BBMC vs. FSMD

Last updated Jun 4, 2026

BBMC (JPMorgan BetaBuilders U.S. Mid Cap Equity ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both Small Cap Growth Equities funds - BBMC tracks the Morningstar US Mid Cap Target Market Exposure Extended Index while FSMD tracks the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, BBMC returned 8.32%/yr vs 9.66%/yr for FSMD. With a 0.95 correlation, they move nearly in lockstep. BBMC charges 0.07%/yr vs 0.29%/yr for FSMD.

Performance

BBMC vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) 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, BBMC achieves a 16.66% return, which is significantly higher than FSMD's 14.85% return.

BBMC

• 1D: -0.12%
• 1M: 4.96%
• YTD: 16.66%
• 6M: 16.84%
• 1Y: 33.04%
• 3Y*: 19.56%
• 5Y*: 8.32%
• 10Y*: —

FSMD

• 1D: -0.08%
• 1M: 3.46%
• YTD: 14.85%
• 6M: 14.81%
• 1Y: 25.71%
• 3Y*: 17.63%
• 5Y*: 9.66%
• 10Y*: —

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

BBMC vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	16.66%	12.24%	15.15%	18.37%	-19.77%	17.64%	61.98%
FSMD Fidelity Small-Mid Multifactor ETF	14.85%	8.70%	15.18%	17.37%	-11.15%	26.40%	50.12%

Correlation

The correlation between BBMC and FSMD is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 16, 2020	0.95

The correlation between BBMC and FSMD has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

BBMC vs. FSMD - Sectors Allocation Comparison

Sectors	BBMC	FSMD
Technology	21.6%	18.2%
Industrials	18.6%	20.7%
Consumer Cyclical	11.5%	11.1%
Financial Services	10.6%	15.4%
Healthcare	10.0%	11.6%
Real Estate	6.3%	6.2%
Basic Materials	4.9%	3.9%
Consumer Defensive	3.5%	3.3%
Energy	3.1%	4.6%
Utilities	2.6%	2.2%
Communication Services	2.4%	2.8%

Return for Risk

BBMC vs. FSMD — Risk / Return Rank

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

BBMC

BBMC Risk / Return Rank: 63
BBMC Sharpe Ratio Rank: 60
BBMC Sortino Ratio Rank: 60
BBMC Omega Ratio Rank: 56
BBMC Calmar Ratio Rank: 68
BBMC Martin Ratio Rank: 71

FSMD

FSMD Risk / Return Rank: 53
FSMD Sharpe Ratio Rank: 48
FSMD Sortino Ratio Rank: 50
FSMD Omega Ratio Rank: 46
FSMD Calmar Ratio Rank: 61
FSMD Martin Ratio Rank: 61

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.

BBMC vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) 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.

	BBMC	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.69	+0.34
Sortino ratio: Return per unit of downside risk	2.86	2.47	+0.39
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	3.41	3.06	+0.34
Martin ratio: Return relative to average drawdown	13.41	11.03	+2.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBMC vs. FSMD - Sharpe Ratio Comparison

The current BBMC Sharpe Ratio is 2.04, which is comparable to the FSMD Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of BBMC 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.

Sharpe Ratios by Period

	BBMC	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.69	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.53	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.55	+0.29

Drawdowns

BBMC vs. FSMD - Drawdown Comparison

The maximum BBMC drawdown since its inception was -30.11%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for BBMC and FSMD.

Drawdown Indicators

	BBMC	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-30.11%	-40.67%	+10.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.75%	-8.44%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-24.18%	-22.16%	-2.02%
Max Drawdown (5Y) Largest decline over 5 years	-30.11%	-22.16%	-7.95%
Current Drawdown Current decline from peak	-0.12%	-0.08%	-0.04%
Average Drawdown Average peak-to-trough decline	-8.92%	-6.00%	-2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.34%	+0.13%

Volatility

BBMC vs. FSMD - Volatility Comparison

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) has a higher volatility of 4.72% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 4.45%. This indicates that BBMC'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

	BBMC	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	4.45%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	12.14%	11.37%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	16.32%	15.26%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.59%	18.48%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.08%	21.42%	-0.34%

BBMC vs. FSMD - Expense Ratio Comparison

BBMC has a 0.07% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

BBMC vs. FSMD - Dividend Comparison

BBMC's dividend yield for the trailing twelve months is around 1.09%, less than FSMD's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	1.09%	1.25%	1.31%	1.36%	1.48%	0.87%	0.69%	0.00%
FSMD Fidelity Small-Mid Multifactor ETF	1.21%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%

Frequently Asked Questions

Can I hold both BBMC and FSMD in my portfolio?

With a correlation of 0.95, BBMC and FSMD 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, BBMC or FSMD?

BBMC has higher volatility (4.72%) compared to FSMD (4.45%). In terms of maximum drawdown, BBMC dropped -30.11% vs FSMD's -40.67%.

Which ETF is better, BBMC or FSMD?

On 5-year performance, FSMD leads with 9.66% vs 8.32% for BBMC. On fees, BBMC is cheaper at 0.07% per year. On volatility, FSMD has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBMC or FSMD?

Over the 5-year period, FSMD has performed better with a 9.66% return vs 8.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBMC or FSMD?

BBMC is cheaper with a 0.07% expense ratio, compared with 0.29% for FSMD.

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

FSMD has the higher dividend yield at 1.21%, compared with 1.09% for BBMC.

What is the main difference between BBMC and FSMD?

BBMC tracks Morningstar US Mid Cap Target Market Exposure Extended Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: JPMorgan and Fidelity. Their fees differ too: 0.07% for BBMC and 0.29% for FSMD.

Which has better risk-adjusted returns?

BBMC currently has the higher Sharpe Ratio (2.04 vs 1.69), 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.