BKIE vs. FSMD

Last updated Jul 21, 2026

BKIE (BNY Mellon International Equity ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - BKIE is a Foreign Large Cap Equities fund tracking the Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR, while FSMD is a Small Cap Blend Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, BKIE returned 9.60%/yr vs 10.07%/yr for FSMD. A 0.73 correlation means they provide meaningful diversification when combined. BKIE charges 0.04%/yr vs 0.15%/yr for FSMD.

Performance

BKIE vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon International Equity ETF (BKIE) 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, BKIE achieves a 8.78% return, which is significantly lower than FSMD's 15.30% return.

BKIE

• 1D: -0.68%
• 1M: -1.34%
• 6M: 5.02%
• YTD: 8.78%
• 1Y: 21.47%
• 3Y*: 15.90%
• 5Y*: 9.60%
• 10Y*: —
• ALL TIME*: 14.64%

FSMD

• 1D: -0.47%
• 1M: -2.04%
• 6M: 9.94%
• YTD: 15.30%
• 1Y: 22.01%
• 3Y*: 15.26%
• 5Y*: 10.07%
• 10Y*: —
• ALL TIME*: 11.63%

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

BKIE vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKIE BNY Mellon International Equity ETF	8.78%	32.08%	4.63%	18.25%	-13.60%	13.75%	34.17%
FSMD Fidelity Small-Mid Multifactor ETF	15.30%	8.70%	15.18%	17.37%	-11.15%	26.40%	46.29%

Correlation

The correlation between BKIE 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	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.73

The correlation between BKIE and FSMD has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

BKIE vs. FSMD - Sectors Allocation Comparison

Sectors	BKIE	FSMD
Financial Services	26.6%	15.2%
Industrials	17.9%	20.3%
Technology	11.7%	20.9%
Healthcare	9.1%	12.2%
Consumer Cyclical	7.2%	10.6%
Basic Materials	6.7%	3.5%
Consumer Defensive	6.3%	2.9%
Energy	5.0%	3.7%
Communication Services	4.1%	2.8%
Utilities	3.5%	1.9%
Real Estate	1.8%	6.1%

Return for Risk

BKIE vs. FSMD — Risk / Return Rank

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

BKIE

BKIE Risk / Return Rank: 54
BKIE Sharpe Ratio Rank: 56
BKIE Sortino Ratio Rank: 56
BKIE Omega Ratio Rank: 54
BKIE Calmar Ratio Rank: 49
BKIE Martin Ratio Rank: 57

FSMD

FSMD Risk / Return Rank: 61
FSMD Sharpe Ratio Rank: 55
FSMD Sortino Ratio Rank: 59
FSMD Omega Ratio Rank: 52
FSMD Calmar Ratio Rank: 71
FSMD Martin Ratio Rank: 69

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.

BKIE vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon International Equity ETF (BKIE) 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.

	BKIE	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.41	+0.01
Sortino ratio: Return per unit of downside risk	2.04	2.11	-0.07
Omega ratio: Gain probability vs. loss probability	1.25	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	1.89	2.62	-0.73
Martin ratio: Return relative to average drawdown	7.24	9.08	-1.84

BKIE vs. FSMD - Sharpe Ratio Comparison

The current BKIE Sharpe Ratio is 1.42, which is comparable to the FSMD Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of BKIE 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

BKIE vs. FSMD - Drawdown Comparison

The maximum BKIE drawdown since its inception was -28.19%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for BKIE and FSMD.

Drawdown Indicators

	BKIE	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-28.19%	-40.67%	+12.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.41%	-8.44%	-2.97%
Max Drawdown (3Y) Largest decline over 3 years	-13.19%	-22.16%	+8.97%
Max Drawdown (5Y) Largest decline over 5 years	-28.19%	-22.16%	-6.03%
Current Drawdown Current decline from peak	-2.34%	-4.41%	+2.07%
Average Drawdown Average peak-to-trough decline	-4.90%	-5.93%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.43%	+0.54%

Volatility

BKIE vs. FSMD - Volatility Comparison

The current volatility for BNY Mellon International Equity ETF (BKIE) is 3.70%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 4.36%. This indicates that BKIE 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.

Volatility by Period

	BKIE	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	4.36%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	13.03%	12.30%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	15.77%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	18.53%	-2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.32%	21.35%	-5.03%

BKIE vs. FSMD - Expense Ratio Comparison

BKIE has a 0.04% expense ratio, which is lower than FSMD's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BKIE vs. FSMD - Dividend Comparison

BKIE's dividend yield for the trailing twelve months is around 3.23%, more than FSMD's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BKIE BNY Mellon International Equity ETF	3.23%	3.12%	3.31%	2.88%	2.97%	2.58%	1.49%	0.00%
FSMD Fidelity Small-Mid Multifactor ETF	1.26%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%

Frequently Asked Questions

Can I hold both BKIE and FSMD in my portfolio?

BKIE 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, BKIE or FSMD?

FSMD has higher volatility (4.36%) compared to BKIE (3.70%). In terms of maximum drawdown, BKIE dropped -28.19% vs FSMD's -40.67%.

Which ETF is better, BKIE or FSMD?

On 5-year performance, FSMD leads with 10.07% vs 9.60% for BKIE. On fees, BKIE is cheaper at 0.04% per year. On volatility, BKIE has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKIE or FSMD?

Over the 5-year period, FSMD has performed better with a 10.07% return vs 9.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKIE or FSMD?

BKIE is cheaper with a 0.04% expense ratio, compared with 0.15% for FSMD.

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

BKIE has the higher dividend yield at 3.23%, compared with 1.26% for FSMD.

What is the main difference between BKIE and FSMD?

BKIE is categorized as Foreign Large Cap Equities, while FSMD is Small Cap Blend Equities. BKIE tracks Solactive GBS Developed Markets ex United States Large & Mid Cap USD Index NTR, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: BNY Mellon and Fidelity. Their fees differ too: 0.04% for BKIE and 0.15% for FSMD.

Which has better risk-adjusted returns?

BKIE currently has the higher Sharpe Ratio (1.42 vs 1.41), 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.