SMCIX vs. FSOPX

Last updated Jun 4, 2026

SMCIX (Shelton Capital Management S&P Smallcap Index Fund) and FSOPX (Fidelity Series Small Cap Opportunities Fund) are both Small Cap Blend Equities funds. Over the past 10 years, SMCIX returned 11.15%/yr vs 12.77%/yr for FSOPX. With a 0.96 correlation, they move nearly in lockstep. SMCIX charges 0.81%/yr vs 0.00%/yr for FSOPX.

Performance

SMCIX vs. FSOPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Shelton Capital Management S&P Smallcap Index Fund (SMCIX) and Fidelity Series Small Cap Opportunities Fund (FSOPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SMCIX having a 16.24% return and FSOPX slightly higher at 16.83%. Over the past 10 years, SMCIX has underperformed FSOPX with an annualized return of 11.15%, while FSOPX has yielded a comparatively higher 12.77% annualized return.

SMCIX

• 1D: 0.91%
• 1M: 2.79%
• YTD: 16.24%
• 6M: 15.02%
• 1Y: 31.79%
• 3Y*: 18.11%
• 5Y*: 7.75%
• 10Y*: 11.15%

FSOPX

• 1D: 0.85%
• 1M: 1.12%
• YTD: 16.83%
• 6M: 15.66%
• 1Y: 40.89%
• 3Y*: 21.01%
• 5Y*: 11.01%
• 10Y*: 12.77%

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

SMCIX vs. FSOPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMCIX Shelton Capital Management S&P Smallcap Index Fund	16.24%	6.90%	18.13%	15.48%	-16.41%	26.53%	11.27%	30.68%	-9.07%	3.08%
FSOPX Fidelity Series Small Cap Opportunities Fund	16.83%	15.81%	15.31%	20.38%	-17.82%	23.39%	17.03%	29.92%	-8.12%	11.10%

Correlation

The correlation between SMCIX and FSOPX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 26, 2007	0.96

The correlation between SMCIX and FSOPX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

SMCIX vs. FSOPX — Risk / Return Rank

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

SMCIX

SMCIX Risk / Return Rank: 55
SMCIX Sharpe Ratio Rank: 44
SMCIX Sortino Ratio Rank: 45
SMCIX Omega Ratio Rank: 39
SMCIX Calmar Ratio Rank: 83
SMCIX Martin Ratio Rank: 67

FSOPX

FSOPX Risk / Return Rank: 73
FSOPX Sharpe Ratio Rank: 69
FSOPX Sortino Ratio Rank: 66
FSOPX Omega Ratio Rank: 55
FSOPX Calmar Ratio Rank: 88
FSOPX Martin Ratio Rank: 87

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.

SMCIX vs. FSOPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shelton Capital Management S&P Smallcap Index Fund (SMCIX) 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.

	SMCIX	FSOPX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.42	-0.48
Sortino ratio: Return per unit of downside risk	2.81	3.41	-0.60
Omega ratio: Gain probability vs. loss probability	1.33	1.41	-0.08
Calmar ratio: Return relative to maximum drawdown	3.88	4.35	-0.47
Martin ratio: Return relative to average drawdown	12.92	17.03	-4.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMCIX vs. FSOPX - Sharpe Ratio Comparison

The current SMCIX Sharpe Ratio is 1.95, which is comparable to the FSOPX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of SMCIX 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

	SMCIX	FSOPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.42	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.51	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.58	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.39	+0.02

Drawdowns

SMCIX vs. FSOPX - Drawdown Comparison

The maximum SMCIX drawdown since its inception was -58.13%, smaller than the maximum FSOPX drawdown of -61.75%. Use the drawdown chart below to compare losses from any high point for SMCIX and FSOPX.

Drawdown Indicators

	SMCIX	FSOPX	Difference
Max Drawdown Largest peak-to-trough decline	-58.13%	-61.75%	+3.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.79%	-9.99%	+1.20%
Max Drawdown (3Y) Largest decline over 3 years	-26.52%	-27.17%	+0.65%
Max Drawdown (5Y) Largest decline over 5 years	-26.72%	-30.06%	+3.34%
Max Drawdown (10Y) Largest decline over 10 years	-42.54%	-39.15%	-3.39%
Current Drawdown Current decline from peak	-0.04%	-1.66%	+1.62%
Average Drawdown Average peak-to-trough decline	-9.53%	-10.37%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.54%	+0.09%

Volatility

SMCIX vs. FSOPX - Volatility Comparison

The current volatility for Shelton Capital Management S&P Smallcap Index Fund (SMCIX) is 4.52%, while Fidelity Series Small Cap Opportunities Fund (FSOPX) has a volatility of 5.26%. This indicates that SMCIX experiences smaller price fluctuations and is considered to be less risky than FSOPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCIX	FSOPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	5.26%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	13.46%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.52%	17.92%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.86%	21.70%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.63%	21.99%	+1.64%

SMCIX vs. FSOPX - Expense Ratio Comparison

SMCIX has a 0.81% expense ratio, which is higher than FSOPX's 0.00% expense ratio.

Dividends

SMCIX vs. FSOPX - Dividend Comparison

SMCIX's dividend yield for the trailing twelve months is around 8.04%, more than FSOPX's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSOPX Fidelity Series Small Cap Opportunities Fund	3.78%	4.41%	9.41%	0.98%	5.16%	30.85%	2.01%	6.67%	13.99%	10.31%	0.69%	5.93%
SMCIX Shelton Capital Management S&P Smallcap Index Fund	8.04%	10.78%	19.88%	3.48%	10.40%	9.40%	4.53%	13.88%	9.39%	1.63%	4.64%	11.58%

Frequently Asked Questions

Can I hold both SMCIX and FSOPX in my portfolio?

With a correlation of 0.93, SMCIX 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, SMCIX or FSOPX?

FSOPX has higher volatility (5.26%) compared to SMCIX (4.52%). In terms of maximum drawdown, SMCIX dropped -58.13% vs FSOPX's -61.75%.

Which has better risk-adjusted returns?

FSOPX currently has the higher Sharpe Ratio (2.42 vs 1.95), 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.