ALMRX vs. FSMAX

Last updated Jun 4, 2026

ALMRX (Alger MidCap Growth Institutional Fund) and FSMAX (Fidelity Extended Market Index Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, ALMRX returned 12.66%/yr vs 12.17%/yr for FSMAX. A 0.66 correlation means they provide meaningful diversification when combined. ALMRX charges 1.44%/yr vs 0.04%/yr for FSMAX.

Performance

ALMRX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger MidCap Growth Institutional Fund (ALMRX) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALMRX achieves a 5.42% return, which is significantly lower than FSMAX's 14.89% return. Both investments have delivered pretty close results over the past 10 years, with ALMRX having a 12.66% annualized return and FSMAX not far behind at 12.17%.

ALMRX

• 1D: -0.43%
• 1M: 5.79%
• YTD: 5.42%
• 6M: 5.01%
• 1Y: 19.32%
• 3Y*: 17.10%
• 5Y*: 4.40%
• 10Y*: 12.66%

FSMAX

• 1D: 1.07%
• 1M: 5.80%
• YTD: 14.89%
• 6M: 13.61%
• 1Y: 30.08%
• 3Y*: 20.13%
• 5Y*: 6.91%
• 10Y*: 12.17%

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

ALMRX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALMRX Alger MidCap Growth Institutional Fund	5.42%	17.01%	20.02%	22.68%	-35.28%	6.17%	64.25%	29.79%	-7.77%	28.75%
FSMAX Fidelity Extended Market Index Fund	14.89%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between ALMRX and FSMAX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.66

Over the past year, ALMRX and FSMAX have become more correlated (0.86) than their long-term average of 0.66, meaning their price movements have been converging.

Return for Risk

ALMRX vs. FSMAX — Risk / Return Rank

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

ALMRX

ALMRX Risk / Return Rank: 14
ALMRX Sharpe Ratio Rank: 15
ALMRX Sortino Ratio Rank: 15
ALMRX Omega Ratio Rank: 13
ALMRX Calmar Ratio Rank: 14
ALMRX Martin Ratio Rank: 15

FSMAX

FSMAX Risk / Return Rank: 47
FSMAX Sharpe Ratio Rank: 41
FSMAX Sortino Ratio Rank: 39
FSMAX Omega Ratio Rank: 37
FSMAX Calmar Ratio Rank: 66
FSMAX Martin Ratio Rank: 54

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.

ALMRX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger MidCap Growth Institutional Fund (ALMRX) and Fidelity Extended Market Index Fund (FSMAX). 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.

	ALMRX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.87	-0.78
Sortino ratio: Return per unit of downside risk	1.61	2.60	-1.00
Omega ratio: Gain probability vs. loss probability	1.19	1.32	-0.13
Calmar ratio: Return relative to maximum drawdown	1.28	3.12	-1.84
Martin ratio: Return relative to average drawdown	4.13	11.05	-6.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALMRX vs. FSMAX - Sharpe Ratio Comparison

The current ALMRX Sharpe Ratio is 1.08, which is lower than the FSMAX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of ALMRX and FSMAX, 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

	ALMRX	FSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	1.87	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.31	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.40	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.46	-0.29

Drawdowns

ALMRX vs. FSMAX - Drawdown Comparison

The maximum ALMRX drawdown since its inception was -73.80%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for ALMRX and FSMAX.

Drawdown Indicators

	ALMRX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-73.80%	-50.55%	-23.25%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-10.26%	-5.80%
Max Drawdown (3Y) Largest decline over 3 years	-26.71%	-26.82%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-64.01%	-36.31%	-27.70%
Max Drawdown (10Y) Largest decline over 10 years	-64.01%	-50.55%	-13.46%
Current Drawdown Current decline from peak	-31.92%	0.00%	-31.92%
Average Drawdown Average peak-to-trough decline	-22.21%	-12.17%	-10.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.98%	2.90%	+2.08%

Volatility

ALMRX vs. FSMAX - Volatility Comparison

Alger MidCap Growth Institutional Fund (ALMRX) has a higher volatility of 5.51% compared to Fidelity Extended Market Index Fund (FSMAX) at 4.70%. This indicates that ALMRX's price experiences larger fluctuations and is considered to be riskier than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALMRX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	4.70%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	12.46%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	17.17%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.47%	22.33%	+26.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.79%	30.24%	+7.55%

ALMRX vs. FSMAX - Expense Ratio Comparison

ALMRX has a 1.44% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

ALMRX vs. FSMAX - Dividend Comparison

ALMRX has not paid dividends to shareholders, while FSMAX's dividend yield for the trailing twelve months is around 0.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALMRX Alger MidCap Growth Institutional Fund	0.00%	0.00%	0.00%	0.00%	0.00%	77.91%	12.19%	8.56%	7.91%	0.00%	0.00%	0.00%
FSMAX Fidelity Extended Market Index Fund	0.50%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%

Frequently Asked Questions

Can I hold both ALMRX and FSMAX in my portfolio?

ALMRX and FSMAX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALMRX or FSMAX?

ALMRX has higher volatility (5.51%) compared to FSMAX (4.70%). In terms of maximum drawdown, ALMRX dropped -73.80% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.87 vs 1.08), 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.