FSMAX vs. FSPSX

Last updated Jun 4, 2026

FSMAX (Fidelity Extended Market Index Fund) and FSPSX (Fidelity International Index Fund) are both mutual funds - FSMAX is a Mid Cap Growth Equities fund managed by Fidelity, while FSPSX is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index. Over the past 10 years, FSMAX returned 12.17%/yr vs 9.45%/yr for FSPSX. A 0.72 correlation means they provide meaningful diversification when combined. FSMAX charges 0.04%/yr vs 0.04%/yr for FSPSX.

Performance

FSMAX vs. FSPSX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSMAX achieves a 14.89% return, which is significantly higher than FSPSX's 9.51% return. Over the past 10 years, FSMAX has outperformed FSPSX with an annualized return of 12.17%, while FSPSX has yielded a comparatively lower 9.45% annualized return.

FSMAX

• 1D: 1.07%
• 1M: 5.80%
• YTD: 14.89%
• 6M: 13.61%
• 1Y: 30.08%
• 3Y*: 20.13%
• 5Y*: 6.91%
• 10Y*: 12.17%

FSPSX

• 1D: 0.41%
• 1M: 4.06%
• YTD: 9.51%
• 6M: 12.14%
• 1Y: 22.52%
• 3Y*: 17.23%
• 5Y*: 8.91%
• 10Y*: 9.45%

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

FSMAX vs. FSPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMAX Fidelity Extended Market Index Fund	14.89%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%
FSPSX Fidelity International Index Fund	9.51%	31.98%	3.70%	18.31%	-14.23%	11.45%	8.16%	22.03%	-13.55%	25.37%

Correlation

The correlation between FSMAX and FSPSX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.72

The correlation between FSMAX and FSPSX has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

Return for Risk

FSMAX vs. FSPSX — 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: 39
FSMAX Omega Ratio Rank: 37
FSMAX Calmar Ratio Rank: 66
FSMAX Martin Ratio Rank: 54

FSPSX

FSPSX Risk / Return Rank: 27
FSPSX Sharpe Ratio Rank: 27
FSPSX Sortino Ratio Rank: 26
FSPSX Omega Ratio Rank: 26
FSPSX Calmar Ratio Rank: 26
FSPSX Martin Ratio Rank: 31

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. FSPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Extended Market Index Fund (FSMAX) and Fidelity International Index Fund (FSPSX). 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.

	FSMAX	FSPSX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.47	+0.40
Sortino ratio: Return per unit of downside risk	2.60	2.10	+0.50
Omega ratio: Gain probability vs. loss probability	1.32	1.27	+0.05
Calmar ratio: Return relative to maximum drawdown	3.12	1.91	+1.22
Martin ratio: Return relative to average drawdown	11.05	7.16	+3.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMAX vs. FSPSX - Sharpe Ratio Comparison

The current FSMAX Sharpe Ratio is 1.87, which is comparable to the FSPSX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of FSMAX and FSPSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSMAX	FSPSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.47	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.56	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.57	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.50	-0.04

Drawdowns

FSMAX vs. FSPSX - Drawdown Comparison

The maximum FSMAX drawdown since its inception was -50.55%, which is greater than FSPSX's maximum drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for FSMAX and FSPSX.

Drawdown Indicators

	FSMAX	FSPSX	Difference
Max Drawdown Largest peak-to-trough decline	-50.55%	-33.69%	-16.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.26%	-11.39%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-26.82%	-13.58%	-13.24%
Max Drawdown (5Y) Largest decline over 5 years	-36.31%	-29.41%	-6.90%
Max Drawdown (10Y) Largest decline over 10 years	-50.55%	-33.69%	-16.86%
Current Drawdown Current decline from peak	0.00%	-0.45%	+0.45%
Average Drawdown Average peak-to-trough decline	-12.17%	-6.55%	-5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	3.03%	-0.13%

Volatility

FSMAX vs. FSPSX - Volatility Comparison

Fidelity Extended Market Index Fund (FSMAX) and Fidelity International Index Fund (FSPSX) have volatilities of 4.70% and 4.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMAX	FSPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	4.62%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	12.04%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	14.80%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	15.98%	+6.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.24%	16.56%	+13.68%

FSMAX vs. FSPSX - Expense Ratio Comparison

FSMAX has a 0.04% expense ratio, which is lower than FSPSX's 0.04% 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

FSMAX vs. FSPSX - Dividend Comparison

FSMAX's dividend yield for the trailing twelve months is around 0.50%, less than FSPSX's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FSPSX Fidelity International Index Fund	2.88%	3.15%	3.27%	2.79%	2.66%	3.07%	1.84%	3.18%	2.79%	2.50%	3.08%	2.79%

Frequently Asked Questions

Can I hold both FSMAX and FSPSX in my portfolio?

FSMAX and FSPSX have a correlation of 0.69, 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 FSPSX?

FSMAX has higher volatility (4.70%) compared to FSPSX (4.62%). In terms of maximum drawdown, FSMAX dropped -50.55% vs FSPSX's -33.69%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.87 vs 1.47), 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.