AVDE vs. FSMD

Last updated Jun 14, 2026

AVDE (Avantis International Equity ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - AVDE is a Foreign Large Cap Equities fund actively managed by Avantis, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. AVDE is actively managed, while FSMD is passively managed. Over the past 5 years, AVDE returned 9.98%/yr vs 10.00%/yr for FSMD. A 0.75 correlation means they provide meaningful diversification when combined. AVDE charges 0.23%/yr vs 0.29%/yr for FSMD.

Performance

AVDE vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis International Equity ETF (AVDE) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVDE achieves a 10.87% return, which is significantly lower than FSMD's 17.58% return.

AVDE

• 1D: 0.59%
• 1M: 1.98%
• YTD: 10.87%
• 6M: 12.42%
• 1Y: 27.50%
• 3Y*: 19.56%
• 5Y*: 9.98%
• 10Y*: —

FSMD

• 1D: 1.00%
• 1M: 6.31%
• YTD: 17.58%
• 6M: 15.58%
• 1Y: 29.65%
• 3Y*: 17.46%
• 5Y*: 10.00%
• 10Y*: —

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

AVDE vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AVDE Avantis International Equity ETF	10.87%	38.05%	4.88%	17.18%	-13.68%	13.62%	8.26%	7.95%
FSMD Fidelity Small-Mid Multifactor ETF	17.58%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	6.66%

Correlation

The correlation between AVDE and FSMD is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.75

The correlation between AVDE and FSMD has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

AVDE vs. FSMD - Sectors Allocation Comparison

Sectors	AVDE	FSMD
Financial Services	23.9%	14.8%
Industrials	20.2%	20.1%
Basic Materials	11.4%	4.0%
Consumer Cyclical	9.4%	10.6%
Technology	8.0%	20.5%
Energy	7.4%	4.1%
Healthcare	5.7%	11.7%
Consumer Defensive	4.3%	3.1%
Communication Services	4.1%	2.9%
Utilities	4.0%	2.1%
Real Estate	1.5%	6.2%

Return for Risk

AVDE vs. FSMD — Risk / Return Rank

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

AVDE

AVDE Risk / Return Rank: 58
AVDE Sharpe Ratio Rank: 60
AVDE Sortino Ratio Rank: 60
AVDE Omega Ratio Rank: 59
AVDE Calmar Ratio Rank: 52
AVDE Martin Ratio Rank: 58

FSMD

FSMD Risk / Return Rank: 66
FSMD Sharpe Ratio Rank: 61
FSMD Sortino Ratio Rank: 64
FSMD Omega Ratio Rank: 58
FSMD Calmar Ratio Rank: 74
FSMD Martin Ratio Rank: 73

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.

AVDE vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis International Equity ETF (AVDE) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

	AVDE	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.78	-0.02
Sortino ratio: Return per unit of downside risk	2.47	2.58	-0.11
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.30	3.30	-1.00
Martin ratio: Return relative to average drawdown	9.00	11.89	-2.89

AVDE vs. FSMD - Sharpe Ratio Comparison

The current AVDE Sharpe Ratio is 1.76, which is comparable to the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of AVDE and FSMD, 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

AVDE vs. FSMD - Drawdown Comparison

The maximum AVDE drawdown since its inception was -36.99%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for AVDE and FSMD.

Drawdown Indicators

	AVDE	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-36.99%	-40.67%	+3.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.48%	-8.44%	-3.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	-22.16%	+8.70%
Max Drawdown (5Y) Largest decline over 5 years	-28.73%	-22.16%	-6.57%
Current Drawdown Current decline from peak	-1.09%	0.00%	-1.09%
Average Drawdown Average peak-to-trough decline	-6.15%	-5.98%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.34%	+0.60%

Volatility

AVDE vs. FSMD - Volatility Comparison

Avantis International Equity ETF (AVDE) has a higher volatility of 5.57% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 5.14%. This indicates that AVDE's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVDE	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	5.14%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	11.85%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	15.69%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.39%	18.55%	-2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.93%	21.43%	-2.50%

AVDE vs. FSMD - Expense Ratio Comparison

AVDE has a 0.23% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

AVDE vs. FSMD - Dividend Comparison

AVDE's dividend yield for the trailing twelve months is around 3.84%, more than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVDE Avantis International Equity ETF	3.84%	2.66%	3.29%	3.01%	2.79%	2.46%	1.63%	0.29%
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%

Frequently Asked Questions

Can I hold both AVDE and FSMD in my portfolio?

AVDE and FSMD have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVDE or FSMD?

AVDE has higher volatility (5.57%) compared to FSMD (5.14%). In terms of maximum drawdown, AVDE dropped -36.99% vs FSMD's -40.67%.

Which ETF is better, AVDE or FSMD?

On 5-year performance, FSMD leads with 10.00% vs 9.98% for AVDE. On fees, AVDE is cheaper at 0.23% per year. On volatility, FSMD has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVDE or FSMD?

Over the 5-year period, FSMD has performed better with a 10.00% return vs 9.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVDE or FSMD?

AVDE is cheaper with a 0.23% expense ratio, compared with 0.29% for FSMD.

Which ETF pays a higher dividend yield, AVDE or FSMD?

AVDE has the higher dividend yield at 3.84%, compared with 1.18% for FSMD.

What is the main difference between AVDE and FSMD?

AVDE is categorized as Foreign Large Cap Equities, while FSMD is Small Cap Growth Equities. They also come from different issuers: Avantis and Fidelity. Their fees differ too: 0.23% for AVDE and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.78 vs 1.76), 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.