MISIX vs. FSMAX

Last updated Jun 5, 2026

MISIX (Victory Trivalent International Small-Cap Fund Class I) and FSMAX (Fidelity Extended Market Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, MISIX returned 10.16%/yr vs 12.06%/yr for FSMAX. A 0.73 correlation means they provide meaningful diversification when combined. MISIX charges 0.97%/yr vs 0.04%/yr for FSMAX.

Performance

MISIX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Trivalent International Small-Cap Fund Class I (MISIX) 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, MISIX achieves a 12.63% return, which is significantly lower than FSMAX's 13.74% return. Over the past 10 years, MISIX has underperformed FSMAX with an annualized return of 10.16%, while FSMAX has yielded a comparatively higher 12.06% annualized return.

MISIX

• 1D: -0.53%
• 1M: 0.58%
• YTD: 12.63%
• 6M: 15.41%
• 1Y: 32.09%
• 3Y*: 21.39%
• 5Y*: 7.92%
• 10Y*: 10.16%

FSMAX

• 1D: -1.00%
• 1M: 3.43%
• YTD: 13.74%
• 6M: 11.91%
• 1Y: 28.69%
• 3Y*: 19.73%
• 5Y*: 6.54%
• 10Y*: 12.06%

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

MISIX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MISIX Victory Trivalent International Small-Cap Fund Class I	12.63%	42.00%	4.70%	15.49%	-23.13%	12.41%	15.42%	27.88%	-20.20%	37.14%
FSMAX Fidelity Extended Market Index Fund	13.74%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between MISIX and FSMAX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.73

The correlation between MISIX and FSMAX has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

Return for Risk

MISIX vs. FSMAX — Risk / Return Rank

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

MISIX

MISIX Risk / Return Rank: 46
MISIX Sharpe Ratio Rank: 51
MISIX Sortino Ratio Rank: 48
MISIX Omega Ratio Rank: 49
MISIX Calmar Ratio Rank: 40
MISIX Martin Ratio Rank: 45

FSMAX

FSMAX Risk / Return Rank: 40
FSMAX Sharpe Ratio Rank: 34
FSMAX Sortino Ratio Rank: 32
FSMAX Omega Ratio Rank: 30
FSMAX Calmar Ratio Rank: 54
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.

MISIX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Trivalent International Small-Cap Fund Class I (MISIX) 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.

	MISIX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.69	+0.42
Sortino ratio: Return per unit of downside risk	2.91	2.38	+0.53
Omega ratio: Gain probability vs. loss probability	1.38	1.29	+0.09
Calmar ratio: Return relative to maximum drawdown	2.37	2.82	-0.44
Martin ratio: Return relative to average drawdown	9.40	9.96	-0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MISIX vs. FSMAX - Sharpe Ratio Comparison

The current MISIX Sharpe Ratio is 2.10, which is comparable to the FSMAX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of MISIX 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.

Sharpe Ratios by Period

	MISIX	FSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.69	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.29	+0.15
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	0.35	0.46	-0.11

Drawdowns

MISIX vs. FSMAX - Drawdown Comparison

The maximum MISIX drawdown since its inception was -67.61%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for MISIX and FSMAX.

Drawdown Indicators

	MISIX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-67.61%	-50.55%	-17.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.84%	-10.26%	-3.58%
Max Drawdown (3Y) Largest decline over 3 years	-14.15%	-26.82%	+12.67%
Max Drawdown (5Y) Largest decline over 5 years	-37.69%	-36.31%	-1.38%
Max Drawdown (10Y) Largest decline over 10 years	-41.82%	-50.55%	+8.73%
Current Drawdown Current decline from peak	-2.27%	-1.00%	-1.27%
Average Drawdown Average peak-to-trough decline	-16.86%	-12.16%	-4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	2.90%	+0.59%

Volatility

MISIX vs. FSMAX - Volatility Comparison

Victory Trivalent International Small-Cap Fund Class I (MISIX) and Fidelity Extended Market Index Fund (FSMAX) have volatilities of 4.87% and 4.84%, 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.

Volatility by Period

	MISIX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	4.84%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	13.10%	12.48%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.63%	17.20%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.94%	22.33%	-4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.94%	30.23%	-12.29%

MISIX vs. FSMAX - Expense Ratio Comparison

MISIX has a 0.97% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

MISIX vs. FSMAX - Dividend Comparison

MISIX's dividend yield for the trailing twelve months is around 5.37%, 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%
MISIX Victory Trivalent International Small-Cap Fund Class I	5.37%	6.05%	2.27%	1.90%	1.12%	8.61%	0.41%	1.99%	3.59%	1.85%	1.56%	1.21%

Frequently Asked Questions

Can I hold both MISIX and FSMAX in my portfolio?

MISIX and FSMAX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MISIX or FSMAX?

MISIX has higher volatility (4.87%) compared to FSMAX (4.84%). In terms of maximum drawdown, MISIX dropped -67.61% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

MISIX currently has the higher Sharpe Ratio (2.10 vs 1.69), 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.