CAMMX vs. FSMAX

Last updated Jun 23, 2026

CAMMX (Cambiar SMID Fund) and FSMAX (Fidelity Extended Market Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, CAMMX returned 10.55%/yr vs 12.31%/yr for FSMAX. Their correlation of 0.88 suggests significant overlap in exposure. CAMMX charges 0.93%/yr vs 0.04%/yr for FSMAX.

Performance

CAMMX vs. FSMAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with CAMMX having a 15.54% return and FSMAX slightly higher at 15.56%. Over the past 10 years, CAMMX has underperformed FSMAX with an annualized return of 10.55%, while FSMAX has yielded a comparatively higher 12.31% annualized return.

CAMMX

• 1D: 1.84%
• 1M: 1.42%
• YTD: 15.54%
• 6M: 14.23%
• 1Y: 20.86%
• 3Y*: 6.85%
• 5Y*: 4.65%
• 10Y*: 10.55%

FSMAX

• 1D: 1.67%
• 1M: 4.32%
• YTD: 15.56%
• 6M: 12.55%
• 1Y: 30.47%
• 3Y*: 19.09%
• 5Y*: 6.93%
• 10Y*: 12.31%

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

CAMMX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAMMX Cambiar SMID Fund	15.54%	0.08%	-1.42%	12.93%	-6.07%	23.32%	9.60%	31.00%	-2.68%	11.77%
FSMAX Fidelity Extended Market Index Fund	15.56%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between CAMMX and FSMAX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.88

The correlation between CAMMX and FSMAX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

CAMMX vs. FSMAX — Risk / Return Rank

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

CAMMX

CAMMX Risk / Return Rank: 29
CAMMX Sharpe Ratio Rank: 27
CAMMX Sortino Ratio Rank: 29
CAMMX Omega Ratio Rank: 24
CAMMX Calmar Ratio Rank: 38
CAMMX Martin Ratio Rank: 28

FSMAX

FSMAX Risk / Return Rank: 46
FSMAX Sharpe Ratio Rank: 40
FSMAX Sortino Ratio Rank: 38
FSMAX Omega Ratio Rank: 35
FSMAX Calmar Ratio Rank: 65
FSMAX Martin Ratio Rank: 55

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.

CAMMX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambiar SMID Fund (CAMMX) 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.

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.

	CAMMX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.71	-0.33
Sortino ratio: Return per unit of downside risk	2.10	2.38	-0.28
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	2.23	2.96	-0.73
Martin ratio: Return relative to average drawdown	6.09	10.38	-4.29

CAMMX vs. FSMAX - Sharpe Ratio Comparison

The current CAMMX Sharpe Ratio is 1.37, which is comparable to the FSMAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of CAMMX 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.

Drawdowns

CAMMX vs. FSMAX - Drawdown Comparison

The maximum CAMMX drawdown since its inception was -41.94%, smaller than the maximum FSMAX drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for CAMMX and FSMAX.

Drawdown Indicators

	CAMMX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-41.94%	-50.55%	+8.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.49%	-10.26%	+0.77%
Max Drawdown (3Y) Largest decline over 3 years	-21.75%	-26.82%	+5.07%
Max Drawdown (5Y) Largest decline over 5 years	-21.75%	-36.31%	+14.56%
Max Drawdown (10Y) Largest decline over 10 years	-41.94%	-50.55%	+8.61%
Current Drawdown Current decline from peak	-0.82%	-0.11%	-0.71%
Average Drawdown Average peak-to-trough decline	-5.95%	-12.13%	+6.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.92%	+0.54%

Volatility

CAMMX vs. FSMAX - Volatility Comparison

The current volatility for Cambiar SMID Fund (CAMMX) is 5.46%, while Fidelity Extended Market Index Fund (FSMAX) has a volatility of 6.36%. This indicates that CAMMX experiences smaller price fluctuations and is considered to be less risky than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAMMX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	6.36%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	11.17%	13.32%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	15.39%	17.80%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	22.44%	-5.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	30.27%	-11.43%

CAMMX vs. FSMAX - Expense Ratio Comparison

CAMMX has a 0.93% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

CAMMX vs. FSMAX - Dividend Comparison

CAMMX's dividend yield for the trailing twelve months is around 29.90%, more than FSMAX's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAMMX Cambiar SMID Fund	29.90%	34.55%	6.10%	0.70%	0.95%	11.52%	0.61%	4.08%	6.83%	0.39%	0.53%	0.31%
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 CAMMX and FSMAX in my portfolio?

CAMMX and FSMAX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAMMX or FSMAX?

FSMAX has higher volatility (6.36%) compared to CAMMX (5.46%). In terms of maximum drawdown, CAMMX dropped -41.94% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.71 vs 1.37), 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.