BIV vs. FSMD
BIV (Vanguard Intermediate-Term Bond Index ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - BIV is a Intermediate Core Bond fund tracking the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, BIV returned 0.16%/yr vs 10.00%/yr for FSMD. At a 0.08 correlation, their price movements are largely independent. BIV charges 0.03%/yr vs 0.29%/yr for FSMD.
Performance
BIV vs. FSMD - Performance Comparison
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Returns By Period
In the year-to-date period, BIV achieves a -0.06% return, which is significantly lower than FSMD's 17.58% return.
BIV
- 1D
- -0.13%
- 1M
- 0.18%
- YTD
- -0.06%
- 6M
- 0.31%
- 1Y
- 4.29%
- 3Y*
- 4.62%
- 5Y*
- 0.16%
- 10Y*
- 1.89%
FSMD
- 1D
- 1.00%
- 1M
- 4.76%
- YTD
- 17.58%
- 6M
- 15.58%
- 1Y
- 27.73%
- 3Y*
- 17.46%
- 5Y*
- 10.00%
- 10Y*
- —
BIV vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | -0.06% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 8.55% |
FSMD Fidelity Small-Mid Multifactor ETF | 17.58% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
Correlation
The correlation between BIV and FSMD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.08 |
Over the past year, BIV and FSMD have become more correlated (0.37) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
BIV vs. FSMD — Risk / Return Rank
BIV
FSMD
BIV vs. FSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index ETF (BIV) 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.
| BIV | FSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.31 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 3.30 | -1.94 |
| Martin ratioReturn relative to average drawdown | 3.90 | 11.89 | -7.98 |
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Drawdowns
BIV vs. FSMD - Drawdown Comparison
The maximum BIV drawdown since its inception was -18.95%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for BIV and FSMD.
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Drawdown Indicators
| BIV | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.95% | -40.67% | +21.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -8.44% | +5.26% |
Max Drawdown (3Y)Largest decline over 3 years | -6.07% | -22.16% | +16.09% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | -22.16% | +3.42% |
Max Drawdown (10Y)Largest decline over 10 years | -18.95% | — | — |
Current DrawdownCurrent decline from peak | -1.86% | 0.00% | -1.86% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -5.98% | +2.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 2.34% | -1.24% |
Volatility
BIV vs. FSMD - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Bond Index ETF (BIV) is 1.45%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 5.14%. This indicates that BIV experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIV | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 5.14% | -3.69% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 11.85% | -8.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.03% | 15.69% | -11.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.41% | 18.55% | -12.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.51% | 21.43% | -15.92% |
BIV vs. FSMD - Expense Ratio Comparison
BIV has a 0.03% expense ratio, which is lower than FSMD's 0.29% expense ratio.
Dividends
BIV vs. FSMD - Dividend Comparison
BIV's dividend yield for the trailing twelve months is around 4.21%, more than FSMD's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.21% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
FSMD Fidelity Small-Mid Multifactor ETF | 1.18% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIV and FSMD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMD has higher volatility (5.14%) compared to BIV (1.45%). In terms of maximum drawdown, BIV dropped -18.95% vs FSMD's -40.67%.
On 5-year performance, FSMD leads with 10.00% vs 0.16% for BIV. On fees, BIV is cheaper at 0.03% per year. On volatility, BIV has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FSMD has performed better with a 10.00% return vs 0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIV is cheaper with a 0.03% expense ratio, compared with 0.29% for FSMD.
BIV has the higher dividend yield at 4.21%, compared with 1.18% for FSMD.
BIV is categorized as Intermediate Core Bond, while FSMD is Small Cap Growth Equities. BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.03% for BIV and 0.29% for FSMD.
FSMD currently has the higher Sharpe Ratio (1.78 vs 1.07), 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.
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