FZFLX vs. IIRMX

Last updated Jun 3, 2026

FZFLX (Fidelity SAI Small-Mid Cap 500 Index Fund) and IIRMX (Voya Russell Mid Cap Index Portfolio) are both Mid Cap Blend Equities funds. Over the past 10 years, FZFLX returned 13.89%/yr vs 11.55%/yr for IIRMX. Their correlation of 0.95 suggests significant overlap in exposure. FZFLX charges 0.05%/yr vs 0.40%/yr for IIRMX.

Performance

FZFLX vs. IIRMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) and Voya Russell Mid Cap Index Portfolio (IIRMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZFLX achieves a 31.03% return, which is significantly higher than IIRMX's 16.20% return. Over the past 10 years, FZFLX has outperformed IIRMX with an annualized return of 13.89%, while IIRMX has yielded a comparatively lower 11.55% annualized return.

FZFLX

• 1D: -0.68%
• 1M: 4.45%
• YTD: 31.03%
• 6M: 32.60%
• 1Y: 48.15%
• 3Y*: 23.77%
• 5Y*: 11.54%
• 10Y*: 13.89%

IIRMX

• 1D: 0.23%
• 1M: 7.16%
• YTD: 16.20%
• 6M: 16.84%
• 1Y: 26.79%
• 3Y*: 18.37%
• 5Y*: 8.57%
• 10Y*: 11.55%

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

FZFLX vs. IIRMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	31.03%	10.76%	15.52%	17.75%	-15.62%	20.40%	19.78%	31.96%	-9.25%	18.41%
IIRMX Voya Russell Mid Cap Index Portfolio	16.20%	10.40%	14.78%	16.74%	-17.55%	21.79%	16.04%	29.16%	-9.30%	18.05%

Correlation

The correlation between FZFLX and IIRMX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 21, 2015	0.95

The correlation between FZFLX and IIRMX shifts across timeframes, from 0.78 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FZFLX vs. IIRMX — Risk / Return Rank

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

FZFLX

FZFLX Risk / Return Rank: 70
FZFLX Sharpe Ratio Rank: 62
FZFLX Sortino Ratio Rank: 54
FZFLX Omega Ratio Rank: 53
FZFLX Calmar Ratio Rank: 89
FZFLX Martin Ratio Rank: 91

IIRMX

IIRMX Risk / Return Rank: 55
IIRMX Sharpe Ratio Rank: 23
IIRMX Sortino Ratio Rank: 28
IIRMX Omega Ratio Rank: 43
IIRMX Calmar Ratio Rank: 90
IIRMX Martin Ratio Rank: 93

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.

FZFLX vs. IIRMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) and Voya Russell Mid Cap Index Portfolio (IIRMX). 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.

	FZFLX	IIRMX	Difference
Sharpe ratio Return per unit of total volatility	2.33	1.37	+0.96
Sortino ratio Return per unit of downside risk	3.09	2.20	+0.90
Omega ratio Gain probability vs. loss probability	1.41	1.35	+0.05
Calmar ratio Return relative to maximum drawdown	4.49	4.57	-0.09
Martin ratio Return relative to average drawdown	19.03	20.30	-1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZFLX vs. IIRMX - Sharpe Ratio Comparison

The current FZFLX Sharpe Ratio is 2.33, which is higher than the IIRMX Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FZFLX and IIRMX, 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

	FZFLX	IIRMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	1.37	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.43	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.58	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.47	+0.15

Drawdowns

FZFLX vs. IIRMX - Drawdown Comparison

The maximum FZFLX drawdown since its inception was -42.03%, smaller than the maximum IIRMX drawdown of -56.44%. Use the drawdown chart below to compare losses from any high point for FZFLX and IIRMX.

Drawdown Indicators

	FZFLX	IIRMX	Difference
Max Drawdown Largest peak-to-trough decline	-42.03%	-56.44%	+14.41%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-9.61%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-22.29%	-21.18%	-1.11%
Max Drawdown (5Y) Largest decline over 5 years	-24.77%	-26.26%	+1.49%
Max Drawdown (10Y) Largest decline over 10 years	-42.03%	-40.41%	-1.62%
Current Drawdown Current decline from peak	-1.84%	0.00%	-1.84%
Average Drawdown Average peak-to-trough decline	-5.74%	-7.88%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.17%	+0.35%

Volatility

FZFLX vs. IIRMX - Volatility Comparison

The current volatility for Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) is 7.30%, while Voya Russell Mid Cap Index Portfolio (IIRMX) has a volatility of 17.09%. This indicates that FZFLX experiences smaller price fluctuations and is considered to be less risky than IIRMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZFLX	IIRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	17.09%	-9.79%
Volatility (6M) Calculated over the trailing 6-month period	17.66%	19.25%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	20.84%	22.37%	-1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	20.33%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	20.38%	+0.72%

FZFLX vs. IIRMX - Expense Ratio Comparison

FZFLX has a 0.05% expense ratio, which is lower than IIRMX's 0.40% expense ratio.

Dividends

FZFLX vs. IIRMX - Dividend Comparison

FZFLX's dividend yield for the trailing twelve months is around 44.09%, more than IIRMX's 37.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	44.09%	57.77%	10.20%	2.35%	79.79%	50.77%	7.19%	6.49%	7.69%	1.68%	0.93%	0.67%
IIRMX Voya Russell Mid Cap Index Portfolio	37.97%	13.19%	10.43%	11.78%	10.34%	10.34%	14.22%	20.78%	15.64%	8.09%	14.11%	10.13%

Frequently Asked Questions

Can I hold both FZFLX and IIRMX in my portfolio?

FZFLX and IIRMX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FZFLX or IIRMX?

IIRMX has higher volatility (17.09%) compared to FZFLX (7.30%). In terms of maximum drawdown, FZFLX dropped -42.03% vs IIRMX's -56.44%.

Which has better risk-adjusted returns?

FZFLX currently has the higher Sharpe Ratio (2.33 vs 1.37), 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.