FSMAX vs. MMGPX
Compare and contrast key facts about Fidelity Extended Market Index Fund (FSMAX) and Morgan Stanley Discovery Portfolio (MMGPX).
FSMAX is managed by Fidelity. MMGPX is managed by Morgan Stanley. It was launched on Apr 30, 2017.
Performance
FSMAX vs. MMGPX - Performance Comparison
Loading graphics...
FSMAX vs. MMGPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSMAX Fidelity Extended Market Index Fund | -1.26% | 11.40% | 16.99% | 25.36% | -26.44% | 12.41% | 32.28% | 28.01% | -9.44% | 15.73% |
MMGPX Morgan Stanley Discovery Portfolio | -11.10% | 12.58% | 41.83% | 44.34% | -81.34% | -11.55% | 152.67% | 40.20% | 10.89% | 28.18% |
Returns By Period
In the year-to-date period, FSMAX achieves a -1.26% return, which is significantly higher than MMGPX's -11.10% return.
FSMAX
- 1D
- 3.43%
- 1M
- -5.35%
- YTD
- -1.26%
- 6M
- -1.38%
- 1Y
- 20.12%
- 3Y*
- 15.07%
- 5Y*
- 4.00%
- 10Y*
- 10.91%
MMGPX
- 1D
- 4.51%
- 1M
- -4.98%
- YTD
- -11.10%
- 6M
- -20.66%
- 1Y
- 6.81%
- 3Y*
- 20.87%
- 5Y*
- -19.56%
- 10Y*
- —
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
FSMAX vs. MMGPX - Expense Ratio Comparison
FSMAX has a 0.04% expense ratio, which is lower than MMGPX'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%.
Return for Risk
FSMAX vs. MMGPX — Risk / Return Rank
FSMAX
MMGPX
FSMAX vs. MMGPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Extended Market Index Fund (FSMAX) and Morgan Stanley Discovery Portfolio (MMGPX). 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 | MMGPX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.91 | 0.27 | +0.64 |
Sortino ratioReturn per unit of downside risk | 1.40 | 0.62 | +0.79 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.08 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.39 | 0.28 | +1.11 |
Martin ratioReturn relative to average drawdown | 5.70 | 0.70 | +4.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| FSMAX | MMGPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.91 | 0.27 | +0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | -0.43 | +0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.15 | +0.27 |
Correlation
The correlation between FSMAX and MMGPX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FSMAX vs. MMGPX - Dividend Comparison
FSMAX's dividend yield for the trailing twelve months is around 0.58%, more than MMGPX's 0.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMAX Fidelity Extended Market Index Fund | 0.58% | 0.57% | 0.48% | 1.17% | 1.90% | 7.49% | 2.14% | 4.30% | 6.09% | 5.44% | 4.85% | 6.34% |
MMGPX Morgan Stanley Discovery Portfolio | 0.48% | 0.43% | 0.00% | 0.00% | 0.00% | 64.53% | 7.93% | 15.63% | 28.02% | 0.00% | 0.00% | 0.00% |
Drawdowns
FSMAX vs. MMGPX - Drawdown Comparison
The maximum FSMAX drawdown since its inception was -50.55%, smaller than the maximum MMGPX drawdown of -87.45%. Use the drawdown chart below to compare losses from any high point for FSMAX and MMGPX.
Loading graphics...
Drawdown Indicators
| FSMAX | MMGPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.55% | -87.45% | +36.90% |
Max Drawdown (1Y)Largest decline over 1 year | -14.64% | -27.79% | +13.15% |
Max Drawdown (5Y)Largest decline over 5 years | -36.31% | -86.09% | +49.78% |
Max Drawdown (10Y)Largest decline over 10 years | -50.55% | — | — |
Current DrawdownCurrent decline from peak | -7.18% | -72.93% | +65.75% |
Average DrawdownAverage peak-to-trough decline | -12.29% | -38.71% | +26.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 11.21% | -7.64% |
Volatility
FSMAX vs. MMGPX - Volatility Comparison
The current volatility for Fidelity Extended Market Index Fund (FSMAX) is 7.01%, while Morgan Stanley Discovery Portfolio (MMGPX) has a volatility of 9.28%. This indicates that FSMAX experiences smaller price fluctuations and is considered to be less risky than MMGPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| FSMAX | MMGPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 9.28% | -2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 21.94% | -8.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.00% | 32.15% | -9.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 45.74% | -23.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.21% | 39.05% | -8.84% |