RPTTX vs. FSMAX

Last updated Jun 24, 2026

RPTTX (T. Rowe Price Diversified Mid Cap Growth I) and FSMAX (Fidelity Extended Market Index Fund) are both mutual funds - RPTTX is a Mid Cap Growth Equities fund tracking the Russell MidCap Growth Index, while FSMAX is a Mid Cap Blend Equities fund tracking the Dow Jones U.S. Completion Total Stock Market Index. Both are passively managed. Over the past 5 years, RPTTX returned 6.85%/yr vs 6.38%/yr for FSMAX. Their correlation of 0.92 suggests significant overlap in exposure. RPTTX charges 0.67%/yr vs 0.04%/yr for FSMAX.

Performance

RPTTX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Diversified Mid Cap Growth I (RPTTX) 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, RPTTX achieves a 5.61% return, which is significantly lower than FSMAX's 15.43% return.

RPTTX

• 1D: 0.42%
• 1M: 3.26%
• YTD: 5.61%
• 6M: 3.50%
• 1Y: 8.08%
• 3Y*: 16.46%
• 5Y*: 6.85%
• 10Y*: —

FSMAX

• 1D: -0.11%
• 1M: 4.21%
• YTD: 15.43%
• 6M: 13.08%
• 1Y: 29.23%
• 3Y*: 20.24%
• 5Y*: 6.38%
• 10Y*: 12.60%

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

RPTTX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPTTX T. Rowe Price Diversified Mid Cap Growth I	5.61%	10.48%	23.99%	21.00%	-24.50%	13.69%	32.02%	38.08%	-3.02%	13.20%
FSMAX Fidelity Extended Market Index Fund	15.43%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	12.48%

Correlation

The correlation between RPTTX and FSMAX 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	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.92

The correlation between RPTTX and FSMAX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

RPTTX vs. FSMAX — Risk / Return Rank

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

RPTTX

RPTTX Risk / Return Rank: 7
RPTTX Sharpe Ratio Rank: 7
RPTTX Sortino Ratio Rank: 7
RPTTX Omega Ratio Rank: 7
RPTTX Calmar Ratio Rank: 7
RPTTX Martin Ratio Rank: 8

FSMAX

FSMAX Risk / Return Rank: 47
FSMAX Sharpe Ratio Rank: 41
FSMAX Sortino Ratio Rank: 38
FSMAX Omega Ratio Rank: 35
FSMAX Calmar Ratio Rank: 66
FSMAX Martin Ratio Rank: 55

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.

RPTTX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Diversified Mid Cap Growth I (RPTTX) 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.

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.

	RPTTX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.71	-1.19
Sortino ratio: Return per unit of downside risk	0.85	2.39	-1.54
Omega ratio: Gain probability vs. loss probability	1.10	1.29	-0.19
Calmar ratio: Return relative to maximum drawdown	0.64	2.97	-2.32
Martin ratio: Return relative to average drawdown	2.02	10.42	-8.40

RPTTX vs. FSMAX - Sharpe Ratio Comparison

The current RPTTX Sharpe Ratio is 0.52, which is lower than the FSMAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of RPTTX 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.

Drawdowns

RPTTX vs. FSMAX - Drawdown Comparison

The maximum RPTTX drawdown since its inception was -35.91%, smaller than the maximum FSMAX drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for RPTTX and FSMAX.

Drawdown Indicators

	RPTTX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.91%	-50.55%	+14.64%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-10.26%	-3.82%
Max Drawdown (3Y) Largest decline over 3 years	-25.04%	-26.82%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-35.62%	-36.31%	+0.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.55%	—
Current Drawdown Current decline from peak	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-8.40%	-12.13%	+3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	2.92%	+1.56%

Volatility

RPTTX vs. FSMAX - Volatility Comparison

T. Rowe Price Diversified Mid Cap Growth I (RPTTX) and Fidelity Extended Market Index Fund (FSMAX) have volatilities of 5.90% and 6.07%, 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

	RPTTX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	6.07%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	13.28%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	17.83%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.91%	22.43%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.07%	30.28%	-8.21%

RPTTX vs. FSMAX - Expense Ratio Comparison

RPTTX has a 0.67% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

RPTTX vs. FSMAX - Dividend Comparison

RPTTX's dividend yield for the trailing twelve months is around 7.47%, 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%
RPTTX T. Rowe Price Diversified Mid Cap Growth I	7.47%	7.89%	8.53%	6.85%	1.22%	10.29%	4.89%	2.13%	5.38%	3.81%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RPTTX and FSMAX in my portfolio?

With a correlation of 0.92, RPTTX 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.

Which is riskier, RPTTX or FSMAX?

FSMAX has higher volatility (6.07%) compared to RPTTX (5.90%). In terms of maximum drawdown, RPTTX dropped -35.91% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.71 vs 0.52), 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.