FDEGX vs. CMGIX

Last updated Jun 25, 2026

FDEGX (Fidelity Growth Strategies Fund) and CMGIX (BlackRock Mid-Cap Growth Equity Portfolio) are both Mid Cap Growth Equities funds. Over the past 10 years, FDEGX returned 12.69%/yr vs 12.94%/yr for CMGIX. Their correlation of 0.94 suggests significant overlap in exposure. FDEGX charges 0.63%/yr vs 0.80%/yr for CMGIX.

Performance

FDEGX vs. CMGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Growth Strategies Fund (FDEGX) and BlackRock Mid-Cap Growth Equity Portfolio (CMGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDEGX achieves a 12.10% return, which is significantly higher than CMGIX's 9.96% return. Both investments have delivered pretty close results over the past 10 years, with FDEGX having a 12.69% annualized return and CMGIX not far ahead at 12.94%.

FDEGX

• 1D: -2.27%
• 1M: 3.99%
• YTD: 12.10%
• 6M: -0.26%
• 1Y: 3.22%
• 3Y*: 17.09%
• 5Y*: 7.42%
• 10Y*: 12.69%

CMGIX

• 1D: -1.98%
• 1M: 5.09%
• YTD: 9.96%
• 6M: 6.76%
• 1Y: 6.92%
• 3Y*: 12.01%
• 5Y*: 0.90%
• 10Y*: 12.94%

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

FDEGX vs. CMGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDEGX Fidelity Growth Strategies Fund	12.10%	2.88%	26.57%	20.93%	-26.50%	21.30%	29.34%	36.59%	-6.92%	21.03%
CMGIX BlackRock Mid-Cap Growth Equity Portfolio	9.96%	0.49%	12.44%	28.24%	-37.36%	14.51%	46.13%	36.19%	2.88%	34.59%

Correlation

The correlation between FDEGX and CMGIX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 27, 1996	0.94

The correlation between FDEGX and CMGIX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

FDEGX vs. CMGIX — Risk / Return Rank

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

FDEGX

FDEGX Risk / Return Rank: 4
FDEGX Sharpe Ratio Rank: 4
FDEGX Sortino Ratio Rank: 5
FDEGX Omega Ratio Rank: 5
FDEGX Calmar Ratio Rank: 4
FDEGX Martin Ratio Rank: 4

CMGIX

CMGIX Risk / Return Rank: 7
CMGIX Sharpe Ratio Rank: 6
CMGIX Sortino Ratio Rank: 6
CMGIX Omega Ratio Rank: 6
CMGIX Calmar Ratio Rank: 7
CMGIX Martin Ratio Rank: 8

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.

FDEGX vs. CMGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Growth Strategies Fund (FDEGX) and BlackRock Mid-Cap Growth Equity Portfolio (CMGIX). 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.

	FDEGX	CMGIX	Difference
Sharpe ratio: Return per unit of total volatility	0.22	0.40	-0.18
Sortino ratio: Return per unit of downside risk	0.44	0.71	-0.27
Omega ratio: Gain probability vs. loss probability	1.06	1.08	-0.03
Calmar ratio: Return relative to maximum drawdown	0.25	0.60	-0.35
Martin ratio: Return relative to average drawdown	0.62	1.84	-1.22

FDEGX vs. CMGIX - Sharpe Ratio Comparison

The current FDEGX Sharpe Ratio is 0.22, which is lower than the CMGIX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of FDEGX and CMGIX, 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

FDEGX vs. CMGIX - Drawdown Comparison

The maximum FDEGX drawdown since its inception was -85.96%, which is greater than CMGIX's maximum drawdown of -73.85%. Use the drawdown chart below to compare losses from any high point for FDEGX and CMGIX.

Drawdown Indicators

	FDEGX	CMGIX	Difference
Max Drawdown Largest peak-to-trough decline	-85.96%	-73.85%	-12.11%
Max Drawdown (1Y) Largest decline over 1 year	-20.45%	-14.90%	-5.55%
Max Drawdown (3Y) Largest decline over 3 years	-26.04%	-29.77%	+3.73%
Max Drawdown (5Y) Largest decline over 5 years	-36.62%	-45.96%	+9.34%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	-45.96%	+9.34%
Current Drawdown Current decline from peak	-3.86%	-6.76%	+2.90%
Average Drawdown Average peak-to-trough decline	-36.77%	-28.62%	-8.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.07%	4.81%	+3.26%

Volatility

FDEGX vs. CMGIX - Volatility Comparison

Fidelity Growth Strategies Fund (FDEGX) and BlackRock Mid-Cap Growth Equity Portfolio (CMGIX) have volatilities of 7.83% and 8.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEGX	CMGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.83%	8.10%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	19.83%	18.04%	+1.79%
Volatility (1Y) Calculated over the trailing 1-year period	22.94%	22.06%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.50%	25.23%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.12%	23.51%	-1.39%

FDEGX vs. CMGIX - Expense Ratio Comparison

FDEGX has a 0.63% expense ratio, which is lower than CMGIX's 0.80% expense ratio.

Dividends

FDEGX vs. CMGIX - Dividend Comparison

FDEGX has not paid dividends to shareholders, while CMGIX's dividend yield for the trailing twelve months is around 19.28%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMGIX BlackRock Mid-Cap Growth Equity Portfolio	19.28%	21.20%	0.00%	0.00%	0.00%	4.94%	0.00%	0.39%	4.72%	3.31%	0.00%	2.57%
FDEGX Fidelity Growth Strategies Fund	0.00%	0.00%	7.89%	0.05%	0.00%	14.15%	8.37%	3.65%	0.75%	0.05%	0.59%	0.13%

Frequently Asked Questions

Can I hold both FDEGX and CMGIX in my portfolio?

With a correlation of 0.95, FDEGX and CMGIX 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.

Which is riskier, FDEGX or CMGIX?

CMGIX has higher volatility (8.10%) compared to FDEGX (7.83%). In terms of maximum drawdown, FDEGX dropped -85.96% vs CMGIX's -73.85%.

Which has better risk-adjusted returns?

CMGIX currently has the higher Sharpe Ratio (0.40 vs 0.22), 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.