AFSC vs. FESM

Last updated Jun 24, 2026

AFSC (abrdn Focused U.S. Small Cap Active ETF) and FESM (Fidelity Enhanced Small Cap ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past year, AFSC returned 34.76% vs 51.65% for FESM. Their correlation of 0.91 suggests significant overlap in exposure. AFSC charges 0.65%/yr vs 0.28%/yr for FESM.

Performance

AFSC vs. FESM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Focused U.S. Small Cap Active ETF (AFSC) and Fidelity Enhanced Small Cap ETF (FESM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AFSC having a 24.40% return and FESM slightly higher at 24.59%.

AFSC

• 1D: -1.29%
• 1M: 6.74%
• YTD: 24.40%
• 6M: 19.46%
• 1Y: 34.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FESM

• 1D: -0.78%
• 1M: 4.79%
• YTD: 24.59%
• 6M: 22.07%
• 1Y: 51.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AFSC vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025
AFSC abrdn Focused U.S. Small Cap Active ETF	24.40%	2.33%
FESM Fidelity Enhanced Small Cap ETF	24.59%	13.80%

Correlation

The correlation between AFSC and FESM is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.91

The correlation between AFSC and FESM has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

AFSC vs. FESM — Risk / Return Rank

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

AFSC

AFSC Risk / Return Rank: 65
AFSC Sharpe Ratio Rank: 61
AFSC Sortino Ratio Rank: 61
AFSC Omega Ratio Rank: 53
AFSC Calmar Ratio Rank: 73
AFSC Martin Ratio Rank: 75

FESM

FESM Risk / Return Rank: 85
FESM Sharpe Ratio Rank: 86
FESM Sortino Ratio Rank: 84
FESM Omega Ratio Rank: 77
FESM Calmar Ratio Rank: 89
FESM Martin Ratio Rank: 88

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.

AFSC vs. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Focused U.S. Small Cap Active ETF (AFSC) and Fidelity Enhanced Small Cap ETF (FESM). 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.

	AFSC	FESM	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.66	-0.82
Sortino ratio: Return per unit of downside risk	2.60	3.53	-0.93
Omega ratio: Gain probability vs. loss probability	1.31	1.43	-0.13
Calmar ratio: Return relative to maximum drawdown	3.40	5.10	-1.70
Martin ratio: Return relative to average drawdown	12.89	18.36	-5.46

AFSC vs. FESM - Sharpe Ratio Comparison

The current AFSC Sharpe Ratio is 1.84, which is lower than the FESM Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of AFSC and FESM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AFSC vs. FESM - Drawdown Comparison

The maximum AFSC drawdown since its inception was -21.93%, smaller than the maximum FESM drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for AFSC and FESM.

Drawdown Indicators

	AFSC	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-21.93%	-26.93%	+5.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-10.18%	-0.11%
Current Drawdown Current decline from peak	-1.29%	-0.78%	-0.51%
Average Drawdown Average peak-to-trough decline	-4.12%	-4.71%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.82%	-0.12%

Volatility

AFSC vs. FESM - Volatility Comparison

The current volatility for abrdn Focused U.S. Small Cap Active ETF (AFSC) is 5.46%, while Fidelity Enhanced Small Cap ETF (FESM) has a volatility of 6.38%. This indicates that AFSC experiences smaller price fluctuations and is considered to be less risky than FESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFSC	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	6.38%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	14.59%	14.11%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	19.54%	-0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.51%	21.32%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.51%	21.32%	+1.19%

AFSC vs. FESM - Expense Ratio Comparison

AFSC has a 0.65% expense ratio, which is higher than FESM's 0.28% expense ratio.

Dividends

AFSC vs. FESM - Dividend Comparison

AFSC's dividend yield for the trailing twelve months is around 0.06%, less than FESM's 0.73% yield.

Position	TTM	2025	2024	2023
AFSC abrdn Focused U.S. Small Cap Active ETF	0.06%	0.08%	0.00%	0.00%
FESM Fidelity Enhanced Small Cap ETF	0.73%	0.82%	1.08%	0.06%

Frequently Asked Questions

Can I hold both AFSC and FESM in my portfolio?

With a correlation of 0.91, AFSC and FESM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AFSC or FESM?

FESM has higher volatility (6.38%) compared to AFSC (5.46%). In terms of maximum drawdown, AFSC dropped -21.93% vs FESM's -26.93%.

Which ETF is better, AFSC or FESM?

On 1-year performance, FESM leads with 51.65% vs 34.76% for AFSC. On fees, FESM is cheaper at 0.28% per year. On volatility, AFSC has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFSC or FESM?

Over the 1-year period, FESM has performed better with a 51.65% return vs 34.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFSC or FESM?

FESM is cheaper with a 0.28% expense ratio, compared with 0.65% for AFSC.

Which ETF pays a higher dividend yield, AFSC or FESM?

FESM has the higher dividend yield at 0.73%, compared with 0.06% for AFSC.

What is the main difference between AFSC and FESM?

They also come from different issuers: Aberdeen and Fidelity. Their fees differ too: 0.65% for AFSC and 0.28% for FESM.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.66 vs 1.84), 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.