FSOPX vs. SSMKX
FSOPX (Fidelity Series Small Cap Opportunities Fund) and SSMKX (State Street Small/Mid Cap Equity Index Fund) are both mutual funds - FSOPX is a Small Cap Blend Equities fund managed by Fidelity, while SSMKX is a Mid Cap Blend Equities fund managed by State Street. Over the past 10 years, FSOPX returned 12.77%/yr vs 12.48%/yr for SSMKX. With a 0.95 correlation, they move nearly in lockstep. FSOPX charges 0.00%/yr vs 0.04%/yr for SSMKX.
Performance
FSOPX vs. SSMKX - Performance Comparison
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Returns By Period
In the year-to-date period, FSOPX achieves a 16.83% return, which is significantly higher than SSMKX's 14.17% return. Both investments have delivered pretty close results over the past 10 years, with FSOPX having a 12.77% annualized return and SSMKX not far behind at 12.48%.
FSOPX
- 1D
- 0.85%
- 1M
- 1.12%
- YTD
- 16.83%
- 6M
- 15.66%
- 1Y
- 40.89%
- 3Y*
- 21.01%
- 5Y*
- 11.01%
- 10Y*
- 12.77%
SSMKX
- 1D
- 1.00%
- 1M
- 5.71%
- YTD
- 14.17%
- 6M
- 13.00%
- 1Y
- 29.82%
- 3Y*
- 20.36%
- 5Y*
- 7.43%
- 10Y*
- 12.48%
FSOPX vs. SSMKX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSOPX Fidelity Series Small Cap Opportunities Fund | 16.83% | 15.81% | 15.31% | 20.38% | -17.82% | 23.39% | 17.03% | 29.92% | -8.12% | 11.10% |
SSMKX State Street Small/Mid Cap Equity Index Fund | 14.17% | 12.77% | 17.20% | 25.20% | -25.49% | 12.38% | 32.41% | 27.82% | -9.02% | 18.16% |
Correlation
The correlation between FSOPX and SSMKX 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 | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016 | 0.95 |
The correlation between FSOPX and SSMKX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
FSOPX vs. SSMKX — Risk / Return Rank
FSOPX
SSMKX
FSOPX vs. SSMKX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Small Cap Opportunities Fund (FSOPX) and State Street Small/Mid Cap Equity Index Fund (SSMKX). 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.
| FSOPX | SSMKX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.32 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.35 | 3.16 | +1.18 |
| Martin ratioReturn relative to average drawdown | 17.03 | 11.48 | +5.55 |
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
| FSOPX | SSMKX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.42 | 1.88 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | 0.34 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.56 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.57 | -0.18 |
Drawdowns
FSOPX vs. SSMKX - Drawdown Comparison
The maximum FSOPX drawdown since its inception was -61.75%, which is greater than SSMKX's maximum drawdown of -41.65%. Use the drawdown chart below to compare losses from any high point for FSOPX and SSMKX.
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Drawdown Indicators
| FSOPX | SSMKX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.75% | -41.65% | -20.10% |
Max Drawdown (1Y)Largest decline over 1 year | -9.99% | -10.03% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -27.17% | -26.31% | -0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -30.06% | -35.19% | +5.13% |
Max Drawdown (10Y)Largest decline over 10 years | -39.15% | -41.65% | +2.50% |
Current DrawdownCurrent decline from peak | -1.66% | 0.00% | -1.66% |
Average DrawdownAverage peak-to-trough decline | -10.37% | -8.70% | -1.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.54% | 2.76% | -0.22% |
Volatility
FSOPX vs. SSMKX - Volatility Comparison
Fidelity Series Small Cap Opportunities Fund (FSOPX) has a higher volatility of 5.26% compared to State Street Small/Mid Cap Equity Index Fund (SSMKX) at 4.70%. This indicates that FSOPX's price experiences larger fluctuations and is considered to be riskier than SSMKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSOPX | SSMKX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 4.70% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 13.46% | 12.35% | +1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.92% | 16.90% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.70% | 22.25% | -0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.99% | 22.26% | -0.27% |
FSOPX vs. SSMKX - Expense Ratio Comparison
FSOPX has a 0.00% expense ratio, which is lower than SSMKX's 0.05% 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
FSOPX vs. SSMKX - Dividend Comparison
FSOPX's dividend yield for the trailing twelve months is around 3.78%, less than SSMKX's 4.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSOPX Fidelity Series Small Cap Opportunities Fund | 3.78% | 4.41% | 9.41% | 0.98% | 5.16% | 30.85% | 2.01% | 6.67% | 13.99% | 10.31% | 0.69% | 5.93% |
SSMKX State Street Small/Mid Cap Equity Index Fund | 4.47% | 5.10% | 2.12% | 2.56% | 17.09% | 9.69% | 1.47% | 5.75% | 3.68% | 5.52% | 1.30% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, FSOPX and SSMKX 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.
FSOPX has higher volatility (5.26%) compared to SSMKX (4.70%). In terms of maximum drawdown, FSOPX dropped -61.75% vs SSMKX's -41.65%.
FSOPX currently has the higher Sharpe Ratio (2.42 vs 1.88), 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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