FLAPX vs. PFSLX

Last updated Jun 4, 2026

FLAPX (Fidelity Flex Mid Cap Index Fund) and PFSLX (Paradigm Select Fund) are both Mid Cap Blend Equities funds. Over the past 5 years, FLAPX returned 9.56%/yr vs 14.84%/yr for PFSLX. Their correlation of 0.89 suggests significant overlap in exposure. FLAPX charges 0.00%/yr vs 1.16%/yr for PFSLX.

Performance

FLAPX vs. PFSLX - Performance Comparison

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

Returns By Period

In the year-to-date period, FLAPX achieves a 15.19% return, which is significantly lower than PFSLX's 42.35% return.

FLAPX

• 1D: 0.37%
• 1M: 3.60%
• YTD: 15.19%
• 6M: 15.35%
• 1Y: 28.95%
• 3Y*: 19.67%
• 5Y*: 9.56%
• 10Y*: —

PFSLX

• 1D: 5.06%
• 1M: 8.76%
• YTD: 42.35%
• 6M: 41.43%
• 1Y: 81.72%
• 3Y*: 28.87%
• 5Y*: 14.84%
• 10Y*: 17.05%

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

FLAPX vs. PFSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLAPX Fidelity Flex Mid Cap Index Fund	15.19%	14.33%	15.30%	17.28%	-17.28%	22.59%	17.30%	30.56%	-9.10%	14.01%
PFSLX Paradigm Select Fund	42.35%	13.27%	16.73%	26.94%	-26.44%	31.16%	26.05%	38.32%	-9.93%	11.53%

Correlation

The correlation between FLAPX and PFSLX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Mar 10, 2017	0.89

The correlation between FLAPX and PFSLX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

FLAPX vs. PFSLX — Risk / Return Rank

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

FLAPX

FLAPX Risk / Return Rank: 54
FLAPX Sharpe Ratio Rank: 45
FLAPX Sortino Ratio Rank: 45
FLAPX Omega Ratio Rank: 42
FLAPX Calmar Ratio Rank: 72
FLAPX Martin Ratio Rank: 67

PFSLX

PFSLX Risk / Return Rank: 92
PFSLX Sharpe Ratio Rank: 96
PFSLX Sortino Ratio Rank: 88
PFSLX Omega Ratio Rank: 81
PFSLX Calmar Ratio Rank: 98
PFSLX Martin Ratio Rank: 98

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. PFSLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Mid Cap Index Fund (FLAPX) and Paradigm Select Fund (PFSLX). 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.

	FLAPX	PFSLX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	3.46	-1.50
Sortino ratio: Return per unit of downside risk	2.81	4.26	-1.45
Omega ratio: Gain probability vs. loss probability	1.34	1.54	-0.19
Calmar ratio: Return relative to maximum drawdown	3.31	7.85	-4.55
Martin ratio: Return relative to average drawdown	13.10	30.84	-17.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLAPX vs. PFSLX - Sharpe Ratio Comparison

The current FLAPX Sharpe Ratio is 1.96, which is lower than the PFSLX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of FLAPX and PFSLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FLAPX	PFSLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	3.46	-1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.10	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.17	+0.44

Drawdowns

FLAPX vs. PFSLX - Drawdown Comparison

The maximum FLAPX drawdown since its inception was -40.31%, smaller than the maximum PFSLX drawdown of -91.83%. Use the drawdown chart below to compare losses from any high point for FLAPX and PFSLX.

Drawdown Indicators

	FLAPX	PFSLX	Difference
Max Drawdown Largest peak-to-trough decline	-40.31%	-91.83%	+51.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-10.91%	+1.70%
Max Drawdown (3Y) Largest decline over 3 years	-21.02%	-91.83%	+70.81%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-91.83%	+65.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-91.83%	—
Current Drawdown Current decline from peak	0.00%	-82.77%	+82.77%
Average Drawdown Average peak-to-trough decline	-6.12%	-13.72%	+7.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.77%	-0.45%

Volatility

FLAPX vs. PFSLX - Volatility Comparison

The current volatility for Fidelity Flex Mid Cap Index Fund (FLAPX) is 3.80%, while Paradigm Select Fund (PFSLX) has a volatility of 8.44%. This indicates that FLAPX experiences smaller price fluctuations and is considered to be less risky than PFSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLAPX	PFSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	8.44%	-4.64%
Volatility (6M) Calculated over the trailing 6-month period	11.55%	19.31%	-7.76%
Volatility (1Y) Calculated over the trailing 1-year period	15.51%	24.76%	-9.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.58%	145.95%	-127.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.95%	104.42%	-84.47%

FLAPX vs. PFSLX - Expense Ratio Comparison

FLAPX has a 0.00% expense ratio, which is lower than PFSLX's 1.16% expense ratio.

Dividends

FLAPX vs. PFSLX - Dividend Comparison

FLAPX has not paid dividends to shareholders, while PFSLX's dividend yield for the trailing twelve months is around 0.10%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PFSLX Paradigm Select Fund	0.10%	0.14%	0.02%	0.31%	0.01%	0.17%	0.11%	0.58%	2.93%	3.89%	0.74%	9.40%

Frequently Asked Questions

Can I hold both FLAPX and PFSLX in my portfolio?

FLAPX and PFSLX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLAPX or PFSLX?

PFSLX has higher volatility (8.44%) compared to FLAPX (3.80%). In terms of maximum drawdown, FLAPX dropped -40.31% vs PFSLX's -91.83%.

Which has better risk-adjusted returns?

PFSLX currently has the higher Sharpe Ratio (3.46 vs 1.96), 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.