FMDGX vs. SSMHX
FMDGX (Fidelity Mid Cap Growth Index Fund) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both Mid Cap Growth Equities funds. Over the past 5 years, FMDGX returned 4.37%/yr vs 5.74%/yr for SSMHX. Their correlation of 0.92 means they have usually moved in the same direction. FMDGX charges 0.05%/yr vs 0.02%/yr for SSMHX.
Performance
FMDGX vs. SSMHX - 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 SSMHX's 13.35% 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%
SSMHX
- 1D
- -0.48%
- 1M
- -2.88%
- 6M
- 9.85%
- YTD
- 13.35%
- 1Y
- 24.03%
- 3Y*
- 14.29%
- 5Y*
- 5.74%
- 10Y*
- 11.50%
- ALL TIME*
- 10.33%
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. SSMHX - 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% |
SSMHX State Street Small/Mid Cap Equity Index Portfolio | 13.35% | 12.90% | 10.73% | 25.21% | -25.43% | 13.08% | 32.46% | 5.83% |
Correlation
The correlation between FMDGX and SSMHX is 0.93, 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. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019 | 0.92 |
The correlation between FMDGX and SSMHX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
FMDGX vs. SSMHX — Risk / Return Rank
FMDGX
SSMHX
FMDGX vs. SSMHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Growth Index Fund (FMDGX) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX). 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 | SSMHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.22 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 2.16 | -2.34 |
| Martin ratioReturn relative to average drawdown | -0.51 | 7.53 | -8.04 |
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Drawdowns
FMDGX vs. SSMHX - Drawdown Comparison
The maximum FMDGX drawdown since its inception was -38.59%, smaller than the maximum SSMHX drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for FMDGX and SSMHX.
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Drawdown Indicators
| FMDGX | SSMHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.59% | -41.61% | +3.02% |
Max Drawdown (1Y)Largest decline over 1 year | -14.75% | -10.03% | -4.72% |
Max Drawdown (3Y)Largest decline over 3 years | -25.30% | -30.38% | +5.08% |
Max Drawdown (5Y)Largest decline over 5 years | -38.59% | -34.84% | -3.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.61% | — |
Current DrawdownCurrent decline from peak | -6.46% | -3.86% | -2.60% |
Average DrawdownAverage peak-to-trough decline | -11.02% | -9.03% | -1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.30% | 2.88% | +2.42% |
Volatility
FMDGX vs. SSMHX - Volatility Comparison
Fidelity Mid Cap Growth Index Fund (FMDGX) has a higher volatility of 5.09% compared to State Street Small/Mid Cap Equity Index Portfolio (SSMHX) at 3.92%. This indicates that FMDGX's price experiences larger fluctuations and is considered to be riskier than SSMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMDGX | SSMHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 3.92% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 13.24% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.60% | 17.53% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.53% | 22.47% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.22% | 22.37% | +1.85% |
FMDGX vs. SSMHX - Expense Ratio Comparison
FMDGX has a 0.05% expense ratio, which is higher than SSMHX'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
FMDGX vs. SSMHX - Dividend Comparison
FMDGX's dividend yield for the trailing twelve months is around 1.85%, less than SSMHX's 6.28% 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% |
SSMHX State Street Small/Mid Cap Equity Index Portfolio | 6.28% | 7.12% | 0.00% | 1.56% | 2.31% | 16.30% | 2.91% | 3.65% | 6.43% | 4.01% | 1.71% | 0.73% |
Frequently Asked Questions
With a correlation of 0.93, FMDGX and SSMHX 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 SSMHX (3.92%). In terms of maximum drawdown, FMDGX dropped -38.59% vs SSMHX's -41.61%.
SSMHX currently has the higher Sharpe Ratio (1.24 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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