FMDGX vs. USMIX
FMDGX (Fidelity Mid Cap Growth Index Fund) and USMIX (USAA Extended Market Index Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, FMDGX returned 4.37%/yr vs 6.23%/yr for USMIX. Their correlation of 0.88 means they have usually moved in the same direction. FMDGX charges 0.05%/yr vs 0.38%/yr for USMIX.
Performance
FMDGX vs. USMIX - 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 USMIX's 14.17% 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%
USMIX
- 1D
- -0.33%
- 1M
- -1.18%
- 6M
- 9.00%
- YTD
- 14.17%
- 1Y
- 27.20%
- 3Y*
- 14.46%
- 5Y*
- 6.23%
- 10Y*
- 11.69%
- ALL TIME*
- 8.64%
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. USMIX - 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% |
USMIX USAA Extended Market Index Fund | 14.17% | 10.44% | 11.99% | 25.81% | -24.04% | 15.29% | 31.20% | 6.16% |
Correlation
The correlation between FMDGX and USMIX 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. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019 | 0.88 |
The correlation between FMDGX and USMIX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.
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Return for Risk
FMDGX vs. USMIX — Risk / Return Rank
FMDGX
USMIX
FMDGX vs. USMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Growth Index Fund (FMDGX) and USAA Extended Market Index Fund (USMIX). 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 | USMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.27 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 2.54 | -2.73 |
| Martin ratioReturn relative to average drawdown | -0.51 | 9.29 | -9.80 |
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Drawdowns
FMDGX vs. USMIX - Drawdown Comparison
The maximum FMDGX drawdown since its inception was -38.59%, smaller than the maximum USMIX drawdown of -57.91%. Use the drawdown chart below to compare losses from any high point for FMDGX and USMIX.
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Drawdown Indicators
| FMDGX | USMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.59% | -57.91% | +19.32% |
Max Drawdown (1Y)Largest decline over 1 year | -14.75% | -9.97% | -4.78% |
Max Drawdown (3Y)Largest decline over 3 years | -25.30% | -31.84% | +6.54% |
Max Drawdown (5Y)Largest decline over 5 years | -38.59% | -37.86% | -0.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.86% | — |
Current DrawdownCurrent decline from peak | -6.46% | -1.66% | -4.80% |
Average DrawdownAverage peak-to-trough decline | -11.02% | -11.92% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.30% | 2.73% | +2.57% |
Volatility
FMDGX vs. USMIX - Volatility Comparison
Fidelity Mid Cap Growth Index Fund (FMDGX) has a higher volatility of 5.09% compared to USAA Extended Market Index Fund (USMIX) at 3.25%. This indicates that FMDGX's price experiences larger fluctuations and is considered to be riskier than USMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMDGX | USMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 3.25% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 11.77% | +2.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.60% | 16.60% | +1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.53% | 24.93% | -2.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.22% | 23.62% | +0.60% |
FMDGX vs. USMIX - Expense Ratio Comparison
FMDGX has a 0.05% expense ratio, which is lower than USMIX's 0.38% expense ratio.
Dividends
FMDGX vs. USMIX - Dividend Comparison
FMDGX's dividend yield for the trailing twelve months is around 1.85%, less than USMIX's 5.67% 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% |
USMIX USAA Extended Market Index Fund | 5.67% | 6.47% | 14.41% | 4.41% | 8.78% | 17.98% | 3.32% | 3.18% | 6.48% | 7.48% | 7.07% | 8.02% |
Frequently Asked Questions
FMDGX and USMIX 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 USMIX (3.25%). In terms of maximum drawdown, FMDGX dropped -38.59% vs USMIX's -57.91%.
USMIX currently has the higher Sharpe Ratio (1.53 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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