VYMSX vs. FZAMX

Last updated Jun 25, 2026

VYMSX (Voya Mid Cap Research Enhanced Index Fund) and FZAMX (Fidelity Advisor Mid Cap II Fund Class Z) are both Mid Cap Blend Equities funds. Over the past 10 years, VYMSX returned 10.93%/yr vs 13.17%/yr for FZAMX. Their correlation of 0.94 suggests significant overlap in exposure. VYMSX charges 0.82%/yr vs 0.61%/yr for FZAMX.

Performance

VYMSX vs. FZAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Mid Cap Research Enhanced Index Fund (VYMSX) and Fidelity Advisor Mid Cap II Fund Class Z (FZAMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VYMSX achieves a 16.77% return, which is significantly lower than FZAMX's 24.30% return. Over the past 10 years, VYMSX has underperformed FZAMX with an annualized return of 10.93%, while FZAMX has yielded a comparatively higher 13.17% annualized return.

VYMSX

• 1D: -1.58%
• 1M: 3.71%
• YTD: 16.77%
• 6M: 14.35%
• 1Y: 25.15%
• 3Y*: 17.08%
• 5Y*: 8.97%
• 10Y*: 10.93%

FZAMX

• 1D: -1.36%
• 1M: 5.33%
• YTD: 24.30%
• 6M: 21.50%
• 1Y: 39.21%
• 3Y*: 21.84%
• 5Y*: 11.75%
• 10Y*: 13.17%

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

VYMSX vs. FZAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VYMSX Voya Mid Cap Research Enhanced Index Fund	16.77%	6.79%	14.92%	17.35%	-14.63%	27.47%	8.26%	28.18%	-14.55%	13.43%
FZAMX Fidelity Advisor Mid Cap II Fund Class Z	24.30%	12.00%	17.39%	15.15%	-14.70%	25.40%	18.84%	23.85%	-14.85%	20.78%

Correlation

The correlation between VYMSX and FZAMX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 20, 2013	0.94

The correlation between VYMSX and FZAMX shifts across timeframes, from 0.83 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VYMSX vs. FZAMX — Risk / Return Rank

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

VYMSX

VYMSX Risk / Return Rank: 48
VYMSX Sharpe Ratio Rank: 40
VYMSX Sortino Ratio Rank: 41
VYMSX Omega Ratio Rank: 35
VYMSX Calmar Ratio Rank: 65
VYMSX Martin Ratio Rank: 62

FZAMX

FZAMX Risk / Return Rank: 81
FZAMX Sharpe Ratio Rank: 79
FZAMX Sortino Ratio Rank: 74
FZAMX Omega Ratio Rank: 70
FZAMX Calmar Ratio Rank: 90
FZAMX 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.

VYMSX vs. FZAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Mid Cap Research Enhanced Index Fund (VYMSX) and Fidelity Advisor Mid Cap II Fund Class Z (FZAMX). 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.

	VYMSX	FZAMX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.29	-0.63
Sortino ratio: Return per unit of downside risk	2.38	3.11	-0.73
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.84	4.15	-1.31
Martin ratio: Return relative to average drawdown	11.04	16.59	-5.55

VYMSX vs. FZAMX - Sharpe Ratio Comparison

The current VYMSX Sharpe Ratio is 1.66, which is comparable to the FZAMX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VYMSX and FZAMX, 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

VYMSX vs. FZAMX - Drawdown Comparison

The maximum VYMSX drawdown since its inception was -57.85%, which is greater than FZAMX's maximum drawdown of -42.32%. Use the drawdown chart below to compare losses from any high point for VYMSX and FZAMX.

Drawdown Indicators

	VYMSX	FZAMX	Difference
Max Drawdown Largest peak-to-trough decline	-57.85%	-42.32%	-15.53%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-9.77%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-24.02%	-25.24%	+1.22%
Max Drawdown (5Y) Largest decline over 5 years	-31.71%	-25.24%	-6.47%
Max Drawdown (10Y) Largest decline over 10 years	-43.69%	-42.32%	-1.37%
Current Drawdown Current decline from peak	-1.58%	-1.36%	-0.22%
Average Drawdown Average peak-to-trough decline	-9.15%	-6.06%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.44%	+0.16%

Volatility

VYMSX vs. FZAMX - Volatility Comparison

Voya Mid Cap Research Enhanced Index Fund (VYMSX) and Fidelity Advisor Mid Cap II Fund Class Z (FZAMX) have volatilities of 6.11% and 5.85%, 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

	VYMSX	FZAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	5.85%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	13.23%	14.25%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	17.74%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.41%	20.30%	+3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.93%	20.93%	+2.00%

VYMSX vs. FZAMX - Expense Ratio Comparison

VYMSX has a 0.82% expense ratio, which is higher than FZAMX's 0.61% expense ratio.

Dividends

VYMSX vs. FZAMX - Dividend Comparison

VYMSX's dividend yield for the trailing twelve months is around 25.49%, more than FZAMX's 5.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZAMX Fidelity Advisor Mid Cap II Fund Class Z	5.67%	10.09%	6.93%	2.83%	5.86%	18.58%	1.41%	3.50%	10.72%	7.81%	5.00%	4.90%
VYMSX Voya Mid Cap Research Enhanced Index Fund	25.49%	29.77%	11.50%	0.96%	6.78%	14.81%	0.79%	2.00%	13.24%	7.58%	1.83%	6.83%

Frequently Asked Questions

Can I hold both VYMSX and FZAMX in my portfolio?

VYMSX and FZAMX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VYMSX or FZAMX?

VYMSX has higher volatility (6.11%) compared to FZAMX (5.85%). In terms of maximum drawdown, VYMSX dropped -57.85% vs FZAMX's -42.32%.

Which has better risk-adjusted returns?

FZAMX currently has the higher Sharpe Ratio (2.29 vs 1.66), 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.