RTSSX vs. FSOPX

Last updated Jun 5, 2026

RTSSX (Russell Investment Tax-Managed U.S. Mid & Small Cap Fund) and FSOPX (Fidelity Series Small Cap Opportunities Fund) are both Small Cap Blend Equities funds. Over the past 10 years, RTSSX returned 9.26%/yr vs 12.78%/yr for FSOPX. With a 0.97 correlation, they move nearly in lockstep. RTSSX charges 1.20%/yr vs 0.00%/yr for FSOPX.

Performance

RTSSX vs. FSOPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Russell Investment Tax-Managed U.S. Mid & Small Cap Fund (RTSSX) and Fidelity Series Small Cap Opportunities Fund (FSOPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RTSSX achieves a 14.75% return, which is significantly lower than FSOPX's 16.95% return. Over the past 10 years, RTSSX has underperformed FSOPX with an annualized return of 9.26%, while FSOPX has yielded a comparatively higher 12.78% annualized return.

RTSSX

• 1D: -0.56%
• 1M: 1.63%
• YTD: 14.75%
• 6M: 13.63%
• 1Y: 28.91%
• 3Y*: 13.46%
• 5Y*: 4.42%
• 10Y*: 9.26%

FSOPX

• 1D: 0.11%
• 1M: -0.16%
• YTD: 16.95%
• 6M: 15.23%
• 1Y: 41.34%
• 3Y*: 21.05%
• 5Y*: 10.89%
• 10Y*: 12.78%

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

RTSSX vs. FSOPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RTSSX Russell Investment Tax-Managed U.S. Mid & Small Cap Fund	14.75%	5.24%	7.21%	16.62%	-19.12%	19.88%	15.34%	23.91%	-8.63%	14.71%
FSOPX Fidelity Series Small Cap Opportunities Fund	16.95%	15.81%	15.31%	20.38%	-17.82%	23.39%	17.03%	29.92%	-8.12%	11.10%

Correlation

The correlation between RTSSX and FSOPX 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	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 26, 2007	0.97

The correlation between RTSSX and FSOPX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

RTSSX vs. FSOPX — Risk / Return Rank

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

RTSSX

RTSSX Risk / Return Rank: 46
RTSSX Sharpe Ratio Rank: 38
RTSSX Sortino Ratio Rank: 39
RTSSX Omega Ratio Rank: 35
RTSSX Calmar Ratio Rank: 62
RTSSX Martin Ratio Rank: 54

FSOPX

FSOPX Risk / Return Rank: 69
FSOPX Sharpe Ratio Rank: 62
FSOPX Sortino Ratio Rank: 61
FSOPX Omega Ratio Rank: 52
FSOPX Calmar Ratio Rank: 86
FSOPX Martin Ratio Rank: 86

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.

RTSSX vs. FSOPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investment Tax-Managed U.S. Mid & Small Cap Fund (RTSSX) and Fidelity Series Small Cap Opportunities Fund (FSOPX). 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.

	RTSSX	FSOPX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.31	-0.59
Sortino ratio: Return per unit of downside risk	2.51	3.27	-0.76
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	2.93	4.13	-1.19
Martin ratio: Return relative to average drawdown	10.57	16.16	-5.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RTSSX vs. FSOPX - Sharpe Ratio Comparison

The current RTSSX Sharpe Ratio is 1.72, which is comparable to the FSOPX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of RTSSX and FSOPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RTSSX	FSOPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	2.31	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.50	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.58	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.39	-0.07

Drawdowns

RTSSX vs. FSOPX - Drawdown Comparison

The maximum RTSSX drawdown since its inception was -57.98%, smaller than the maximum FSOPX drawdown of -61.75%. Use the drawdown chart below to compare losses from any high point for RTSSX and FSOPX.

Drawdown Indicators

	RTSSX	FSOPX	Difference
Max Drawdown Largest peak-to-trough decline	-57.98%	-61.75%	+3.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	-9.99%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-27.38%	-27.17%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-28.43%	-30.06%	+1.63%
Max Drawdown (10Y) Largest decline over 10 years	-40.79%	-39.15%	-1.64%
Current Drawdown Current decline from peak	-0.56%	-1.56%	+1.00%
Average Drawdown Average peak-to-trough decline	-12.31%	-10.37%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.55%	+0.16%

Volatility

RTSSX vs. FSOPX - Volatility Comparison

Russell Investment Tax-Managed U.S. Mid & Small Cap Fund (RTSSX) and Fidelity Series Small Cap Opportunities Fund (FSOPX) have volatilities of 4.95% and 5.20%, 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

	RTSSX	FSOPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	5.20%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	12.15%	13.42%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	17.92%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	21.70%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	21.99%	-0.69%

RTSSX vs. FSOPX - Expense Ratio Comparison

RTSSX has a 1.20% expense ratio, which is higher than FSOPX's 0.00% expense ratio.

Dividends

RTSSX vs. FSOPX - Dividend Comparison

RTSSX's dividend yield for the trailing twelve months is around 0.41%, less than FSOPX's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSOPX Fidelity Series Small Cap Opportunities Fund	3.77%	4.41%	9.41%	0.98%	5.16%	30.85%	2.01%	6.67%	13.99%	10.31%	0.69%	5.93%
RTSSX Russell Investment Tax-Managed U.S. Mid & Small Cap Fund	0.41%	0.47%	0.72%	0.11%	0.25%	0.10%	0.36%	0.31%	0.00%	0.55%	0.00%	0.51%

Frequently Asked Questions

Can I hold both RTSSX and FSOPX in my portfolio?

With a correlation of 0.96, RTSSX and FSOPX 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, RTSSX or FSOPX?

FSOPX has higher volatility (5.20%) compared to RTSSX (4.95%). In terms of maximum drawdown, RTSSX dropped -57.98% vs FSOPX's -61.75%.

Which has better risk-adjusted returns?

FSOPX currently has the higher Sharpe Ratio (2.31 vs 1.72), 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.