GTSGX vs. FSMDX

Last updated Jun 24, 2026

GTSGX (Madison Mid Cap Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, GTSGX returned 10.93%/yr vs 12.12%/yr for FSMDX. Their correlation of 0.92 suggests significant overlap in exposure. GTSGX charges 0.95%/yr vs 0.03%/yr for FSMDX.

Performance

GTSGX vs. FSMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Mid Cap Fund (GTSGX) 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, GTSGX achieves a -0.62% return, which is significantly lower than FSMDX's 14.03% return. Over the past 10 years, GTSGX has underperformed FSMDX with an annualized return of 10.93%, while FSMDX has yielded a comparatively higher 12.12% annualized return.

GTSGX

• 1D: -0.25%
• 1M: 2.37%
• YTD: -0.62%
• 6M: -1.78%
• 1Y: 2.05%
• 3Y*: 9.10%
• 5Y*: 6.86%
• 10Y*: 10.93%

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)

GTSGX vs. FSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTSGX Madison Mid Cap Fund	-0.62%	1.62%	10.24%	26.51%	-13.60%	26.31%	9.45%	33.53%	-1.60%	15.65%
FSMDX Fidelity Mid Cap Index Fund	14.03%	10.58%	15.55%	17.20%	-17.27%	22.56%	17.13%	30.53%	-9.38%	18.04%

Correlation

The correlation between GTSGX and FSMDX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.92

The correlation between GTSGX and FSMDX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

GTSGX vs. FSMDX — Risk / Return Rank

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

GTSGX

GTSGX Risk / Return Rank: 4
GTSGX Sharpe Ratio Rank: 4
GTSGX Sortino Ratio Rank: 4
GTSGX Omega Ratio Rank: 4
GTSGX Calmar Ratio Rank: 4
GTSGX Martin Ratio Rank: 4

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.

GTSGX vs. FSMDX - Risk-Adjusted Trends Comparison

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

	GTSGX	FSMDX	Difference
Sharpe ratio: Return per unit of total volatility	0.22	1.72	-1.49
Sortino ratio: Return per unit of downside risk	0.44	2.45	-2.01
Omega ratio: Gain probability vs. loss probability	1.05	1.30	-0.25
Calmar ratio: Return relative to maximum drawdown	0.27	2.90	-2.63
Martin ratio: Return relative to average drawdown	0.65	11.11	-10.46

GTSGX vs. FSMDX - Sharpe Ratio Comparison

The current GTSGX Sharpe Ratio is 0.22, which is lower than the FSMDX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of GTSGX 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

GTSGX vs. FSMDX - Drawdown Comparison

The maximum GTSGX drawdown since its inception was -73.82%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for GTSGX and FSMDX.

Drawdown Indicators

	GTSGX	FSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-73.82%	-40.35%	-33.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-8.16%	-3.83%
Max Drawdown (3Y) Largest decline over 3 years	-19.63%	-20.92%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	-21.94%	-26.07%	+4.13%
Max Drawdown (10Y) Largest decline over 10 years	-38.25%	-40.35%	+2.10%
Current Drawdown Current decline from peak	-6.49%	-0.26%	-6.23%
Average Drawdown Average peak-to-trough decline	-29.65%	-4.94%	-24.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	2.13%	+2.93%

Volatility

GTSGX vs. FSMDX - Volatility Comparison

The current volatility for Madison Mid Cap Fund (GTSGX) is 4.06%, while Fidelity Mid Cap Index Fund (FSMDX) has a volatility of 4.43%. This indicates that GTSGX 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

	GTSGX	FSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.43%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	10.46%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	13.85%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	18.32%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	19.35%	-1.25%

GTSGX vs. FSMDX - Expense Ratio Comparison

GTSGX has a 0.95% expense ratio, which is higher than FSMDX's 0.03% expense ratio.

Dividends

GTSGX vs. FSMDX - Dividend Comparison

GTSGX's dividend yield for the trailing twelve months is around 3.39%, more 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%
GTSGX Madison Mid Cap Fund	3.39%	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 FSMDX in my portfolio?

GTSGX and FSMDX have a correlation of 0.86, 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 FSMDX?

FSMDX has higher volatility (4.43%) compared to GTSGX (4.06%). In terms of maximum drawdown, GTSGX dropped -73.82% vs FSMDX's -40.35%.

Which has better risk-adjusted returns?

FSMDX currently has the higher Sharpe Ratio (1.72 vs 0.22), 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.