BMDSX vs. FSMDX

Last updated Aug 4, 2026

BMDSX (Baird Mid Cap Growth Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both mutual funds - BMDSX is a Mid Cap Growth Equities fund managed by Baird, while FSMDX is a Mid Cap Blend Equities fund tracking the Russell Midcap Index. Over the past 10 years, BMDSX returned 8.82%/yr vs 11.54%/yr for FSMDX. Their correlation of 0.92 means they have usually moved in the same direction. BMDSX charges 1.05%/yr vs 0.03%/yr for FSMDX.

Performance

BMDSX vs. FSMDX - Performance Comparison

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

Returns By Period

In the year-to-date period, BMDSX achieves a 7.69% return, which is significantly lower than FSMDX's 14.62% return. Over the past 10 years, BMDSX has underperformed FSMDX with an annualized return of 8.82%, while FSMDX has yielded a comparatively higher 11.54% annualized return.

BMDSX

• 1D: 0.55%
• 1M: -1.14%
• 6M: 4.48%
• YTD: 7.69%
• 1Y: -0.24%
• 3Y*: -0.64%
• 5Y*: -2.48%
• 10Y*: 8.82%
• ALL TIME*: 7.16%

FSMDX

• 1D: -0.28%
• 1M: -0.61%
• 6M: 10.55%
• YTD: 14.62%
• 1Y: 20.38%
• 3Y*: 14.99%
• 5Y*: 8.24%
• 10Y*: 11.54%
• ALL TIME*: 12.62%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BMDSX Baird Mid Cap Growth Fund	$0.00	$0.00	$0.00
FSMDX Fidelity Mid Cap Index Fund	$0.00	$0.00	$0.00

BMDSX vs. FSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMDSX Baird Mid Cap Growth Fund	7.69%	-9.55%	-1.16%	19.91%	-27.86%	21.81%	34.56%	35.94%	-1.52%	26.61%
FSMDX Fidelity Mid Cap Index Fund	14.62%	10.58%	15.55%	17.20%	-17.27%	22.56%	17.13%	30.53%	-9.38%	18.04%

Correlation

The correlation between BMDSX and FSMDX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.92

The correlation between BMDSX and FSMDX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

BMDSX vs. FSMDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BMDSX

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

FSMDX

FSMDX Risk / Return Rank: 54
FSMDX Sharpe Ratio Rank: 46
FSMDX Sortino Ratio Rank: 46
FSMDX Omega Ratio Rank: 42
FSMDX Calmar Ratio Rank: 66
FSMDX Martin Ratio Rank: 67

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BMDSX vs. FSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baird Mid Cap Growth Fund (BMDSX) 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.

	BMDSX	FSMDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	1.38	-1.47
Sortino ratio: Return per unit of downside risk	-0.03	2.01	-2.04
Omega ratio: Gain probability vs. loss probability	1.00	1.24	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.11	2.31	-2.42
Martin ratio: Return relative to average drawdown	-0.26	8.94	-9.20

BMDSX vs. FSMDX - Sharpe Ratio Comparison

The current BMDSX Sharpe Ratio is -0.10, which is lower than the FSMDX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of BMDSX and FSMDX, 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

BMDSX vs. FSMDX - Drawdown Comparison

The maximum BMDSX drawdown since its inception was -53.96%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for BMDSX and FSMDX.

Drawdown Indicators

	BMDSX	FSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-53.96%	-40.35%	-13.61%
Max Drawdown (1Y) Largest decline over 1 year	-13.32%	-8.16%	-5.16%
Max Drawdown (3Y) Largest decline over 3 years	-25.04%	-20.92%	-4.12%
Max Drawdown (5Y) Largest decline over 5 years	-36.24%	-26.07%	-10.17%
Max Drawdown (10Y) Largest decline over 10 years	-36.24%	-40.35%	+4.11%
Current Drawdown Current decline from peak	-19.88%	-0.94%	-18.94%
Average Drawdown Average peak-to-trough decline	-11.00%	-4.91%	-6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.71%	2.10%	+3.61%

Volatility

BMDSX vs. FSMDX - Volatility Comparison

Baird Mid Cap Growth Fund (BMDSX) has a higher volatility of 3.35% compared to Fidelity Mid Cap Index Fund (FSMDX) at 2.43%. This indicates that BMDSX'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.

Volatility by Period

	BMDSX	FSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	2.43%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	11.90%	10.22%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	15.52%	13.71%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.06%	18.26%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.76%	19.27%	+1.49%

BMDSX vs. FSMDX - Expense Ratio Comparison

BMDSX has a 1.05% expense ratio, which is higher than FSMDX's 0.03% expense ratio.

Dividends

BMDSX vs. FSMDX - Dividend Comparison

BMDSX's dividend yield for the trailing twelve months is around 12.89%, more than FSMDX's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMDSX Baird Mid Cap Growth Fund	12.89%	13.88%	4.57%	2.44%	1.79%	17.82%	10.09%	5.77%	6.62%	4.87%	0.00%	0.15%
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

Can I hold both BMDSX and FSMDX in my portfolio?

BMDSX and FSMDX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMDSX or FSMDX?

BMDSX has higher volatility (3.35%) compared to FSMDX (2.43%). In terms of maximum drawdown, BMDSX dropped -53.96% vs FSMDX's -40.35%.

Which has better risk-adjusted returns?

FSMDX currently has the higher Sharpe Ratio (1.38 vs -0.10), 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.