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TOWFX vs. FALGX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TOWFX vs. FALGX

Last updated Jun 20, 2026

TOWFX (Towpath Focus Fund) and FALGX (Fidelity Advisor Large Cap Fund Class M) are both Large Cap Value Equities funds. Over the past 5 years, TOWFX returned 11.79%/yr vs 11.39%/yr for FALGX. Their correlation of 0.84 suggests significant overlap in exposure. TOWFX charges 1.11%/yr vs 1.05%/yr for FALGX.

Performance

TOWFX vs. FALGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Towpath Focus Fund (TOWFX) and Fidelity Advisor Large Cap Fund Class M (FALGX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

TOWFX

1D
-0.73%
1M
-0.44%
YTD
6.57%
6M
6.83%
1Y
23.14%
3Y*
17.80%
5Y*
11.79%
10Y*
—

FALGX

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.00%
1Y
11.21%
3Y*
15.55%
5Y*
11.39%
10Y*
13.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TOWFX vs. FALGX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
TOWFX
Towpath Focus Fund		6.57%23.51%13.22%12.33%-2.06%26.52%19.46%0.00%
FALGX
Fidelity Advisor Large Cap Fund Class M		0.00%19.09%18.68%22.88%-8.40%25.20%8.27%0.32%

Correlation

The correlation between TOWFX and FALGX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Dec 31, 2019

0.84

Over the past year, the correlation between TOWFX and FALGX has dropped to 0.36 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

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Towpath Focus Fund

Fidelity Advisor Large Cap Fund Class M

Often compared with TOWFX:
TOWFX vs. SSHFXTOWFX vs. PRWAXTOWFX vs. AVLVXTOWFX vs. APFWXTOWFX vs. AFVLXTOWFX vs. OANMXTOWFX vs. VEIPX
Often compared with FALGX:
FALGX vs. FAGOXFALGX vs. QQQFALGX vs. FXAIXFALGX vs. TRBCXFALGX vs. FACGXFALGX vs. AVERXFALGX vs. ACTIX

Return for Risk

TOWFX vs. FALGX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TOWFX
TOWFX Risk / Return Rank: 8686
Overall Rank
TOWFX Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
TOWFX Sortino Ratio Rank: 8585
Sortino Ratio Rank
TOWFX Omega Ratio Rank: 7575
Omega Ratio Rank
TOWFX Calmar Ratio Rank: 9393
Calmar Ratio Rank
TOWFX Martin Ratio Rank: 9393
Martin Ratio Rank
FALGX
FALGX Risk / Return Rank: 4444
Overall Rank
FALGX Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
FALGX Sortino Ratio Rank: 3737
Sortino Ratio Rank
FALGX Omega Ratio Rank: 7979
Omega Ratio Rank
FALGX Calmar Ratio Rank: 5050
Calmar Ratio Rank
FALGX Martin Ratio Rank: 1717
Martin Ratio Rank
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.

TOWFX vs. FALGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Towpath Focus Fund (TOWFX) and Fidelity Advisor Large Cap Fund Class M (FALGX). 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.

TOWFXFALGXDifference
Sharpe ratioReturn per unit of total volatility
2.50
1.64

+0.86

Sortino ratioReturn per unit of downside risk
3.66
2.33

+1.34

Omega ratioGain probability vs. loss probability

1.44

1.46

-0.02

Calmar ratioReturn relative to maximum drawdown

4.87

2.54

+2.33

Martin ratioReturn relative to average drawdown

18.34

4.12

+14.22

TOWFX vs. FALGX - Sharpe Ratio Comparison

The current TOWFX Sharpe Ratio is 2.50, which is higher than the FALGX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of TOWFX and FALGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

TOWFX vs. FALGX - Drawdown Comparison

The maximum TOWFX drawdown since its inception was -96.18%, which is greater than FALGX's maximum drawdown of -64.07%. Use the drawdown chart below to compare losses from any high point for TOWFX and FALGX.

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Drawdown Indicators

TOWFXFALGXDifference

Max Drawdown

Largest peak-to-trough decline

-96.18%

-64.07%

-32.11%

Max Drawdown (1Y)

Largest decline over 1 year

-4.72%

-5.06%

+0.34%

Max Drawdown (3Y)

Largest decline over 3 years

-96.18%

-21.78%

-74.40%

Max Drawdown (5Y)

Largest decline over 5 years

-96.18%

-21.78%

-74.40%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.58%

—

Current Drawdown

Current decline from peak

-94.73%

-4.20%

-90.53%

Average Drawdown

Average peak-to-trough decline

-23.54%

-14.41%

-9.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.25%

2.92%

-1.67%

Volatility

TOWFX vs. FALGX - Volatility Comparison

Towpath Focus Fund (TOWFX) has a higher volatility of 2.87% compared to Fidelity Advisor Large Cap Fund Class M (FALGX) at 0.00%. This indicates that TOWFX's price experiences larger fluctuations and is considered to be riskier than FALGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TOWFXFALGXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.87%

0.00%

+2.87%

Volatility (6M)

Calculated over the trailing 6-month period

6.92%

3.52%

+3.40%

Volatility (1Y)

Calculated over the trailing 1-year period

9.17%

7.81%

+1.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1,041.55%

16.62%

+1,024.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

916.63%

18.66%

+897.97%

TOWFX vs. FALGX - Expense Ratio Comparison

TOWFX has a 1.11% expense ratio, which is higher than FALGX's 1.05% expense ratio.

Dividends

TOWFX vs. FALGX - Dividend Comparison

TOWFX's dividend yield for the trailing twelve months is around 1.71%, less than FALGX's 5.76% yield.

PositionTTM20252024202320222021202020192018201720162015
FALGX
Fidelity Advisor Large Cap Fund Class M		5.76%5.76%0.00%3.20%1.91%6.44%5.25%8.39%16.99%6.42%1.85%2.74%
TOWFX
Towpath Focus Fund		1.71%1.82%1.49%2.81%2.05%5.69%5.94%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

TOWFX and FALGX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TOWFX has higher volatility (2.87%) compared to FALGX (0.00%). In terms of maximum drawdown, TOWFX dropped -96.18% vs FALGX's -64.07%.

TOWFX currently has the higher Sharpe Ratio (2.50 vs 1.64), 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.

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