WFMIX vs. FXAIX

Last updated Jun 9, 2026

WFMIX (Allspring Special Mid Cap Value Fund Class I) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - WFMIX is a Mid Cap Value Equities fund managed by Allspring Global Investments, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, WFMIX returned 10.47%/yr vs 15.25%/yr for FXAIX. Their correlation of 0.85 suggests significant overlap in exposure. WFMIX charges 0.80%/yr vs 0.02%/yr for FXAIX.

Performance

WFMIX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Special Mid Cap Value Fund Class I (WFMIX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WFMIX achieves a 9.41% return, which is significantly higher than FXAIX's 8.42% return. Over the past 10 years, WFMIX has underperformed FXAIX with an annualized return of 10.47%, while FXAIX has yielded a comparatively higher 15.25% annualized return.

WFMIX

• 1D: -1.46%
• 1M: 1.88%
• YTD: 9.41%
• 6M: 9.04%
• 1Y: 16.32%
• 3Y*: 11.99%
• 5Y*: 7.45%
• 10Y*: 10.47%

FXAIX

• 1D: -2.63%
• 1M: -0.08%
• YTD: 8.42%
• 6M: 8.48%
• 1Y: 24.54%
• 3Y*: 21.52%
• 5Y*: 13.40%
• 10Y*: 15.25%

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

WFMIX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WFMIX Allspring Special Mid Cap Value Fund Class I	9.41%	6.14%	11.95%	9.54%	-4.65%	28.53%	3.27%	40.27%	-13.12%	11.16%
FXAIX Fidelity 500 Index Fund	8.42%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between WFMIX and FXAIX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.85

The correlation between WFMIX and FXAIX shifts across timeframes, from 0.66 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WFMIX vs. FXAIX — Risk / Return Rank

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

WFMIX

WFMIX Risk / Return Rank: 24
WFMIX Sharpe Ratio Rank: 22
WFMIX Sortino Ratio Rank: 24
WFMIX Omega Ratio Rank: 21
WFMIX Calmar Ratio Rank: 27
WFMIX Martin Ratio Rank: 27

FXAIX

FXAIX Risk / Return Rank: 59
FXAIX Sharpe Ratio Rank: 56
FXAIX Sortino Ratio Rank: 49
FXAIX Omega Ratio Rank: 53
FXAIX Calmar Ratio Rank: 62
FXAIX Martin Ratio Rank: 75

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.

WFMIX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Special Mid Cap Value Fund Class I (WFMIX) and Fidelity 500 Index Fund (FXAIX). 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.

	WFMIX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.13	-0.88
Sortino ratio: Return per unit of downside risk	1.90	2.87	-0.98
Omega ratio: Gain probability vs. loss probability	1.22	1.39	-0.17
Calmar ratio: Return relative to maximum drawdown	1.82	2.92	-1.10
Martin ratio: Return relative to average drawdown	5.99	13.57	-7.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WFMIX vs. FXAIX - Sharpe Ratio Comparison

The current WFMIX Sharpe Ratio is 1.26, which is lower than the FXAIX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of WFMIX and FXAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WFMIX	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.13	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.79	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.85	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.81	-0.34

Drawdowns

WFMIX vs. FXAIX - Drawdown Comparison

The maximum WFMIX drawdown since its inception was -52.70%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for WFMIX and FXAIX.

Drawdown Indicators

	WFMIX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-52.70%	-33.79%	-18.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-8.89%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-18.30%	-18.76%	+0.46%
Max Drawdown (5Y) Largest decline over 5 years	-22.13%	-24.50%	+2.37%
Max Drawdown (10Y) Largest decline over 10 years	-43.80%	-33.79%	-10.01%
Current Drawdown Current decline from peak	-1.46%	-2.94%	+1.48%
Average Drawdown Average peak-to-trough decline	-7.48%	-3.79%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	1.91%	+1.02%

Volatility

WFMIX vs. FXAIX - Volatility Comparison

Allspring Special Mid Cap Value Fund Class I (WFMIX) and Fidelity 500 Index Fund (FXAIX) have volatilities of 3.96% and 3.81%, 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

	WFMIX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	3.81%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	9.41%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	14.01%	12.19%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	16.95%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	18.08%	+0.82%

WFMIX vs. FXAIX - Expense Ratio Comparison

WFMIX has a 0.80% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

WFMIX vs. FXAIX - Dividend Comparison

WFMIX's dividend yield for the trailing twelve months is around 10.28%, more than FXAIX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.06%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
WFMIX Allspring Special Mid Cap Value Fund Class I	10.28%	11.24%	8.00%	5.51%	8.71%	9.87%	0.66%	7.48%	2.74%	4.41%	1.44%	4.47%

Frequently Asked Questions

Can I hold both WFMIX and FXAIX in my portfolio?

WFMIX and FXAIX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WFMIX or FXAIX?

WFMIX has higher volatility (3.96%) compared to FXAIX (3.81%). In terms of maximum drawdown, WFMIX dropped -52.70% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.13 vs 1.26), 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.