TRMSX vs. FMDGX

Last updated Jun 24, 2026

TRMSX (T. Rowe Price Mid-Cap Index Fund) and FMDGX (Fidelity Mid Cap Growth Index Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, TRMSX returned 6.66%/yr vs 5.63%/yr for FMDGX. Their correlation of 0.92 suggests significant overlap in exposure. TRMSX charges 0.14%/yr vs 0.05%/yr for FMDGX.

Performance

TRMSX vs. FMDGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Mid-Cap Index Fund (TRMSX) 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, TRMSX achieves a 10.69% return, which is significantly higher than FMDGX's 3.82% return.

TRMSX

• 1D: -0.45%
• 1M: 3.78%
• YTD: 10.69%
• 6M: 8.67%
• 1Y: 21.79%
• 3Y*: 20.39%
• 5Y*: 6.66%
• 10Y*: —

FMDGX

• 1D: -0.11%
• 1M: 1.82%
• YTD: 3.82%
• 6M: 1.82%
• 1Y: 5.26%
• 3Y*: 15.69%
• 5Y*: 5.63%
• 10Y*: —

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

TRMSX vs. FMDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TRMSX T. Rowe Price Mid-Cap Index Fund	10.69%	12.61%	19.98%	29.90%	-28.56%	7.68%
FMDGX Fidelity Mid Cap Growth Index Fund	3.82%	8.60%	22.03%	25.79%	-26.67%	15.51%

Correlation

The correlation between TRMSX and FMDGX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 13, 2021	0.92

The correlation between TRMSX and FMDGX has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

Return for Risk

TRMSX vs. FMDGX — Risk / Return Rank

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

TRMSX

TRMSX Risk / Return Rank: 38
TRMSX Sharpe Ratio Rank: 30
TRMSX Sortino Ratio Rank: 31
TRMSX Omega Ratio Rank: 27
TRMSX Calmar Ratio Rank: 53
TRMSX Martin Ratio Rank: 47

FMDGX

FMDGX Risk / Return Rank: 5
FMDGX Sharpe Ratio Rank: 5
FMDGX Sortino Ratio Rank: 5
FMDGX Omega Ratio Rank: 5
FMDGX Calmar Ratio Rank: 5
FMDGX Martin Ratio Rank: 6

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.

TRMSX vs. FMDGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Mid-Cap Index Fund (TRMSX) 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.

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.

	TRMSX	FMDGX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.36	+1.09
Sortino ratio: Return per unit of downside risk	2.12	0.62	+1.49
Omega ratio: Gain probability vs. loss probability	1.25	1.07	+0.18
Calmar ratio: Return relative to maximum drawdown	2.68	0.42	+2.26
Martin ratio: Return relative to average drawdown	9.31	1.20	+8.11

TRMSX vs. FMDGX - Sharpe Ratio Comparison

The current TRMSX Sharpe Ratio is 1.45, which is higher than the FMDGX Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of TRMSX 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.

Drawdowns

TRMSX vs. FMDGX - Drawdown Comparison

The maximum TRMSX drawdown since its inception was -37.34%, roughly equal to the maximum FMDGX drawdown of -38.59%. Use the drawdown chart below to compare losses from any high point for TRMSX and FMDGX.

Drawdown Indicators

	TRMSX	FMDGX	Difference
Max Drawdown Largest peak-to-trough decline	-37.34%	-38.59%	+1.25%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-14.75%	+5.24%
Max Drawdown (3Y) Largest decline over 3 years	-26.02%	-25.30%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	-37.34%	-38.59%	+1.25%
Current Drawdown Current decline from peak	-1.13%	-2.08%	+0.95%
Average Drawdown Average peak-to-trough decline	-13.76%	-11.14%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	5.09%	-2.48%

Volatility

TRMSX vs. FMDGX - Volatility Comparison

T. Rowe Price Mid-Cap Index Fund (TRMSX) and Fidelity Mid Cap Growth Index Fund (FMDGX) have volatilities of 5.95% and 5.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRMSX	FMDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.95%	5.70%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	13.38%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.61%	17.07%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.11%	22.45%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.94%	24.30%	-1.36%

TRMSX vs. FMDGX - Expense Ratio Comparison

TRMSX has a 0.14% 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

TRMSX vs. FMDGX - Dividend Comparison

TRMSX's dividend yield for the trailing twelve months is around 5.86%, more than FMDGX's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FMDGX Fidelity Mid Cap Growth Index Fund	1.79%	1.85%	0.47%	0.63%	0.81%	6.43%	0.36%	0.29%
TRMSX T. Rowe Price Mid-Cap Index Fund	5.86%	6.49%	1.98%	0.86%	1.92%	4.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRMSX and FMDGX in my portfolio?

TRMSX and FMDGX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRMSX or FMDGX?

TRMSX has higher volatility (5.95%) compared to FMDGX (5.70%). In terms of maximum drawdown, TRMSX dropped -37.34% vs FMDGX's -38.59%.

Which has better risk-adjusted returns?

TRMSX currently has the higher Sharpe Ratio (1.45 vs 0.36), 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.