SLASX vs. FZALX

Last updated Jun 26, 2026

SLASX (Selected American Shares Fund) and FZALX (Fidelity Advisor Mega Cap Stock Fund Class Z) are both Large Cap Blend Equities funds. Over the past 10 years, SLASX returned 13.72%/yr vs 16.93%/yr for FZALX. Their correlation of 0.91 suggests significant overlap in exposure. SLASX charges 0.98%/yr vs 0.51%/yr for FZALX.

Performance

SLASX vs. FZALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Selected American Shares Fund (SLASX) and Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLASX achieves a 10.15% return, which is significantly higher than FZALX's 8.03% return. Over the past 10 years, SLASX has underperformed FZALX with an annualized return of 13.72%, while FZALX has yielded a comparatively higher 16.93% annualized return.

SLASX

• 1D: 0.62%
• 1M: -0.69%
• YTD: 10.15%
• 6M: 9.81%
• 1Y: 27.70%
• 3Y*: 23.57%
• 5Y*: 10.70%
• 10Y*: 13.72%

FZALX

• 1D: 0.09%
• 1M: -1.82%
• YTD: 8.03%
• 6M: 7.16%
• 1Y: 25.00%
• 3Y*: 24.73%
• 5Y*: 15.94%
• 10Y*: 16.93%

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

SLASX vs. FZALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLASX Selected American Shares Fund	10.15%	26.72%	17.60%	32.47%	-20.33%	17.71%	11.61%	31.20%	-13.96%	21.80%
FZALX Fidelity Advisor Mega Cap Stock Fund Class Z	8.03%	27.07%	26.13%	26.63%	-8.89%	26.44%	13.06%	31.25%	-7.31%	18.01%

Correlation

The correlation between SLASX and FZALX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 20, 2013	0.91

The correlation between SLASX and FZALX shifts across timeframes, from 0.75 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SLASX vs. FZALX — Risk / Return Rank

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

SLASX

SLASX Risk / Return Rank: 77
SLASX Sharpe Ratio Rank: 77
SLASX Sortino Ratio Rank: 73
SLASX Omega Ratio Rank: 70
SLASX Calmar Ratio Rank: 84
SLASX Martin Ratio Rank: 84

FZALX

FZALX Risk / Return Rank: 71
FZALX Sharpe Ratio Rank: 71
FZALX Sortino Ratio Rank: 68
FZALX Omega Ratio Rank: 65
FZALX Calmar Ratio Rank: 72
FZALX Martin Ratio Rank: 80

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.

SLASX vs. FZALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Selected American Shares Fund (SLASX) and Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX). 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.

	SLASX	FZALX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.03	+0.11
Sortino ratio: Return per unit of downside risk	2.91	2.81	+0.10
Omega ratio: Gain probability vs. loss probability	1.38	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	3.39	2.84	+0.55
Martin ratio: Return relative to average drawdown	13.08	12.52	+0.56

SLASX vs. FZALX - Sharpe Ratio Comparison

The current SLASX Sharpe Ratio is 2.14, which is comparable to the FZALX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of SLASX and FZALX, 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

SLASX vs. FZALX - Drawdown Comparison

The maximum SLASX drawdown since its inception was -58.43%, which is greater than FZALX's maximum drawdown of -35.23%. Use the drawdown chart below to compare losses from any high point for SLASX and FZALX.

Drawdown Indicators

	SLASX	FZALX	Difference
Max Drawdown Largest peak-to-trough decline	-58.43%	-35.23%	-23.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.14%	-8.99%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-18.49%	-3.65%
Max Drawdown (5Y) Largest decline over 5 years	-31.41%	-23.25%	-8.16%
Max Drawdown (10Y) Largest decline over 10 years	-36.59%	-35.23%	-1.36%
Current Drawdown Current decline from peak	-2.06%	-2.59%	+0.53%
Average Drawdown Average peak-to-trough decline	-8.17%	-3.77%	-4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	2.03%	+0.08%

Volatility

SLASX vs. FZALX - Volatility Comparison

The current volatility for Selected American Shares Fund (SLASX) is 4.06%, while Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX) has a volatility of 4.53%. This indicates that SLASX experiences smaller price fluctuations and is considered to be less risky than FZALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLASX	FZALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.53%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	9.70%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	12.59%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.99%	16.77%	+3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	18.12%	+2.02%

SLASX vs. FZALX - Expense Ratio Comparison

SLASX has a 0.98% expense ratio, which is higher than FZALX's 0.51% expense ratio.

Dividends

SLASX vs. FZALX - Dividend Comparison

SLASX's dividend yield for the trailing twelve months is around 8.77%, more than FZALX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZALX Fidelity Advisor Mega Cap Stock Fund Class Z	3.74%	4.04%	2.83%	2.17%	4.51%	4.92%	8.14%	13.19%	21.94%	16.56%	2.12%	4.33%
SLASX Selected American Shares Fund	8.77%	11.56%	20.21%	7.72%	7.85%	12.55%	2.76%	5.06%	18.16%	7.01%	14.99%	21.13%

Frequently Asked Questions

Can I hold both SLASX and FZALX in my portfolio?

SLASX and FZALX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLASX or FZALX?

FZALX has higher volatility (4.53%) compared to SLASX (4.06%). In terms of maximum drawdown, SLASX dropped -58.43% vs FZALX's -35.23%.

Which has better risk-adjusted returns?

SLASX currently has the higher Sharpe Ratio (2.14 vs 2.03), 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.