FSMAX vs. FLOWX

Last updated Aug 4, 2026

FSMAX (Fidelity Extended Market Index Fund) and FLOWX (Fidelity Water Sustainability Fund) are both mutual funds - FSMAX is a Mid Cap Blend Equities fund tracking the Dow Jones U.S. Completion Total Stock Market Index, while FLOWX is a Energy Equities fund managed by Fidelity. Over the past 5 years, FSMAX returned 6.08%/yr vs 6.61%/yr for FLOWX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. FSMAX charges 0.04%/yr vs 1.00%/yr for FLOWX.

Performance

FSMAX vs. FLOWX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSMAX achieves a 13.37% return, which is significantly higher than FLOWX's 3.49% return.

FSMAX

• 1D: -0.41%
• 1M: -3.05%
• 6M: 10.02%
• YTD: 13.37%
• 1Y: 23.10%
• 3Y*: 15.94%
• 5Y*: 6.08%
• 10Y*: 11.70%
• ALL TIME*: 12.08%

FLOWX

• 1D: 0.11%
• 1M: -0.89%
• 6M: -2.57%
• YTD: 3.49%
• 1Y: 8.30%
• 3Y*: 10.92%
• 5Y*: 6.61%
• 10Y*: —
• ALL TIME*: 13.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLOWX Fidelity Water Sustainability Fund	$0.00	$0.00	$0.00
FSMAX Fidelity Extended Market Index Fund	$0.00	$0.00	$0.00

FSMAX vs. FLOWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FSMAX Fidelity Extended Market Index Fund	13.37%	11.40%	16.99%	25.36%	-26.44%	12.41%	73.86%
FLOWX Fidelity Water Sustainability Fund	3.49%	18.02%	8.78%	18.58%	-19.94%	28.52%	35.89%

Correlation

The correlation between FSMAX and FLOWX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (All Time) Calculated using the full available price history since Apr 16, 2020	0.78

The correlation between FSMAX and FLOWX shifts across timeframes, from 0.68 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSMAX vs. FLOWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSMAX

FSMAX Risk / Return Rank: 39
FSMAX Sharpe Ratio Rank: 34
FSMAX Sortino Ratio Rank: 34
FSMAX Omega Ratio Rank: 32
FSMAX Calmar Ratio Rank: 51
FSMAX Martin Ratio Rank: 45

FLOWX

FLOWX Risk / Return Rank: 11
FLOWX Sharpe Ratio Rank: 12
FLOWX Sortino Ratio Rank: 12
FLOWX Omega Ratio Rank: 11
FLOWX Calmar Ratio Rank: 11
FLOWX Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSMAX vs. FLOWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Extended Market Index Fund (FSMAX) and Fidelity Water Sustainability Fund (FLOWX). 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	FLOWX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	0.51	+0.65
Sortino ratio: Return per unit of downside risk	1.71	0.81	+0.90
Omega ratio: Gain probability vs. loss probability	1.20	1.10	+0.11
Calmar ratio: Return relative to maximum drawdown	2.01	0.60	+1.41
Martin ratio: Return relative to average drawdown	6.81	1.39	+5.43

FSMAX vs. FLOWX - Sharpe Ratio Comparison

The current FSMAX Sharpe Ratio is 1.16, which is higher than the FLOWX Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of FSMAX and FLOWX, 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. FLOWX - Drawdown Comparison

The maximum FSMAX drawdown since its inception was -50.55%, which is greater than FLOWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for FSMAX and FLOWX.

Drawdown Indicators

	FSMAX	FLOWX	Difference
Max Drawdown Largest peak-to-trough decline	-50.55%	-30.63%	-19.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.26%	-12.84%	+2.58%
Max Drawdown (3Y) Largest decline over 3 years	-26.82%	-16.13%	-10.69%
Max Drawdown (5Y) Largest decline over 5 years	-36.31%	-30.63%	-5.68%
Max Drawdown (10Y) Largest decline over 10 years	-50.55%	—	—
Current Drawdown Current decline from peak	-4.16%	-7.28%	+3.12%
Average Drawdown Average peak-to-trough decline	-12.05%	-7.39%	-4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	5.54%	-2.51%

Volatility

FSMAX vs. FLOWX - Volatility Comparison

The current volatility for Fidelity Extended Market Index Fund (FSMAX) is 3.88%, while Fidelity Water Sustainability Fund (FLOWX) has a volatility of 4.36%. This indicates that FSMAX experiences smaller price fluctuations and is considered to be less risky than FLOWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMAX	FLOWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	4.36%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	13.30%	12.01%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	15.04%	+2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.39%	17.91%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.22%	18.11%	+12.11%

FSMAX vs. FLOWX - Expense Ratio Comparison

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

Dividends

FSMAX vs. FLOWX - Dividend Comparison

FSMAX's dividend yield for the trailing twelve months is around 0.50%, less than FLOWX's 7.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLOWX Fidelity Water Sustainability Fund	7.04%	2.93%	2.51%	0.42%	0.08%	1.41%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%
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 FLOWX in my portfolio?

FSMAX and FLOWX have a correlation of 0.68, 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 FLOWX?

FLOWX has higher volatility (4.36%) compared to FSMAX (3.88%). In terms of maximum drawdown, FSMAX dropped -50.55% vs FLOWX's -30.63%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.16 vs 0.51), 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.