MPMCX vs. FSMAX

Last updated Jun 6, 2026

MPMCX (BNY Mellon Mid Cap Multi-Strategy Fund) and FSMAX (Fidelity Extended Market Index Fund) are both mutual funds - MPMCX is a Mid Cap Growth Equities fund managed by BNY Mellon, 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, MPMCX returned 13.43%/yr vs 12.08%/yr for FSMAX. With a 0.96 correlation, they move nearly in lockstep. MPMCX charges 0.90%/yr vs 0.04%/yr for FSMAX.

Performance

MPMCX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Mid Cap Multi-Strategy Fund (MPMCX) 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, MPMCX achieves a 5.08% return, which is significantly lower than FSMAX's 15.03% return. Over the past 10 years, MPMCX has outperformed FSMAX with an annualized return of 13.43%, while FSMAX has yielded a comparatively lower 12.08% annualized return.

MPMCX

• 1D: 0.00%
• 1M: -1.20%
• YTD: 5.08%
• 6M: -0.50%
• 1Y: 6.73%
• 3Y*: 23.23%
• 5Y*: 10.96%
• 10Y*: 13.43%

FSMAX

• 1D: 1.14%
• 1M: 3.25%
• YTD: 15.03%
• 6M: 13.25%
• 1Y: 30.17%
• 3Y*: 20.49%
• 5Y*: 6.78%
• 10Y*: 12.08%

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

MPMCX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MPMCX BNY Mellon Mid Cap Multi-Strategy Fund	5.08%	3.40%	49.81%	18.30%	-18.35%	19.07%	22.87%	30.77%	-9.17%	18.68%
FSMAX Fidelity Extended Market Index Fund	15.03%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between MPMCX and FSMAX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.96

The correlation between MPMCX and FSMAX has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

Return for Risk

MPMCX vs. FSMAX — Risk / Return Rank

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

MPMCX

MPMCX Risk / Return Rank: 9
MPMCX Sharpe Ratio Rank: 8
MPMCX Sortino Ratio Rank: 7
MPMCX Omega Ratio Rank: 8
MPMCX Calmar Ratio Rank: 9
MPMCX Martin Ratio Rank: 10

FSMAX

FSMAX Risk / Return Rank: 46
FSMAX Sharpe Ratio Rank: 40
FSMAX Sortino Ratio Rank: 37
FSMAX Omega Ratio Rank: 36
FSMAX Calmar Ratio Rank: 63
FSMAX Martin Ratio Rank: 53

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.

MPMCX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Mid Cap Multi-Strategy Fund (MPMCX) 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.

	MPMCX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.59	1.76	-1.18
Sortino ratio: Return per unit of downside risk	0.90	2.47	-1.57
Omega ratio: Gain probability vs. loss probability	1.12	1.30	-0.18
Calmar ratio: Return relative to maximum drawdown	0.83	2.95	-2.12
Martin ratio: Return relative to average drawdown	2.80	10.43	-7.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MPMCX vs. FSMAX - Sharpe Ratio Comparison

The current MPMCX Sharpe Ratio is 0.59, which is lower than the FSMAX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of MPMCX 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

	MPMCX	FSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	1.76	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.31	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.40	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.46	-0.05

Drawdowns

MPMCX vs. FSMAX - Drawdown Comparison

The maximum MPMCX drawdown since its inception was -55.25%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for MPMCX and FSMAX.

Drawdown Indicators

	MPMCX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.25%	-50.55%	-4.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-10.26%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-26.82%	+7.52%
Max Drawdown (5Y) Largest decline over 5 years	-27.80%	-36.31%	+8.51%
Max Drawdown (10Y) Largest decline over 10 years	-38.74%	-50.55%	+11.81%
Current Drawdown Current decline from peak	-1.94%	0.00%	-1.94%
Average Drawdown Average peak-to-trough decline	-9.02%	-12.16%	+3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.90%	+0.15%

Volatility

MPMCX vs. FSMAX - Volatility Comparison

The current volatility for BNY Mellon Mid Cap Multi-Strategy Fund (MPMCX) is 2.30%, while Fidelity Extended Market Index Fund (FSMAX) has a volatility of 4.81%. This indicates that MPMCX 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.

Volatility by Period

	MPMCX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	4.81%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	11.72%	12.52%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	14.56%	17.19%	-2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.40%	22.33%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	30.23%	-8.26%

MPMCX vs. FSMAX - Expense Ratio Comparison

MPMCX has a 0.90% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

MPMCX vs. FSMAX - Dividend Comparison

MPMCX's dividend yield for the trailing twelve months is around 531.29%, 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%
MPMCX BNY Mellon Mid Cap Multi-Strategy Fund	531.29%	558.31%	53.86%	15.92%	13.31%	13.10%	7.73%	3.36%	8.53%	4.69%	1.71%	4.78%

Frequently Asked Questions

Can I hold both MPMCX and FSMAX in my portfolio?

MPMCX and FSMAX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MPMCX or FSMAX?

FSMAX has higher volatility (4.81%) compared to MPMCX (2.30%). In terms of maximum drawdown, MPMCX dropped -55.25% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.76 vs 0.59), 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.