FZFLX vs. VIMAX

Last updated Jun 3, 2026

FZFLX (Fidelity SAI Small-Mid Cap 500 Index Fund) and VIMAX (Vanguard Mid-Cap Index Fund Admiral Shares) are both Mid Cap Blend Equities funds. Over the past 10 years, FZFLX returned 13.89%/yr vs 11.48%/yr for VIMAX. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.05% expense ratio.

Performance

FZFLX vs. VIMAX - 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 Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX). 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 VIMAX's 9.55% return. Over the past 10 years, FZFLX has outperformed VIMAX with an annualized return of 13.89%, while VIMAX has yielded a comparatively lower 11.48% 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%

VIMAX

• 1D: 0.30%
• 1M: 2.54%
• YTD: 9.55%
• 6M: 10.07%
• 1Y: 18.70%
• 3Y*: 16.47%
• 5Y*: 7.80%
• 10Y*: 11.48%

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

FZFLX vs. VIMAX - 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%
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	9.55%	11.67%	14.66%	16.53%	-18.70%	24.51%	18.18%	31.03%	-9.24%	19.26%

Correlation

The correlation between FZFLX and VIMAX is 0.84, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 21, 2015	0.96

The correlation between FZFLX and VIMAX shifts across timeframes, from 0.84 (1 year) to 0.96 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FZFLX vs. VIMAX — 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

VIMAX

VIMAX Risk / Return Rank: 32
VIMAX Sharpe Ratio Rank: 28
VIMAX Sortino Ratio Rank: 27
VIMAX Omega Ratio Rank: 26
VIMAX Calmar Ratio Rank: 37
VIMAX Martin Ratio Rank: 41

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. VIMAX - 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 Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX). 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	VIMAX	Difference
Sharpe ratio Return per unit of total volatility	2.33	1.55	+0.78
Sortino ratio Return per unit of downside risk	3.09	2.22	+0.87
Omega ratio Gain probability vs. loss probability	1.41	1.27	+0.13
Calmar ratio Return relative to maximum drawdown	4.49	2.36	+2.12
Martin ratio Return relative to average drawdown	19.03	9.00	+10.03
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. VIMAX - Sharpe Ratio Comparison

The current FZFLX Sharpe Ratio is 2.33, which is higher than the VIMAX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of FZFLX and VIMAX, 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	VIMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	1.55	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.44	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.61	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.50	+0.12

Drawdowns

FZFLX vs. VIMAX - Drawdown Comparison

The maximum FZFLX drawdown since its inception was -42.03%, smaller than the maximum VIMAX drawdown of -58.88%. Use the drawdown chart below to compare losses from any high point for FZFLX and VIMAX.

Drawdown Indicators

	FZFLX	VIMAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.03%	-58.88%	+16.85%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-8.13%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-22.29%	-18.93%	-3.36%
Max Drawdown (5Y) Largest decline over 5 years	-24.77%	-27.55%	+2.78%
Max Drawdown (10Y) Largest decline over 10 years	-42.03%	-39.30%	-2.73%
Current Drawdown Current decline from peak	-1.84%	0.00%	-1.84%
Average Drawdown Average peak-to-trough decline	-5.74%	-8.12%	+2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.14%	+0.38%

Volatility

FZFLX vs. VIMAX - Volatility Comparison

Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) has a higher volatility of 7.30% compared to Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) at 2.88%. This indicates that FZFLX's price experiences larger fluctuations and is considered to be riskier than VIMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZFLX	VIMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	2.88%	+4.42%
Volatility (6M) Calculated over the trailing 6-month period	17.66%	9.26%	+8.40%
Volatility (1Y) Calculated over the trailing 1-year period	20.84%	12.30%	+8.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	17.62%	+3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	18.92%	+2.18%

FZFLX vs. VIMAX - Expense Ratio Comparison

Both FZFLX and VIMAX have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FZFLX vs. VIMAX - Dividend Comparison

FZFLX's dividend yield for the trailing twelve months is around 44.09%, more than VIMAX's 1.36% 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%
VIMAX Vanguard Mid-Cap Index Fund Admiral Shares	1.36%	1.51%	1.48%	1.50%	1.59%	1.11%	1.44%	1.47%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both FZFLX and VIMAX in my portfolio?

FZFLX and VIMAX have a correlation of 0.84, 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 VIMAX?

FZFLX has higher volatility (7.30%) compared to VIMAX (2.88%). In terms of maximum drawdown, FZFLX dropped -42.03% vs VIMAX's -58.88%.

Which has better risk-adjusted returns?

FZFLX currently has the higher Sharpe Ratio (2.33 vs 1.55), 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.