AFAVX vs. FSMDX
AFAVX (AMG River Road Focused Absolute Value Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, AFAVX returned 6.97%/yr vs 11.45%/yr for FSMDX. Their correlation of 0.84 means they have usually moved in the same direction. AFAVX charges 0.82%/yr vs 0.03%/yr for FSMDX.
Performance
AFAVX vs. FSMDX - Performance Comparison
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Returns By Period
In the year-to-date period, AFAVX achieves a 0.92% return, which is significantly lower than FSMDX's 14.95% return. Over the past 10 years, AFAVX has underperformed FSMDX with an annualized return of 6.97%, while FSMDX has yielded a comparatively higher 11.45% annualized return.
AFAVX
- 1D
- -0.53%
- 1M
- 2.33%
- 6M
- 1.62%
- YTD
- 0.92%
- 1Y
- -3.93%
- 3Y*
- 6.96%
- 5Y*
- 1.09%
- 10Y*
- 6.97%
- ALL TIME*
- 7.92%
FSMDX
- 1D
- 0.35%
- 1M
- -0.33%
- 6M
- 11.53%
- YTD
- 14.95%
- 1Y
- 20.72%
- 3Y*
- 14.95%
- 5Y*
- 8.30%
- 10Y*
- 11.45%
- ALL TIME*
- 12.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
AFAVX vs. FSMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AFAVX AMG River Road Focused Absolute Value Fund | 0.92% | 0.46% | 17.62% | 12.52% | -16.21% | 7.79% | -0.85% | 37.09% | -3.81% | 10.96% |
FSMDX Fidelity Mid Cap Index Fund | 14.95% | 10.58% | 15.55% | 17.20% | -17.27% | 22.56% | 17.13% | 30.53% | -9.38% | 18.04% |
Correlation
The correlation between AFAVX and FSMDX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.84 |
The correlation between AFAVX and FSMDX shifts across timeframes, from 0.66 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AFAVX vs. FSMDX — Risk / Return Rank
AFAVX
FSMDX
AFAVX vs. FSMDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AMG River Road Focused Absolute Value Fund (AFAVX) and Fidelity Mid Cap Index Fund (FSMDX). 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.
| AFAVX | FSMDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.24 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 2.25 | -2.53 |
| Martin ratioReturn relative to average drawdown | -0.48 | 8.71 | -9.19 |
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Drawdowns
AFAVX vs. FSMDX - Drawdown Comparison
The maximum AFAVX drawdown since its inception was -40.83%, roughly equal to the maximum FSMDX drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for AFAVX and FSMDX.
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Drawdown Indicators
| AFAVX | FSMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.83% | -40.35% | -0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -20.21% | -8.16% | -12.05% |
Max Drawdown (3Y)Largest decline over 3 years | -22.03% | -20.92% | -1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -26.07% | -4.76% |
Max Drawdown (10Y)Largest decline over 10 years | -40.83% | -40.35% | -0.48% |
Current DrawdownCurrent decline from peak | -14.23% | -0.66% | -13.57% |
Average DrawdownAverage peak-to-trough decline | -8.86% | -4.91% | -3.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.68% | 2.11% | +9.57% |
Volatility
AFAVX vs. FSMDX - Volatility Comparison
AMG River Road Focused Absolute Value Fund (AFAVX) has a higher volatility of 5.22% compared to Fidelity Mid Cap Index Fund (FSMDX) at 2.42%. This indicates that AFAVX's price experiences larger fluctuations and is considered to be riskier than FSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AFAVX | FSMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.22% | 2.42% | +2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 9.84% | 10.22% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.87% | 13.71% | +4.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.16% | 18.26% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.22% | 19.27% | -0.05% |
AFAVX vs. FSMDX - Expense Ratio Comparison
AFAVX has a 0.82% expense ratio, which is higher than FSMDX's 0.03% expense ratio.
Dividends
AFAVX vs. FSMDX - Dividend Comparison
AFAVX has not paid dividends to shareholders, while FSMDX's dividend yield for the trailing twelve months is around 0.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AFAVX AMG River Road Focused Absolute Value Fund | 0.00% | 0.00% | 16.13% | 2.79% | 1.00% | 0.39% | 0.58% | 3.72% | 7.83% | 8.37% | 7.53% | 0.00% |
FSMDX Fidelity Mid Cap Index Fund | 0.76% | 1.10% | 2.46% | 1.39% | 2.07% | 3.35% | 2.34% | 2.86% | 2.21% | 2.17% | 2.23% | 2.84% |
Frequently Asked Questions
AFAVX and FSMDX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AFAVX has higher volatility (5.22%) compared to FSMDX (2.42%). In terms of maximum drawdown, AFAVX dropped -40.83% vs FSMDX's -40.35%.
FSMDX currently has the higher Sharpe Ratio (1.34 vs -0.32), 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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