GVMCX vs. FSMAX

Last updated Jun 25, 2026

GVMCX (Government Street Mid Cap Fund) and FSMAX (Fidelity Extended Market Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, GVMCX returned 13.91%/yr vs 12.51%/yr for FSMAX. Their correlation of 0.92 suggests significant overlap in exposure. GVMCX charges 1.03%/yr vs 0.04%/yr for FSMAX.

Performance

GVMCX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Government Street Mid Cap Fund (GVMCX) 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, GVMCX achieves a 13.16% return, which is significantly lower than FSMAX's 14.48% return. Over the past 10 years, GVMCX has outperformed FSMAX with an annualized return of 13.91%, while FSMAX has yielded a comparatively lower 12.51% annualized return.

GVMCX

• 1D: -2.02%
• 1M: 1.84%
• YTD: 13.16%
• 6M: 10.91%
• 1Y: 22.79%
• 3Y*: 18.41%
• 5Y*: 11.49%
• 10Y*: 13.91%

FSMAX

• 1D: -0.82%
• 1M: 3.35%
• YTD: 14.48%
• 6M: 11.93%
• 1Y: 26.30%
• 3Y*: 19.91%
• 5Y*: 5.98%
• 10Y*: 12.51%

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

GVMCX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVMCX Government Street Mid Cap Fund	13.16%	14.52%	19.68%	15.19%	-14.16%	30.14%	17.99%	31.00%	-8.88%	20.22%
FSMAX Fidelity Extended Market Index Fund	14.48%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between GVMCX and FSMAX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.92

The correlation between GVMCX and FSMAX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

GVMCX vs. FSMAX — Risk / Return Rank

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

GVMCX

GVMCX Risk / Return Rank: 50
GVMCX Sharpe Ratio Rank: 42
GVMCX Sortino Ratio Rank: 39
GVMCX Omega Ratio Rank: 39
GVMCX Calmar Ratio Rank: 63
GVMCX Martin Ratio Rank: 64

FSMAX

FSMAX Risk / Return Rank: 41
FSMAX Sharpe Ratio Rank: 35
FSMAX Sortino Ratio Rank: 34
FSMAX Omega Ratio Rank: 32
FSMAX Calmar Ratio Rank: 57
FSMAX Martin Ratio Rank: 49

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.

GVMCX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Government Street Mid Cap Fund (GVMCX) 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.

	GVMCX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.59	+0.07
Sortino ratio: Return per unit of downside risk	2.28	2.24	+0.03
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.02
Calmar ratio: Return relative to maximum drawdown	2.75	2.76	0.00
Martin ratio: Return relative to average drawdown	11.14	9.68	+1.47

GVMCX vs. FSMAX - Sharpe Ratio Comparison

The current GVMCX Sharpe Ratio is 1.66, which is comparable to the FSMAX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GVMCX 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

GVMCX vs. FSMAX - Drawdown Comparison

The maximum GVMCX drawdown since its inception was -47.77%, smaller than the maximum FSMAX drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for GVMCX and FSMAX.

Drawdown Indicators

	GVMCX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-47.77%	-50.55%	+2.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-10.26%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-18.29%	-26.82%	+8.53%
Max Drawdown (5Y) Largest decline over 5 years	-21.92%	-36.31%	+14.39%
Max Drawdown (10Y) Largest decline over 10 years	-34.67%	-50.55%	+15.88%
Current Drawdown Current decline from peak	-2.02%	-1.04%	-0.98%
Average Drawdown Average peak-to-trough decline	-5.67%	-12.12%	+6.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.92%	-0.77%

Volatility

GVMCX vs. FSMAX - Volatility Comparison

Government Street Mid Cap Fund (GVMCX) and Fidelity Extended Market Index Fund (FSMAX) have volatilities of 5.93% and 6.15%, 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

	GVMCX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.93%	6.15%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	11.78%	13.30%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	14.51%	17.82%	-3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.75%	22.44%	-5.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	30.25%	-12.80%

GVMCX vs. FSMAX - Expense Ratio Comparison

GVMCX has a 1.03% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

GVMCX vs. FSMAX - Dividend Comparison

GVMCX's dividend yield for the trailing twelve months is around 3.36%, 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%
GVMCX Government Street Mid Cap Fund	3.36%	3.80%	5.42%	1.91%	4.43%	3.36%	3.35%	4.68%	2.00%	4.84%	4.54%	5.77%

Frequently Asked Questions

Can I hold both GVMCX and FSMAX in my portfolio?

GVMCX and FSMAX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVMCX or FSMAX?

FSMAX has higher volatility (6.15%) compared to GVMCX (5.93%). In terms of maximum drawdown, GVMCX dropped -47.77% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

GVMCX currently has the higher Sharpe Ratio (1.66 vs 1.59), 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.