FSMAX vs. VMFGX
FSMAX (Fidelity Extended Market Index Fund) and VMFGX (Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares) are both Mid Cap Growth Equities funds. Over the past 10 years, FSMAX returned 12.17%/yr vs 11.68%/yr for VMFGX. With a 0.96 correlation, they move nearly in lockstep. FSMAX charges 0.04%/yr vs 0.08%/yr for VMFGX.
Performance
FSMAX vs. VMFGX - Performance Comparison
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Returns By Period
In the year-to-date period, FSMAX achieves a 14.89% return, which is significantly lower than VMFGX's 18.87% return. Both investments have delivered pretty close results over the past 10 years, with FSMAX having a 12.17% annualized return and VMFGX not far behind at 11.68%.
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%
VMFGX
- 1D
- 0.71%
- 1M
- 5.67%
- YTD
- 18.87%
- 6M
- 19.12%
- 1Y
- 29.92%
- 3Y*
- 18.07%
- 5Y*
- 8.83%
- 10Y*
- 11.68%
FSMAX vs. VMFGX - 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% |
VMFGX Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares | 18.87% | 7.43% | 15.86% | 17.42% | -18.99% | 18.83% | 22.61% | 26.20% | -10.39% | 19.87% |
Correlation
The correlation between FSMAX and VMFGX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012 | 0.96 |
The correlation between FSMAX and VMFGX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
FSMAX vs. VMFGX — Risk / Return Rank
FSMAX
VMFGX
FSMAX vs. VMFGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Extended Market Index Fund (FSMAX) and Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares (VMFGX). 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 | VMFGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.33 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 3.19 | -0.06 |
| Martin ratioReturn relative to average drawdown | 11.05 | 12.69 | -1.65 |
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 | VMFGX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 1.87 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.43 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 0.56 | -0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.64 | -0.18 |
Drawdowns
FSMAX vs. VMFGX - Drawdown Comparison
The maximum FSMAX drawdown since its inception was -50.55%, which is greater than VMFGX's maximum drawdown of -39.15%. Use the drawdown chart below to compare losses from any high point for FSMAX and VMFGX.
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Drawdown Indicators
| FSMAX | VMFGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.55% | -39.15% | -11.40% |
Max Drawdown (1Y)Largest decline over 1 year | -10.26% | -9.91% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -26.82% | -25.45% | -1.37% |
Max Drawdown (5Y)Largest decline over 5 years | -36.31% | -29.25% | -7.06% |
Max Drawdown (10Y)Largest decline over 10 years | -50.55% | -39.15% | -11.40% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -12.17% | -5.71% | -6.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 2.48% | +0.42% |
Volatility
FSMAX vs. VMFGX - Volatility Comparison
The current volatility for Fidelity Extended Market Index Fund (FSMAX) is 4.70%, while Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares (VMFGX) has a volatility of 5.18%. This indicates that FSMAX experiences smaller price fluctuations and is considered to be less risky than VMFGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMAX | VMFGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 5.18% | -0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 13.09% | -0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.17% | 16.85% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.33% | 20.61% | +1.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.24% | 21.05% | +9.19% |
FSMAX vs. VMFGX - Expense Ratio Comparison
FSMAX has a 0.04% expense ratio, which is lower than VMFGX's 0.08% 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. VMFGX - Dividend Comparison
FSMAX's dividend yield for the trailing twelve months is around 0.50%, less than VMFGX's 0.59% 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% |
VMFGX Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares | 0.59% | 0.70% | 0.84% | 1.21% | 1.12% | 0.53% | 0.79% | 1.22% | 1.18% | 0.93% | 1.14% | 1.14% |
Frequently Asked Questions
With a correlation of 0.94, FSMAX and VMFGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VMFGX has higher volatility (5.18%) compared to FSMAX (4.70%). In terms of maximum drawdown, FSMAX dropped -50.55% vs VMFGX's -39.15%.
VMFGX currently has the higher Sharpe Ratio (1.87 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.
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