PQCCX vs. FSMDX

Last updated Jul 3, 2026

PQCCX (PGIM Quant Solutions Mid-Cap Core Equity Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both Mid Cap Blend Equities funds. Over the past 5 years, PQCCX returned 13.88%/yr vs 8.34%/yr for FSMDX. With a 0.95 correlation, they move nearly in lockstep. PQCCX charges 0.81%/yr vs 0.03%/yr for FSMDX.

Performance

PQCCX vs. FSMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Quant Solutions Mid-Cap Core Equity Fund (PQCCX) and Fidelity Mid Cap Index Fund (FSMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQCCX achieves a 16.16% return, which is significantly higher than FSMDX's 15.11% return.

PQCCX

• 1D: -0.87%
• 1M: 1.87%
• 6M: 16.16%
• YTD: 16.16%
• 1Y: 21.82%
• 3Y*: 22.99%
• 5Y*: 13.88%
• 10Y*: —

FSMDX

• 1D: -0.16%
• 1M: 2.06%
• 6M: 15.11%
• YTD: 15.11%
• 1Y: 19.91%
• 3Y*: 16.51%
• 5Y*: 8.34%
• 10Y*: 11.89%

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

PQCCX vs. FSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQCCX PGIM Quant Solutions Mid-Cap Core Equity Fund	16.16%	7.08%	37.16%	18.91%	-10.54%	28.16%	3.01%	24.76%	-15.38%	15.48%
FSMDX Fidelity Mid Cap Index Fund	15.11%	10.58%	15.55%	17.20%	-17.27%	22.56%	17.13%	30.53%	-9.38%	18.04%

Correlation

The correlation between PQCCX and FSMDX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.95

The correlation between PQCCX and FSMDX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

PQCCX vs. FSMDX — Risk / Return Rank

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

PQCCX

PQCCX Risk / Return Rank: 50
PQCCX Sharpe Ratio Rank: 41
PQCCX Sortino Ratio Rank: 43
PQCCX Omega Ratio Rank: 38
PQCCX Calmar Ratio Rank: 68
PQCCX Martin Ratio Rank: 60

FSMDX

FSMDX Risk / Return Rank: 48
FSMDX Sharpe Ratio Rank: 40
FSMDX Sortino Ratio Rank: 41
FSMDX Omega Ratio Rank: 37
FSMDX Calmar Ratio Rank: 62
FSMDX Martin Ratio Rank: 59

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.

PQCCX vs. FSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Quant Solutions Mid-Cap Core Equity Fund (PQCCX) and Fidelity Mid Cap Index Fund (FSMDX). 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.

	PQCCX	FSMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.50	-0.03
Sortino ratio: Return per unit of downside risk	2.16	2.17	0.00
Omega ratio: Gain probability vs. loss probability	1.26	1.26	0.00
Calmar ratio: Return relative to maximum drawdown	2.60	2.53	+0.06
Martin ratio: Return relative to average drawdown	9.49	9.68	-0.19

PQCCX vs. FSMDX - Sharpe Ratio Comparison

The current PQCCX Sharpe Ratio is 1.47, which is comparable to the FSMDX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of PQCCX and FSMDX, 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

PQCCX vs. FSMDX - Drawdown Comparison

The maximum PQCCX drawdown since its inception was -45.27%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for PQCCX and FSMDX.

Drawdown Indicators

	PQCCX	FSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-45.27%	-40.35%	-4.92%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-8.16%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-34.53%	-20.92%	-13.61%
Max Drawdown (5Y) Largest decline over 5 years	-34.53%	-26.07%	-8.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.35%	—
Current Drawdown Current decline from peak	-1.09%	-0.16%	-0.93%
Average Drawdown Average peak-to-trough decline	-8.01%	-4.93%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.13%	+0.31%

Volatility

PQCCX vs. FSMDX - Volatility Comparison

PGIM Quant Solutions Mid-Cap Core Equity Fund (PQCCX) and Fidelity Mid Cap Index Fund (FSMDX) have volatilities of 4.74% and 4.72%, 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

	PQCCX	FSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	4.72%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	11.82%	10.57%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	13.84%	+2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.63%	18.33%	+10.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.68%	19.28%	+7.40%

PQCCX vs. FSMDX - Expense Ratio Comparison

PQCCX has a 0.81% expense ratio, which is higher than FSMDX's 0.03% expense ratio.

Dividends

PQCCX vs. FSMDX - Dividend Comparison

PQCCX's dividend yield for the trailing twelve months is around 3.04%, more than FSMDX's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMDX Fidelity Mid Cap Index Fund	0.76%	1.10%	2.46%	1.39%	2.07%	3.35%	2.34%	2.86%	2.21%	2.17%	2.23%	2.84%
PQCCX PGIM Quant Solutions Mid-Cap Core Equity Fund	3.04%	3.54%	38.85%	7.15%	17.18%	26.66%	0.71%	1.00%	7.37%	2.85%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PQCCX and FSMDX in my portfolio?

With a correlation of 0.96, PQCCX and FSMDX 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, PQCCX or FSMDX?

PQCCX has higher volatility (4.74%) compared to FSMDX (4.72%). In terms of maximum drawdown, PQCCX dropped -45.27% vs FSMDX's -40.35%.

Which has better risk-adjusted returns?

FSMDX currently has the higher Sharpe Ratio (1.50 vs 1.47), 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.