FMDGX vs. TRMSX
FMDGX (Fidelity Mid Cap Growth Index Fund) and TRMSX (T. Rowe Price Mid-Cap Index Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, FMDGX returned 4.37%/yr vs 6.20%/yr for TRMSX. Their correlation of 0.92 means they have usually moved in the same direction. FMDGX charges 0.05%/yr vs 0.14%/yr for TRMSX.
Performance
FMDGX vs. TRMSX - 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 TRMSX's 9.69% 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%
TRMSX
- 1D
- -0.45%
- 1M
- -3.27%
- 6M
- 8.32%
- YTD
- 9.69%
- 1Y
- 14.27%
- 3Y*
- 16.50%
- 5Y*
- 6.20%
- 10Y*
- —
- ALL TIME*
- 7.82%
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. TRMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMDGX Fidelity Mid Cap Growth Index Fund | 0.31% | 8.60% | 22.03% | 25.79% | -26.67% | 15.51% |
TRMSX T. Rowe Price Mid-Cap Index Fund | 9.69% | 12.61% | 19.98% | 29.90% | -28.56% | 7.68% |
Correlation
The correlation between FMDGX and TRMSX is 0.84, 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. | 0.84 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (All Time) Calculated using the full available price history since May 13, 2021 | 0.92 |
The correlation between FMDGX and TRMSX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.
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Return for Risk
FMDGX vs. TRMSX — Risk / Return Rank
FMDGX
TRMSX
FMDGX vs. TRMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Growth Index Fund (FMDGX) and T. Rowe Price Mid-Cap Index Fund (TRMSX). 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 | TRMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.49 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.16 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 1.66 | -1.84 |
| Martin ratioReturn relative to average drawdown | -0.51 | 5.46 | -5.97 |
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Drawdowns
FMDGX vs. TRMSX - Drawdown Comparison
The maximum FMDGX drawdown since its inception was -38.59%, roughly equal to the maximum TRMSX drawdown of -37.34%. Use the drawdown chart below to compare losses from any high point for FMDGX and TRMSX.
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Drawdown Indicators
| FMDGX | TRMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.59% | -37.34% | -1.25% |
Max Drawdown (1Y)Largest decline over 1 year | -14.75% | -9.51% | -5.24% |
Max Drawdown (3Y)Largest decline over 3 years | -25.30% | -26.02% | +0.72% |
Max Drawdown (5Y)Largest decline over 5 years | -38.59% | -37.34% | -1.25% |
Current DrawdownCurrent decline from peak | -6.46% | -4.34% | -2.12% |
Average DrawdownAverage peak-to-trough decline | -11.02% | -13.51% | +2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.30% | 2.77% | +2.53% |
Volatility
FMDGX vs. TRMSX - Volatility Comparison
Fidelity Mid Cap Growth Index Fund (FMDGX) has a higher volatility of 5.09% compared to T. Rowe Price Mid-Cap Index Fund (TRMSX) at 4.05%. This indicates that FMDGX's price experiences larger fluctuations and is considered to be riskier than TRMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMDGX | TRMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 4.05% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 13.21% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.60% | 17.68% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.53% | 23.11% | -0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.22% | 22.78% | +1.44% |
FMDGX vs. TRMSX - Expense Ratio Comparison
FMDGX has a 0.05% expense ratio, which is lower than TRMSX's 0.14% expense ratio. Despite the difference, 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. TRMSX - Dividend Comparison
FMDGX's dividend yield for the trailing twelve months is around 1.85%, less than TRMSX's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FMDGX Fidelity Mid Cap Growth Index Fund | 1.85% | 1.85% | 0.47% | 0.63% | 0.81% | 6.43% | 0.36% | 0.29% |
TRMSX T. Rowe Price Mid-Cap Index Fund | 5.91% | 6.49% | 1.98% | 0.86% | 1.92% | 4.01% | 0.00% | 0.00% |
Frequently Asked Questions
FMDGX and TRMSX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMDGX has higher volatility (5.09%) compared to TRMSX (4.05%). In terms of maximum drawdown, FMDGX dropped -38.59% vs TRMSX's -37.34%.
TRMSX currently has the higher Sharpe Ratio (0.89 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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