TCMSX vs. FSMDX

Last updated Aug 1, 2026

TCMSX (Voya Small Cap Growth Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both mutual funds - TCMSX is a Small Cap Growth Equities fund managed by Voya, while FSMDX is a Mid Cap Blend Equities fund tracking the Russell Midcap Index. Over the past 10 years, TCMSX returned 14.04%/yr vs 11.45%/yr for FSMDX. Their correlation of 0.90 means they have usually moved in the same direction. TCMSX charges 0.93%/yr vs 0.03%/yr for FSMDX.

Performance

TCMSX vs. FSMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Small Cap Growth Fund (TCMSX) and Fidelity Mid Cap Index Fund (FSMDX). 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 TCMSX having a 14.56% return and FSMDX slightly higher at 14.95%. Over the past 10 years, TCMSX has outperformed FSMDX with an annualized return of 14.04%, while FSMDX has yielded a comparatively lower 11.45% annualized return.

TCMSX

• 1D: 2.56%
• 1M: -6.37%
• 6M: 7.91%
• YTD: 14.56%
• 1Y: 33.33%
• 3Y*: 17.08%
• 5Y*: 8.38%
• 10Y*: 14.04%
• ALL TIME*: 11.11%

FSMDX

• 1D: 0.35%
• 1M: -0.33%
• 6M: 11.53%
• YTD: 14.95%
• 1Y: 20.72%
• 3Y*: 14.95%
• 5Y*: 8.30%
• 10Y*: 11.45%
• ALL TIME*: 12.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSMDX Fidelity Mid Cap Index Fund	$0.00	$0.00	$0.00
TCMSX Voya Small Cap Growth Fund	$0.00	$0.00	$0.00

TCMSX vs. FSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCMSX Voya Small Cap Growth Fund	14.56%	14.32%	18.46%	20.32%	-23.60%	18.45%	27.99%	33.27%	-6.04%	24.78%
FSMDX Fidelity Mid Cap Index Fund	14.95%	10.58%	15.55%	17.20%	-17.27%	22.56%	17.13%	30.53%	-9.38%	18.04%

Correlation

The correlation between TCMSX and FSMDX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.90

The correlation between TCMSX and FSMDX shifts across timeframes, from 0.79 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TCMSX vs. FSMDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TCMSX

TCMSX Risk / Return Rank: 54
TCMSX Sharpe Ratio Rank: 55
TCMSX Sortino Ratio Rank: 53
TCMSX Omega Ratio Rank: 48
TCMSX Calmar Ratio Rank: 59
TCMSX Martin Ratio Rank: 53

FSMDX

FSMDX Risk / Return Rank: 61
FSMDX Sharpe Ratio Rank: 53
FSMDX Sortino Ratio Rank: 55
FSMDX Omega Ratio Rank: 49
FSMDX Calmar Ratio Rank: 72
FSMDX Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TCMSX vs. FSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Small Cap Growth Fund (TCMSX) and Fidelity Mid Cap Index Fund (FSMDX). 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.

	TCMSX	FSMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.34	+0.07
Sortino ratio: Return per unit of downside risk	1.99	1.96	+0.03
Omega ratio: Gain probability vs. loss probability	1.24	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	2.03	2.25	-0.21
Martin ratio: Return relative to average drawdown	7.18	8.71	-1.53

TCMSX vs. FSMDX - Sharpe Ratio Comparison

The current TCMSX Sharpe Ratio is 1.41, which is comparable to the FSMDX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of TCMSX and FSMDX, 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

TCMSX vs. FSMDX - Drawdown Comparison

The maximum TCMSX drawdown since its inception was -55.98%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for TCMSX and FSMDX.

Drawdown Indicators

	TCMSX	FSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-55.98%	-40.35%	-15.63%
Max Drawdown (1Y) Largest decline over 1 year	-16.86%	-8.16%	-8.70%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-20.92%	-9.82%
Max Drawdown (5Y) Largest decline over 5 years	-34.60%	-26.07%	-8.53%
Max Drawdown (10Y) Largest decline over 10 years	-39.29%	-40.35%	+1.06%
Current Drawdown Current decline from peak	-9.45%	-0.66%	-8.79%
Average Drawdown Average peak-to-trough decline	-11.71%	-4.91%	-6.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	2.11%	+2.49%

Volatility

TCMSX vs. FSMDX - Volatility Comparison

Voya Small Cap Growth Fund (TCMSX) has a higher volatility of 5.90% compared to Fidelity Mid Cap Index Fund (FSMDX) at 2.42%. This indicates that TCMSX's price experiences larger fluctuations and is considered to be riskier than FSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCMSX	FSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	2.42%	+3.48%
Volatility (6M) Calculated over the trailing 6-month period	19.21%	10.22%	+8.99%
Volatility (1Y) Calculated over the trailing 1-year period	24.38%	13.71%	+10.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.61%	18.26%	+6.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.73%	19.27%	+4.46%

TCMSX vs. FSMDX - Expense Ratio Comparison

TCMSX has a 0.93% expense ratio, which is higher than FSMDX's 0.03% expense ratio.

Dividends

TCMSX vs. FSMDX - Dividend Comparison

TCMSX's dividend yield for the trailing twelve months is around 4.86%, more than FSMDX's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMDX Fidelity Mid Cap Index Fund	0.76%	1.10%	2.46%	1.39%	2.07%	3.35%	2.34%	2.86%	2.21%	2.17%	2.23%	2.84%
TCMSX Voya Small Cap Growth Fund	4.86%	5.57%	10.53%	0.00%	0.00%	20.02%	6.69%	1.40%	14.82%	16.10%	0.00%	16.82%

Frequently Asked Questions

Can I hold both TCMSX and FSMDX in my portfolio?

TCMSX and FSMDX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCMSX or FSMDX?

TCMSX has higher volatility (5.90%) compared to FSMDX (2.42%). In terms of maximum drawdown, TCMSX dropped -55.98% vs FSMDX's -40.35%.

Which has better risk-adjusted returns?

TCMSX currently has the higher Sharpe Ratio (1.41 vs 1.34), 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.