VVIAX vs. FLCOX

Last updated Jun 6, 2026

VVIAX (Vanguard Value Index Fund Admiral Shares) and FLCOX (Fidelity Large Cap Value Index Fund) are both Large Cap Value Equities funds - VVIAX tracks the CRSP US Large Cap Value Index while FLCOX tracks the Russell 1000 Value Index. Both are passively managed. Over the past 5 years, VVIAX returned 11.39%/yr vs 10.52%/yr for FLCOX. With a 0.98 correlation, they move nearly in lockstep. VVIAX charges 0.05%/yr vs 0.04%/yr for FLCOX.

Performance

VVIAX vs. FLCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Value Index Fund Admiral Shares (VVIAX) and Fidelity Large Cap Value Index Fund (FLCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VVIAX achieves a 13.13% return, which is significantly lower than FLCOX's 15.07% return.

VVIAX

• 1D: 0.82%
• 1M: 3.30%
• YTD: 13.13%
• 6M: 14.08%
• 1Y: 28.07%
• 3Y*: 18.67%
• 5Y*: 11.39%
• 10Y*: 12.48%

FLCOX

• 1D: 0.76%
• 1M: 2.76%
• YTD: 15.07%
• 6M: 15.56%
• 1Y: 30.00%
• 3Y*: 19.02%
• 5Y*: 10.52%
• 10Y*: —

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

VVIAX vs. FLCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VVIAX Vanguard Value Index Fund Admiral Shares	13.13%	15.27%	16.00%	9.22%	-2.07%	26.51%	2.29%	25.81%	-5.45%	16.14%
FLCOX Fidelity Large Cap Value Index Fund	15.07%	15.90%	14.38%	11.48%	-7.57%	25.09%	2.87%	26.54%	-8.38%	10.90%

Correlation

The correlation between VVIAX and FLCOX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.98

The correlation between VVIAX and FLCOX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

VVIAX vs. FLCOX — Risk / Return Rank

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

VVIAX

VVIAX Risk / Return Rank: 85
VVIAX Sharpe Ratio Rank: 86
VVIAX Sortino Ratio Rank: 84
VVIAX Omega Ratio Rank: 78
VVIAX Calmar Ratio Rank: 89
VVIAX Martin Ratio Rank: 88

FLCOX

FLCOX Risk / Return Rank: 86
FLCOX Sharpe Ratio Rank: 86
FLCOX Sortino Ratio Rank: 83
FLCOX Omega Ratio Rank: 78
FLCOX Calmar Ratio Rank: 89
FLCOX Martin Ratio Rank: 92

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.

VVIAX vs. FLCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Value Index Fund Admiral Shares (VVIAX) and Fidelity Large Cap Value Index Fund (FLCOX). 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.

	VVIAX	FLCOX	Difference
Sharpe ratio: Return per unit of total volatility	2.77	2.76	+0.01
Sortino ratio: Return per unit of downside risk	3.94	3.90	+0.04
Omega ratio: Gain probability vs. loss probability	1.50	1.50	0.00
Calmar ratio: Return relative to maximum drawdown	4.39	4.39	0.00
Martin ratio: Return relative to average drawdown	16.56	18.45	-1.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VVIAX vs. FLCOX - Sharpe Ratio Comparison

The current VVIAX Sharpe Ratio is 2.77, which is comparable to the FLCOX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of VVIAX and FLCOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VVIAX	FLCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	2.76	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.71	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.61	-0.19

Drawdowns

VVIAX vs. FLCOX - Drawdown Comparison

The maximum VVIAX drawdown since its inception was -59.32%, which is greater than FLCOX's maximum drawdown of -38.28%. Use the drawdown chart below to compare losses from any high point for VVIAX and FLCOX.

Drawdown Indicators

	VVIAX	FLCOX	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-38.28%	-21.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-6.80%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-15.60%	+1.21%
Max Drawdown (5Y) Largest decline over 5 years	-17.14%	-19.00%	+1.86%
Max Drawdown (10Y) Largest decline over 10 years	-36.80%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.61%	-4.45%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.62%	+0.06%

Volatility

VVIAX vs. FLCOX - Volatility Comparison

The current volatility for Vanguard Value Index Fund Admiral Shares (VVIAX) is 2.54%, while Fidelity Large Cap Value Index Fund (FLCOX) has a volatility of 2.88%. This indicates that VVIAX experiences smaller price fluctuations and is considered to be less risky than FLCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VVIAX	FLCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	2.88%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	8.13%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	10.10%	10.81%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	14.84%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	17.63%	-0.89%

VVIAX vs. FLCOX - Expense Ratio Comparison

VVIAX has a 0.05% expense ratio, which is higher than FLCOX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VVIAX vs. FLCOX - Dividend Comparison

VVIAX's dividend yield for the trailing twelve months is around 1.84%, more than FLCOX's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLCOX Fidelity Large Cap Value Index Fund	1.31%	1.51%	1.92%	1.99%	2.01%	1.55%	2.28%	3.82%	2.79%	0.60%	0.00%	0.00%
VVIAX Vanguard Value Index Fund Admiral Shares	1.84%	2.04%	2.30%	2.45%	2.51%	2.14%	2.55%	2.49%	2.72%	2.29%	2.45%	2.60%

Frequently Asked Questions

Can I hold both VVIAX and FLCOX in my portfolio?

With a correlation of 0.96, VVIAX and FLCOX 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, VVIAX or FLCOX?

FLCOX has higher volatility (2.88%) compared to VVIAX (2.54%). In terms of maximum drawdown, VVIAX dropped -59.32% vs FLCOX's -38.28%.

Which has better risk-adjusted returns?

VVIAX currently has the higher Sharpe Ratio (2.77 vs 2.76), 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.