NMANX vs. FMDGX

Last updated Jul 18, 2026

NMANX (Neuberger Berman Mid Cap Growth Fund) and FMDGX (Fidelity Mid Cap Growth Index Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, NMANX returned 3.66%/yr vs 5.38%/yr for FMDGX. With a 0.97 correlation, they move nearly in lockstep. NMANX charges 0.83%/yr vs 0.05%/yr for FMDGX.

Performance

NMANX vs. FMDGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Mid Cap Growth Fund (NMANX) and Fidelity Mid Cap Growth Index Fund (FMDGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMANX achieves a 3.41% return, which is significantly higher than FMDGX's 1.34% return.

NMANX

• 1D: -1.49%
• 1M: -4.95%
• 6M: -2.26%
• YTD: 3.41%
• 1Y: -1.37%
• 3Y*: 11.15%
• 5Y*: 3.66%
• 10Y*: 11.55%

FMDGX

• 1D: -1.41%
• 1M: -1.47%
• 6M: -1.82%
• YTD: 1.34%
• 1Y: -0.53%
• 3Y*: 12.15%
• 5Y*: 5.38%
• 10Y*: —

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

NMANX vs. FMDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NMANX Neuberger Berman Mid Cap Growth Fund	3.41%	5.51%	24.39%	18.21%	-28.82%	12.42%	39.45%	2.53%
FMDGX Fidelity Mid Cap Growth Index Fund	1.34%	8.60%	22.03%	25.79%	-26.67%	12.67%	34.84%	4.63%

Correlation

The correlation between NMANX and FMDGX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.97

The correlation between NMANX and FMDGX has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

Return for Risk

NMANX vs. FMDGX — Risk / Return Rank

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

NMANX

NMANX Risk / Return Rank: 3
NMANX Sharpe Ratio Rank: 3
NMANX Sortino Ratio Rank: 3
NMANX Omega Ratio Rank: 3
NMANX Calmar Ratio Rank: 3
NMANX Martin Ratio Rank: 3

FMDGX

FMDGX Risk / Return Rank: 3
FMDGX Sharpe Ratio Rank: 3
FMDGX Sortino Ratio Rank: 3
FMDGX Omega Ratio Rank: 3
FMDGX Calmar Ratio Rank: 3
FMDGX Martin Ratio Rank: 3

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.

NMANX vs. FMDGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Mid Cap Growth Fund (NMANX) and Fidelity Mid Cap Growth Index Fund (FMDGX). 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.

	NMANX	FMDGX	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	0.03	-0.05
Sortino ratio: Return per unit of downside risk	0.12	0.16	-0.04
Omega ratio: Gain probability vs. loss probability	1.01	1.02	0.00
Calmar ratio: Return relative to maximum drawdown	-0.03	0.03	-0.06
Martin ratio: Return relative to average drawdown	-0.08	0.09	-0.17

NMANX vs. FMDGX - Sharpe Ratio Comparison

The current NMANX Sharpe Ratio is -0.02, which is lower than the FMDGX Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of NMANX and FMDGX, 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

NMANX vs. FMDGX - Drawdown Comparison

The maximum NMANX drawdown since its inception was -72.14%, which is greater than FMDGX's maximum drawdown of -38.59%. Use the drawdown chart below to compare losses from any high point for NMANX and FMDGX.

Drawdown Indicators

	NMANX	FMDGX	Difference
Max Drawdown Largest peak-to-trough decline	-72.14%	-38.59%	-33.55%
Max Drawdown (1Y) Largest decline over 1 year	-17.71%	-14.75%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-25.93%	-25.30%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-38.10%	-38.59%	+0.49%
Max Drawdown (10Y) Largest decline over 10 years	-38.10%	—	—
Current Drawdown Current decline from peak	-7.62%	-5.50%	-2.12%
Average Drawdown Average peak-to-trough decline	-17.37%	-11.05%	-6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.18%	5.14%	+1.04%

Volatility

NMANX vs. FMDGX - Volatility Comparison

Neuberger Berman Mid Cap Growth Fund (NMANX) has a higher volatility of 6.57% compared to Fidelity Mid Cap Growth Index Fund (FMDGX) at 5.16%. This indicates that NMANX's price experiences larger fluctuations and is considered to be riskier than FMDGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMANX	FMDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	5.16%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	17.45%	13.82%	+3.63%
Volatility (1Y) Calculated over the trailing 1-year period	21.94%	17.36%	+4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.50%	22.52%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.55%	24.26%	-1.71%

NMANX vs. FMDGX - Expense Ratio Comparison

NMANX has a 0.83% expense ratio, which is higher than FMDGX's 0.05% expense ratio.

Dividends

NMANX vs. FMDGX - Dividend Comparison

NMANX's dividend yield for the trailing twelve months is around 22.33%, more than FMDGX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDGX Fidelity Mid Cap Growth Index Fund	1.83%	1.85%	0.47%	0.63%	0.81%	6.43%	0.36%	0.29%	0.00%	0.00%	0.00%	0.00%
NMANX Neuberger Berman Mid Cap Growth Fund	22.33%	23.10%	9.85%	3.19%	4.87%	16.30%	9.58%	5.43%	11.70%	8.94%	5.00%	9.00%

Frequently Asked Questions

Can I hold both NMANX and FMDGX in my portfolio?

With a correlation of 0.92, NMANX and FMDGX 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.

Which is riskier, NMANX or FMDGX?

NMANX has higher volatility (6.57%) compared to FMDGX (5.16%). In terms of maximum drawdown, NMANX dropped -72.14% vs FMDGX's -38.59%.

Which has better risk-adjusted returns?

FMDGX currently has the higher Sharpe Ratio (0.03 vs -0.02), 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.