LLSCX vs. FSMDX
LLSCX (Longleaf Partners Small-Cap Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, LLSCX returned 5.81%/yr vs 11.45%/yr for FSMDX. Their correlation of 0.81 means they have usually moved in the same direction. LLSCX charges 0.95%/yr vs 0.03%/yr for FSMDX.
Performance
LLSCX vs. FSMDX - Performance Comparison
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Returns By Period
In the year-to-date period, LLSCX achieves a -3.30% return, which is significantly lower than FSMDX's 14.95% return. Over the past 10 years, LLSCX has underperformed FSMDX with an annualized return of 5.81%, while FSMDX has yielded a comparatively higher 11.45% annualized return.
LLSCX
- 1D
- -2.33%
- 1M
- 1.15%
- 6M
- -4.81%
- YTD
- -3.30%
- 1Y
- 1.06%
- 3Y*
- 5.40%
- 5Y*
- 2.00%
- 10Y*
- 5.81%
- ALL TIME*
- 9.87%
FSMDX
- 1D
- 0.35%
- 1M
- -0.33%
- 6M
- 11.53%
- YTD
- 14.95%
- 1Y
- 20.72%
- 3Y*
- 14.95%
- 5Y*
- 8.30%
- 10Y*
- 11.45%
- ALL TIME*
- 12.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
LLSCX vs. FSMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LLSCX Longleaf Partners Small-Cap Fund | -3.30% | 7.56% | 9.69% | 20.17% | -19.25% | 11.18% | 4.17% | 27.74% | -6.52% | 9.07% |
FSMDX Fidelity Mid Cap Index Fund | 14.95% | 10.58% | 15.55% | 17.20% | -17.27% | 22.56% | 17.13% | 30.53% | -9.38% | 18.04% |
Correlation
The correlation between LLSCX and FSMDX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.81 |
Over the past year, the correlation between LLSCX and FSMDX has dropped to 0.59 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.
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Return for Risk
LLSCX vs. FSMDX — Risk / Return Rank
LLSCX
FSMDX
LLSCX vs. FSMDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Longleaf Partners Small-Cap Fund (LLSCX) 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.
| LLSCX | FSMDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.24 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 2.25 | -2.40 |
| Martin ratioReturn relative to average drawdown | -0.31 | 8.71 | -9.02 |
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Drawdowns
LLSCX vs. FSMDX - Drawdown Comparison
The maximum LLSCX drawdown since its inception was -63.97%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for LLSCX and FSMDX.
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Drawdown Indicators
| LLSCX | FSMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.97% | -40.35% | -23.62% |
Max Drawdown (1Y)Largest decline over 1 year | -11.44% | -8.16% | -3.28% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -20.92% | +5.52% |
Max Drawdown (5Y)Largest decline over 5 years | -26.67% | -26.07% | -0.60% |
Max Drawdown (10Y)Largest decline over 10 years | -42.23% | -40.35% | -1.88% |
Current DrawdownCurrent decline from peak | -7.56% | -0.66% | -6.90% |
Average DrawdownAverage peak-to-trough decline | -8.90% | -4.91% | -3.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.62% | 2.11% | +3.51% |
Volatility
LLSCX vs. FSMDX - Volatility Comparison
Longleaf Partners Small-Cap Fund (LLSCX) has a higher volatility of 5.13% compared to Fidelity Mid Cap Index Fund (FSMDX) at 2.42%. This indicates that LLSCX's price experiences larger fluctuations and is considered to be riskier than FSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LLSCX | FSMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.13% | 2.42% | +2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 10.29% | 10.22% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.38% | 13.71% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.03% | 18.26% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.58% | 19.27% | +5.31% |
LLSCX vs. FSMDX - Expense Ratio Comparison
LLSCX has a 0.95% expense ratio, which is higher than FSMDX's 0.03% expense ratio.
Dividends
LLSCX vs. FSMDX - Dividend Comparison
LLSCX's dividend yield for the trailing twelve months is around 1.21%, more than FSMDX's 0.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMDX Fidelity Mid Cap Index Fund | 0.76% | 1.10% | 2.46% | 1.39% | 2.07% | 3.35% | 2.34% | 2.86% | 2.21% | 2.17% | 2.23% | 2.84% |
LLSCX Longleaf Partners Small-Cap Fund | 1.21% | 1.17% | 0.11% | 0.94% | 1.20% | 0.82% | 5.85% | 14.89% | 18.13% | 8.43% | 18.01% | 5.91% |
Frequently Asked Questions
LLSCX and FSMDX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LLSCX has higher volatility (5.13%) compared to FSMDX (2.42%). In terms of maximum drawdown, LLSCX dropped -63.97% vs FSMDX's -40.35%.
FSMDX currently has the higher Sharpe Ratio (1.34 vs -0.13), 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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