHX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of OSTFX and FEQHX, 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

OSTFX vs. FEQHX - Drawdown Comparison

The maximum OSTFX drawdown since its inception was -40.63%, which is greater than FEQHX's maximum drawdown of -10.42%. Use the drawdown chart below to compare losses from any high point for OSTFX and FEQHX.

Drawdown Indicators

	OSTFX	FEQHX	Difference
Max Drawdown Largest peak-to-trough decline	-40.63%	-10.42%	-30.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.06%	-7.40%	-2.66%
Max Drawdown (3Y) Largest decline over 3 years	-15.80%	-10.42%	-5.38%
Max Drawdown (5Y) Largest decline over 5 years	-27.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.54%	—	—
Current Drawdown Current decline from peak	-0.05%	-2.56%	+2.51%
Average Drawdown Average peak-to-trough decline	-6.81%	-2.22%	-4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.06%	+0.26%

Volatility

OSTFX vs. FEQHX - Volatility Comparison

Osterweis Fund (OSTFX) and Fidelity Hedged Equity Fund (FEQHX) have volatilities of 2.87% and 2.74%, 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

	OSTFX	FEQHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.74%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	7.73%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	10.02%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.65%	11.28%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	11.28%	+5.51%

OSTFX vs. FEQHX - Expense Ratio Comparison

OSTFX has a 0.95% expense ratio, which is higher than FEQHX's 0.55% expense ratio.

Dividends

OSTFX vs. FEQHX - Dividend Comparison

OSTFX's dividend yield for the trailing twelve months is around 5.59%, more than FEQHX's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEQHX Fidelity Hedged Equity Fund	0.52%	0.43%	0.61%	0.77%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OSTFX Osterweis Fund	5.59%	5.98%	14.93%	4.01%	7.81%	12.83%	5.48%	14.46%	29.80%	43.97%	7.35%	22.55%

Frequently Asked Questions

Can I hold both OSTFX and FEQHX in my portfolio?

OSTFX and FEQHX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OSTFX or FEQHX?

OSTFX has higher volatility (2.87%) compared to FEQHX (2.74%). In terms of maximum drawdown, OSTFX dropped -40.63% vs FEQHX's -10.42%.

Which has better risk-adjusted returns?

FEQHX currently has the higher Sharpe Ratio (1.36 vs 1.15), 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.