FGROX vs. FSPGX

Last updated Aug 4, 2026

FGROX (Emerald Growth Fund Institutional Class) and FSPGX (Fidelity Large Cap Growth Index Fund) are both mutual funds - FGROX is a Small Cap Growth Equities fund tracking the Russell 2000 Growth Index, while FSPGX is a Large Cap Growth Equities fund managed by Fidelity. Over the past 5 years, FGROX returned 11.85%/yr vs 11.86%/yr for FSPGX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. FGROX charges 0.78%/yr vs 0.04%/yr for FSPGX.

Performance

FGROX vs. FSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Emerald Growth Fund Institutional Class (FGROX) and Fidelity Large Cap Growth Index Fund (FSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGROX achieves a 23.70% return, which is significantly higher than FSPGX's 0.30% return.

FGROX

• 1D: -0.13%
• 1M: -7.34%
• 6M: 15.91%
• YTD: 23.70%
• 1Y: 51.95%
• 3Y*: 25.37%
• 5Y*: 11.85%
• 10Y*: 15.09%
• ALL TIME*: 12.98%

FSPGX

• 1D: 0.83%
• 1M: -2.42%
• 6M: 1.53%
• YTD: 0.30%
• 1Y: 10.13%
• 3Y*: 19.35%
• 5Y*: 11.86%
• 10Y*: —
• ALL TIME*: 17.91%

*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)
FGROX Emerald Growth Fund Institutional Class	$0.00	$0.00	$0.00
FSPGX Fidelity Large Cap Growth Index Fund	$0.00	$0.00	$0.00

FGROX vs. FSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGROX Emerald Growth Fund Institutional Class	23.70%	31.85%	20.04%	19.04%	-24.42%	3.91%	38.92%	28.71%	-11.85%	28.11%
FSPGX Fidelity Large Cap Growth Index Fund	0.30%	18.54%	33.27%	42.77%	-29.17%	27.57%	38.46%	36.38%	-1.79%	27.70%

Correlation

The correlation between FGROX and FSPGX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.76

The correlation between FGROX and FSPGX has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

Return for Risk

FGROX vs. FSPGX — Risk / Return Rank

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

FGROX

FGROX Risk / Return Rank: 76
FGROX Sharpe Ratio Rank: 74
FGROX Sortino Ratio Rank: 68
FGROX Omega Ratio Rank: 59
FGROX Calmar Ratio Rank: 90
FGROX Martin Ratio Rank: 88

FSPGX

FSPGX Risk / Return Rank: 10
FSPGX Sharpe Ratio Rank: 11
FSPGX Sortino Ratio Rank: 11
FSPGX Omega Ratio Rank: 10
FSPGX Calmar Ratio Rank: 10
FSPGX Martin Ratio Rank: 10

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.

FGROX vs. FSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Emerald Growth Fund Institutional Class (FGROX) and Fidelity Large Cap Growth Index Fund (FSPGX). 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.

	FGROX	FSPGX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	0.46	+1.35
Sortino ratio: Return per unit of downside risk	2.43	0.75	+1.68
Omega ratio: Gain probability vs. loss probability	1.29	1.09	+0.20
Calmar ratio: Return relative to maximum drawdown	3.48	0.50	+2.98
Martin ratio: Return relative to average drawdown	12.12	1.49	+10.63

FGROX vs. FSPGX - Sharpe Ratio Comparison

The current FGROX Sharpe Ratio is 1.81, which is higher than the FSPGX Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of FGROX and FSPGX, 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

FGROX vs. FSPGX - Drawdown Comparison

The maximum FGROX drawdown since its inception was -41.48%, which is greater than FSPGX's maximum drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for FGROX and FSPGX.

Drawdown Indicators

	FGROX	FSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-41.48%	-32.66%	-8.82%
Max Drawdown (1Y) Largest decline over 1 year	-14.36%	-16.17%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-28.61%	-23.32%	-5.29%
Max Drawdown (5Y) Largest decline over 5 years	-38.52%	-32.66%	-5.86%
Max Drawdown (10Y) Largest decline over 10 years	-41.48%	—	—
Current Drawdown Current decline from peak	-10.55%	-7.99%	-2.56%
Average Drawdown Average peak-to-trough decline	-10.20%	-6.36%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	5.40%	-1.29%

Volatility

FGROX vs. FSPGX - Volatility Comparison

Emerald Growth Fund Institutional Class (FGROX) has a higher volatility of 8.22% compared to Fidelity Large Cap Growth Index Fund (FSPGX) at 6.43%. This indicates that FGROX's price experiences larger fluctuations and is considered to be riskier than FSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGROX	FSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	6.43%	+1.79%
Volatility (6M) Calculated over the trailing 6-month period	21.61%	14.04%	+7.57%
Volatility (1Y) Calculated over the trailing 1-year period	27.66%	17.51%	+10.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.01%	21.80%	+4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.36%	21.58%	+3.78%

FGROX vs. FSPGX - Expense Ratio Comparison

FGROX has a 0.78% expense ratio, which is higher than FSPGX's 0.04% expense ratio.

Dividends

FGROX vs. FSPGX - Dividend Comparison

FGROX's dividend yield for the trailing twelve months is around 9.21%, more than FSPGX's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGROX Emerald Growth Fund Institutional Class	9.21%	11.39%	13.92%	5.91%	8.13%	17.87%	8.04%	1.38%	11.36%	0.00%
FSPGX Fidelity Large Cap Growth Index Fund	0.39%	0.34%	0.37%	0.73%	0.86%	2.22%	1.76%	1.04%	1.32%	0.22%

Frequently Asked Questions

Can I hold both FGROX and FSPGX in my portfolio?

FGROX and FSPGX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGROX or FSPGX?

FGROX has higher volatility (8.22%) compared to FSPGX (6.43%). In terms of maximum drawdown, FGROX dropped -41.48% vs FSPGX's -32.66%.

Which has better risk-adjusted returns?

FGROX currently has the higher Sharpe Ratio (1.81 vs 0.46), 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.