PRNHX vs. FMDGX
PRNHX (T. Rowe Price New Horizons Fund) and FMDGX (Fidelity Mid Cap Growth Index Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, PRNHX returned -1.40%/yr vs 4.43%/yr for FMDGX. Their correlation of 0.92 means they have usually moved in the same direction. PRNHX charges 0.79%/yr vs 0.05%/yr for FMDGX.
Performance
PRNHX vs. FMDGX - Performance Comparison
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Returns By Period
In the year-to-date period, PRNHX achieves a 10.69% return, which is significantly higher than FMDGX's 0.60% return.
PRNHX
- 1D
- 2.25%
- 1M
- -4.46%
- 6M
- 5.43%
- YTD
- 10.69%
- 1Y
- 20.07%
- 3Y*
- 7.63%
- 5Y*
- -1.40%
- 10Y*
- 13.63%
- ALL TIME*
- 9.94%
FMDGX
- 1D
- 2.29%
- 1M
- -3.87%
- 6M
- 1.50%
- YTD
- 0.60%
- 1Y
- -0.77%
- 3Y*
- 11.99%
- 5Y*
- 4.43%
- 10Y*
- —
- ALL TIME*
- 10.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRNHX vs. FMDGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PRNHX T. Rowe Price New Horizons Fund | 10.69% | 3.27% | 8.80% | 21.35% | -36.96% | 9.96% | 58.05% | 16.95% |
FMDGX Fidelity Mid Cap Growth Index Fund | 0.60% | 8.60% | 22.03% | 25.79% | -26.67% | 12.67% | 34.84% | 4.63% |
Correlation
The correlation between PRNHX and FMDGX is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019 | 0.92 |
The correlation between PRNHX and FMDGX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
PRNHX vs. FMDGX — Risk / Return Rank
PRNHX
FMDGX
PRNHX vs. FMDGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Horizons Fund (PRNHX) 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.
| PRNHX | FMDGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.99 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | -0.21 | +1.53 |
| Martin ratioReturn relative to average drawdown | 4.65 | -0.57 | +5.23 |
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Drawdowns
PRNHX vs. FMDGX - Drawdown Comparison
The maximum PRNHX drawdown since its inception was -70.96%, which is greater than FMDGX's maximum drawdown of -38.59%. Use the drawdown chart below to compare losses from any high point for PRNHX and FMDGX.
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Drawdown Indicators
| PRNHX | FMDGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.96% | -38.59% | -32.37% |
Max Drawdown (1Y)Largest decline over 1 year | -13.12% | -14.75% | +1.63% |
Max Drawdown (3Y)Largest decline over 3 years | -26.65% | -25.30% | -1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -48.37% | -38.59% | -9.78% |
Max Drawdown (10Y)Largest decline over 10 years | -48.37% | — | — |
Current DrawdownCurrent decline from peak | -14.73% | -6.20% | -8.53% |
Average DrawdownAverage peak-to-trough decline | -18.36% | -11.03% | -7.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 5.29% | -1.56% |
Volatility
PRNHX vs. FMDGX - Volatility Comparison
T. Rowe Price New Horizons Fund (PRNHX) has a higher volatility of 5.67% compared to Fidelity Mid Cap Growth Index Fund (FMDGX) at 5.15%. This indicates that PRNHX'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.
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Volatility by Period
| PRNHX | FMDGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 5.15% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 17.83% | 14.00% | +3.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.50% | 17.61% | +3.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.93% | 22.54% | +2.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.96% | 24.23% | -1.27% |
PRNHX vs. FMDGX - Expense Ratio Comparison
PRNHX has a 0.79% expense ratio, which is higher than FMDGX's 0.05% expense ratio.
Dividends
PRNHX vs. FMDGX - Dividend Comparison
PRNHX's dividend yield for the trailing twelve months is around 10.71%, more than FMDGX's 1.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMDGX Fidelity Mid Cap Growth Index Fund | 1.84% | 1.85% | 0.47% | 0.63% | 0.81% | 6.43% | 0.36% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% |
PRNHX T. Rowe Price New Horizons Fund | 10.71% | 11.85% | 9.82% | 0.00% | 4.72% | 17.09% | 13.67% | 23.46% | 13.94% | 8.27% | 5.77% | 7.72% |
Frequently Asked Questions
PRNHX and FMDGX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRNHX has higher volatility (5.67%) compared to FMDGX (5.15%). In terms of maximum drawdown, PRNHX dropped -70.96% vs FMDGX's -38.59%.
PRNHX currently has the higher Sharpe Ratio (0.81 vs -0.17), 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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