IWP vs. FSMAX
IWP (iShares Russell Mid-Cap Growth ETF) and FSMAX (Fidelity Extended Market Index Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, IWP returned 12.40%/yr vs 12.17%/yr for FSMAX. Their correlation of 0.93 suggests significant overlap in exposure. IWP charges 0.23%/yr vs 0.04%/yr for FSMAX.
Performance
IWP vs. FSMAX - Performance Comparison
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Returns By Period
In the year-to-date period, IWP achieves a 3.75% return, which is significantly lower than FSMAX's 14.89% return. Both investments have delivered pretty close results over the past 10 years, with IWP having a 12.40% annualized return and FSMAX not far behind at 12.17%.
IWP
- 1D
- -1.05%
- 1M
- 4.11%
- YTD
- 3.75%
- 6M
- 2.84%
- 1Y
- 5.63%
- 3Y*
- 15.88%
- 5Y*
- 6.59%
- 10Y*
- 12.40%
FSMAX
- 1D
- 1.07%
- 1M
- 5.80%
- YTD
- 14.89%
- 6M
- 13.61%
- 1Y
- 30.08%
- 3Y*
- 20.13%
- 5Y*
- 6.91%
- 10Y*
- 12.17%
IWP vs. FSMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWP iShares Russell Mid-Cap Growth ETF | 3.75% | 8.45% | 21.86% | 25.70% | -26.90% | 12.60% | 35.25% | 35.04% | -4.89% | 24.93% |
FSMAX Fidelity Extended Market Index Fund | 14.89% | 11.40% | 16.99% | 25.36% | -26.44% | 12.41% | 32.28% | 28.01% | -9.44% | 18.04% |
Correlation
The correlation between IWP and FSMAX is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.93 |
The correlation between IWP and FSMAX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
IWP vs. FSMAX — Risk / Return Rank
IWP
FSMAX
IWP vs. FSMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Growth ETF (IWP) 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.
| IWP | FSMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.52 | ||
| Sortino ratioReturn per unit of downside risk | -2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.32 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 3.12 | -2.74 |
| Martin ratioReturn relative to average drawdown | 1.12 | 11.05 | -9.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWP | FSMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.34 | 1.87 | -1.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.31 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.40 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.46 | -0.04 |
Drawdowns
IWP vs. FSMAX - Drawdown Comparison
The maximum IWP drawdown since its inception was -56.92%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for IWP and FSMAX.
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Drawdown Indicators
| IWP | FSMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.92% | -50.55% | -6.37% |
Max Drawdown (1Y)Largest decline over 1 year | -14.79% | -10.26% | -4.53% |
Max Drawdown (3Y)Largest decline over 3 years | -25.20% | -26.82% | +1.62% |
Max Drawdown (5Y)Largest decline over 5 years | -38.62% | -36.31% | -2.31% |
Max Drawdown (10Y)Largest decline over 10 years | -38.62% | -50.55% | +11.93% |
Current DrawdownCurrent decline from peak | -2.10% | 0.00% | -2.10% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -12.17% | +2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.06% | 2.90% | +2.16% |
Volatility
IWP vs. FSMAX - Volatility Comparison
The current volatility for iShares Russell Mid-Cap Growth ETF (IWP) is 3.73%, while Fidelity Extended Market Index Fund (FSMAX) has a volatility of 4.70%. This indicates that IWP experiences smaller price fluctuations and is considered to be less risky than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWP | FSMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.73% | 4.70% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 12.62% | 12.46% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.50% | 17.17% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.31% | 22.33% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.67% | 30.24% | -8.57% |
IWP vs. FSMAX - Expense Ratio Comparison
IWP has a 0.23% expense ratio, which is higher than FSMAX's 0.04% 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
IWP vs. FSMAX - Dividend Comparison
IWP's dividend yield for the trailing twelve months is around 0.33%, less 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% |
IWP iShares Russell Mid-Cap Growth ETF | 0.33% | 0.37% | 0.40% | 0.54% | 0.77% | 0.30% | 0.38% | 0.59% | 1.02% | 0.78% | 1.16% | 0.98% |
Frequently Asked Questions
With a correlation of 0.91, IWP and FSMAX 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.
FSMAX has higher volatility (4.70%) compared to IWP (3.73%). In terms of maximum drawdown, IWP dropped -56.92% vs FSMAX's -50.55%.
FSMAX currently has the higher Sharpe Ratio (1.87 vs 0.34), 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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