CFMSX vs. FZFLX

Last updated Jun 3, 2026

CFMSX (Column Mid Cap Select Fund) and FZFLX (Fidelity SAI Small-Mid Cap 500 Index Fund) are both Mid Cap Blend Equities funds. Over the past year, CFMSX returned 14.75% vs 48.15% for FZFLX. Their correlation of 0.86 suggests significant overlap in exposure. CFMSX charges 0.52%/yr vs 0.05%/yr for FZFLX.

Performance

CFMSX vs. FZFLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Column Mid Cap Select Fund (CFMSX) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFMSX achieves a 6.29% return, which is significantly lower than FZFLX's 31.03% return.

CFMSX

• 1D: -0.16%
• 1M: -0.95%
• YTD: 6.29%
• 6M: 7.05%
• 1Y: 14.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FZFLX

• 1D: -0.68%
• 1M: 4.45%
• YTD: 31.03%
• 6M: 32.60%
• 1Y: 48.15%
• 3Y*: 23.77%
• 5Y*: 11.54%
• 10Y*: 13.89%

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

CFMSX vs. FZFLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CFMSX Column Mid Cap Select Fund	6.29%	7.77%	-3.71%
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	31.03%	10.76%	-1.90%

Correlation

The correlation between CFMSX and FZFLX is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Dec 17, 2024	0.86

The correlation between CFMSX and FZFLX has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

Return for Risk

CFMSX vs. FZFLX — Risk / Return Rank

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

CFMSX

CFMSX Risk / Return Rank: 17
CFMSX Sharpe Ratio Rank: 15
CFMSX Sortino Ratio Rank: 16
CFMSX Omega Ratio Rank: 14
CFMSX Calmar Ratio Rank: 17
CFMSX Martin Ratio Rank: 21

FZFLX

FZFLX Risk / Return Rank: 70
FZFLX Sharpe Ratio Rank: 62
FZFLX Sortino Ratio Rank: 54
FZFLX Omega Ratio Rank: 53
FZFLX Calmar Ratio Rank: 89
FZFLX Martin Ratio Rank: 91

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.

CFMSX vs. FZFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Column Mid Cap Select Fund (CFMSX) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). 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.

	CFMSX	FZFLX	Difference
Sharpe ratio Return per unit of total volatility	1.07	2.33	-1.26
Sortino ratio Return per unit of downside risk	1.67	3.09	-1.42
Omega ratio Gain probability vs. loss probability	1.19	1.41	-0.21
Calmar ratio Return relative to maximum drawdown	1.53	4.49	-2.96
Martin ratio Return relative to average drawdown	5.49	19.03	-13.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFMSX vs. FZFLX - Sharpe Ratio Comparison

The current CFMSX Sharpe Ratio is 1.07, which is lower than the FZFLX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of CFMSX and FZFLX, 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

	CFMSX	FZFLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.33	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.62	-0.22

Drawdowns

CFMSX vs. FZFLX - Drawdown Comparison

The maximum CFMSX drawdown since its inception was -18.02%, smaller than the maximum FZFLX drawdown of -42.03%. Use the drawdown chart below to compare losses from any high point for CFMSX and FZFLX.

Drawdown Indicators

	CFMSX	FZFLX	Difference
Max Drawdown Largest peak-to-trough decline	-18.02%	-42.03%	+24.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-10.68%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.77%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.03%	—
Current Drawdown Current decline from peak	-1.96%	-1.84%	-0.12%
Average Drawdown Average peak-to-trough decline	-3.12%	-5.74%	+2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.52%	+0.07%

Volatility

CFMSX vs. FZFLX - Volatility Comparison

The current volatility for Column Mid Cap Select Fund (CFMSX) is 3.53%, while Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) has a volatility of 7.30%. This indicates that CFMSX experiences smaller price fluctuations and is considered to be less risky than FZFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFMSX	FZFLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	7.30%	-3.77%
Volatility (6M) Calculated over the trailing 6-month period	10.16%	17.66%	-7.50%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	20.84%	-7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	21.10%	-3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	21.10%	-3.65%

CFMSX vs. FZFLX - Expense Ratio Comparison

CFMSX has a 0.52% expense ratio, which is higher than FZFLX's 0.05% expense ratio.

Dividends

CFMSX vs. FZFLX - Dividend Comparison

CFMSX's dividend yield for the trailing twelve months is around 1.99%, less than FZFLX's 44.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFMSX Column Mid Cap Select Fund	1.99%	2.12%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	44.09%	57.77%	10.20%	2.35%	79.79%	50.77%	7.19%	6.49%	7.69%	1.68%	0.93%	0.67%

Frequently Asked Questions

Can I hold both CFMSX and FZFLX in my portfolio?

CFMSX and FZFLX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFMSX or FZFLX?

FZFLX has higher volatility (7.30%) compared to CFMSX (3.53%). In terms of maximum drawdown, CFMSX dropped -18.02% vs FZFLX's -42.03%.

Which has better risk-adjusted returns?

FZFLX currently has the higher Sharpe Ratio (2.33 vs 1.07), 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.