MADCX vs. FSMAX

Last updated Jul 15, 2026

MADCX (BlackRock Emerging Markets Fund, Inc.) and FSMAX (Fidelity Extended Market Index Fund) are both mutual funds - MADCX is a Emerging Markets Diversified fund managed by BlackRock, while FSMAX is a Mid Cap Blend Equities fund tracking the Dow Jones U.S. Completion Total Stock Market Index. Over the past 10 years, MADCX returned 9.76%/yr vs 11.85%/yr for FSMAX. A 0.67 correlation means they provide meaningful diversification when combined. MADCX charges 0.86%/yr vs 0.04%/yr for FSMAX.

Performance

MADCX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Emerging Markets Fund, Inc. (MADCX) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MADCX achieves a 23.54% return, which is significantly higher than FSMAX's 14.84% return. Over the past 10 years, MADCX has underperformed FSMAX with an annualized return of 9.76%, while FSMAX has yielded a comparatively higher 11.85% annualized return.

MADCX

• 1D: -4.36%
• 1M: -4.09%
• 6M: 17.02%
• YTD: 23.54%
• 1Y: 45.22%
• 3Y*: 16.74%
• 5Y*: 4.04%
• 10Y*: 9.76%

FSMAX

• 1D: -0.93%
• 1M: 0.38%
• 6M: 9.51%
• YTD: 14.84%
• 1Y: 22.25%
• 3Y*: 17.39%
• 5Y*: 6.81%
• 10Y*: 11.85%

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

MADCX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MADCX BlackRock Emerging Markets Fund, Inc.	23.54%	30.47%	-1.09%	10.77%	-24.12%	-1.14%	24.53%	26.47%	-10.73%	42.09%
FSMAX Fidelity Extended Market Index Fund	14.84%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between MADCX and FSMAX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.67

The correlation between MADCX and FSMAX has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

Return for Risk

MADCX vs. FSMAX — Risk / Return Rank

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

MADCX

MADCX Risk / Return Rank: 67
MADCX Sharpe Ratio Rank: 66
MADCX Sortino Ratio Rank: 49
MADCX Omega Ratio Rank: 68
MADCX Calmar Ratio Rank: 79
MADCX Martin Ratio Rank: 73

FSMAX

FSMAX Risk / Return Rank: 41
FSMAX Sharpe Ratio Rank: 36
FSMAX Sortino Ratio Rank: 35
FSMAX Omega Ratio Rank: 33
FSMAX Calmar Ratio Rank: 55
FSMAX Martin Ratio Rank: 48

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.

MADCX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Emerging Markets Fund, Inc. (MADCX) 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.

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.

	MADCX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.31	+0.46
Sortino ratio: Return per unit of downside risk	2.23	1.90	+0.33
Omega ratio: Gain probability vs. loss probability	1.34	1.23	+0.11
Calmar ratio: Return relative to maximum drawdown	2.86	2.27	+0.59
Martin ratio: Return relative to average drawdown	10.46	7.94	+2.52

MADCX vs. FSMAX - Sharpe Ratio Comparison

The current MADCX Sharpe Ratio is 1.77, which is higher than the FSMAX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of MADCX and FSMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MADCX vs. FSMAX - Drawdown Comparison

The maximum MADCX drawdown since its inception was -66.58%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for MADCX and FSMAX.

Drawdown Indicators

	MADCX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-66.58%	-50.55%	-16.03%
Max Drawdown (1Y) Largest decline over 1 year	-15.57%	-10.26%	-5.31%
Max Drawdown (3Y) Largest decline over 3 years	-20.25%	-26.82%	+6.57%
Max Drawdown (5Y) Largest decline over 5 years	-38.22%	-36.31%	-1.91%
Max Drawdown (10Y) Largest decline over 10 years	-43.82%	-50.55%	+6.73%
Current Drawdown Current decline from peak	-9.93%	-2.92%	-7.01%
Average Drawdown Average peak-to-trough decline	-18.33%	-12.09%	-6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	2.93%	+1.33%

Volatility

MADCX vs. FSMAX - Volatility Comparison

BlackRock Emerging Markets Fund, Inc. (MADCX) has a higher volatility of 12.50% compared to Fidelity Extended Market Index Fund (FSMAX) at 4.94%. This indicates that MADCX's price experiences larger fluctuations and is considered to be riskier than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MADCX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.50%	4.94%	+7.56%
Volatility (6M) Calculated over the trailing 6-month period	23.12%	13.28%	+9.84%
Volatility (1Y) Calculated over the trailing 1-year period	25.19%	17.81%	+7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	22.43%	-3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.99%	30.22%	-11.23%

MADCX vs. FSMAX - Expense Ratio Comparison

MADCX has a 0.86% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

MADCX vs. FSMAX - Dividend Comparison

MADCX's dividend yield for the trailing twelve months is around 3.45%, more 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%
MADCX BlackRock Emerging Markets Fund, Inc.	3.45%	4.26%	1.90%	1.67%	2.22%	5.72%	0.97%	1.53%	0.98%	0.48%	1.82%	1.34%

Frequently Asked Questions

Can I hold both MADCX and FSMAX in my portfolio?

MADCX and FSMAX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MADCX or FSMAX?

MADCX has higher volatility (12.50%) compared to FSMAX (4.94%). In terms of maximum drawdown, MADCX dropped -66.58% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

MADCX currently has the higher Sharpe Ratio (1.77 vs 1.31), 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.