FSMAX vs. FXAIX
FSMAX (Fidelity Extended Market Index Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds — FSMAX is a Mid Cap Growth Equities fund managed by Fidelity, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FSMAX returned 11.25%/yr vs 14.35%/yr for FXAIX. Their correlation of 0.88 suggests significant overlap in exposure. FSMAX charges 0.04%/yr vs 0.02%/yr for FXAIX.
Performance
FSMAX vs. FXAIX - Performance Comparison
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Returns By Period
In the year-to-date period, FSMAX achieves a 0.40% return, which is significantly higher than FXAIX's -3.10% return. Over the past 10 years, FSMAX has underperformed FXAIX with an annualized return of 11.25%, while FXAIX has yielded a comparatively higher 14.35% annualized return.
FSMAX
- 1D
- 0.49%
- 1M
- 0.37%
- YTD
- 0.40%
- 6M
- 0.10%
- 1Y
- 37.23%
- 3Y*
- 16.81%
- 5Y*
- 4.40%
- 10Y*
- 11.25%
FXAIX
- 1D
- 0.45%
- 1M
- -1.80%
- YTD
- -3.10%
- 6M
- -0.94%
- 1Y
- 32.23%
- 3Y*
- 18.83%
- 5Y*
- 11.74%
- 10Y*
- 14.35%
FSMAX vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSMAX Fidelity Extended Market Index Fund | 0.40% | 11.40% | 16.99% | 25.36% | -26.44% | 12.41% | 32.28% | 28.01% | -9.44% | 18.04% |
FXAIX Fidelity 500 Index Fund | -3.10% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Correlation
The correlation between FSMAX and FXAIX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they'll tend to fall together during downturns. For meaningful risk reduction, look for holdings with correlations below 0.5.
FSMAX vs. FXAIX - Expense Ratio Comparison
FSMAX has a 0.04% expense ratio, which is higher than FXAIX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
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Return for Risk
FSMAX vs. FXAIX — Risk / Return Rank
FSMAX
FXAIX
FSMAX vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Extended Market Index Fund (FSMAX) and Fidelity 500 Index Fund (FXAIX). 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 | FXAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.73 | 1.94 | -0.22 |
Sortino ratioReturn per unit of downside risk | 2.64 | 3.12 | -0.48 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.43 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | 1.96 | 2.03 | -0.07 |
Martin ratioReturn relative to average drawdown | 6.76 | 8.66 | -1.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FSMAX | FXAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.73 | 1.94 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.70 | -0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.80 | -0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.77 | -0.34 |
Drawdowns
FSMAX vs. FXAIX - Drawdown Comparison
The maximum FSMAX drawdown since its inception was -50.55%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FSMAX and FXAIX.
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Drawdown Indicators
| FSMAX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.55% | -33.79% | -16.76% |
Max Drawdown (1Y)Largest decline over 1 year | -10.26% | -8.89% | -1.37% |
Max Drawdown (5Y)Largest decline over 5 years | -36.31% | -24.50% | -11.81% |
Max Drawdown (10Y)Largest decline over 10 years | -50.55% | -33.79% | -16.76% |
Current DrawdownCurrent decline from peak | -5.62% | -5.02% | -0.60% |
Average DrawdownAverage peak-to-trough decline | -12.29% | -3.83% | -8.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 2.08% | +0.89% |
Volatility
FSMAX vs. FXAIX - Volatility Comparison
Fidelity Extended Market Index Fund (FSMAX) has a higher volatility of 6.78% compared to Fidelity 500 Index Fund (FXAIX) at 5.32%. This indicates that FSMAX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMAX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.78% | 5.32% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 13.52% | 9.56% | +3.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.23% | 16.62% | +4.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.35% | 16.91% | +5.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.21% | 18.05% | +12.16% |
Dividends
FSMAX vs. FXAIX - Dividend Comparison
FSMAX's dividend yield for the trailing twelve months is around 0.57%, less than FXAIX's 0.89% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMAX Fidelity Extended Market Index Fund | 0.57% | 0.57% | 0.48% | 1.17% | 1.90% | 7.49% | 2.14% | 4.30% | 6.09% | 5.44% | 4.85% | 6.34% |
FXAIX Fidelity 500 Index Fund | 0.89% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |