FSSNX vs. ^TNX

Last updated Jun 9, 2026

FSSNX (Fidelity Small Cap Index Fund) is Small Cap Blend Equities fund tracking the Russell 2000 Index, while ^TNX (Treasury Yield 10 Years) is an index. Over the past 10 years, FSSNX returned 10.69%/yr vs 10.75%/yr for ^TNX. At a 0.22 correlation, their price movements are largely independent.

Performance

FSSNX vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small Cap Index Fund (FSSNX) and Treasury Yield 10 Years (^TNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSSNX achieves a 14.74% return, which is significantly higher than ^TNX's 9.34% return. Both investments have delivered pretty close results over the past 10 years, with FSSNX having a 10.69% annualized return and ^TNX not far ahead at 10.75%.

FSSNX

• 1D: -3.48%
• 1M: -0.87%
• YTD: 14.74%
• 6M: 13.12%
• 1Y: 34.70%
• 3Y*: 16.90%
• 5Y*: 5.93%
• 10Y*: 10.69%

^TNX

• 1D: 0.35%
• 1M: 4.31%
• YTD: 9.34%
• 6M: 9.11%
• 1Y: 0.93%
• 3Y*: 6.72%
• 5Y*: 25.04%
• 10Y*: 10.75%

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

FSSNX vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSSNX Fidelity Small Cap Index Fund	14.74%	12.94%	11.71%	17.11%	-20.28%	14.70%	19.99%	25.70%	-11.24%	14.54%
^TNX Treasury Yield 10 Years	9.34%	-8.97%	18.29%	-0.34%	156.55%	64.89%	-52.21%	-28.56%	11.68%	-1.68%

Correlation

The correlation between FSSNX and ^TNX is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.25
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.22

The correlation between FSSNX and ^TNX shifts across timeframes, from -0.25 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSSNX vs. ^TNX — Risk / Return Rank

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

FSSNX

FSSNX Risk / Return Rank: 53
FSSNX Sharpe Ratio Rank: 45
FSSNX Sortino Ratio Rank: 42
FSSNX Omega Ratio Rank: 38
FSSNX Calmar Ratio Rank: 77
FSSNX Martin Ratio Rank: 63

^TNX

^TNX Risk / Return Rank: 13
^TNX Sharpe Ratio Rank: 13
^TNX Sortino Ratio Rank: 14
^TNX Omega Ratio Rank: 13
^TNX Calmar Ratio Rank: 13
^TNX Martin Ratio Rank: 12

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.

FSSNX vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small Cap Index Fund (FSSNX) and Treasury Yield 10 Years (^TNX). 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.

	FSSNX	^TNX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	0.06	+1.84
Sortino ratio: Return per unit of downside risk	2.63	0.19	+2.44
Omega ratio: Gain probability vs. loss probability	1.31	1.02	+0.29
Calmar ratio: Return relative to maximum drawdown	3.38	0.08	+3.30
Martin ratio: Return relative to average drawdown	11.95	0.14	+11.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSSNX vs. ^TNX - Sharpe Ratio Comparison

The current FSSNX Sharpe Ratio is 1.90, which is higher than the ^TNX Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of FSSNX and ^TNX, 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

	FSSNX	^TNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	0.06	+1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.78	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.23	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	-0.03	+0.56

Drawdowns

FSSNX vs. ^TNX - Drawdown Comparison

The maximum FSSNX drawdown since its inception was -41.72%, smaller than the maximum ^TNX drawdown of -96.85%. Use the drawdown chart below to compare losses from any high point for FSSNX and ^TNX.

Drawdown Indicators

	FSSNX	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-41.72%	-96.85%	+55.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-11.94%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-27.45%	-27.41%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-31.87%	-27.41%	-4.46%
Max Drawdown (10Y) Largest decline over 10 years	-41.72%	-84.57%	+42.85%
Current Drawdown Current decline from peak	-3.48%	-71.26%	+67.78%
Average Drawdown Average peak-to-trough decline	-8.29%	-55.00%	+46.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	6.98%	-3.88%

Volatility

FSSNX vs. ^TNX - Volatility Comparison

Fidelity Small Cap Index Fund (FSSNX) has a higher volatility of 6.59% compared to Treasury Yield 10 Years (^TNX) at 4.91%. This indicates that FSSNX's price experiences larger fluctuations and is considered to be riskier than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSSNX	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	4.91%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	10.60%	+3.43%
Volatility (1Y) Calculated over the trailing 1-year period	19.52%	15.21%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	32.40%	-9.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.47%	47.99%	-24.52%

Frequently Asked Questions

Can I hold both FSSNX and ^TNX in my portfolio?

FSSNX and ^TNX have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSSNX or ^TNX?

FSSNX has higher volatility (6.59%) compared to ^TNX (4.91%). In terms of maximum drawdown, FSSNX dropped -41.72% vs ^TNX's -96.85%.

Which has better risk-adjusted returns?

FSSNX currently has the higher Sharpe Ratio (1.90 vs 0.06), 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.