PQNCX vs. FASPX

Last updated Jun 23, 2026

PQNCX (Virtus NFJ Mid-Cap Value Fund) and FASPX (Fidelity Advisor Value Strategies Fund Class M) are both Mid Cap Value Equities funds. Over the past 10 years, PQNCX returned 8.53%/yr vs 10.96%/yr for FASPX. Their correlation of 0.84 suggests significant overlap in exposure. PQNCX charges 1.75%/yr vs 1.37%/yr for FASPX.

Performance

PQNCX vs. FASPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus NFJ Mid-Cap Value Fund (PQNCX) and Fidelity Advisor Value Strategies Fund Class M (FASPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQNCX achieves a 13.61% return, which is significantly lower than FASPX's 23.77% return. Over the past 10 years, PQNCX has underperformed FASPX with an annualized return of 8.53%, while FASPX has yielded a comparatively higher 10.96% annualized return.

PQNCX

• 1D: 0.89%
• 1M: 1.85%
• YTD: 13.61%
• 6M: 11.25%
• 1Y: 21.17%
• 3Y*: 8.75%
• 5Y*: 6.29%
• 10Y*: 8.53%

FASPX

• 1D: 1.24%
• 1M: 4.40%
• YTD: 23.77%
• 6M: 22.06%
• 1Y: 40.99%
• 3Y*: 13.79%
• 5Y*: 9.65%
• 10Y*: 10.96%

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

PQNCX vs. FASPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQNCX Virtus NFJ Mid-Cap Value Fund	13.61%	4.52%	2.69%	15.19%	-13.05%	24.95%	0.19%	28.03%	-16.89%	25.41%
FASPX Fidelity Advisor Value Strategies Fund Class M	23.77%	7.76%	-2.60%	19.93%	-7.82%	32.65%	7.70%	33.85%	-17.27%	17.34%

Correlation

The correlation between PQNCX and FASPX 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	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 3, 1989	0.84

The correlation between PQNCX and FASPX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

PQNCX vs. FASPX — Risk / Return Rank

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

PQNCX

PQNCX Risk / Return Rank: 30
PQNCX Sharpe Ratio Rank: 26
PQNCX Sortino Ratio Rank: 28
PQNCX Omega Ratio Rank: 24
PQNCX Calmar Ratio Rank: 37
PQNCX Martin Ratio Rank: 33

FASPX

FASPX Risk / Return Rank: 80
FASPX Sharpe Ratio Rank: 80
FASPX Sortino Ratio Rank: 78
FASPX Omega Ratio Rank: 65
FASPX Calmar Ratio Rank: 89
FASPX Martin Ratio Rank: 88

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.

PQNCX vs. FASPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Mid-Cap Value Fund (PQNCX) and Fidelity Advisor Value Strategies Fund Class M (FASPX). 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.

	PQNCX	FASPX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.42	-1.05
Sortino ratio: Return per unit of downside risk	2.07	3.40	-1.33
Omega ratio: Gain probability vs. loss probability	1.24	1.41	-0.17
Calmar ratio: Return relative to maximum drawdown	2.19	4.26	-2.07
Martin ratio: Return relative to average drawdown	6.98	15.67	-8.69

PQNCX vs. FASPX - Sharpe Ratio Comparison

The current PQNCX Sharpe Ratio is 1.37, which is lower than the FASPX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of PQNCX and FASPX, 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

PQNCX vs. FASPX - Drawdown Comparison

The maximum PQNCX drawdown since its inception was -59.51%, smaller than the maximum FASPX drawdown of -70.11%. Use the drawdown chart below to compare losses from any high point for PQNCX and FASPX.

Drawdown Indicators

	PQNCX	FASPX	Difference
Max Drawdown Largest peak-to-trough decline	-59.51%	-70.11%	+10.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.73%	-9.84%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.61%	-34.53%	+14.92%
Max Drawdown (5Y) Largest decline over 5 years	-24.00%	-34.53%	+10.53%
Max Drawdown (10Y) Largest decline over 10 years	-42.52%	-48.02%	+5.50%
Current Drawdown Current decline from peak	-1.43%	-0.49%	-0.94%
Average Drawdown Average peak-to-trough decline	-7.47%	-9.82%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.67%	+0.37%

Volatility

PQNCX vs. FASPX - Volatility Comparison

Virtus NFJ Mid-Cap Value Fund (PQNCX) and Fidelity Advisor Value Strategies Fund Class M (FASPX) have volatilities of 5.41% and 5.18%, 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

	PQNCX	FASPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	5.18%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	12.30%	-1.38%
Volatility (1Y) Calculated over the trailing 1-year period	15.57%	17.32%	-1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	20.72%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	22.04%	-2.36%

PQNCX vs. FASPX - Expense Ratio Comparison

PQNCX has a 1.75% expense ratio, which is higher than FASPX's 1.37% expense ratio.

Dividends

PQNCX vs. FASPX - Dividend Comparison

PQNCX's dividend yield for the trailing twelve months is around 7.10%, less than FASPX's 7.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FASPX Fidelity Advisor Value Strategies Fund Class M	7.53%	9.32%	0.00%	2.40%	1.93%	7.80%	0.55%	4.98%	15.67%	7.26%	21.61%	0.80%
PQNCX Virtus NFJ Mid-Cap Value Fund	7.10%	8.07%	1.99%	9.82%	39.90%	14.94%	0.35%	10.06%	0.01%	10.70%	0.92%	4.54%

Frequently Asked Questions

Can I hold both PQNCX and FASPX in my portfolio?

With a correlation of 0.91, PQNCX and FASPX 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, PQNCX or FASPX?

PQNCX has higher volatility (5.41%) compared to FASPX (5.18%). In terms of maximum drawdown, PQNCX dropped -59.51% vs FASPX's -70.11%.

Which has better risk-adjusted returns?

FASPX currently has the higher Sharpe Ratio (2.42 vs 1.37), 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.