FCMVX vs. FSMDX
FCMVX (Fidelity Mid Cap Value K6 Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both mutual funds - FCMVX is a Mid Cap Value Equities fund managed by Fidelity, while FSMDX is a Mid Cap Blend Equities fund tracking the Russell Midcap Index. Over the past 5 years, FCMVX returned 26.05%/yr vs 8.30%/yr for FSMDX. Their correlation of 0.93 means they have usually moved in the same direction. FCMVX charges 0.45%/yr vs 0.03%/yr for FSMDX.
Performance
FCMVX vs. FSMDX - Performance Comparison
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Returns By Period
In the year-to-date period, FCMVX achieves a 26.80% return, which is significantly higher than FSMDX's 14.95% return.
FCMVX
- 1D
- 0.38%
- 1M
- 1.66%
- 6M
- 19.92%
- YTD
- 26.80%
- 1Y
- 42.22%
- 3Y*
- 41.69%
- 5Y*
- 26.05%
- 10Y*
- —
- ALL TIME*
- 17.83%
FSMDX
- 1D
- 0.35%
- 1M
- -0.33%
- 6M
- 11.53%
- YTD
- 14.95%
- 1Y
- 20.72%
- 3Y*
- 14.95%
- 5Y*
- 8.30%
- 10Y*
- 11.45%
- ALL TIME*
- 12.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FCMVX vs. FSMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCMVX Fidelity Mid Cap Value K6 Fund | 26.80% | 12.62% | 87.16% | 23.07% | -10.26% | 34.12% | 0.52% | 23.65% | -18.69% | 12.67% |
FSMDX Fidelity Mid Cap Index Fund | 14.95% | 10.58% | 15.55% | 17.20% | -17.27% | 22.56% | 17.13% | 30.53% | -9.38% | 10.61% |
Correlation
The correlation between FCMVX and FSMDX is 0.94, 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. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (All Time) Calculated using the full available price history since May 25, 2017 | 0.93 |
The correlation between FCMVX and FSMDX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.
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Return for Risk
FCMVX vs. FSMDX — Risk / Return Rank
FCMVX
FSMDX
FCMVX vs. FSMDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Value K6 Fund (FCMVX) 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.
| FCMVX | FSMDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.24 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.80 | 2.25 | +1.56 |
| Martin ratioReturn relative to average drawdown | 15.09 | 8.71 | +6.38 |
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Drawdowns
FCMVX vs. FSMDX - Drawdown Comparison
The maximum FCMVX drawdown since its inception was -44.63%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for FCMVX and FSMDX.
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Drawdown Indicators
| FCMVX | FSMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.63% | -40.35% | -4.28% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -8.16% | -2.05% |
Max Drawdown (3Y)Largest decline over 3 years | -38.56% | -20.92% | -17.64% |
Max Drawdown (5Y)Largest decline over 5 years | -38.56% | -26.07% | -12.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.35% | — |
Current DrawdownCurrent decline from peak | -0.87% | -0.66% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -9.20% | -4.91% | -4.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.11% | +0.49% |
Volatility
FCMVX vs. FSMDX - Volatility Comparison
Fidelity Mid Cap Value K6 Fund (FCMVX) has a higher volatility of 3.31% compared to Fidelity Mid Cap Index Fund (FSMDX) at 2.42%. This indicates that FCMVX'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.
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Volatility by Period
| FCMVX | FSMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.31% | 2.42% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 12.23% | 10.22% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.51% | 13.71% | +2.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.59% | 18.26% | +42.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.41% | 19.27% | +28.14% |
FCMVX vs. FSMDX - Expense Ratio Comparison
FCMVX has a 0.45% expense ratio, which is higher than FSMDX's 0.03% expense ratio.
Dividends
FCMVX vs. FSMDX - Dividend Comparison
FCMVX's dividend yield for the trailing twelve months is around 3.90%, more than FSMDX's 0.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCMVX Fidelity Mid Cap Value K6 Fund | 3.90% | 6.68% | 76.67% | 1.29% | 1.68% | 1.39% | 2.19% | 1.68% | 2.99% | 0.77% | 0.00% | 0.00% |
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
With a correlation of 0.94, FCMVX and FSMDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FCMVX has higher volatility (3.31%) compared to FSMDX (2.42%). In terms of maximum drawdown, FCMVX dropped -44.63% vs FSMDX's -40.35%.
FCMVX currently has the higher Sharpe Ratio (2.36 vs 1.34), 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.
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