TRRDX vs. FSMDX
TRRDX (T. Rowe Price Retirement 2040 Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both mutual funds - TRRDX is a Target Retirement Date fund managed by T. Rowe Price, while FSMDX is a Mid Cap Blend Equities fund tracking the Russell Midcap Index. Over the past 10 years, TRRDX returned 10.30%/yr vs 11.54%/yr for FSMDX. Their correlation of 0.92 means they have usually moved in the same direction. TRRDX charges 0.60%/yr vs 0.03%/yr for FSMDX.
Performance
TRRDX vs. FSMDX - Performance Comparison
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Returns By Period
In the year-to-date period, TRRDX achieves a 10.87% return, which is significantly lower than FSMDX's 16.08% return. Over the past 10 years, TRRDX has underperformed FSMDX with an annualized return of 10.30%, while FSMDX has yielded a comparatively higher 11.54% annualized return.
TRRDX
- 1D
- 0.93%
- 1M
- 1.03%
- 6M
- 7.10%
- YTD
- 10.87%
- 1Y
- 14.71%
- 3Y*
- 14.32%
- 5Y*
- 7.14%
- 10Y*
- 10.30%
- ALL TIME*
- 9.64%
FSMDX
- 1D
- 1.28%
- 1M
- 0.66%
- 6M
- 12.02%
- YTD
- 16.08%
- 1Y
- 20.15%
- 3Y*
- 16.28%
- 5Y*
- 8.54%
- 10Y*
- 11.54%
- ALL TIME*
- 12.71%
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 |
TRRDX vs. FSMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRDX T. Rowe Price Retirement 2040 Fund | 10.87% | 12.53% | 13.15% | 19.60% | -18.77% | 16.52% | 18.10% | 24.71% | -7.41% | 22.03% |
FSMDX Fidelity Mid Cap Index Fund | 16.08% | 10.58% | 15.55% | 17.20% | -17.27% | 22.56% | 17.13% | 30.53% | -9.38% | 18.04% |
Correlation
The correlation between TRRDX and FSMDX is 0.80, 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. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.92 |
The correlation between TRRDX and FSMDX shifts across timeframes, from 0.80 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TRRDX vs. FSMDX — Risk / Return Rank
TRRDX
FSMDX
TRRDX vs. FSMDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2040 Fund (TRRDX) 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.
| TRRDX | FSMDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.28 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | 2.70 | -0.82 |
| Martin ratioReturn relative to average drawdown | 7.36 | 10.46 | -3.09 |
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Drawdowns
TRRDX vs. FSMDX - Drawdown Comparison
The maximum TRRDX drawdown since its inception was -53.50%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for TRRDX and FSMDX.
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Drawdown Indicators
| TRRDX | FSMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.50% | -40.35% | -13.15% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -8.16% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -14.03% | -20.92% | +6.89% |
Max Drawdown (5Y)Largest decline over 5 years | -27.26% | -26.07% | -1.19% |
Max Drawdown (10Y)Largest decline over 10 years | -31.46% | -40.35% | +8.89% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.50% | -4.91% | -1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 2.10% | +0.14% |
Volatility
TRRDX vs. FSMDX - Volatility Comparison
T. Rowe Price Retirement 2040 Fund (TRRDX) has a higher volatility of 3.20% compared to Fidelity Mid Cap Index Fund (FSMDX) at 2.74%. This indicates that TRRDX'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.
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Volatility by Period
| TRRDX | FSMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.20% | 2.74% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 9.86% | 10.24% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.27% | 13.69% | -1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.26% | 18.27% | -4.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.57% | 19.27% | -4.70% |
TRRDX vs. FSMDX - Expense Ratio Comparison
TRRDX has a 0.60% expense ratio, which is higher than FSMDX's 0.03% expense ratio.
Dividends
TRRDX vs. FSMDX - Dividend Comparison
TRRDX has not paid dividends to shareholders, while FSMDX's dividend yield for the trailing twelve months is around 0.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMDX Fidelity Mid Cap Index Fund | 0.75% | 1.10% | 2.46% | 1.39% | 2.07% | 3.35% | 2.34% | 2.86% | 2.21% | 2.17% | 2.23% | 2.84% |
TRRDX T. Rowe Price Retirement 2040 Fund | 0.00% | 0.00% | 2.26% | 5.60% | 8.92% | 7.92% | 4.96% | 6.10% | 9.51% | 3.96% | 3.36% | 4.61% |
Frequently Asked Questions
TRRDX and FSMDX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRRDX has higher volatility (3.20%) compared to FSMDX (2.74%). In terms of maximum drawdown, TRRDX dropped -53.50% vs FSMDX's -40.35%.
FSMDX currently has the higher Sharpe Ratio (1.61 vs 1.36), 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.
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