FLAPX vs. DNLDX

Last updated Jun 25, 2026

FLAPX (Fidelity Flex Mid Cap Index Fund) and DNLDX (BNY Mellon Active MidCap Fund) are both Mid Cap Blend Equities funds. Over the past 5 years, FLAPX returned 9.20%/yr vs 10.35%/yr for DNLDX. With a 0.98 correlation, they move nearly in lockstep. FLAPX charges 0.00%/yr vs 1.00%/yr for DNLDX.

Performance

FLAPX vs. DNLDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Flex Mid Cap Index Fund (FLAPX) and BNY Mellon Active MidCap Fund (DNLDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLAPX achieves a 14.86% return, which is significantly higher than DNLDX's 12.26% return.

FLAPX

• 1D: -0.80%
• 1M: 1.61%
• YTD: 14.86%
• 6M: 12.45%
• 1Y: 26.15%
• 3Y*: 19.17%
• 5Y*: 9.20%
• 10Y*: —

DNLDX

• 1D: -1.25%
• 1M: 2.69%
• YTD: 12.26%
• 6M: 10.41%
• 1Y: 19.98%
• 3Y*: 18.90%
• 5Y*: 10.35%
• 10Y*: 10.51%

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

FLAPX vs. DNLDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLAPX Fidelity Flex Mid Cap Index Fund	14.86%	14.33%	15.30%	17.28%	-17.28%	22.59%	17.30%	30.56%	-9.10%	14.01%
DNLDX BNY Mellon Active MidCap Fund	12.26%	9.79%	22.27%	16.99%	-14.34%	26.49%	9.29%	16.82%	-14.46%	11.46%

Correlation

The correlation between FLAPX and DNLDX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.98

The correlation between FLAPX and DNLDX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

FLAPX vs. DNLDX — Risk / Return Rank

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

FLAPX

FLAPX Risk / Return Rank: 52
FLAPX Sharpe Ratio Rank: 42
FLAPX Sortino Ratio Rank: 43
FLAPX Omega Ratio Rank: 39
FLAPX Calmar Ratio Rank: 69
FLAPX Martin Ratio Rank: 66

DNLDX

DNLDX Risk / Return Rank: 47
DNLDX Sharpe Ratio Rank: 37
DNLDX Sortino Ratio Rank: 37
DNLDX Omega Ratio Rank: 33
DNLDX Calmar Ratio Rank: 68
DNLDX Martin Ratio Rank: 60

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.

FLAPX vs. DNLDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Mid Cap Index Fund (FLAPX) and BNY Mellon Active MidCap Fund (DNLDX). 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.

	FLAPX	DNLDX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.58	+0.18
Sortino ratio: Return per unit of downside risk	2.52	2.28	+0.24
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	3.03	2.93	+0.10
Martin ratio: Return relative to average drawdown	11.93	10.95	+0.98

FLAPX vs. DNLDX - Sharpe Ratio Comparison

The current FLAPX Sharpe Ratio is 1.75, which is comparable to the DNLDX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FLAPX and DNLDX, 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

FLAPX vs. DNLDX - Drawdown Comparison

The maximum FLAPX drawdown since its inception was -40.31%, smaller than the maximum DNLDX drawdown of -63.69%. Use the drawdown chart below to compare losses from any high point for FLAPX and DNLDX.

Drawdown Indicators

	FLAPX	DNLDX	Difference
Max Drawdown Largest peak-to-trough decline	-40.31%	-63.69%	+23.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-7.29%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-21.02%	-20.42%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-23.42%	-2.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.23%	—
Current Drawdown Current decline from peak	-1.28%	-1.25%	-0.03%
Average Drawdown Average peak-to-trough decline	-6.08%	-9.62%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	1.95%	+0.38%

Volatility

FLAPX vs. DNLDX - Volatility Comparison

Fidelity Flex Mid Cap Index Fund (FLAPX) and BNY Mellon Active MidCap Fund (DNLDX) have volatilities of 4.69% and 4.67%, 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

	FLAPX	DNLDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	4.67%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	10.24%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	13.58%	+2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	18.55%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.94%	19.51%	+0.43%

FLAPX vs. DNLDX - Expense Ratio Comparison

FLAPX has a 0.00% expense ratio, which is lower than DNLDX's 1.00% expense ratio.

Dividends

FLAPX vs. DNLDX - Dividend Comparison

FLAPX has not paid dividends to shareholders, while DNLDX's dividend yield for the trailing twelve months is around 13.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNLDX BNY Mellon Active MidCap Fund	13.38%	14.15%	15.24%	1.69%	8.82%	17.74%	2.77%	2.65%	11.14%	11.32%	1.00%	3.12%
FLAPX Fidelity Flex Mid Cap Index Fund	0.00%	0.00%	1.08%	1.99%	1.82%	2.83%	2.16%	2.18%	2.24%	0.44%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLAPX and DNLDX in my portfolio?

With a correlation of 0.96, FLAPX and DNLDX 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, FLAPX or DNLDX?

FLAPX has higher volatility (4.69%) compared to DNLDX (4.67%). In terms of maximum drawdown, FLAPX dropped -40.31% vs DNLDX's -63.69%.

Which has better risk-adjusted returns?

FLAPX currently has the higher Sharpe Ratio (1.75 vs 1.58), 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.