IMCB vs. FSMDX
IMCB (iShares Morningstar Mid-Cap ETF) and FSMDX (Fidelity Mid Cap Index Fund) are both Mid Cap Blend Equities funds - IMCB tracks the IMCB-US - Morningstar U.S. Mid Cap Index while FSMDX tracks the Russell Midcap Index. Both are passively managed. Over the past 10 years, IMCB returned 11.77%/yr vs 11.79%/yr for FSMDX. With a 0.97 correlation, they move nearly in lockstep. IMCB charges 0.04%/yr vs 0.03%/yr for FSMDX.
Performance
IMCB vs. FSMDX - Performance Comparison
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Returns By Period
In the year-to-date period, IMCB achieves a 16.18% return, which is significantly higher than FSMDX's 13.43% return. Both investments have delivered pretty close results over the past 10 years, with IMCB having a 11.77% annualized return and FSMDX not far ahead at 11.79%.
IMCB
- 1D
- 0.42%
- 1M
- 4.03%
- YTD
- 16.18%
- 6M
- 14.62%
- 1Y
- 25.14%
- 3Y*
- 17.89%
- 5Y*
- 9.17%
- 10Y*
- 11.77%
FSMDX
- 1D
- 0.99%
- 1M
- 2.77%
- YTD
- 13.43%
- 6M
- 11.53%
- 1Y
- 22.95%
- 3Y*
- 16.47%
- 5Y*
- 8.89%
- 10Y*
- 11.79%
IMCB vs. FSMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMCB iShares Morningstar Mid-Cap ETF | 16.18% | 10.25% | 15.10% | 16.37% | -16.09% | 22.81% | 13.35% | 31.49% | -11.53% | 19.70% |
FSMDX Fidelity Mid Cap Index Fund | 13.43% | 10.58% | 15.55% | 17.20% | -17.27% | 22.56% | 17.13% | 30.53% | -9.38% | 18.04% |
Correlation
The correlation between IMCB and FSMDX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.97 |
The correlation between IMCB and FSMDX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
IMCB vs. FSMDX — Risk / Return Rank
IMCB
FSMDX
IMCB vs. FSMDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCB) 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.
| IMCB | FSMDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | 2.84 | +0.30 |
| Martin ratioReturn relative to average drawdown | 12.28 | 10.86 | +1.43 |
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Drawdowns
IMCB vs. FSMDX - Drawdown Comparison
The maximum IMCB drawdown since its inception was -58.80%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for IMCB and FSMDX.
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Drawdown Indicators
| IMCB | FSMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.80% | -40.35% | -18.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -8.16% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -19.80% | -20.92% | +1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -25.15% | -26.07% | +0.92% |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | -40.35% | -0.64% |
Current DrawdownCurrent decline from peak | -0.32% | -0.78% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -7.72% | -4.94% | -2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 2.13% | -0.08% |
Volatility
IMCB vs. FSMDX - Volatility Comparison
iShares Morningstar Mid-Cap ETF (IMCB) and Fidelity Mid Cap Index Fund (FSMDX) have volatilities of 4.70% and 4.57%, 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.
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Volatility by Period
| IMCB | FSMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 4.57% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 10.25% | 10.47% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.32% | 13.82% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.64% | 18.33% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.69% | 19.35% | +0.34% |
IMCB vs. FSMDX - Expense Ratio Comparison
IMCB has a 0.04% expense ratio, which is higher than FSMDX's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IMCB vs. FSMDX - Dividend Comparison
IMCB's dividend yield for the trailing twelve months is around 1.23%, 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% |
IMCB iShares Morningstar Mid-Cap ETF | 1.23% | 1.42% | 1.43% | 1.55% | 1.70% | 1.08% | 1.12% | 1.32% | 1.80% | 1.31% | 1.79% | 1.47% |
Frequently Asked Questions
With a correlation of 0.99, IMCB 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.
IMCB has higher volatility (4.70%) compared to FSMDX (4.57%). In terms of maximum drawdown, IMCB dropped -58.80% vs FSMDX's -40.35%.
IMCB currently has the higher Sharpe Ratio (1.90 vs 1.68), 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.
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