FSMBX vs. FSMDX

Last updated Jun 25, 2026

FSMBX (Tributary Small/Mid Cap Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both Mid Cap Blend Equities funds. Over the past 5 years, FSMBX returned 5.00%/yr vs 8.10%/yr for FSMDX. Their correlation of 0.94 suggests significant overlap in exposure. FSMBX charges 0.90%/yr vs 0.03%/yr for FSMDX.

Performance

FSMBX vs. FSMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tributary Small/Mid Cap Fund (FSMBX) and Fidelity Mid Cap Index Fund (FSMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMBX achieves a 9.38% return, which is significantly lower than FSMDX's 12.73% return.

FSMBX

• 1D: -0.85%
• 1M: 2.22%
• YTD: 9.38%
• 6M: 7.56%
• 1Y: 10.79%
• 3Y*: 8.45%
• 5Y*: 5.00%
• 10Y*: —

FSMDX

• 1D: -1.14%
• 1M: 2.13%
• YTD: 12.73%
• 6M: 10.90%
• 1Y: 19.82%
• 3Y*: 17.19%
• 5Y*: 8.10%
• 10Y*: 11.99%

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

FSMBX vs. FSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FSMBX Tributary Small/Mid Cap Fund	9.38%	-5.43%	9.81%	15.38%	-13.81%	33.39%	12.72%	10.24%
FSMDX Fidelity Mid Cap Index Fund	12.73%	10.58%	15.55%	17.20%	-17.27%	22.56%	17.13%	6.05%

Correlation

The correlation between FSMBX and FSMDX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.94

The correlation between FSMBX and FSMDX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

FSMBX vs. FSMDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FSMBX

FSMBX Risk / Return Rank: 13
FSMBX Sharpe Ratio Rank: 12
FSMBX Sortino Ratio Rank: 13
FSMBX Omega Ratio Rank: 11
FSMBX Calmar Ratio Rank: 15
FSMBX Martin Ratio Rank: 12

FSMDX

FSMDX Risk / Return Rank: 40
FSMDX Sharpe Ratio Rank: 33
FSMDX Sortino Ratio Rank: 33
FSMDX Omega Ratio Rank: 30
FSMDX Calmar Ratio Rank: 51
FSMDX Martin Ratio Rank: 51

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.

FSMBX vs. FSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tributary Small/Mid Cap Fund (FSMBX) and Fidelity Mid Cap Index Fund (FSMDX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FSMBX	FSMDX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.54	-0.76
Sortino ratio: Return per unit of downside risk	1.24	2.22	-0.97
Omega ratio: Gain probability vs. loss probability	1.14	1.27	-0.12
Calmar ratio: Return relative to maximum drawdown	1.11	2.61	-1.50
Martin ratio: Return relative to average drawdown	2.88	9.97	-7.09

FSMBX vs. FSMDX - Sharpe Ratio Comparison

The current FSMBX Sharpe Ratio is 0.78, which is lower than the FSMDX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of FSMBX and FSMDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FSMBX vs. FSMDX - Drawdown Comparison

The maximum FSMBX drawdown since its inception was -37.37%, smaller than the maximum FSMDX drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for FSMBX and FSMDX.

Drawdown Indicators

	FSMBX	FSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-37.37%	-40.35%	+2.98%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-8.16%	-2.63%
Max Drawdown (3Y) Largest decline over 3 years	-25.22%	-20.92%	-4.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.22%	-26.07%	+0.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.35%	—
Current Drawdown Current decline from peak	-4.46%	-1.40%	-3.06%
Average Drawdown Average peak-to-trough decline	-7.68%	-4.94%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	2.13%	+2.01%

Volatility

FSMBX vs. FSMDX - Volatility Comparison

The current volatility for Tributary Small/Mid Cap Fund (FSMBX) is 3.84%, while Fidelity Mid Cap Index Fund (FSMDX) has a volatility of 4.62%. This indicates that FSMBX experiences smaller price fluctuations and is considered to be less risky than FSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMBX	FSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	4.62%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	10.76%	10.53%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	13.87%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.75%	18.32%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	19.32%	+2.55%

FSMBX vs. FSMDX - Expense Ratio Comparison

FSMBX has a 0.90% expense ratio, which is higher than FSMDX's 0.03% expense ratio.

Dividends

FSMBX vs. FSMDX - Dividend Comparison

FSMBX's dividend yield for the trailing twelve months is around 0.56%, less than FSMDX's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMBX Tributary Small/Mid Cap Fund	0.56%	0.61%	0.14%	0.28%	1.83%	3.47%	0.23%	0.21%	0.00%	0.00%	0.00%	0.00%
FSMDX Fidelity Mid Cap Index Fund	0.98%	1.10%	2.46%	1.39%	2.07%	3.35%	2.34%	2.86%	2.21%	2.17%	2.23%	2.84%

Frequently Asked Questions

Can I hold both FSMBX and FSMDX in my portfolio?

FSMBX and FSMDX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMBX or FSMDX?

FSMDX has higher volatility (4.62%) compared to FSMBX (3.84%). In terms of maximum drawdown, FSMBX dropped -37.37% vs FSMDX's -40.35%.

Which has better risk-adjusted returns?

FSMDX currently has the higher Sharpe Ratio (1.54 vs 0.78), 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.