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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Fidelity Enhanced Small Cap ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Fidelity Enhanced Small Cap ETF (FESM) has returned 0.82% so far this year and 29.74% over the past 12 months.
Fidelity Enhanced Small Cap ETF
- 1D
- 3.29%
- 1M
- -4.77%
- YTD
- 0.82%
- 6M
- 4.42%
- 1Y
- 29.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Nov 20, 2023, FESM's average daily return is +0.08%, while the average monthly return is +1.66%. At this rate, your investment would double in approximately 3.5 years.
Historically, 59% of months were positive and 41% were negative. The best month was Dec 2023 with a return of +12.8%, while the worst month was Dec 2024 at -8.9%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, FESM closed higher 54% of trading days. The best single day was Apr 9, 2025 with a return of +7.9%, while the worst single day was Apr 3, 2025 at -6.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.98% | 0.86% | -4.77% | 0.82% | |||||||||
| 2025 | 3.74% | -5.69% | -6.36% | -2.82% | 6.11% | 5.28% | 2.34% | 8.58% | 2.99% | 1.70% | 1.99% | -0.15% | 17.88% |
| 2024 | -2.14% | 6.15% | 3.02% | -6.89% | 4.72% | -0.52% | 10.33% | -0.35% | 0.80% | -1.13% | 12.17% | -8.89% | 16.22% |
| 2023 | -0.54% | 12.81% | 12.19% |
Benchmark Metrics
Fidelity Enhanced Small Cap ETF has an annualized alpha of 2.10%, beta of 1.14, and R² of 0.68 versus S&P 500 Index. Calculated based on daily prices since November 21, 2023.
- This ETF participated in 153.06% of S&P 500 Index downside but only 149.39% of its upside — more exposed to losses than it benefited from rallies.
- This ETF generated an annualized alpha of 2.10% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.
- With beta of 1.14 and R² of 0.68, this ETF moves broadly in line with S&P 500 Index — much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 2.10%
- Beta
- 1.14
- R²
- 0.68
- Upside Capture
- 149.39%
- Downside Capture
- 153.06%
Expense Ratio
FESM has an expense ratio of 0.28%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FESM ranks 72 for risk / return — better than 72% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Fidelity Enhanced Small Cap ETF (FESM) and compare them to a chosen benchmark (S&P 500 Index).
| FESM | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.30 | 0.90 | +0.40 |
Sortino ratioReturn per unit of downside risk | 1.87 | 1.39 | +0.48 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.21 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.19 | 1.40 | +0.79 |
Martin ratioReturn relative to average drawdown | 8.40 | 6.61 | +1.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore FESM risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Fidelity Enhanced Small Cap ETF provided a 0.63% dividend yield over the last twelve months, with an annual payout of $0.24 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.24 | $0.31 | $0.35 | $0.02 |
Dividend yield | 0.63% | 0.82% | 1.08% | 0.06% |
Monthly Dividends
The table displays the monthly dividend distributions for Fidelity Enhanced Small Cap ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.09 | $0.09 | |||||||||
| 2025 | $0.00 | $0.00 | $0.16 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.08 | $0.31 |
| 2024 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.16 | $0.35 |
| 2023 | $0.02 | $0.02 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Fidelity Enhanced Small Cap ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Fidelity Enhanced Small Cap ETF was 26.93%, occurring on Apr 8, 2025. Recovery took 97 trading sessions.
The current Fidelity Enhanced Small Cap ETF drawdown is 7.23%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -26.93% | Dec 3, 2024 | 86 | Apr 8, 2025 | 97 | Aug 27, 2025 | 183 |
| -10.18% | Jan 23, 2026 | 46 | Mar 30, 2026 | — | — | — |
| -9.6% | Aug 1, 2024 | 3 | Aug 5, 2024 | 32 | Sep 19, 2024 | 35 |
| -8.39% | Apr 1, 2024 | 15 | Apr 19, 2024 | 56 | Jul 11, 2024 | 71 |
| -7.57% | Oct 28, 2025 | 18 | Nov 20, 2025 | 5 | Nov 28, 2025 | 23 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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