BUYO vs. FESM

Last updated Jul 1, 2026

BUYO (KraneShares Man Buyout Beta Index ETF) and FESM (Fidelity Enhanced Small Cap ETF) are both Small Cap Blend Equities funds. BUYO is passively managed, while FESM is actively managed. Over the past year, BUYO returned 34.64% vs 52.24% for FESM. Their correlation of 0.94 suggests significant overlap in exposure. BUYO charges 0.89%/yr vs 0.28%/yr for FESM.

Performance

BUYO vs. FESM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Man Buyout Beta Index ETF (BUYO) and Fidelity Enhanced Small Cap ETF (FESM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUYO achieves a 21.28% return, which is significantly lower than FESM's 28.45% return.

BUYO

• 1D: 1.25%
• 1M: 6.83%
• YTD: 21.28%
• 6M: 20.02%
• 1Y: 34.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FESM

• 1D: 0.90%
• 1M: 6.26%
• YTD: 28.45%
• 6M: 27.47%
• 1Y: 52.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUYO vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUYO KraneShares Man Buyout Beta Index ETF	21.28%	10.94%	0.16%
FESM Fidelity Enhanced Small Cap ETF	28.45%	17.88%	2.32%

Correlation

The correlation between BUYO and FESM is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Oct 8, 2024	0.94

The correlation between BUYO and FESM has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

BUYO vs. FESM — Risk / Return Rank

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

BUYO

BUYO Risk / Return Rank: 72
BUYO Sharpe Ratio Rank: 70
BUYO Sortino Ratio Rank: 71
BUYO Omega Ratio Rank: 63
BUYO Calmar Ratio Rank: 78
BUYO Martin Ratio Rank: 77

FESM

FESM Risk / Return Rank: 90
FESM Sharpe Ratio Rank: 92
FESM Sortino Ratio Rank: 90
FESM Omega Ratio Rank: 85
FESM Calmar Ratio Rank: 92
FESM Martin Ratio Rank: 92

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.

BUYO vs. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Man Buyout Beta Index ETF (BUYO) 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.

	BUYO	FESM	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.71	-0.78
Sortino ratio: Return per unit of downside risk	2.72	3.57	-0.85
Omega ratio: Gain probability vs. loss probability	1.32	1.44	-0.12
Calmar ratio: Return relative to maximum drawdown	3.45	5.15	-1.70
Martin ratio: Return relative to average drawdown	12.59	18.57	-5.98

BUYO vs. FESM - Sharpe Ratio Comparison

The current BUYO Sharpe Ratio is 1.92, which is comparable to the FESM Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of BUYO 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

BUYO vs. FESM - Drawdown Comparison

The maximum BUYO drawdown since its inception was -28.01%, roughly equal to the maximum FESM drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for BUYO and FESM.

Drawdown Indicators

	BUYO	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-28.01%	-26.93%	-1.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.07%	-10.18%	+0.11%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.57%	-4.68%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	2.82%	-0.06%

Volatility

BUYO vs. FESM - Volatility Comparison

The current volatility for KraneShares Man Buyout Beta Index ETF (BUYO) is 4.98%, while Fidelity Enhanced Small Cap ETF (FESM) has a volatility of 6.15%. This indicates that BUYO 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

	BUYO	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	6.15%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	14.07%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	18.08%	19.39%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.51%	21.25%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	21.25%	+0.26%

BUYO vs. FESM - Expense Ratio Comparison

BUYO has a 0.89% expense ratio, which is higher than FESM's 0.28% expense ratio.

Dividends

BUYO vs. FESM - Dividend Comparison

BUYO's dividend yield for the trailing twelve months is around 0.01%, less than FESM's 0.71% yield.

Position	TTM	2025	2024	2023
BUYO KraneShares Man Buyout Beta Index ETF	0.01%	0.01%	0.04%	0.00%
FESM Fidelity Enhanced Small Cap ETF	0.71%	0.82%	1.08%	0.06%

Frequently Asked Questions

Can I hold both BUYO and FESM in my portfolio?

With a correlation of 0.93, BUYO 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, BUYO or FESM?

FESM has higher volatility (6.15%) compared to BUYO (4.98%). In terms of maximum drawdown, BUYO dropped -28.01% vs FESM's -26.93%.

Which ETF is better, BUYO or FESM?

On 1-year performance, FESM leads with 52.24% vs 34.64% for BUYO. On fees, FESM is cheaper at 0.28% per year. On volatility, BUYO has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUYO or FESM?

Over the 1-year period, FESM has performed better with a 52.24% return vs 34.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUYO or FESM?

FESM is cheaper with a 0.28% expense ratio, compared with 0.89% for BUYO.

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

FESM has the higher dividend yield at 0.71%, compared with 0.01% for BUYO.

What is the main difference between BUYO and FESM?

They also come from different issuers: KraneShares and Fidelity. Their fees differ too: 0.89% for BUYO and 0.28% for FESM.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.71 vs 1.92), 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.