FMAT vs. FXAIX

Last updated Jun 23, 2026

FMAT (Fidelity MSCI Materials Index ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - FMAT is a Materials fund tracking the MSCI USA IMI Materials Index, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FMAT returned 10.65%/yr vs 15.58%/yr for FXAIX. A 0.76 correlation means they provide meaningful diversification when combined. FMAT charges 0.08%/yr vs 0.02%/yr for FXAIX.

Performance

FMAT vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Materials Index ETF (FMAT) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAT achieves a 13.14% return, which is significantly higher than FXAIX's 10.19% return. Over the past 10 years, FMAT has underperformed FXAIX with an annualized return of 10.65%, while FXAIX has yielded a comparatively higher 15.58% annualized return.

FMAT

• 1D: -0.10%
• 1M: 2.69%
• YTD: 13.14%
• 6M: 11.75%
• 1Y: 24.48%
• 3Y*: 11.90%
• 5Y*: 7.20%
• 10Y*: 10.65%

FXAIX

• 1D: 1.09%
• 1M: 0.47%
• YTD: 10.19%
• 6M: 9.68%
• 1Y: 27.18%
• 3Y*: 20.98%
• 5Y*: 14.10%
• 10Y*: 15.58%

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

FMAT vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMAT Fidelity MSCI Materials Index ETF	13.14%	12.11%	0.47%	13.71%	-11.54%	27.45%	19.57%	23.35%	-17.40%	23.51%
FXAIX Fidelity 500 Index Fund	10.19%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between FMAT and FXAIX is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.76

The correlation between FMAT and FXAIX shifts across timeframes, from 0.59 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FMAT vs. FXAIX — Risk / Return Rank

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

FMAT

FMAT Risk / Return Rank: 37
FMAT Sharpe Ratio Rank: 39
FMAT Sortino Ratio Rank: 38
FMAT Omega Ratio Rank: 35
FMAT Calmar Ratio Rank: 37
FMAT Martin Ratio Rank: 38

FXAIX

FXAIX Risk / Return Rank: 66
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 59
FXAIX Omega Ratio Rank: 61
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 79

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.

FMAT vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Materials Index ETF (FMAT) and Fidelity 500 Index Fund (FXAIX). 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.

	FMAT	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.17	-0.83
Sortino ratio: Return per unit of downside risk	1.93	2.93	-1.00
Omega ratio: Gain probability vs. loss probability	1.23	1.39	-0.16
Calmar ratio: Return relative to maximum drawdown	1.82	3.04	-1.22
Martin ratio: Return relative to average drawdown	5.81	13.75	-7.94

FMAT vs. FXAIX - Sharpe Ratio Comparison

The current FMAT Sharpe Ratio is 1.34, which is lower than the FXAIX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FMAT and FXAIX, 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

FMAT vs. FXAIX - Drawdown Comparison

The maximum FMAT drawdown since its inception was -41.11%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FMAT and FXAIX.

Drawdown Indicators

	FMAT	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.11%	-33.79%	-7.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-8.89%	-4.59%
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	-18.76%	-4.41%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-24.50%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-41.11%	-33.79%	-7.32%
Current Drawdown Current decline from peak	-3.89%	-1.36%	-2.53%
Average Drawdown Average peak-to-trough decline	-6.87%	-3.79%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	1.96%	+2.27%

Volatility

FMAT vs. FXAIX - Volatility Comparison

Fidelity MSCI Materials Index ETF (FMAT) has a higher volatility of 6.38% compared to Fidelity 500 Index Fund (FXAIX) at 4.77%. This indicates that FMAT's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAT	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	4.77%	+1.61%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	9.91%	+4.81%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	12.47%	+5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.68%	17.01%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	18.11%	+3.15%

FMAT vs. FXAIX - Expense Ratio Comparison

FMAT has a 0.08% expense ratio, which is higher than FXAIX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FMAT vs. FXAIX - Dividend Comparison

FMAT's dividend yield for the trailing twelve months is around 1.40%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMAT Fidelity MSCI Materials Index ETF	1.40%	1.64%	1.68%	1.71%	2.00%	1.44%	1.73%	1.89%	2.18%	1.53%	1.78%	2.16%
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FMAT and FXAIX in my portfolio?

FMAT and FXAIX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMAT or FXAIX?

FMAT has higher volatility (6.38%) compared to FXAIX (4.77%). In terms of maximum drawdown, FMAT dropped -41.11% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.17 vs 1.34), 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.