ARKK vs. FMDGX

Last updated Jun 13, 2026

ARKK (ARK Innovation ETF) and FMDGX (Fidelity Mid Cap Growth Index Fund) are both funds - ARKK is a Technology Equities fund actively managed by ARK, while FMDGX is a Mid Cap Growth Equities fund managed by Fidelity. Over the past 5 years, ARKK returned -7.96%/yr vs 5.97%/yr for FMDGX. Their correlation of 0.83 suggests significant overlap in exposure. ARKK charges 0.75%/yr vs 0.05%/yr for FMDGX.

Performance

ARKK vs. FMDGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARK Innovation ETF (ARKK) 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, ARKK achieves a -1.65% return, which is significantly lower than FMDGX's 2.88% return.

ARKK

• 1D: 0.25%
• 1M: -3.07%
• YTD: -1.65%
• 6M: -5.90%
• 1Y: 21.98%
• 3Y*: 19.87%
• 5Y*: -7.96%
• 10Y*: 15.57%

FMDGX

• 1D: 2.79%
• 1M: 3.17%
• YTD: 2.88%
• 6M: 1.30%
• 1Y: 4.63%
• 3Y*: 15.12%
• 5Y*: 5.97%
• 10Y*: —

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

ARKK vs. FMDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ARKK ARK Innovation ETF	-1.65%	35.49%	8.40%	69.04%	-66.97%	-23.60%	152.71%	3.86%
FMDGX Fidelity Mid Cap Growth Index Fund	2.88%	8.60%	22.03%	25.79%	-26.67%	12.67%	34.84%	4.63%

Correlation

The correlation between ARKK and FMDGX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.83

The correlation between ARKK and FMDGX has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

ARKK vs. FMDGX — Risk / Return Rank

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

ARKK

ARKK Risk / Return Rank: 20
ARKK Sharpe Ratio Rank: 21
ARKK Sortino Ratio Rank: 22
ARKK Omega Ratio Rank: 20
ARKK Calmar Ratio Rank: 19
ARKK Martin Ratio Rank: 17

FMDGX

FMDGX Risk / Return Rank: 6
FMDGX Sharpe Ratio Rank: 6
FMDGX Sortino Ratio Rank: 6
FMDGX Omega Ratio Rank: 6
FMDGX Calmar Ratio Rank: 6
FMDGX Martin Ratio Rank: 6

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.

ARKK vs. FMDGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARK Innovation ETF (ARKK) 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.

	ARKK	FMDGX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.27	+0.34
Sortino ratio: Return per unit of downside risk	1.06	0.50	+0.56
Omega ratio: Gain probability vs. loss probability	1.12	1.06	+0.07
Calmar ratio: Return relative to maximum drawdown	0.70	0.31	+0.40
Martin ratio: Return relative to average drawdown	1.53	0.89	+0.64

ARKK vs. FMDGX - Sharpe Ratio Comparison

The current ARKK Sharpe Ratio is 0.61, which is higher than the FMDGX Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of ARKK 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

ARKK vs. FMDGX - Drawdown Comparison

The maximum ARKK drawdown since its inception was -80.97%, which is greater than FMDGX's maximum drawdown of -38.59%. Use the drawdown chart below to compare losses from any high point for ARKK and FMDGX.

Drawdown Indicators

	ARKK	FMDGX	Difference
Max Drawdown Largest peak-to-trough decline	-80.97%	-38.59%	-42.38%
Max Drawdown (1Y) Largest decline over 1 year	-31.35%	-14.75%	-16.60%
Max Drawdown (3Y) Largest decline over 3 years	-39.56%	-25.30%	-14.26%
Max Drawdown (5Y) Largest decline over 5 years	-77.23%	-38.59%	-38.64%
Max Drawdown (10Y) Largest decline over 10 years	-80.97%	—	—
Current Drawdown Current decline from peak	-51.01%	-2.97%	-48.04%
Average Drawdown Average peak-to-trough decline	-30.16%	-11.17%	-18.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.39%	5.08%	+9.31%

Volatility

ARKK vs. FMDGX - Volatility Comparison

ARK Innovation ETF (ARKK) has a higher volatility of 11.81% compared to Fidelity Mid Cap Growth Index Fund (FMDGX) at 5.75%. This indicates that ARKK'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

	ARKK	FMDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.81%	5.75%	+6.06%
Volatility (6M) Calculated over the trailing 6-month period	26.30%	13.44%	+12.86%
Volatility (1Y) Calculated over the trailing 1-year period	36.28%	17.02%	+19.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.40%	22.44%	+23.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.34%	24.33%	+16.01%

ARKK vs. FMDGX - Expense Ratio Comparison

ARKK has a 0.75% expense ratio, which is higher than FMDGX's 0.05% expense ratio.

Dividends

ARKK vs. FMDGX - Dividend Comparison

ARKK has not paid dividends to shareholders, while FMDGX's dividend yield for the trailing twelve months is around 1.80%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARKK ARK Innovation ETF	0.00%	0.00%	0.00%	0.70%	0.00%	0.55%	1.64%	0.38%	3.14%	1.32%	0.00%	2.27%
FMDGX Fidelity Mid Cap Growth Index Fund	1.80%	1.85%	0.47%	0.63%	0.81%	6.43%	0.36%	0.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARKK and FMDGX in my portfolio?

ARKK and FMDGX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARKK or FMDGX?

ARKK has higher volatility (11.81%) compared to FMDGX (5.75%). In terms of maximum drawdown, ARKK dropped -80.97% vs FMDGX's -38.59%.

Which has better risk-adjusted returns?

ARKK currently has the higher Sharpe Ratio (0.61 vs 0.27), 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.