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FSMDX vs. FSMSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSMDX vs. FSMSX

Last updated Jun 23, 2026

FSMDX (Fidelity Mid Cap Index Fund) and FSMSX (FS Multi-Strategy Alternatives Fund) are both mutual funds - FSMDX is a Mid Cap Blend Equities fund tracking the Russell Midcap Index, while FSMSX is a Multistrategy fund managed by FS Investments. Over the past 5 years, FSMDX returned 8.89%/yr vs 5.34%/yr for FSMSX. At a 0.33 correlation, their price movements are largely independent. FSMDX charges 0.03%/yr vs 1.89%/yr for FSMSX.

Performance

FSMDX vs. FSMSX - Performance Comparison

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

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Returns By Period

In the year-to-date period, FSMDX achieves a 13.43% return, which is significantly higher than FSMSX's 3.86% return.

FSMDX

1D
0.99%
1M
2.77%
YTD
13.43%
6M
11.53%
1Y
22.95%
3Y*
16.47%
5Y*
8.89%
10Y*
11.79%

FSMSX

1D
0.61%
1M
0.09%
YTD
3.86%
6M
4.05%
1Y
8.05%
3Y*
5.22%
5Y*
5.34%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FSMDX vs. FSMSX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FSMDX
Fidelity Mid Cap Index Fund		13.43%10.58%15.55%17.20%-17.27%22.56%17.13%30.53%-9.38%11.59%
FSMSX
FS Multi-Strategy Alternatives Fund		3.86%4.13%4.63%5.44%3.17%13.97%-3.66%7.77%-3.82%2.00%

Correlation

The correlation between FSMDX and FSMSX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

Correlation (3Y)
Calculated over the trailing 3-year period

0.33

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (All Time)
Calculated using the full available price history since May 22, 2017

0.33

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Mid Cap Index Fund

FS Multi-Strategy Alternatives Fund

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Often compared with FSMSX:
FSMSX vs. QDSIXFSMSX vs. SRDAXFSMSX vs. GAFYXFSMSX vs. LCSIXFSMSX vs. CSQIXFSMSX vs. QISFSMSX vs. FMSDX

Return for Risk

FSMDX vs. FSMSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FSMDX
FSMDX Risk / Return Rank: 4646
Overall Rank
FSMDX Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
FSMDX Sortino Ratio Rank: 3939
Sortino Ratio Rank
FSMDX Omega Ratio Rank: 3535
Omega Ratio Rank
FSMDX Calmar Ratio Rank: 6060
Calmar Ratio Rank
FSMDX Martin Ratio Rank: 5757
Martin Ratio Rank
FSMSX
FSMSX Risk / Return Rank: 8888
Overall Rank
FSMSX Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
FSMSX Sortino Ratio Rank: 8484
Sortino Ratio Rank
FSMSX Omega Ratio Rank: 8585
Omega Ratio Rank
FSMSX Calmar Ratio Rank: 9595
Calmar Ratio Rank
FSMSX Martin Ratio Rank: 9090
Martin Ratio Rank
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. FSMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Index Fund (FSMDX) and FS Multi-Strategy Alternatives Fund (FSMSX). 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.

FSMDXFSMSXDifference
Sharpe ratioReturn per unit of total volatility
1.68
2.54

-0.86

Sortino ratioReturn per unit of downside risk
2.40
3.66

-1.25

Omega ratioGain probability vs. loss probability

1.29

1.54

-0.25

Calmar ratioReturn relative to maximum drawdown

2.84

5.46

-2.62

Martin ratioReturn relative to average drawdown

10.86

16.48

-5.62

FSMDX vs. FSMSX - Sharpe Ratio Comparison

The current FSMDX Sharpe Ratio is 1.68, which is lower than the FSMSX Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of FSMDX and FSMSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FSMDX vs. FSMSX - Drawdown Comparison

The maximum FSMDX drawdown since its inception was -40.35%, which is greater than FSMSX's maximum drawdown of -8.94%. Use the drawdown chart below to compare losses from any high point for FSMDX and FSMSX.

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Drawdown Indicators

FSMDXFSMSXDifference

Max Drawdown

Largest peak-to-trough decline

-40.35%

-8.94%

-31.41%

Max Drawdown (1Y)

Largest decline over 1 year

-8.16%

-1.46%

-6.70%

Max Drawdown (3Y)

Largest decline over 3 years

-20.92%

-4.06%

-16.86%

Max Drawdown (5Y)

Largest decline over 5 years

-26.07%

-4.13%

-21.94%

Max Drawdown (10Y)

Largest decline over 10 years

-40.35%

—

—

Current Drawdown

Current decline from peak

-0.78%

-0.34%

-0.44%

Average Drawdown

Average peak-to-trough decline

-4.94%

-1.63%

-3.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

0.48%

+1.65%

Volatility

FSMDX vs. FSMSX - Volatility Comparison

Fidelity Mid Cap Index Fund (FSMDX) has a higher volatility of 4.57% compared to FS Multi-Strategy Alternatives Fund (FSMSX) at 1.49%. This indicates that FSMDX's price experiences larger fluctuations and is considered to be riskier than FSMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FSMDXFSMSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.57%

1.49%

+3.08%

Volatility (6M)

Calculated over the trailing 6-month period

10.47%

2.56%

+7.91%

Volatility (1Y)

Calculated over the trailing 1-year period

13.82%

3.15%

+10.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.33%

4.65%

+13.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.35%

4.66%

+14.69%

FSMDX vs. FSMSX - Expense Ratio Comparison

FSMDX has a 0.03% expense ratio, which is lower than FSMSX's 1.89% expense ratio.

Dividends

FSMDX vs. FSMSX - Dividend Comparison

FSMDX's dividend yield for the trailing twelve months is around 0.97%, less than FSMSX's 3.97% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
FSMSX
FS Multi-Strategy Alternatives Fund		3.97%4.12%2.48%3.61%4.12%3.22%0.77%2.20%0.82%0.00%0.00%0.00%

Frequently Asked Questions

FSMDX and FSMSX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FSMDX has higher volatility (4.57%) compared to FSMSX (1.49%). In terms of maximum drawdown, FSMDX dropped -40.35% vs FSMSX's -8.94%.

FSMSX currently has the higher Sharpe Ratio (2.54 vs 1.68), 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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