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Three Fidelity mutual funds offer distinct ways to pursue dividend-related income: Fidelity Dividend Growth Fund (FDGFX), Fidelity Strategic Dividend & Income Fund (FSDIX), and Fidelity Equity Dividend Income Fund (FEQTX). They are not interchangeable, and none guarantees a particular payout or protects your principal. The best fit depends on whether you prioritize dividend-oriented stock selection, an allocation-style income approach, or an equity fund with an explicit yield objective. Compare each fund’s mandate, dated yield and fee figures, risk, and after-tax total returns before deciding.
Which Fidelity funds are worth comparing for dividends?
These three funds have different mandates, so a dividend label alone is not enough to rank them. FDGFX is a large-blend fund that invests in growth stocks, value stocks, or both, based on fundamental analysis. FSDIX is classified by Fidelity as Moderately Aggressive Allocation. FEQTX has an objective focused on dividend and interest income relative to the S&P 500’s composite dividend yield.
| Fund | Approach | What the available figures show |
|---|---|---|
| Fidelity Dividend Growth Fund (FDGFX) | Growth stocks, value stocks, or both; Large Blend category | 0.88% gross expense ratio as of 2025-09-29; no comparable dated yield value provided here |
| Fidelity Strategic Dividend & Income Fund (FSDIX) | Moderately Aggressive Allocation category | 2.35% 30-day yield as of 2026-09-08; 2.30% 12-month distribution yield as of 2026-08-31; 0.62% gross and net expense ratios as of 2026-01-29 |
| Fidelity Equity Dividend Income Fund (FEQTX) | Equity dividend-and-interest income objective measured against S&P 500 composite dividend yield | Fidelity’s available result displays a yield date of 2026-09-30, but not a complete value or a clearly identified yield measure |
FDGFX’s fee and FSDIX’s fee come from different as-of dates, so they are not perfectly synchronized quotes. The yield figures for FSDIX also measure different things on different dates and should not be treated as directly interchangeable. The official Fidelity fund pages are the place to confirm current figures: FDGFX, FSDIX, and FEQTX.
How the three funds differ
FDGFX: dividend growth, not a high-yield promise
Fidelity says FDGFX invests in growth stocks, value stocks, or both, using fundamental analysis of issuers and market and economic conditions. The fund began on 1993-04-27 and is categorized as Large Blend. Its gross expense ratio was 0.88% as of 2025-09-29, according to Fidelity’s fund page.
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Fidelity’s displayed distribution history includes $0.163 per share on 2026-07-10, $0.104 on 2026-04-01, and $0.182 on 2025-12-26. The page labels the schedule April, July, October, and December, and also shows a 2025-10-03 distribution. These are historical per-share distributions, not a guaranteed payment schedule; amounts can vary and distributions can include capital gains.
Fidelity reports average annual total returns for FDGFX as of 2026-08-31 of 29.78% over one year, 26.10% over three years, 15.72% over five years, and 14.21% over ten years. Total return is not dividend yield: it reflects investment performance over the stated period, including distributions. Past performance does not predict future results.
Rank #2
FSDIX: allocation-style income exposure
Fidelity classifies FSDIX as Moderately Aggressive Allocation. Its reported 30-day yield was 2.35% as of 2026-09-08, while its 12-month distribution yield was 2.30% as of 2026-08-31. Those are separate measures with different dates, not a single guaranteed payout rate. Fidelity reported gross and net expense ratios of 0.62% as of 2026-01-29. Check Fidelity’s FSDIX page for current information.
Fidelity’s average annual returns through 2026-08-31 were 18.45% for one year, 14.41% for three years, 7.92% for five years, and 9.59% for ten years. These are historical total returns, not income rates or forecasts.
FEQTX: an explicit yield objective, without a verified numeric yield here
Fidelity states that FEQTX “Seeks a yield from dividend and interest income which exceeds the composite dividend yield on securities comprising the S&P 500 Index.” That is the fund’s objective, not a promise that it will exceed the index yield in every period. Fidelity’s available result displays a yield date of 2026-09-30 but does not provide a complete value or enough context to identify the precise yield measure, so a numeric yield comparison cannot be made from that information. Consult Fidelity’s FEQTX page and its prospectus for dated yield and expense details.
How to choose among them
- Decide what “dividends” means to you. If you want a fund with a dividend-growth-oriented name and broad stock selection, examine FDGFX’s holdings and distribution history rather than assuming it is a high-yield fund. If you want allocation-style exposure, assess FSDIX’s mix and risk. If you want a stated objective tied to the S&P 500’s composite dividend yield, examine FEQTX’s current prospectus and dated yield data.
- Compare yields only when definitions and dates match. A 30-day yield, a 12-month distribution yield, and a per-share distribution history answer different questions. None establishes what you will receive going forward.
- Compare total returns over the same periods. Returns include the effects of distributions and price changes; they are not a substitute for yield. The figures above are reported for different funds as of the same date in some cases, but historical performance remains no forecast of future returns.
- Review costs and fund documents. Compare current expense ratios for the share class you can buy, then read the prospectus and composition information. The cited FDGFX and FSDIX expense ratios have different effective dates.
- Consider taxes and account type. Fidelity’s FSDIX performance page distinguishes returns after taxes on distributions from returns after taxes on distributions plus sale of fund shares. Tax results vary by investor and account, so a pre-tax distribution yield is not take-home income.
Risks and practical limits
A dividend-oriented strategy does not make a mutual fund’s share price stable. Fidelity warns that stock markets can decline significantly and that foreign securities may carry currency, economic, political, and interest-rate risks for FDGFX. FSDIX’s Moderately Aggressive Allocation category is a reminder to assess its overall asset mix rather than judging it solely by its income label. Review each fund’s prospectus, holdings, and risk disclosures before investing.
Rank #4
These funds are options to research, not personalized recommendations. Whether any one belongs in a portfolio depends on your time horizon, need for cash, ability to tolerate losses, tax situation, and existing investments—details not established by a yield or performance figure alone.
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