Fidelity Small-Mid Multifactor ETF (FSMD) Sharpe Ratio: 1.76

FSMD's Sharpe Ratio of 1.76 indicates that for each unit of volatility, it generates 1.76 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Jun 3, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets.

FSMD Sharpe Ratio Rank

Average

FSMD ranks above 50.2% of all investments in our database based on Sharpe Ratio over the past 12 months, showing balanced returns relative to total risk taken. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

Strong returns with low total volatility → Higher rank
High volatility (both upside and downside) → Lower rank
Consistent returns → Higher rank than volatile returns of same magnitude
Sharp drawdowns increase volatility → Lower rank

What you can do with this information

Returns are proportional to volatility—neither strong nor weak
Evaluate whether the volatility profile aligns with your risk tolerance
Review higher-ranked alternatives in the same category
Monitor rank direction to identify improving or deteriorating trends

FSMD Sharpe Ratio Market Positioning

The chart shows FSMD's Sharpe Ratio relative to all ETFs on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

Red zone (bottom 25%): 0.91 or lower
Yellow zone (middle 50%): 0.91 to 2.51
Green zone (top 25%): 2.51 or higher
Top 1%: 7.68+
Median: 1.77 — half of all investments score higher

How it compares to other similar ETFs

The table compares Fidelity Small-Mid Multifactor ETF's Sharpe Ratio with other ETFs in the Small Cap Growth Equities category across multiple time periods, showing how FSMD's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Jun 3, 2026.

Symbol	Name	1Y Sharpe Ratio
PBW	Invesco WilderHill Clean Energy ETF	4.27
FYC	First Trust Small Cap Growth AlphaDEX Fund	2.70
SCHA	Schwab U.S. Small-Cap ETF	2.42
SMMD	iShares Russell 2500 ETF	2.26
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	2.22
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity ETF	2.19
BBMC	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	2.14
BKSE	BNY Mellon US Small Cap Core Equity ETF	2.08
MMSC	First Trust Multi-Manager Small Cap Opportunities ETF	2.03
IWO	iShares Russell 2000 Growth ETF	1.95
FSMD	Fidelity Small-Mid Multifactor ETF	1.76

Benchmark Against

Benchmark

S&P 500 Index

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Historical Sharpe Ratio

The chart shows FSMD's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when FSMD consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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Sharpe Ratio Calculator

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