FSMAX vs. BTMFX

Last updated Jun 24, 2026

FSMAX (Fidelity Extended Market Index Fund) and BTMFX (Boston Trust Midcap Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, FSMAX returned 12.60%/yr vs 10.41%/yr for BTMFX. Their correlation of 0.88 suggests significant overlap in exposure. FSMAX charges 0.04%/yr vs 1.00%/yr for BTMFX.

Performance

FSMAX vs. BTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Extended Market Index Fund (FSMAX) and Boston Trust Midcap Fund (BTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMAX achieves a 15.43% return, which is significantly higher than BTMFX's 2.09% return. Over the past 10 years, FSMAX has outperformed BTMFX with an annualized return of 12.60%, while BTMFX has yielded a comparatively lower 10.41% annualized return.

FSMAX

• 1D: -0.11%
• 1M: 4.21%
• YTD: 15.43%
• 6M: 13.08%
• 1Y: 29.23%
• 3Y*: 20.24%
• 5Y*: 6.38%
• 10Y*: 12.60%

BTMFX

• 1D: 0.04%
• 1M: 0.82%
• YTD: 2.09%
• 6M: 0.90%
• 1Y: 6.30%
• 3Y*: 9.05%
• 5Y*: 5.94%
• 10Y*: 10.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FSMAX vs. BTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMAX Fidelity Extended Market Index Fund	15.43%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%
BTMFX Boston Trust Midcap Fund	2.09%	4.29%	10.27%	13.06%	-10.91%	24.77%	9.72%	33.00%	-3.36%	20.01%

Correlation

The correlation between FSMAX and BTMFX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.88

The correlation between FSMAX and BTMFX shifts across timeframes, from 0.77 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSMAX vs. BTMFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FSMAX

FSMAX Risk / Return Rank: 47
FSMAX Sharpe Ratio Rank: 41
FSMAX Sortino Ratio Rank: 38
FSMAX Omega Ratio Rank: 35
FSMAX Calmar Ratio Rank: 66
FSMAX Martin Ratio Rank: 55

BTMFX

BTMFX Risk / Return Rank: 9
BTMFX Sharpe Ratio Rank: 8
BTMFX Sortino Ratio Rank: 9
BTMFX Omega Ratio Rank: 8
BTMFX Calmar Ratio Rank: 11
BTMFX Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FSMAX vs. BTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Extended Market Index Fund (FSMAX) and Boston Trust Midcap Fund (BTMFX). 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.

	FSMAX	BTMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	0.65	+1.07
Sortino ratio: Return per unit of downside risk	2.39	1.04	+1.35
Omega ratio: Gain probability vs. loss probability	1.29	1.12	+0.17
Calmar ratio: Return relative to maximum drawdown	2.97	0.99	+1.98
Martin ratio: Return relative to average drawdown	10.42	2.71	+7.71

FSMAX vs. BTMFX - Sharpe Ratio Comparison

The current FSMAX Sharpe Ratio is 1.71, which is higher than the BTMFX Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of FSMAX and BTMFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FSMAX vs. BTMFX - Drawdown Comparison

The maximum FSMAX drawdown since its inception was -50.55%, roughly equal to the maximum BTMFX drawdown of -49.26%. Use the drawdown chart below to compare losses from any high point for FSMAX and BTMFX.

Drawdown Indicators

	FSMAX	BTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-50.55%	-49.26%	-1.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.26%	-7.79%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-26.82%	-17.77%	-9.05%
Max Drawdown (5Y) Largest decline over 5 years	-36.31%	-20.79%	-15.52%
Max Drawdown (10Y) Largest decline over 10 years	-50.55%	-37.14%	-13.41%
Current Drawdown Current decline from peak	-0.22%	-2.38%	+2.16%
Average Drawdown Average peak-to-trough decline	-12.13%	-6.15%	-5.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.83%	+0.09%

Volatility

FSMAX vs. BTMFX - Volatility Comparison

Fidelity Extended Market Index Fund (FSMAX) has a higher volatility of 6.07% compared to Boston Trust Midcap Fund (BTMFX) at 3.13%. This indicates that FSMAX's price experiences larger fluctuations and is considered to be riskier than BTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMAX	BTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	3.13%	+2.94%
Volatility (6M) Calculated over the trailing 6-month period	13.28%	8.18%	+5.10%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	11.93%	+5.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	15.75%	+6.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.28%	17.45%	+12.83%

FSMAX vs. BTMFX - Expense Ratio Comparison

FSMAX has a 0.04% expense ratio, which is lower than BTMFX's 1.00% expense ratio.

Dividends

FSMAX vs. BTMFX - Dividend Comparison

FSMAX's dividend yield for the trailing twelve months is around 0.50%, less than BTMFX's 10.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTMFX Boston Trust Midcap Fund	10.64%	10.86%	4.23%	4.41%	4.71%	4.91%	1.98%	6.95%	5.96%	6.61%	7.03%	6.60%
FSMAX Fidelity Extended Market Index Fund	0.50%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%

Frequently Asked Questions

Can I hold both FSMAX and BTMFX in my portfolio?

FSMAX and BTMFX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMAX or BTMFX?

FSMAX has higher volatility (6.07%) compared to BTMFX (3.13%). In terms of maximum drawdown, FSMAX dropped -50.55% vs BTMFX's -49.26%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.71 vs 0.65), 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.