AFOIX vs. FMDGX

Last updated Jul 21, 2026

AFOIX (Alger Mid Cap Focus Fund new) and FMDGX (Fidelity Mid Cap Growth Index Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, AFOIX returned 4.30%/yr vs 5.27%/yr for FMDGX. Their correlation of 0.91 suggests significant overlap in exposure. AFOIX charges 0.95%/yr vs 0.05%/yr for FMDGX.

Performance

AFOIX vs. FMDGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Mid Cap Focus Fund new (AFOIX) and Fidelity Mid Cap Growth Index Fund (FMDGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFOIX achieves a 6.60% return, which is significantly higher than FMDGX's 0.83% return.

AFOIX

• 1D: -0.64%
• 1M: -5.71%
• 6M: 1.40%
• YTD: 6.60%
• 1Y: 16.33%
• 3Y*: 19.02%
• 5Y*: 4.30%
• 10Y*: —
• ALL TIME*: 13.55%

FMDGX

• 1D: -0.51%
• 1M: -2.99%
• 6M: -2.32%
• YTD: 0.83%
• 1Y: -1.61%
• 3Y*: 11.78%
• 5Y*: 5.27%
• 10Y*: —
• ALL TIME*: 10.08%

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

AFOIX vs. FMDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AFOIX Alger Mid Cap Focus Fund new	6.60%	14.95%	31.68%	16.47%	-37.37%	10.14%	84.38%	-1.24%
FMDGX Fidelity Mid Cap Growth Index Fund	0.83%	8.60%	22.03%	25.79%	-26.67%	12.67%	34.84%	4.63%

Correlation

The correlation between AFOIX and FMDGX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.91

The correlation between AFOIX and FMDGX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

AFOIX vs. FMDGX — Risk / Return Rank

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

AFOIX

AFOIX Risk / Return Rank: 15
AFOIX Sharpe Ratio Rank: 14
AFOIX Sortino Ratio Rank: 15
AFOIX Omega Ratio Rank: 14
AFOIX Calmar Ratio Rank: 17
AFOIX Martin Ratio Rank: 17

FMDGX

FMDGX Risk / Return Rank: 3
FMDGX Sharpe Ratio Rank: 3
FMDGX Sortino Ratio Rank: 3
FMDGX Omega Ratio Rank: 3
FMDGX Calmar Ratio Rank: 3
FMDGX Martin Ratio Rank: 3

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.

AFOIX vs. FMDGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Mid Cap Focus Fund new (AFOIX) and Fidelity Mid Cap Growth Index Fund (FMDGX). 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.

	AFOIX	FMDGX	Difference
Sharpe ratio: Return per unit of total volatility	0.75	-0.06	+0.81
Sortino ratio: Return per unit of downside risk	1.15	0.04	+1.12
Omega ratio: Gain probability vs. loss probability	1.14	1.00	+0.13
Calmar ratio: Return relative to maximum drawdown	1.08	-0.07	+1.15
Martin ratio: Return relative to average drawdown	3.26	-0.20	+3.46

AFOIX vs. FMDGX - Sharpe Ratio Comparison

The current AFOIX Sharpe Ratio is 0.75, which is higher than the FMDGX Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of AFOIX and FMDGX, 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

AFOIX vs. FMDGX - Drawdown Comparison

The maximum AFOIX drawdown since its inception was -48.75%, which is greater than FMDGX's maximum drawdown of -38.59%. Use the drawdown chart below to compare losses from any high point for AFOIX and FMDGX.

Drawdown Indicators

	AFOIX	FMDGX	Difference
Max Drawdown Largest peak-to-trough decline	-48.75%	-38.59%	-10.16%
Max Drawdown (1Y) Largest decline over 1 year	-16.46%	-14.75%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-29.72%	-25.30%	-4.42%
Max Drawdown (5Y) Largest decline over 5 years	-48.75%	-38.59%	-10.16%
Current Drawdown Current decline from peak	-8.06%	-5.98%	-2.08%
Average Drawdown Average peak-to-trough decline	-19.79%	-11.05%	-8.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.45%	5.16%	+0.29%

Volatility

AFOIX vs. FMDGX - Volatility Comparison

Alger Mid Cap Focus Fund new (AFOIX) has a higher volatility of 7.32% compared to Fidelity Mid Cap Growth Index Fund (FMDGX) at 5.15%. This indicates that AFOIX's price experiences larger fluctuations and is considered to be riskier than FMDGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFOIX	FMDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.32%	5.15%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	18.46%	13.83%	+4.63%
Volatility (1Y) Calculated over the trailing 1-year period	23.80%	17.36%	+6.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.67%	22.52%	+3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.50%	24.25%	+2.25%

AFOIX vs. FMDGX - Expense Ratio Comparison

AFOIX has a 0.95% expense ratio, which is higher than FMDGX's 0.05% expense ratio.

Dividends

AFOIX vs. FMDGX - Dividend Comparison

AFOIX has not paid dividends to shareholders, while FMDGX's dividend yield for the trailing twelve months is around 1.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AFOIX Alger Mid Cap Focus Fund new	0.00%	0.00%	0.00%	0.00%	0.00%	11.14%	1.38%	0.00%
FMDGX Fidelity Mid Cap Growth Index Fund	1.84%	1.85%	0.47%	0.63%	0.81%	6.43%	0.36%	0.29%

Frequently Asked Questions

Can I hold both AFOIX and FMDGX in my portfolio?

AFOIX and FMDGX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFOIX or FMDGX?

AFOIX has higher volatility (7.32%) compared to FMDGX (5.15%). In terms of maximum drawdown, AFOIX dropped -48.75% vs FMDGX's -38.59%.

Which has better risk-adjusted returns?

AFOIX currently has the higher Sharpe Ratio (0.75 vs -0.06), 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.