FTHMX vs. FSMDX

Last updated Jun 24, 2026

FTHMX (FullerThaler Behavioral Mid-Cap Equity Fund Institutional Shares) and FSMDX (Fidelity Mid Cap Index Fund) are both Mid Cap Blend Equities funds. FTHMX is actively managed, while FSMDX is passively managed. Over the past year, FTHMX returned 26.16% vs 22.60% for FSMDX. Their correlation of 0.94 suggests significant overlap in exposure. FTHMX charges 0.83%/yr vs 0.03%/yr for FSMDX.

Performance

FTHMX vs. FSMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FullerThaler Behavioral Mid-Cap Equity Fund Institutional Shares (FTHMX) and Fidelity Mid Cap Index Fund (FSMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTHMX achieves a 15.29% return, which is significantly higher than FSMDX's 14.03% return.

FTHMX

• 1D: 0.71%
• 1M: 1.53%
• YTD: 15.29%
• 6M: 13.80%
• 1Y: 26.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FSMDX

• 1D: 0.53%
• 1M: 3.31%
• YTD: 14.03%
• 6M: 12.50%
• 1Y: 22.60%
• 3Y*: 17.64%
• 5Y*: 8.51%
• 10Y*: 12.12%

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

FTHMX vs. FSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FTHMX FullerThaler Behavioral Mid-Cap Equity Fund Institutional Shares	15.29%	12.89%	12.48%	11.60%
FSMDX Fidelity Mid Cap Index Fund	14.03%	10.58%	15.55%	12.78%

Correlation

The correlation between FTHMX and FSMDX is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.94

The correlation between FTHMX and FSMDX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

FTHMX vs. FSMDX — Risk / Return Rank

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

FTHMX

FTHMX Risk / Return Rank: 72
FTHMX Sharpe Ratio Rank: 62
FTHMX Sortino Ratio Rank: 66
FTHMX Omega Ratio Rank: 55
FTHMX Calmar Ratio Rank: 90
FTHMX Martin Ratio Rank: 86

FSMDX

FSMDX Risk / Return Rank: 48
FSMDX Sharpe Ratio Rank: 41
FSMDX Sortino Ratio Rank: 40
FSMDX Omega Ratio Rank: 36
FSMDX Calmar Ratio Rank: 63
FSMDX Martin Ratio Rank: 59

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.

FTHMX vs. FSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FullerThaler Behavioral Mid-Cap Equity Fund Institutional Shares (FTHMX) and Fidelity Mid Cap Index Fund (FSMDX). 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.

	FTHMX	FSMDX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.72	+0.42
Sortino ratio: Return per unit of downside risk	3.08	2.45	+0.63
Omega ratio: Gain probability vs. loss probability	1.38	1.30	+0.08
Calmar ratio: Return relative to maximum drawdown	4.36	2.90	+1.45
Martin ratio: Return relative to average drawdown	15.15	11.11	+4.03

FTHMX vs. FSMDX - Sharpe Ratio Comparison

The current FTHMX Sharpe Ratio is 2.13, which is comparable to the FSMDX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of FTHMX and FSMDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FTHMX vs. FSMDX - Drawdown Comparison

The maximum FTHMX drawdown since its inception was -20.45%, smaller than the maximum FSMDX drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for FTHMX and FSMDX.

Drawdown Indicators

	FTHMX	FSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-20.45%	-40.35%	+19.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.33%	-8.16%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.92%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.35%	—
Current Drawdown Current decline from peak	-1.13%	-0.26%	-0.87%
Average Drawdown Average peak-to-trough decline	-2.99%	-4.94%	+1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	2.13%	-0.31%

Volatility

FTHMX vs. FSMDX - Volatility Comparison

The current volatility for FullerThaler Behavioral Mid-Cap Equity Fund Institutional Shares (FTHMX) is 3.88%, while Fidelity Mid Cap Index Fund (FSMDX) has a volatility of 4.43%. This indicates that FTHMX experiences smaller price fluctuations and is considered to be less risky than FSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTHMX	FSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	4.43%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	10.46%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.95%	13.85%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.42%	18.32%	-2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.42%	19.35%	-3.93%

FTHMX vs. FSMDX - Expense Ratio Comparison

FTHMX has a 0.83% expense ratio, which is higher than FSMDX's 0.03% expense ratio.

Dividends

FTHMX vs. FSMDX - Dividend Comparison

FTHMX's dividend yield for the trailing twelve months is around 0.28%, less than FSMDX's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FTHMX FullerThaler Behavioral Mid-Cap Equity Fund Institutional Shares	0.28%	0.33%	0.28%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTHMX and FSMDX in my portfolio?

With a correlation of 0.92, FTHMX and FSMDX 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, FTHMX or FSMDX?

FSMDX has higher volatility (4.43%) compared to FTHMX (3.88%). In terms of maximum drawdown, FTHMX dropped -20.45% vs FSMDX's -40.35%.

Which has better risk-adjusted returns?

FTHMX currently has the higher Sharpe Ratio (2.13 vs 1.72), 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.