GTSGX vs. FSMAX

Last updated Aug 4, 2026

GTSGX (Madison Mid Cap Fund) and FSMAX (Fidelity Extended Market Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, GTSGX returned 11.29%/yr vs 11.70%/yr for FSMAX. Their correlation of 0.86 means they have usually moved in the same direction. GTSGX charges 0.95%/yr vs 0.04%/yr for FSMAX.

Performance

GTSGX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Mid Cap Fund (GTSGX) 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, GTSGX achieves a 7.52% return, which is significantly lower than FSMAX's 13.37% return. Both investments have delivered pretty close results over the past 10 years, with GTSGX having a 11.29% annualized return and FSMAX not far ahead at 11.70%.

GTSGX

• 1D: -0.29%
• 1M: 2.13%
• 6M: 3.41%
• YTD: 7.52%
• 1Y: 11.37%
• 3Y*: 9.31%
• 5Y*: 7.77%
• 10Y*: 11.29%
• ALL TIME*: 2.98%

FSMAX

• 1D: -0.41%
• 1M: -3.05%
• 6M: 10.02%
• YTD: 13.37%
• 1Y: 23.10%
• 3Y*: 15.94%
• 5Y*: 6.08%
• 10Y*: 11.70%
• ALL TIME*: 12.08%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSMAX Fidelity Extended Market Index Fund	$0.00	$0.00	$0.00
GTSGX Madison Mid Cap Fund	$0.00	$0.00	$0.00

GTSGX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTSGX Madison Mid Cap Fund	7.52%	1.62%	10.24%	26.51%	-13.60%	26.31%	9.45%	33.53%	-1.60%	15.65%
FSMAX Fidelity Extended Market Index Fund	13.37%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between GTSGX and FSMAX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.86

The correlation between GTSGX and FSMAX shifts across timeframes, from 0.72 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GTSGX vs. FSMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GTSGX

GTSGX Risk / Return Rank: 17
GTSGX Sharpe Ratio Rank: 17
GTSGX Sortino Ratio Rank: 19
GTSGX Omega Ratio Rank: 17
GTSGX Calmar Ratio Rank: 16
GTSGX Martin Ratio Rank: 14

FSMAX

FSMAX Risk / Return Rank: 39
FSMAX Sharpe Ratio Rank: 34
FSMAX Sortino Ratio Rank: 34
FSMAX Omega Ratio Rank: 32
FSMAX Calmar Ratio Rank: 51
FSMAX Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GTSGX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Mid Cap Fund (GTSGX) 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.

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.

	GTSGX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.16	-0.44
Sortino ratio: Return per unit of downside risk	1.17	1.71	-0.54
Omega ratio: Gain probability vs. loss probability	1.13	1.20	-0.07
Calmar ratio: Return relative to maximum drawdown	0.88	2.01	-1.14
Martin ratio: Return relative to average drawdown	2.09	6.81	-4.73

GTSGX vs. FSMAX - Sharpe Ratio Comparison

The current GTSGX Sharpe Ratio is 0.72, which is lower than the FSMAX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of GTSGX 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.

Drawdowns

GTSGX vs. FSMAX - Drawdown Comparison

The maximum GTSGX drawdown since its inception was -73.82%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for GTSGX and FSMAX.

Drawdown Indicators

	GTSGX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-73.82%	-50.55%	-23.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-10.26%	-1.73%
Max Drawdown (3Y) Largest decline over 3 years	-19.63%	-26.82%	+7.19%
Max Drawdown (5Y) Largest decline over 5 years	-21.94%	-36.31%	+14.37%
Max Drawdown (10Y) Largest decline over 10 years	-38.25%	-50.55%	+12.30%
Current Drawdown Current decline from peak	-0.97%	-4.16%	+3.19%
Average Drawdown Average peak-to-trough decline	-29.57%	-12.05%	-17.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.03%	3.03%	+2.00%

Volatility

GTSGX vs. FSMAX - Volatility Comparison

Madison Mid Cap Fund (GTSGX) and Fidelity Extended Market Index Fund (FSMAX) have volatilities of 4.00% and 3.88%, 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

	GTSGX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	3.88%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	10.48%	13.30%	-2.82%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	17.80%	-3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.48%	22.39%	-4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	30.22%	-12.15%

GTSGX vs. FSMAX - Expense Ratio Comparison

GTSGX has a 0.95% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

GTSGX vs. FSMAX - Dividend Comparison

GTSGX's dividend yield for the trailing twelve months is around 3.13%, more than FSMAX's 0.50% yield.

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%
GTSGX Madison Mid Cap Fund	3.13%	3.37%	5.76%	1.25%	1.96%	4.38%	3.43%	3.74%	7.57%	3.58%	4.34%	6.09%

Frequently Asked Questions

Can I hold both GTSGX and FSMAX in my portfolio?

GTSGX and FSMAX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTSGX or FSMAX?

GTSGX has higher volatility (4.00%) compared to FSMAX (3.88%). In terms of maximum drawdown, GTSGX dropped -73.82% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.16 vs 0.72), 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.