FSMDX vs. FLPSX

Last updated Jun 24, 2026

FSMDX (Fidelity Mid Cap Index Fund) and FLPSX (Fidelity Low-Priced Stock Fund) are both mutual funds - FSMDX is a Mid Cap Blend Equities fund tracking the Russell Midcap Index, while FLPSX is a Mid Cap Value Equities fund actively managed by Fidelity. FSMDX is passively managed, while FLPSX is actively managed. Over the past 10 years, FSMDX returned 12.12%/yr vs 11.42%/yr for FLPSX. Their correlation of 0.91 suggests significant overlap in exposure. FSMDX charges 0.03%/yr vs 0.87%/yr for FLPSX.

Performance

FSMDX vs. FLPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mid Cap Index Fund (FSMDX) and Fidelity Low-Priced Stock Fund (FLPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMDX achieves a 14.03% return, which is significantly higher than FLPSX's 10.70% return. Over the past 10 years, FSMDX has outperformed FLPSX with an annualized return of 12.12%, while FLPSX has yielded a comparatively lower 11.42% annualized return.

FSMDX

• 1D: 0.53%
• 1M: 3.31%
• YTD: 14.03%
• 6M: 12.50%
• 1Y: 22.60%
• 3Y*: 17.64%
• 5Y*: 8.51%
• 10Y*: 12.12%

FLPSX

• 1D: -0.02%
• 1M: 2.47%
• YTD: 10.70%
• 6M: 9.95%
• 1Y: 21.50%
• 3Y*: 15.39%
• 5Y*: 9.05%
• 10Y*: 11.42%

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

FSMDX vs. FLPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMDX Fidelity Mid Cap Index Fund	14.03%	10.58%	15.55%	17.20%	-17.27%	22.56%	17.13%	30.53%	-9.38%	18.04%
FLPSX Fidelity Low-Priced Stock Fund	10.70%	14.69%	7.23%	14.41%	-5.69%	24.46%	9.34%	25.75%	-10.80%	18.88%

Correlation

The correlation between FSMDX and FLPSX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.91

The correlation between FSMDX and FLPSX has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

FSMDX vs. FLPSX — Risk / Return Rank

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

FSMDX

FSMDX Risk / Return Rank: 48
FSMDX Sharpe Ratio Rank: 41
FSMDX Sortino Ratio Rank: 40
FSMDX Omega Ratio Rank: 36
FSMDX Calmar Ratio Rank: 63
FSMDX Martin Ratio Rank: 59

FLPSX

FLPSX Risk / Return Rank: 43
FLPSX Sharpe Ratio Rank: 42
FLPSX Sortino Ratio Rank: 44
FLPSX Omega Ratio Rank: 40
FLPSX Calmar Ratio Rank: 47
FLPSX Martin Ratio Rank: 42

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.

FSMDX vs. FLPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Index Fund (FSMDX) and Fidelity Low-Priced Stock Fund (FLPSX). 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.

	FSMDX	FLPSX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.75	-0.03
Sortino ratio: Return per unit of downside risk	2.45	2.58	-0.13
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	2.90	2.51	+0.39
Martin ratio: Return relative to average drawdown	11.11	8.54	+2.57

FSMDX vs. FLPSX - Sharpe Ratio Comparison

The current FSMDX Sharpe Ratio is 1.72, which is comparable to the FLPSX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FSMDX and FLPSX, 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

FSMDX vs. FLPSX - Drawdown Comparison

The maximum FSMDX drawdown since its inception was -40.35%, smaller than the maximum FLPSX drawdown of -54.81%. Use the drawdown chart below to compare losses from any high point for FSMDX and FLPSX.

Drawdown Indicators

	FSMDX	FLPSX	Difference
Max Drawdown Largest peak-to-trough decline	-40.35%	-54.81%	+14.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-8.87%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-20.92%	-17.66%	-3.26%
Max Drawdown (5Y) Largest decline over 5 years	-26.07%	-18.76%	-7.31%
Max Drawdown (10Y) Largest decline over 10 years	-40.35%	-38.16%	-2.19%
Current Drawdown Current decline from peak	-0.26%	-1.11%	+0.85%
Average Drawdown Average peak-to-trough decline	-4.94%	-5.65%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.60%	-0.47%

Volatility

FSMDX vs. FLPSX - Volatility Comparison

Fidelity Mid Cap Index Fund (FSMDX) has a higher volatility of 4.43% compared to Fidelity Low-Priced Stock Fund (FLPSX) at 3.44%. This indicates that FSMDX's price experiences larger fluctuations and is considered to be riskier than FLPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMDX	FLPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	3.44%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	9.15%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	12.77%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.32%	17.20%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.35%	17.37%	+1.98%

FSMDX vs. FLPSX - Expense Ratio Comparison

FSMDX has a 0.03% expense ratio, which is lower than FLPSX's 0.87% expense ratio.

Dividends

FSMDX vs. FLPSX - Dividend Comparison

FSMDX's dividend yield for the trailing twelve months is around 0.97%, less than FLPSX's 12.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLPSX Fidelity Low-Priced Stock Fund	12.00%	13.28%	16.24%	18.29%	9.45%	12.11%	11.14%	8.14%	13.45%	7.45%	4.85%	4.04%
FSMDX Fidelity Mid Cap Index Fund	0.97%	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 FSMDX and FLPSX in my portfolio?

With a correlation of 0.91, FSMDX and FLPSX 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.

Which is riskier, FSMDX or FLPSX?

FSMDX has higher volatility (4.43%) compared to FLPSX (3.44%). In terms of maximum drawdown, FSMDX dropped -40.35% vs FLPSX's -54.81%.

Which has better risk-adjusted returns?

FLPSX currently has the higher Sharpe Ratio (1.75 vs 1.72), 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.