HEQFX vs. FSMDX

Last updated Jun 4, 2026

HEQFX (Monteagle Opportunity Equity Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, HEQFX returned 9.58%/yr vs 11.69%/yr for FSMDX. Their correlation of 0.93 suggests significant overlap in exposure. HEQFX charges 1.71%/yr vs 0.03%/yr for FSMDX.

Performance

HEQFX vs. FSMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monteagle Opportunity Equity Fund (HEQFX) 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, HEQFX achieves a 9.66% return, which is significantly lower than FSMDX's 12.78% return. Over the past 10 years, HEQFX has underperformed FSMDX with an annualized return of 9.58%, while FSMDX has yielded a comparatively higher 11.69% annualized return.

HEQFX

• 1D: 0.59%
• 1M: 1.79%
• YTD: 9.66%
• 6M: 10.35%
• 1Y: 21.46%
• 3Y*: 13.19%
• 5Y*: 7.79%
• 10Y*: 9.58%

FSMDX

• 1D: 0.70%
• 1M: 4.12%
• YTD: 12.78%
• 6M: 12.57%
• 1Y: 22.14%
• 3Y*: 17.58%
• 5Y*: 8.41%
• 10Y*: 11.69%

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

HEQFX vs. FSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEQFX Monteagle Opportunity Equity Fund	9.66%	9.63%	7.69%	13.38%	-5.43%	20.00%	12.46%	25.07%	-11.61%	10.48%
FSMDX Fidelity Mid Cap Index Fund	12.78%	10.58%	15.55%	17.20%	-17.27%	22.56%	17.13%	30.53%	-9.38%	18.04%

Correlation

The correlation between HEQFX and FSMDX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 12, 2011	0.93

The correlation between HEQFX and FSMDX has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

HEQFX vs. FSMDX — Risk / Return Rank

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

HEQFX

HEQFX Risk / Return Rank: 40
HEQFX Sharpe Ratio Rank: 32
HEQFX Sortino Ratio Rank: 33
HEQFX Omega Ratio Rank: 31
HEQFX Calmar Ratio Rank: 58
HEQFX Martin Ratio Rank: 44

FSMDX

FSMDX Risk / Return Rank: 43
FSMDX Sharpe Ratio Rank: 37
FSMDX Sortino Ratio Rank: 36
FSMDX Omega Ratio Rank: 33
FSMDX Calmar Ratio Rank: 56
FSMDX Martin Ratio Rank: 55

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.

HEQFX vs. FSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monteagle Opportunity Equity Fund (HEQFX) 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.

	HEQFX	FSMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.75	-0.12
Sortino ratio: Return per unit of downside risk	2.43	2.51	-0.08
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.93	2.87	+0.06
Martin ratio: Return relative to average drawdown	9.23	11.06	-1.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEQFX vs. FSMDX - Sharpe Ratio Comparison

The current HEQFX Sharpe Ratio is 1.63, which is comparable to the FSMDX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of HEQFX 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.

Sharpe Ratios by Period

	HEQFX	FSMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.75	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.46	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.00	0.61	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.70	-0.69

Drawdowns

HEQFX vs. FSMDX - Drawdown Comparison

The maximum HEQFX drawdown since its inception was -99.11%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for HEQFX and FSMDX.

Drawdown Indicators

	HEQFX	FSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-40.35%	-58.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-8.16%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-99.11%	-20.92%	-78.19%
Max Drawdown (5Y) Largest decline over 5 years	-99.11%	-26.07%	-73.04%
Max Drawdown (10Y) Largest decline over 10 years	-99.11%	-40.35%	-58.76%
Current Drawdown Current decline from peak	-98.76%	0.00%	-98.76%
Average Drawdown Average peak-to-trough decline	-10.96%	-4.96%	-6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.11%	+0.33%

Volatility

HEQFX vs. FSMDX - Volatility Comparison

Monteagle Opportunity Equity Fund (HEQFX) and Fidelity Mid Cap Index Fund (FSMDX) have volatilities of 3.20% and 3.31%, 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

	HEQFX	FSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	3.31%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	9.93%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	13.89%	13.42%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4,122.31%	18.26%	+4,104.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2,914.93%	19.32%	+2,895.61%

HEQFX vs. FSMDX - Expense Ratio Comparison

HEQFX has a 1.71% expense ratio, which is higher than FSMDX's 0.03% expense ratio.

Dividends

HEQFX vs. FSMDX - Dividend Comparison

HEQFX's dividend yield for the trailing twelve months is around 9.96%, more than FSMDX's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMDX Fidelity Mid Cap Index Fund	0.98%	1.10%	2.46%	1.39%	2.07%	3.35%	2.34%	2.86%	2.21%	2.17%	2.23%	2.84%
HEQFX Monteagle Opportunity Equity Fund	9.96%	10.97%	4.78%	30.44%	6.65%	27.15%	0.68%	7.39%	7.07%	10.68%	12.44%	62.20%

Frequently Asked Questions

Can I hold both HEQFX and FSMDX in my portfolio?

With a correlation of 0.92, HEQFX and FSMDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HEQFX or FSMDX?

FSMDX has higher volatility (3.31%) compared to HEQFX (3.20%). In terms of maximum drawdown, HEQFX dropped -99.11% vs FSMDX's -40.35%.

Which has better risk-adjusted returns?

FSMDX currently has the higher Sharpe Ratio (1.75 vs 1.63), 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.