- Issuer
- Fidelity
- Inception Date
- Dec 20, 2007
- Region
- North America (United States)
- Category
- Small Cap Blend Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $6B
Highlights
- Avg. Volume (1M)
- 939K
- Avg. Volume Value (1M)
- $44.32M
Share Price Chart
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Performance
FESM Performance Chart
Fidelity Enhanced Small Cap Core ETF (FESM) is up 24.0% since the beginning of the year. FESM is currently trading at $47 per share.
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Returns By Period
Fidelity Enhanced Small Cap Core ETF (FESM) has returned 24.03% so far this year and 46.60% over the past 12 months.
Fidelity Enhanced Small Cap Core ETF
- 1D
- -0.43%
- 1M
- -2.02%
- 6M
- 18.15%
- YTD
- 24.03%
- 1Y
- 46.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 27.02%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
FESM Monthly Returns History
Based on dividend-adjusted daily data since Nov 20, 2023, FESM's average daily return is +0.10%, while the average monthly return is +2.13%. At this rate, an investment would double in approximately 2.7 years.
Historically, 61% of months were positive and 39% were negative. The best month was Apr 2026 with a return of +14.3%, 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% | 14.32% | 4.88% | 6.26% | -3.44% | 24.03% | |||||
| 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 | -0.64% | 12.81% | 12.09% |
Benchmark Metrics
Fidelity Enhanced Small Cap Core ETF has an annualized alpha of 3.60%, beta of 1.13, and R2 of 0.68 versus S&P 500 Index. Calculated based on daily prices since November 20, 2023.
- This ETF captured 144.12% of S&P 500 Index gains and 139.98% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This ETF generated an annualized alpha of 3.60% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 1.13 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
- 3.60%
- Beta
- 1.13
- R²
- 0.68
- Upside Capture
- 144.12%
- Downside Capture
- 139.98%
Expense Ratio
FESM has an expense ratio of 0.28%, placing it in the medium range.
Return for Risk
Risk / Return Rank
FESM ranks 90 for risk / return — above 90% of ETFs peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Fidelity Enhanced Small Cap Core ETF (FESM) and compare them to S&P 500 Index.
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.
| FESM | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.25 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.31 | 2.00 | +2.30 |
| Martin ratioReturn relative to average drawdown | 15.24 | 8.49 | +6.75 |
Dividends
Dividend History
Fidelity Enhanced Small Cap Core ETF provided a 0.73% dividend yield over the last twelve months, with an annual payout of $0.34 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.34 | $0.31 | $0.35 | $0.02 |
Dividend yield | 0.73% | 0.82% | 1.08% | 0.06% |
Monthly Dividends
The table displays the monthly dividend distributions for Fidelity Enhanced Small Cap Core 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 | $0.00 | $0.00 | $0.11 | $0.00 | $0.21 | |||||
| 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 Core 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 Core ETF was 26.93%, occurring on Apr 8, 2025. Recovery took 97 trading sessions.
The current Fidelity Enhanced Small Cap Core ETF drawdown is 3.44%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-26.93%Apr 2025 | 4mo 6d | 4mo 21d | 8mo 27dDec 2024 - Aug 2025 | 2025 selloff2025 |
-10.18%Mar 2026 | 2mo 6d | 15d | 2mo 21dJan 2026 - Apr 2026 | — |
-9.60%Aug 2024 | 4d | 1mo 15d | 1mo 19dAug 2024 - Sep 2024 | — |
-8.39%Apr 2024 | 18d | 2mo 23d | 3mo 11dApr 2024 - Jul 2024 | — |
-7.57%Nov 2025 | 23d | 8d | 1mo 1dOct 2025 - Nov 2025 | — |
Drawdown Indicators
| FESM | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.93% | -56.78% | +29.85% |
Max Drawdown (1Y)Largest decline over 1 year | -10.18% | -9.10% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -3.44% | -1.58% | -1.86% |
Average DrawdownAverage peak-to-trough decline | -4.59% | -10.70% | +6.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 2.14% | +0.73% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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