FSMDX vs. IMCB
FSMDX (Fidelity Mid Cap Index Fund) and IMCB (iShares Morningstar Mid-Cap ETF) are both Mid Cap Blend Equities funds - FSMDX tracks the Russell Midcap Index while IMCB tracks the IMCB-US - Morningstar U.S. Mid Cap Index. Both are passively managed. Over the past 10 years, FSMDX returned 11.54%/yr vs 11.25%/yr for IMCB. Their 0.97 correlation means they have historically moved very closely together. FSMDX charges 0.03%/yr vs 0.04%/yr for IMCB.
Performance
FSMDX vs. IMCB - Performance Comparison
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Returns By Period
In the year-to-date period, FSMDX achieves a 14.62% return, which is significantly lower than IMCB's 19.07% return. Both investments have delivered pretty close results over the past 10 years, with FSMDX having a 11.54% annualized return and IMCB not far behind at 11.25%.
FSMDX
- 1D
- -0.28%
- 1M
- -0.61%
- 6M
- 10.55%
- YTD
- 14.62%
- 1Y
- 20.38%
- 3Y*
- 14.99%
- 5Y*
- 8.24%
- 10Y*
- 11.54%
- ALL TIME*
- 12.62%
IMCB
- 1D
- 1.01%
- 1M
- 1.00%
- 6M
- 14.82%
- YTD
- 19.07%
- 1Y
- 24.45%
- 3Y*
- 17.04%
- 5Y*
- 9.36%
- 10Y*
- 11.25%
- ALL TIME*
- 10.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $3.07M | $3.70M | $3.21M |
FSMDX vs. IMCB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSMDX Fidelity Mid Cap Index Fund | 14.62% | 10.58% | 15.55% | 17.20% | -17.27% | 22.56% | 17.13% | 30.53% | -9.38% | 18.04% |
IMCB iShares Morningstar Mid-Cap ETF | 19.07% | 10.25% | 15.10% | 16.37% | -16.09% | 22.81% | 13.35% | 31.49% | -11.53% | 19.70% |
Correlation
The correlation between FSMDX and IMCB is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.97 |
The correlation between FSMDX and IMCB has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
FSMDX vs. IMCB — Risk / Return Rank
FSMDX
IMCB
FSMDX vs. IMCB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Index Fund (FSMDX) and iShares Morningstar Mid-Cap ETF (IMCB). 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 | IMCB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.34 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 3.05 | -0.75 |
| Martin ratioReturn relative to average drawdown | 8.94 | 12.23 | -3.29 |
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Drawdowns
FSMDX vs. IMCB - Drawdown Comparison
The maximum FSMDX drawdown since its inception was -40.35%, smaller than the maximum IMCB drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for FSMDX and IMCB.
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Drawdown Indicators
| FSMDX | IMCB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.35% | -58.80% | +18.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.16% | -8.05% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -20.92% | -19.80% | -1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -26.07% | -25.15% | -0.92% |
Max Drawdown (10Y)Largest decline over 10 years | -40.35% | -40.99% | +0.64% |
Current DrawdownCurrent decline from peak | -0.94% | 0.00% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -4.91% | -7.68% | +2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 2.00% | +0.10% |
Volatility
FSMDX vs. IMCB - Volatility Comparison
Fidelity Mid Cap Index Fund (FSMDX) and iShares Morningstar Mid-Cap ETF (IMCB) have volatilities of 2.43% and 2.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMDX | IMCB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.43% | 2.51% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.22% | 9.95% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.71% | 13.05% | +0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.26% | 17.57% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.27% | 19.61% | -0.34% |
FSMDX vs. IMCB - Expense Ratio Comparison
FSMDX has a 0.03% expense ratio, which is lower than IMCB's 0.04% 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
FSMDX vs. IMCB - Dividend Comparison
FSMDX's dividend yield for the trailing twelve months is around 0.76%, less than IMCB's 1.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMDX Fidelity Mid Cap Index Fund | 0.76% | 1.10% | 2.46% | 1.39% | 2.07% | 3.35% | 2.34% | 2.86% | 2.21% | 2.17% | 2.23% | 2.84% |
IMCB iShares Morningstar Mid-Cap ETF | 1.20% | 1.42% | 1.43% | 1.55% | 1.70% | 1.08% | 1.12% | 1.32% | 1.80% | 1.31% | 1.79% | 1.47% |
Frequently Asked Questions
With a correlation of 0.98, FSMDX and IMCB 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.
IMCB has higher volatility (2.51%) compared to FSMDX (2.43%). In terms of maximum drawdown, FSMDX dropped -40.35% vs IMCB's -58.80%.
IMCB currently has the higher Sharpe Ratio (1.89 vs 1.38), 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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