FMDGX vs. MEFAX
FMDGX (Fidelity Mid Cap Growth Index Fund) and MEFAX (MassMutual Mid Cap Growth Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, FMDGX returned 4.37%/yr vs 1.64%/yr for MEFAX. Their 0.95 correlation means they have historically moved very closely together. FMDGX charges 0.05%/yr vs 1.20%/yr for MEFAX.
Performance
FMDGX vs. MEFAX - Performance Comparison
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Returns By Period
In the year-to-date period, FMDGX achieves a 0.31% return, which is significantly lower than MEFAX's 3.71% return.
FMDGX
- 1D
- -0.28%
- 1M
- -4.14%
- 6M
- 0.83%
- YTD
- 0.31%
- 1Y
- -1.05%
- 3Y*
- 12.08%
- 5Y*
- 4.37%
- 10Y*
- —
- ALL TIME*
- 9.95%
MEFAX
- 1D
- -0.29%
- 1M
- -2.73%
- 6M
- 1.57%
- YTD
- 3.71%
- 1Y
- 6.53%
- 3Y*
- 6.67%
- 5Y*
- 1.64%
- 10Y*
- 9.93%
- ALL TIME*
- 8.54%
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. MEFAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FMDGX Fidelity Mid Cap Growth Index Fund | 0.31% | 8.60% | 22.03% | 25.79% | -26.67% | 12.67% | 34.84% | 4.63% |
MEFAX MassMutual Mid Cap Growth Fund | 3.71% | 3.19% | 10.80% | 19.11% | -24.58% | 13.75% | 25.52% | 11.93% |
Correlation
The correlation between FMDGX and MEFAX is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019 | 0.95 |
The correlation between FMDGX and MEFAX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
FMDGX vs. MEFAX — Risk / Return Rank
FMDGX
MEFAX
FMDGX vs. MEFAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Growth Index Fund (FMDGX) and MassMutual Mid Cap Growth Fund (MEFAX). 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 | MEFAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.07 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 0.50 | -0.68 |
| Martin ratioReturn relative to average drawdown | -0.51 | 1.75 | -2.26 |
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Drawdowns
FMDGX vs. MEFAX - Drawdown Comparison
The maximum FMDGX drawdown since its inception was -38.59%, smaller than the maximum MEFAX drawdown of -56.04%. Use the drawdown chart below to compare losses from any high point for FMDGX and MEFAX.
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Drawdown Indicators
| FMDGX | MEFAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.59% | -56.04% | +17.45% |
Max Drawdown (1Y)Largest decline over 1 year | -14.75% | -10.45% | -4.30% |
Max Drawdown (3Y)Largest decline over 3 years | -25.30% | -34.46% | +9.16% |
Max Drawdown (5Y)Largest decline over 5 years | -38.59% | -45.14% | +6.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.14% | — |
Current DrawdownCurrent decline from peak | -6.46% | -15.50% | +9.04% |
Average DrawdownAverage peak-to-trough decline | -11.02% | -11.45% | +0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.30% | 2.95% | +2.35% |
Volatility
FMDGX vs. MEFAX - Volatility Comparison
Fidelity Mid Cap Growth Index Fund (FMDGX) has a higher volatility of 5.09% compared to MassMutual Mid Cap Growth Fund (MEFAX) at 2.87%. This indicates that FMDGX's price experiences larger fluctuations and is considered to be riskier than MEFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMDGX | MEFAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 2.87% | +2.22% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 11.81% | +2.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.60% | 15.14% | +2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.53% | 27.51% | -4.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.22% | 23.90% | +0.32% |
FMDGX vs. MEFAX - Expense Ratio Comparison
FMDGX has a 0.05% expense ratio, which is lower than MEFAX's 1.20% expense ratio.
Dividends
FMDGX vs. MEFAX - Dividend Comparison
FMDGX's dividend yield for the trailing twelve months is around 1.85%, less than MEFAX's 32.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMDGX Fidelity Mid Cap Growth Index Fund | 1.85% | 1.85% | 0.47% | 0.63% | 0.81% | 6.43% | 0.36% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% |
MEFAX MassMutual Mid Cap Growth Fund | 32.93% | 34.16% | 21.40% | 7.62% | 20.71% | 29.49% | 6.92% | 12.81% | 12.06% | 7.66% | 5.32% | 10.27% |
Frequently Asked Questions
With a correlation of 0.92, FMDGX and MEFAX 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.
FMDGX has higher volatility (5.09%) compared to MEFAX (2.87%). In terms of maximum drawdown, FMDGX dropped -38.59% vs MEFAX's -56.04%.
MEFAX currently has the higher Sharpe Ratio (0.34 vs -0.15), 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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