PVMIX vs. FCMVX

Last updated Jul 16, 2026

PVMIX (Principal MidCap Value Fund I) and FCMVX (Fidelity Mid Cap Value K6 Fund) are both Mid Cap Value Equities funds. Over the past 5 years, PVMIX returned 12.99%/yr vs 26.35%/yr for FCMVX. Their correlation of 0.95 suggests significant overlap in exposure. PVMIX charges 0.69%/yr vs 0.45%/yr for FCMVX.

Performance

PVMIX vs. FCMVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal MidCap Value Fund I (PVMIX) and Fidelity Mid Cap Value K6 Fund (FCMVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PVMIX achieves a 15.16% return, which is significantly lower than FCMVX's 24.89% return.

PVMIX

• 1D: 0.06%
• 1M: 0.91%
• 6M: 9.67%
• YTD: 15.16%
• 1Y: 17.85%
• 3Y*: 19.62%
• 5Y*: 12.99%
• 10Y*: 12.62%

FCMVX

• 1D: 0.13%
• 1M: 1.49%
• 6M: 18.03%
• YTD: 24.89%
• 1Y: 38.55%
• 3Y*: 42.53%
• 5Y*: 26.35%
• 10Y*: —

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

PVMIX vs. FCMVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PVMIX Principal MidCap Value Fund I	15.16%	6.09%	33.38%	11.04%	-5.95%	30.97%	6.50%	26.69%	-11.07%	10.55%
FCMVX Fidelity Mid Cap Value K6 Fund	24.89%	12.62%	87.16%	23.07%	-10.26%	34.12%	0.52%	23.65%	-18.69%	12.67%

Correlation

The correlation between PVMIX and FCMVX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 25, 2017	0.95

The correlation between PVMIX and FCMVX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

PVMIX vs. FCMVX — Risk / Return Rank

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

PVMIX

PVMIX Risk / Return Rank: 52
PVMIX Sharpe Ratio Rank: 46
PVMIX Sortino Ratio Rank: 51
PVMIX Omega Ratio Rank: 43
PVMIX Calmar Ratio Rank: 63
PVMIX Martin Ratio Rank: 54

FCMVX

FCMVX Risk / Return Rank: 85
FCMVX Sharpe Ratio Rank: 84
FCMVX Sortino Ratio Rank: 83
FCMVX Omega Ratio Rank: 79
FCMVX Calmar Ratio Rank: 89
FCMVX Martin Ratio Rank: 91

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.

PVMIX vs. FCMVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal MidCap Value Fund I (PVMIX) and Fidelity Mid Cap Value K6 Fund (FCMVX). 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.

	PVMIX	FCMVX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.19	-0.68
Sortino ratio: Return per unit of downside risk	2.27	3.16	-0.89
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	2.43	3.57	-1.14
Martin ratio: Return relative to average drawdown	8.60	13.79	-5.19

PVMIX vs. FCMVX - Sharpe Ratio Comparison

The current PVMIX Sharpe Ratio is 1.51, which is lower than the FCMVX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of PVMIX and FCMVX, 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

PVMIX vs. FCMVX - Drawdown Comparison

The maximum PVMIX drawdown since its inception was -56.76%, which is greater than FCMVX's maximum drawdown of -44.63%. Use the drawdown chart below to compare losses from any high point for PVMIX and FCMVX.

Drawdown Indicators

	PVMIX	FCMVX	Difference
Max Drawdown Largest peak-to-trough decline	-56.76%	-44.63%	-12.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-10.21%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-16.78%	-38.56%	+21.78%
Max Drawdown (5Y) Largest decline over 5 years	-17.05%	-38.56%	+21.51%
Max Drawdown (10Y) Largest decline over 10 years	-41.34%	—	—
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-6.80%	-9.24%	+2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.64%	-0.56%

Volatility

PVMIX vs. FCMVX - Volatility Comparison

The current volatility for Principal MidCap Value Fund I (PVMIX) is 2.49%, while Fidelity Mid Cap Value K6 Fund (FCMVX) has a volatility of 4.14%. This indicates that PVMIX experiences smaller price fluctuations and is considered to be less risky than FCMVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVMIX	FCMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	4.14%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	8.49%	12.37%	-3.88%
Volatility (1Y) Calculated over the trailing 1-year period	11.85%	16.64%	-4.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	60.60%	-42.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	47.53%	-28.40%

PVMIX vs. FCMVX - Expense Ratio Comparison

PVMIX has a 0.69% expense ratio, which is higher than FCMVX's 0.45% expense ratio.

Dividends

PVMIX vs. FCMVX - Dividend Comparison

PVMIX's dividend yield for the trailing twelve months is around 6.27%, more than FCMVX's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCMVX Fidelity Mid Cap Value K6 Fund	3.96%	6.68%	76.67%	1.29%	1.68%	1.39%	2.19%	1.68%	2.99%	0.77%	0.00%	0.00%
PVMIX Principal MidCap Value Fund I	6.27%	7.22%	33.98%	4.63%	7.12%	11.44%	1.38%	5.11%	13.23%	6.92%	1.58%	11.19%

Frequently Asked Questions

Can I hold both PVMIX and FCMVX in my portfolio?

With a correlation of 0.90, PVMIX and FCMVX 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, PVMIX or FCMVX?

FCMVX has higher volatility (4.14%) compared to PVMIX (2.49%). In terms of maximum drawdown, PVMIX dropped -56.76% vs FCMVX's -44.63%.

Which has better risk-adjusted returns?

FCMVX currently has the higher Sharpe Ratio (2.19 vs 1.51), 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.