FIIMX vs. FSMAX

Last updated Jun 24, 2026

FIIMX (Fidelity Advisor Mid Cap II Fund Class I) and FSMAX (Fidelity Extended Market Index Fund) are both Mid Cap Blend Equities funds from Fidelity. Over the past 10 years, FIIMX returned 12.75%/yr vs 12.60%/yr for FSMAX. Their correlation of 0.95 suggests significant overlap in exposure. FIIMX charges 0.73%/yr vs 0.04%/yr for FSMAX.

Performance

FIIMX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Mid Cap II Fund Class I (FIIMX) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIIMX achieves a 25.98% return, which is significantly higher than FSMAX's 15.43% return. Both investments have delivered pretty close results over the past 10 years, with FIIMX having a 12.75% annualized return and FSMAX not far behind at 12.60%.

FIIMX

• 1D: 0.68%
• 1M: 6.77%
• YTD: 25.98%
• 6M: 23.38%
• 1Y: 42.17%
• 3Y*: 20.71%
• 5Y*: 11.26%
• 10Y*: 12.75%

FSMAX

• 1D: -0.11%
• 1M: 4.21%
• YTD: 15.43%
• 6M: 13.08%
• 1Y: 29.23%
• 3Y*: 20.24%
• 5Y*: 6.38%
• 10Y*: 12.60%

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

FIIMX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIIMX Fidelity Advisor Mid Cap II Fund Class I	25.98%	7.71%	17.21%	15.01%	-14.80%	25.26%	18.68%	23.72%	-14.97%	20.62%
FSMAX Fidelity Extended Market Index Fund	15.43%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between FIIMX and FSMAX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.95

The correlation between FIIMX and FSMAX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

FIIMX vs. FSMAX — Risk / Return Rank

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

FIIMX

FIIMX Risk / Return Rank: 82
FIIMX Sharpe Ratio Rank: 82
FIIMX Sortino Ratio Rank: 76
FIIMX Omega Ratio Rank: 71
FIIMX Calmar Ratio Rank: 91
FIIMX Martin Ratio Rank: 92

FSMAX

FSMAX Risk / Return Rank: 47
FSMAX Sharpe Ratio Rank: 41
FSMAX Sortino Ratio Rank: 38
FSMAX Omega Ratio Rank: 35
FSMAX Calmar Ratio Rank: 66
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.

FIIMX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Mid Cap II Fund Class I (FIIMX) 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.

	FIIMX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.71	+0.77
Sortino ratio: Return per unit of downside risk	3.33	2.39	+0.94
Omega ratio: Gain probability vs. loss probability	1.43	1.29	+0.14
Calmar ratio: Return relative to maximum drawdown	4.47	2.97	+1.50
Martin ratio: Return relative to average drawdown	17.89	10.42	+7.48

FIIMX vs. FSMAX - Sharpe Ratio Comparison

The current FIIMX Sharpe Ratio is 2.48, which is higher than the FSMAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FIIMX 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

FIIMX vs. FSMAX - Drawdown Comparison

The maximum FIIMX drawdown since its inception was -53.22%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for FIIMX and FSMAX.

Drawdown Indicators

	FIIMX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-53.22%	-50.55%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.83%	-10.26%	+0.43%
Max Drawdown (3Y) Largest decline over 3 years	-28.06%	-26.82%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-28.06%	-36.31%	+8.25%
Max Drawdown (10Y) Largest decline over 10 years	-42.29%	-50.55%	+8.26%
Current Drawdown Current decline from peak	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-8.05%	-12.13%	+4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.92%	-0.47%

Volatility

FIIMX vs. FSMAX - Volatility Comparison

The current volatility for Fidelity Advisor Mid Cap II Fund Class I (FIIMX) is 5.58%, while Fidelity Extended Market Index Fund (FSMAX) has a volatility of 6.07%. This indicates that FIIMX 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

	FIIMX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	6.07%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	14.19%	13.28%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	17.71%	17.83%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.40%	22.43%	-2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.04%	30.28%	-9.24%

FIIMX vs. FSMAX - Expense Ratio Comparison

FIIMX has a 0.73% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

FIIMX vs. FSMAX - Dividend Comparison

FIIMX's dividend yield for the trailing twelve months is around 5.45%, more than FSMAX's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIIMX Fidelity Advisor Mid Cap II Fund Class I	5.45%	6.06%	6.79%	2.71%	5.70%	18.41%	1.29%	3.30%	10.56%	7.67%	4.84%	4.76%
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 FIIMX and FSMAX in my portfolio?

With a correlation of 0.92, FIIMX and FSMAX 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, FIIMX or FSMAX?

FSMAX has higher volatility (6.07%) compared to FIIMX (5.58%). In terms of maximum drawdown, FIIMX dropped -53.22% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FIIMX currently has the higher Sharpe Ratio (2.48 vs 1.71), 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.