FSSMX vs. FSMAX

Last updated Jun 4, 2026

FSSMX (Fidelity Stock Selector Mid Cap Fund) and FSMAX (Fidelity Extended Market Index Fund) are both mutual funds - FSSMX is a Mid Cap Blend Equities fund managed by Fidelity, while FSMAX is a Mid Cap Growth Equities fund managed by Fidelity. Over the past 10 years, FSSMX returned 11.49%/yr vs 12.17%/yr for FSMAX. Their correlation of 0.95 suggests significant overlap in exposure. FSSMX charges 0.79%/yr vs 0.04%/yr for FSMAX.

Performance

FSSMX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Stock Selector Mid Cap Fund (FSSMX) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSSMX achieves a 18.76% return, which is significantly higher than FSMAX's 14.89% return. Over the past 10 years, FSSMX has underperformed FSMAX with an annualized return of 11.49%, while FSMAX has yielded a comparatively higher 12.17% annualized return.

FSSMX

• 1D: 1.15%
• 1M: 4.62%
• YTD: 18.76%
• 6M: 9.94%
• 1Y: 21.66%
• 3Y*: 15.07%
• 5Y*: 7.28%
• 10Y*: 11.49%

FSMAX

• 1D: 1.07%
• 1M: 5.80%
• YTD: 14.89%
• 6M: 13.61%
• 1Y: 30.08%
• 3Y*: 20.13%
• 5Y*: 6.91%
• 10Y*: 12.17%

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

FSSMX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSSMX Fidelity Stock Selector Mid Cap Fund	18.76%	2.35%	12.50%	17.16%	-13.90%	23.25%	13.03%	29.57%	-7.70%	19.54%
FSMAX Fidelity Extended Market Index Fund	14.89%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between FSSMX and FSMAX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jun 7, 2012	0.95

The correlation between FSSMX and FSMAX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

FSSMX vs. FSMAX — Risk / Return Rank

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

FSSMX

FSSMX Risk / Return Rank: 27
FSSMX Sharpe Ratio Rank: 20
FSSMX Sortino Ratio Rank: 17
FSSMX Omega Ratio Rank: 23
FSSMX Calmar Ratio Rank: 39
FSSMX Martin Ratio Rank: 34

FSMAX

FSMAX Risk / Return Rank: 47
FSMAX Sharpe Ratio Rank: 41
FSMAX Sortino Ratio Rank: 39
FSMAX Omega Ratio Rank: 37
FSMAX Calmar Ratio Rank: 66
FSMAX Martin Ratio Rank: 54

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.

FSSMX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Stock Selector Mid Cap Fund (FSSMX) and Fidelity Extended Market Index Fund (FSMAX). 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.

	FSSMX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.87	-0.58
Sortino ratio: Return per unit of downside risk	1.73	2.60	-0.87
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.07
Calmar ratio: Return relative to maximum drawdown	2.37	3.12	-0.75
Martin ratio: Return relative to average drawdown	7.60	11.05	-3.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSSMX vs. FSMAX - Sharpe Ratio Comparison

The current FSSMX Sharpe Ratio is 1.29, which is lower than the FSMAX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of FSSMX and FSMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSSMX	FSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.87	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.31	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.40	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.46	+0.14

Drawdowns

FSSMX vs. FSMAX - Drawdown Comparison

The maximum FSSMX drawdown since its inception was -43.37%, smaller than the maximum FSMAX drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for FSSMX and FSMAX.

Drawdown Indicators

	FSSMX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-43.37%	-50.55%	+7.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.78%	-10.26%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-26.82%	+4.00%
Max Drawdown (5Y) Largest decline over 5 years	-24.00%	-36.31%	+12.31%
Max Drawdown (10Y) Largest decline over 10 years	-43.37%	-50.55%	+7.18%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.08%	-12.17%	+7.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.90%	+0.14%

Volatility

FSSMX vs. FSMAX - Volatility Comparison

Fidelity Stock Selector Mid Cap Fund (FSSMX) and Fidelity Extended Market Index Fund (FSMAX) have volatilities of 4.67% and 4.70%, 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.

Volatility by Period

	FSSMX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	4.70%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	12.46%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	18.00%	17.17%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	22.33%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.15%	30.24%	-9.09%

FSSMX vs. FSMAX - Expense Ratio Comparison

FSSMX has a 0.79% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

FSSMX vs. FSMAX - Dividend Comparison

FSSMX has not paid dividends to shareholders, while FSMAX's dividend yield for the trailing twelve months is around 0.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMAX Fidelity Extended Market Index Fund	0.50%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%
FSSMX Fidelity Stock Selector Mid Cap Fund	0.00%	0.00%	3.10%	0.78%	9.73%	12.87%	2.31%	4.03%	21.01%	4.12%	0.92%	1.84%

Frequently Asked Questions

Can I hold both FSSMX and FSMAX in my portfolio?

With a correlation of 0.93, FSSMX and FSMAX 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, FSSMX or FSMAX?

FSMAX has higher volatility (4.70%) compared to FSSMX (4.67%). In terms of maximum drawdown, FSSMX dropped -43.37% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.87 vs 1.29), 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.