TQSMX vs. FMCSX
TQSMX (T. Rowe Price Integrated US Small-Mid Cap Equity Fund) and FMCSX (Fidelity Mid-Cap Stock Fund) are both mutual funds - TQSMX is a Small Cap Blend Equities fund actively managed by T. Rowe Price, while FMCSX is a Mid Cap Blend Equities fund actively managed by Fidelity. Both are actively managed. Over the past 10 years, TQSMX returned 12.56%/yr vs 12.41%/yr for FMCSX. Their 0.95 correlation means they have historically moved very closely together. TQSMX charges 0.87%/yr vs 0.62%/yr for FMCSX.
Performance
TQSMX vs. FMCSX - Performance Comparison
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Returns By Period
In the year-to-date period, TQSMX achieves a 18.36% return, which is significantly higher than FMCSX's 14.98% return. Both investments have delivered pretty close results over the past 10 years, with TQSMX having a 12.56% annualized return and FMCSX not far behind at 12.41%.
TQSMX
- 1D
- -0.17%
- 1M
- -0.67%
- 6M
- 11.55%
- YTD
- 18.36%
- 1Y
- 31.13%
- 3Y*
- 17.93%
- 5Y*
- 11.99%
- 10Y*
- 12.56%
- ALL TIME*
- 13.52%
FMCSX
- 1D
- 0.12%
- 1M
- -3.21%
- 6M
- 10.09%
- YTD
- 14.98%
- 1Y
- 23.98%
- 3Y*
- 14.70%
- 5Y*
- 10.41%
- 10Y*
- 12.41%
- ALL TIME*
- 11.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TQSMX vs. FMCSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TQSMX T. Rowe Price Integrated US Small-Mid Cap Equity Fund | 18.36% | 12.75% | 16.34% | 21.72% | -13.07% | 21.85% | 11.68% | 30.19% | -10.91% | 15.44% |
FMCSX Fidelity Mid-Cap Stock Fund | 14.98% | 11.80% | 14.55% | 11.02% | -6.40% | 28.64% | 11.43% | 25.39% | -6.67% | 18.03% |
Correlation
The correlation between TQSMX and FMCSX is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2016 | 0.95 |
The correlation between TQSMX and FMCSX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.
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Return for Risk
TQSMX vs. FMCSX — Risk / Return Rank
TQSMX
FMCSX
TQSMX vs. FMCSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Integrated US Small-Mid Cap Equity Fund (TQSMX) and Fidelity Mid-Cap Stock Fund (FMCSX). 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.
| TQSMX | FMCSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.24 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.65 | +0.15 |
| Martin ratioReturn relative to average drawdown | 11.08 | 9.17 | +1.91 |
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Drawdowns
TQSMX vs. FMCSX - Drawdown Comparison
The maximum TQSMX drawdown since its inception was -40.66%, smaller than the maximum FMCSX drawdown of -62.19%. Use the drawdown chart below to compare losses from any high point for TQSMX and FMCSX.
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Drawdown Indicators
| TQSMX | FMCSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.66% | -62.19% | +21.53% |
Max Drawdown (1Y)Largest decline over 1 year | -10.38% | -8.55% | -1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -23.82% | -22.33% | -1.49% |
Max Drawdown (5Y)Largest decline over 5 years | -23.82% | -22.33% | -1.49% |
Max Drawdown (10Y)Largest decline over 10 years | -40.66% | -40.55% | -0.11% |
Current DrawdownCurrent decline from peak | -1.78% | -5.18% | +3.40% |
Average DrawdownAverage peak-to-trough decline | -5.11% | -9.32% | +4.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 2.47% | +0.16% |
Volatility
TQSMX vs. FMCSX - Volatility Comparison
The current volatility for T. Rowe Price Integrated US Small-Mid Cap Equity Fund (TQSMX) is 3.57%, while Fidelity Mid-Cap Stock Fund (FMCSX) has a volatility of 4.12%. This indicates that TQSMX experiences smaller price fluctuations and is considered to be less risky than FMCSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TQSMX | FMCSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.57% | 4.12% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 13.59% | 13.15% | +0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.18% | 16.59% | +0.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.60% | 17.73% | +1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 18.55% | +1.81% |
TQSMX vs. FMCSX - Expense Ratio Comparison
TQSMX has a 0.87% expense ratio, which is higher than FMCSX's 0.62% expense ratio.
Dividends
TQSMX vs. FMCSX - Dividend Comparison
TQSMX's dividend yield for the trailing twelve months is around 0.97%, less than FMCSX's 5.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMCSX Fidelity Mid-Cap Stock Fund | 5.39% | 1.83% | 8.94% | 2.60% | 5.44% | 12.80% | 6.72% | 6.63% | 18.48% | 6.66% | 8.25% | 14.18% |
TQSMX T. Rowe Price Integrated US Small-Mid Cap Equity Fund | 0.97% | 1.15% | 6.48% | 3.39% | 6.06% | 1.40% | 0.81% | 1.18% | 2.12% | 0.35% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, TQSMX and FMCSX 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.
FMCSX has higher volatility (4.12%) compared to TQSMX (3.57%). In terms of maximum drawdown, TQSMX dropped -40.66% vs FMCSX's -62.19%.
TQSMX currently has the higher Sharpe Ratio (1.70 vs 1.37), 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.
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