FSMAX vs. SCHD

Last updated Jun 4, 2026

FSMAX (Fidelity Extended Market Index Fund) and SCHD (Schwab U.S. Dividend Equity ETF) are both funds - FSMAX is a Mid Cap Growth Equities fund managed by Fidelity, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Over the past 10 years, FSMAX returned 12.17%/yr vs 12.77%/yr for SCHD. A 0.75 correlation means they provide meaningful diversification when combined. FSMAX charges 0.04%/yr vs 0.06%/yr for SCHD.

Performance

FSMAX vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Extended Market Index Fund (FSMAX) and Schwab U.S. Dividend Equity ETF (SCHD). 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 lower than SCHD's 19.01% return. Both investments have delivered pretty close results over the past 10 years, with FSMAX having a 12.17% annualized return and SCHD not far ahead at 12.77%.

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%

SCHD

• 1D: 0.00%
• 1M: 2.70%
• YTD: 19.01%
• 6M: 18.63%
• 1Y: 27.16%
• 3Y*: 15.09%
• 5Y*: 8.36%
• 10Y*: 12.77%

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

FSMAX vs. SCHD - 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%
SCHD Schwab U.S. Dividend Equity ETF	19.01%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between FSMAX and SCHD is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.75

Over the past year, the correlation between FSMAX and SCHD has dropped to 0.49 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

Return for Risk

FSMAX vs. SCHD — 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

SCHD

SCHD Risk / Return Rank: 80
SCHD Sharpe Ratio Rank: 75
SCHD Sortino Ratio Rank: 84
SCHD Omega Ratio Rank: 73
SCHD Calmar Ratio Rank: 91
SCHD Martin Ratio Rank: 75

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Extended Market Index Fund (FSMAX) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.49	-0.63
Sortino ratio: Return per unit of downside risk	2.60	3.87	-1.26
Omega ratio: Gain probability vs. loss probability	1.32	1.45	-0.13
Calmar ratio: Return relative to maximum drawdown	3.12	5.91	-2.79
Martin ratio: Return relative to average drawdown	11.05	14.53	-3.48
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. SCHD - Sharpe Ratio Comparison

The current FSMAX Sharpe Ratio is 1.87, which is comparable to the SCHD Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FSMAX and SCHD, 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	SCHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.49	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.58	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.77	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.86	-0.40

Drawdowns

FSMAX vs. SCHD - Drawdown Comparison

The maximum FSMAX drawdown since its inception was -50.55%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for FSMAX and SCHD.

Drawdown Indicators

	FSMAX	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-50.55%	-33.37%	-17.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.26%	-4.61%	-5.65%
Max Drawdown (3Y) Largest decline over 3 years	-26.82%	-16.13%	-10.69%
Max Drawdown (5Y) Largest decline over 5 years	-36.31%	-16.85%	-19.46%
Max Drawdown (10Y) Largest decline over 10 years	-50.55%	-33.37%	-17.18%
Current Drawdown Current decline from peak	0.00%	-1.40%	+1.40%
Average Drawdown Average peak-to-trough decline	-12.17%	-3.32%	-8.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	1.88%	+1.02%

Volatility

FSMAX vs. SCHD - Volatility Comparison

Fidelity Extended Market Index Fund (FSMAX) has a higher volatility of 4.70% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 2.66%. This indicates that FSMAX's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMAX	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	2.66%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	7.66%	+4.80%
Volatility (1Y) Calculated over the trailing 1-year period	17.17%	10.96%	+6.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	14.38%	+7.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.24%	16.72%	+13.52%

FSMAX vs. SCHD - Expense Ratio Comparison

FSMAX has a 0.04% expense ratio, which is lower than SCHD's 0.06% 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. SCHD - Dividend Comparison

FSMAX's dividend yield for the trailing twelve months is around 0.50%, less than SCHD's 3.26% 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%
SCHD Schwab U.S. Dividend Equity ETF	3.26%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both FSMAX and SCHD in my portfolio?

FSMAX and SCHD have a correlation of 0.49, 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 SCHD?

FSMAX has higher volatility (4.70%) compared to SCHD (2.66%). In terms of maximum drawdown, FSMAX dropped -50.55% vs SCHD's -33.37%.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.49 vs 1.87), 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.