PEXMX vs. FSMAX
PEXMX (T. Rowe Price Extended Equity Market Index Fund) and FSMAX (Fidelity Extended Market Index Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, PEXMX returned 12.22%/yr vs 12.17%/yr for FSMAX. With a 0.99 correlation, they move nearly in lockstep. PEXMX charges 0.23%/yr vs 0.04%/yr for FSMAX.
Performance
PEXMX vs. FSMAX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PEXMX having a 14.63% return and FSMAX slightly higher at 14.89%. Both investments have delivered pretty close results over the past 10 years, with PEXMX having a 12.22% annualized return and FSMAX not far behind at 12.17%.
PEXMX
- 1D
- 1.08%
- 1M
- 5.79%
- YTD
- 14.63%
- 6M
- 13.30%
- 1Y
- 29.74%
- 3Y*
- 19.87%
- 5Y*
- 6.84%
- 10Y*
- 12.22%
FSMAX
- 1D
- 1.07%
- 1M
- 5.80%
- YTD
- 14.89%
- 6M
- 13.61%
- 1Y
- 30.08%
- 3Y*
- 20.13%
- 5Y*
- 6.91%
- 10Y*
- 12.17%
PEXMX vs. FSMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PEXMX T. Rowe Price Extended Equity Market Index Fund | 14.63% | 11.17% | 16.72% | 25.32% | -26.15% | 12.09% | 30.80% | 32.57% | -9.61% | 16.63% |
FSMAX Fidelity Extended Market Index Fund | 14.89% | 11.40% | 16.99% | 25.36% | -26.44% | 12.41% | 32.28% | 28.01% | -9.44% | 18.04% |
Correlation
The correlation between PEXMX and FSMAX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.99 |
The correlation between PEXMX and FSMAX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
PEXMX vs. FSMAX — Risk / Return Rank
PEXMX
FSMAX
PEXMX vs. FSMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Extended Equity Market Index Fund (PEXMX) 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.
| PEXMX | FSMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.32 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 3.12 | +0.04 |
| Martin ratioReturn relative to average drawdown | 11.18 | 11.05 | +0.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PEXMX | FSMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.86 | 1.87 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.31 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.40 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.46 | -0.06 |
Drawdowns
PEXMX vs. FSMAX - Drawdown Comparison
The maximum PEXMX drawdown since its inception was -57.82%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for PEXMX and FSMAX.
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Drawdown Indicators
| PEXMX | FSMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.82% | -50.55% | -7.27% |
Max Drawdown (1Y)Largest decline over 1 year | -10.30% | -10.26% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -27.01% | -26.82% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -36.27% | -36.31% | +0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -41.27% | -50.55% | +9.28% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -13.62% | -12.17% | -1.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.90% | -0.02% |
Volatility
PEXMX vs. FSMAX - Volatility Comparison
T. Rowe Price Extended Equity Market Index Fund (PEXMX) and Fidelity Extended Market Index Fund (FSMAX) have volatilities of 4.68% and 4.70%, 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.
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Volatility by Period
| PEXMX | FSMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 4.70% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 13.24% | 12.46% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.49% | 17.17% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.46% | 22.33% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.25% | 30.24% | -7.99% |
PEXMX vs. FSMAX - Expense Ratio Comparison
PEXMX has a 0.23% expense ratio, which is higher than FSMAX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PEXMX vs. FSMAX - Dividend Comparison
PEXMX's dividend yield for the trailing twelve months is around 3.51%, 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% |
PEXMX T. Rowe Price Extended Equity Market Index Fund | 3.51% | 4.02% | 7.64% | 3.64% | 7.53% | 14.87% | 2.99% | 8.17% | 6.67% | 4.50% | 5.90% | 4.81% |
Frequently Asked Questions
With a correlation of 0.97, PEXMX and FSMAX 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.
FSMAX has higher volatility (4.70%) compared to PEXMX (4.68%). In terms of maximum drawdown, PEXMX dropped -57.82% vs FSMAX's -50.55%.
FSMAX currently has the higher Sharpe Ratio (1.87 vs 1.86), 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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