SPXT vs. FMDGX

Last updated Jun 9, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) and FMDGX (Fidelity Mid Cap Growth Index Fund) are both funds - SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology Index, while FMDGX is a Mid Cap Growth Equities fund managed by Fidelity. Over the past 5 years, SPXT returned 9.30%/yr vs 6.31%/yr for FMDGX. A 0.80 correlation means they provide meaningful diversification when combined. SPXT charges 0.09%/yr vs 0.05%/yr for FMDGX.

Performance

SPXT vs. FMDGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) and Fidelity Mid Cap Growth Index Fund (FMDGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXT achieves a 3.18% return, which is significantly higher than FMDGX's 1.80% return.

SPXT

• 1D: -0.54%
• 1M: -1.24%
• YTD: 3.18%
• 6M: 4.93%
• 1Y: 14.96%
• 3Y*: 16.16%
• 5Y*: 9.30%
• 10Y*: 11.31%

FMDGX

• 1D: -2.72%
• 1M: 1.33%
• YTD: 1.80%
• 6M: 0.29%
• 1Y: 2.94%
• 3Y*: 15.14%
• 5Y*: 6.31%
• 10Y*: —

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

SPXT vs. FMDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPXT ProShares S&P 500 Ex-Technology ETF	3.18%	15.10%	19.93%	16.23%	-14.24%	26.36%	10.44%	6.57%
FMDGX Fidelity Mid Cap Growth Index Fund	1.80%	8.60%	22.03%	25.79%	-26.67%	12.67%	34.84%	4.63%

Correlation

The correlation between SPXT and FMDGX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.80

The correlation between SPXT and FMDGX shifts across timeframes, from 0.69 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SPXT vs. FMDGX — Risk / Return Rank

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

SPXT

SPXT Risk / Return Rank: 46
SPXT Sharpe Ratio Rank: 46
SPXT Sortino Ratio Rank: 47
SPXT Omega Ratio Rank: 44
SPXT Calmar Ratio Rank: 42
SPXT Martin Ratio Rank: 53

FMDGX

FMDGX Risk / Return Rank: 5
FMDGX Sharpe Ratio Rank: 4
FMDGX Sortino Ratio Rank: 5
FMDGX Omega Ratio Rank: 4
FMDGX Calmar Ratio Rank: 5
FMDGX Martin Ratio Rank: 5

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.

SPXT vs. FMDGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Technology ETF (SPXT) 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.

	SPXT	FMDGX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.25	+1.20
Sortino ratio: Return per unit of downside risk	2.10	0.47	+1.63
Omega ratio: Gain probability vs. loss probability	1.25	1.05	+0.20
Calmar ratio: Return relative to maximum drawdown	1.90	0.28	+1.62
Martin ratio: Return relative to average drawdown	8.25	0.83	+7.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXT vs. FMDGX - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.45, which is higher than the FMDGX Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of SPXT and FMDGX, 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

	SPXT	FMDGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	0.25	+1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.28	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.43	+0.30

Drawdowns

SPXT vs. FMDGX - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, smaller than the maximum FMDGX drawdown of -38.59%. Use the drawdown chart below to compare losses from any high point for SPXT and FMDGX.

Drawdown Indicators

	SPXT	FMDGX	Difference
Max Drawdown Largest peak-to-trough decline	-34.38%	-38.59%	+4.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-14.75%	+6.85%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-25.30%	+9.72%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-38.59%	+17.12%
Max Drawdown (10Y) Largest decline over 10 years	-34.38%	—	—
Current Drawdown Current decline from peak	-2.06%	-3.99%	+1.93%
Average Drawdown Average peak-to-trough decline	-4.14%	-11.19%	+7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	5.06%	-3.24%

Volatility

SPXT vs. FMDGX - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 2.80%, while Fidelity Mid Cap Growth Index Fund (FMDGX) has a volatility of 4.65%. This indicates that SPXT experiences smaller price fluctuations and is considered to be less risky than FMDGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXT	FMDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	4.65%	-1.85%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	12.98%	-5.29%
Volatility (1Y) Calculated over the trailing 1-year period	10.39%	16.70%	-6.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.73%	22.39%	-7.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	24.33%	-8.09%

SPXT vs. FMDGX - Expense Ratio Comparison

SPXT has a 0.09% expense ratio, which is higher than FMDGX's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPXT vs. FMDGX - Dividend Comparison

SPXT's dividend yield for the trailing twelve months is around 1.38%, less than FMDGX's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDGX Fidelity Mid Cap Growth Index Fund	1.82%	1.85%	0.47%	0.63%	0.81%	6.43%	0.36%	0.29%	0.00%	0.00%	0.00%	0.00%
SPXT ProShares S&P 500 Ex-Technology ETF	1.38%	1.38%	1.29%	1.53%	1.86%	1.15%	1.63%	1.63%	2.03%	1.55%	2.67%	0.56%

Frequently Asked Questions

Can I hold both SPXT and FMDGX in my portfolio?

SPXT and FMDGX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXT or FMDGX?

FMDGX has higher volatility (4.65%) compared to SPXT (2.80%). In terms of maximum drawdown, SPXT dropped -34.38% vs FMDGX's -38.59%.

Which has better risk-adjusted returns?

SPXT currently has the higher Sharpe Ratio (1.45 vs 0.25), 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.