DHEAX vs. FSMD

Last updated Jun 13, 2026

DHEAX (Diamond Hill Short Duration Securitized Bond Fund) and FSMD (Fidelity Small-Mid Multifactor ETF) are both funds - DHEAX is a Short-Term Bond fund managed by Diamond Hill, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Over the past 5 years, DHEAX returned 4.24%/yr vs 10.00%/yr for FSMD. At a 0.05 correlation, their price movements are largely independent. DHEAX charges 0.83%/yr vs 0.29%/yr for FSMD.

Performance

DHEAX vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Short Duration Securitized Bond Fund (DHEAX) 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, DHEAX achieves a 1.75% return, which is significantly lower than FSMD's 17.58% return.

DHEAX

• 1D: 0.10%
• 1M: 0.43%
• YTD: 1.75%
• 6M: 1.83%
• 1Y: 4.90%
• 3Y*: 7.45%
• 5Y*: 4.24%
• 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)

DHEAX vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DHEAX Diamond Hill Short Duration Securitized Bond Fund	1.75%	5.70%	9.15%	8.38%	-3.57%	2.42%	2.87%	3.74%
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 DHEAX and FSMD is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.05

The correlation between DHEAX and FSMD shifts across timeframes, from 0.05 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DHEAX vs. FSMD — Risk / Return Rank

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

DHEAX

DHEAX Risk / Return Rank: 99
DHEAX Sharpe Ratio Rank: 99
DHEAX Sortino Ratio Rank: 99
DHEAX Omega Ratio Rank: 99
DHEAX Calmar Ratio Rank: 99
DHEAX Martin Ratio Rank: 99

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.

DHEAX vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Short Duration Securitized Bond Fund (DHEAX) 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.

	DHEAX	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	4.47	1.78	+2.69
Sortino ratio: Return per unit of downside risk	7.56	2.58	+4.98
Omega ratio: Gain probability vs. loss probability	2.48	1.31	+1.17
Calmar ratio: Return relative to maximum drawdown	9.84	3.30	+6.54
Martin ratio: Return relative to average drawdown	43.14	11.89	+31.26

DHEAX vs. FSMD - Sharpe Ratio Comparison

The current DHEAX Sharpe Ratio is 4.47, which is higher than the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of DHEAX 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

DHEAX vs. FSMD - Drawdown Comparison

The maximum DHEAX drawdown since its inception was -12.34%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for DHEAX and FSMD.

Drawdown Indicators

	DHEAX	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-12.34%	-40.67%	+28.33%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-8.44%	+7.94%
Max Drawdown (3Y) Largest decline over 3 years	-0.50%	-22.16%	+21.66%
Max Drawdown (5Y) Largest decline over 5 years	-5.06%	-22.16%	+17.10%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.80%	-5.98%	+5.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	2.34%	-2.23%

Volatility

DHEAX vs. FSMD - Volatility Comparison

The current volatility for Diamond Hill Short Duration Securitized Bond Fund (DHEAX) is 0.18%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 5.14%. This indicates that DHEAX 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

	DHEAX	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.18%	5.14%	-4.96%
Volatility (6M) Calculated over the trailing 6-month period	0.73%	11.85%	-11.12%
Volatility (1Y) Calculated over the trailing 1-year period	1.10%	15.69%	-14.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.52%	18.55%	-17.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.26%	21.43%	-19.17%

DHEAX vs. FSMD - Expense Ratio Comparison

DHEAX has a 0.83% expense ratio, which is higher than FSMD's 0.29% expense ratio.

Dividends

DHEAX vs. FSMD - Dividend Comparison

DHEAX's dividend yield for the trailing twelve months is around 5.63%, more than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHEAX Diamond Hill Short Duration Securitized Bond Fund	5.63%	5.27%	5.94%	5.25%	3.41%	2.31%	2.92%	3.76%	3.45%	3.20%
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%

Frequently Asked Questions

Can I hold both DHEAX and FSMD in my portfolio?

DHEAX and FSMD have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHEAX or FSMD?

FSMD has higher volatility (5.14%) compared to DHEAX (0.18%). In terms of maximum drawdown, DHEAX dropped -12.34% vs FSMD's -40.67%.

Which has better risk-adjusted returns?

DHEAX currently has the higher Sharpe Ratio (4.47 vs 1.78), 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.