SSMGX vs. FSMAX

Last updated Jun 24, 2026

SSMGX (SIT Small Cap Growth Fund) and FSMAX (Fidelity Extended Market Index Fund) are both mutual funds - SSMGX is a Mid Cap Growth Equities fund managed by Sit, while FSMAX is a Mid Cap Blend Equities fund tracking the Dow Jones U.S. Completion Total Stock Market Index. Over the past 10 years, SSMGX returned 12.01%/yr vs 12.60%/yr for FSMAX. With a 0.95 correlation, they move nearly in lockstep. SSMGX charges 1.50%/yr vs 0.04%/yr for FSMAX.

Performance

SSMGX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SIT Small Cap Growth Fund (SSMGX) 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, SSMGX achieves a 21.40% return, which is significantly higher than FSMAX's 15.43% return. Both investments have delivered pretty close results over the past 10 years, with SSMGX having a 12.01% annualized return and FSMAX not far ahead at 12.60%.

SSMGX

• 1D: 1.18%
• 1M: 3.69%
• YTD: 21.40%
• 6M: 18.83%
• 1Y: 37.48%
• 3Y*: 17.77%
• 5Y*: 6.35%
• 10Y*: 12.01%

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)

SSMGX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSMGX SIT Small Cap Growth Fund	21.40%	9.40%	13.42%	16.93%	-25.59%	15.80%	35.97%	29.19%	-10.88%	15.69%
FSMAX Fidelity Extended Market Index Fund	15.43%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between SSMGX and FSMAX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.95

The correlation between SSMGX and FSMAX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

SSMGX vs. FSMAX — Risk / Return Rank

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

SSMGX

SSMGX Risk / Return Rank: 66
SSMGX Sharpe Ratio Rank: 58
SSMGX Sortino Ratio Rank: 54
SSMGX Omega Ratio Rank: 51
SSMGX Calmar Ratio Rank: 86
SSMGX Martin Ratio Rank: 83

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.

SSMGX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SIT Small Cap Growth Fund (SSMGX) 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.

	SSMGX	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.71	+0.36
Sortino ratio: Return per unit of downside risk	2.82	2.39	+0.43
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	3.86	2.97	+0.89
Martin ratio: Return relative to average drawdown	14.31	10.42	+3.89

SSMGX vs. FSMAX - Sharpe Ratio Comparison

The current SSMGX Sharpe Ratio is 2.07, which is comparable to the FSMAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SSMGX 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

SSMGX vs. FSMAX - Drawdown Comparison

The maximum SSMGX drawdown since its inception was -65.75%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for SSMGX and FSMAX.

Drawdown Indicators

	SSMGX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-65.75%	-50.55%	-15.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-10.26%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-26.67%	-26.82%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-34.37%	-36.31%	+1.94%
Max Drawdown (10Y) Largest decline over 10 years	-35.72%	-50.55%	+14.83%
Current Drawdown Current decline from peak	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-19.02%	-12.13%	-6.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.92%	-0.22%

Volatility

SSMGX vs. FSMAX - Volatility Comparison

SIT Small Cap Growth Fund (SSMGX) has a higher volatility of 6.55% compared to Fidelity Extended Market Index Fund (FSMAX) at 6.07%. This indicates that SSMGX's price experiences larger fluctuations and is considered to be riskier than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSMGX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	6.07%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	14.70%	13.28%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	18.75%	17.83%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.97%	22.43%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	30.28%	-8.64%

SSMGX vs. FSMAX - Expense Ratio Comparison

SSMGX has a 1.50% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

SSMGX vs. FSMAX - Dividend Comparison

SSMGX's dividend yield for the trailing twelve months is around 4.51%, 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%
SSMGX SIT Small Cap Growth Fund	4.51%	5.48%	4.69%	3.13%	1.73%	15.89%	3.44%	3.14%	9.80%	6.81%	0.17%	10.68%

Frequently Asked Questions

Can I hold both SSMGX and FSMAX in my portfolio?

With a correlation of 0.90, SSMGX 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, SSMGX or FSMAX?

SSMGX has higher volatility (6.55%) compared to FSMAX (6.07%). In terms of maximum drawdown, SSMGX dropped -65.75% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

SSMGX currently has the higher Sharpe Ratio (2.07 vs 1.71), 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.