FMDGX vs. BRHYX
FMDGX (Fidelity Mid Cap Growth Index Fund) and BRHYX (BlackRock High Yield K) are both mutual funds - FMDGX is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index, while BRHYX is a High Yield Bonds fund managed by BlackRock. Over the past 5 years, FMDGX returned 4.43%/yr vs 4.12%/yr for BRHYX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. FMDGX charges 0.05%/yr vs 0.48%/yr for BRHYX.
Performance
FMDGX vs. BRHYX - Performance Comparison
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Returns By Period
In the year-to-date period, FMDGX achieves a 0.60% return, which is significantly lower than BRHYX's 1.22% return.
FMDGX
- 1D
- 2.29%
- 1M
- -3.87%
- 6M
- 1.50%
- YTD
- 0.60%
- 1Y
- -0.77%
- 3Y*
- 11.99%
- 5Y*
- 4.43%
- 10Y*
- —
- ALL TIME*
- 10.00%
BRHYX
- 1D
- 0.14%
- 1M
- -0.84%
- 6M
- 0.79%
- YTD
- 1.22%
- 1Y
- 5.26%
- 3Y*
- 8.54%
- 5Y*
- 4.12%
- 10Y*
- 5.67%
- ALL TIME*
- 6.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FMDGX vs. BRHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FMDGX Fidelity Mid Cap Growth Index Fund | 0.60% | 8.60% | 22.03% | 25.79% | -26.67% | 12.67% | 34.84% | 4.63% |
BRHYX BlackRock High Yield K | 1.22% | 9.44% | 8.65% | 13.26% | -11.18% | 5.47% | 5.98% | 4.77% |
Correlation
The correlation between FMDGX and BRHYX is 0.56, 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. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019 | 0.52 |
The correlation between FMDGX and BRHYX has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.
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Return for Risk
FMDGX vs. BRHYX — Risk / Return Rank
FMDGX
BRHYX
FMDGX vs. BRHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Growth Index Fund (FMDGX) and BlackRock High Yield K (BRHYX). 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.
| FMDGX | BRHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.35 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 2.34 | -2.54 |
| Martin ratioReturn relative to average drawdown | -0.57 | 11.03 | -11.61 |
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Drawdowns
FMDGX vs. BRHYX - Drawdown Comparison
The maximum FMDGX drawdown since its inception was -38.59%, which is greater than BRHYX's maximum drawdown of -34.77%. Use the drawdown chart below to compare losses from any high point for FMDGX and BRHYX.
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Drawdown Indicators
| FMDGX | BRHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.59% | -34.77% | -3.82% |
Max Drawdown (1Y)Largest decline over 1 year | -14.75% | -2.40% | -12.35% |
Max Drawdown (3Y)Largest decline over 3 years | -25.30% | -4.07% | -21.23% |
Max Drawdown (5Y)Largest decline over 5 years | -38.59% | -15.29% | -23.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.20% | — |
Current DrawdownCurrent decline from peak | -6.20% | -0.98% | -5.22% |
Average DrawdownAverage peak-to-trough decline | -11.03% | -2.72% | -8.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.29% | 0.51% | +4.78% |
Volatility
FMDGX vs. BRHYX - Volatility Comparison
Fidelity Mid Cap Growth Index Fund (FMDGX) has a higher volatility of 5.15% compared to BlackRock High Yield K (BRHYX) at 0.71%. This indicates that FMDGX's price experiences larger fluctuations and is considered to be riskier than BRHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMDGX | BRHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 0.71% | +4.44% |
Volatility (6M)Calculated over the trailing 6-month period | 14.00% | 2.78% | +11.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.61% | 3.51% | +14.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.54% | 5.27% | +17.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.23% | 5.88% | +18.35% |
FMDGX vs. BRHYX - Expense Ratio Comparison
FMDGX has a 0.05% expense ratio, which is lower than BRHYX's 0.48% expense ratio.
Dividends
FMDGX vs. BRHYX - Dividend Comparison
FMDGX's dividend yield for the trailing twelve months is around 1.84%, less than BRHYX's 6.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRHYX BlackRock High Yield K | 6.62% | 7.14% | 7.56% | 6.20% | 4.98% | 4.80% | 5.22% | 5.82% | 6.48% | 5.92% | 6.03% | 6.42% |
FMDGX Fidelity Mid Cap Growth Index Fund | 1.84% | 1.85% | 0.47% | 0.63% | 0.81% | 6.43% | 0.36% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMDGX and BRHYX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMDGX has higher volatility (5.15%) compared to BRHYX (0.71%). In terms of maximum drawdown, FMDGX dropped -38.59% vs BRHYX's -34.77%.
BRHYX currently has the higher Sharpe Ratio (1.60 vs -0.17), 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.
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