IWR vs. FSMDX
IWR (iShares Russell Midcap ETF) and FSMDX (Fidelity Mid Cap Index Fund) are both funds - IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index, while FSMDX is a Mid Cap Blend Equities fund tracking the Russell Midcap Index. Both are passively managed. Over the past 10 years, IWR returned 12.41%/yr vs 12.06%/yr for FSMDX. With a 1.00 correlation, they move nearly in lockstep. IWR charges 0.19%/yr vs 0.03%/yr for FSMDX.
Performance
IWR vs. FSMDX - Performance Comparison
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Returns By Period
In the year-to-date period, IWR achieves a 14.90% return, which is significantly higher than FSMDX's 13.40% return. Both investments have delivered pretty close results over the past 10 years, with IWR having a 12.41% annualized return and FSMDX not far behind at 12.06%.
IWR
- 1D
- 1.35%
- 1M
- 3.20%
- YTD
- 14.90%
- 6M
- 13.08%
- 1Y
- 23.04%
- 3Y*
- 17.47%
- 5Y*
- 8.17%
- 10Y*
- 12.41%
FSMDX
- 1D
- 0.60%
- 1M
- 1.85%
- YTD
- 13.40%
- 6M
- 11.56%
- 1Y
- 21.51%
- 3Y*
- 17.42%
- 5Y*
- 8.08%
- 10Y*
- 12.06%
IWR vs. FSMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWR iShares Russell Midcap ETF | 14.90% | 10.37% | 15.21% | 17.05% | -17.48% | 22.44% | 16.93% | 30.23% | -9.10% | 18.25% |
FSMDX Fidelity Mid Cap Index Fund | 13.40% | 10.58% | 15.55% | 17.20% | -17.27% | 22.56% | 17.13% | 30.53% | -9.38% | 18.04% |
Correlation
The correlation between IWR 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 | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 1.00 |
The correlation between IWR and FSMDX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
IWR vs. FSMDX — Risk / Return Rank
IWR
FSMDX
IWR vs. FSMDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) 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.
| IWR | FSMDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.26 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 2.53 | +0.31 |
| Martin ratioReturn relative to average drawdown | 10.84 | 9.66 | +1.17 |
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Drawdowns
IWR vs. FSMDX - Drawdown Comparison
The maximum IWR drawdown since its inception was -58.78%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for IWR and FSMDX.
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Drawdown Indicators
| IWR | FSMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.78% | -40.35% | -18.43% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -8.16% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -21.09% | -20.92% | -0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -26.07% | -0.11% |
Max Drawdown (10Y)Largest decline over 10 years | -40.59% | -40.35% | -0.24% |
Current DrawdownCurrent decline from peak | 0.00% | -0.81% | +0.81% |
Average DrawdownAverage peak-to-trough decline | -7.79% | -4.94% | -2.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 2.13% | 0.00% |
Volatility
IWR vs. FSMDX - Volatility Comparison
iShares Russell Midcap ETF (IWR) and Fidelity Mid Cap Index Fund (FSMDX) have volatilities of 4.67% and 4.59%, 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
| IWR | FSMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 4.59% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.51% | 10.53% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.83% | 13.86% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.30% | 18.32% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.36% | 19.32% | +0.04% |
IWR vs. FSMDX - Expense Ratio Comparison
IWR has a 0.19% 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
IWR vs. FSMDX - Dividend Comparison
IWR's dividend yield for the trailing twelve months is around 1.15%, 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% |
IWR iShares Russell Midcap ETF | 1.15% | 1.29% | 1.27% | 1.43% | 1.59% | 1.04% | 1.28% | 1.43% | 1.98% | 1.52% | 1.72% | 1.59% |
Frequently Asked Questions
With a correlation of 0.99, IWR 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.
IWR has higher volatility (4.67%) compared to FSMDX (4.59%). In terms of maximum drawdown, IWR dropped -58.78% vs FSMDX's -40.35%.
IWR currently has the higher Sharpe Ratio (1.68 vs 1.49), 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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