DISSX vs. FSMD

Last updated Jun 3, 2026

DISSX (BNY Mellon Smallcap Stock Index Fund) and FSMD (Fidelity Small-Mid Multifactor ETF) are both funds - DISSX is a Small Cap Blend Equities fund managed by BNY Mellon, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Over the past 5 years, DISSX returned 4.57%/yr vs 9.79%/yr for FSMD. Their correlation of 0.95 suggests significant overlap in exposure. DISSX charges 0.50%/yr vs 0.29%/yr for FSMD.

Performance

DISSX vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Smallcap Stock Index Fund (DISSX) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DISSX having a 15.12% return and FSMD slightly lower at 14.94%.

DISSX

• 1D: -0.16%
• 1M: 0.63%
• YTD: 15.12%
• 6M: 15.47%
• 1Y: 33.01%
• 3Y*: 13.01%
• 5Y*: 4.57%
• 10Y*: 9.97%

FSMD

• 1D: 0.90%
• 1M: 3.02%
• YTD: 14.94%
• 6M: 15.74%
• 1Y: 26.74%
• 3Y*: 17.66%
• 5Y*: 9.79%
• 10Y*: —

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

DISSX vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DISSX BNY Mellon Smallcap Stock Index Fund	15.12%	5.41%	6.87%	14.24%	-16.71%	26.41%	10.92%	5.96%
FSMD Fidelity Small-Mid Multifactor ETF	14.94%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between DISSX 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 Mar 1, 2019	0.95

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

Return for Risk

DISSX vs. FSMD — Risk / Return Rank

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

DISSX

DISSX Risk / Return Rank: 52
DISSX Sharpe Ratio Rank: 40
DISSX Sortino Ratio Rank: 42
DISSX Omega Ratio Rank: 36
DISSX Calmar Ratio Rank: 80
DISSX Martin Ratio Rank: 61

FSMD

FSMD Risk / Return Rank: 55
FSMD Sharpe Ratio Rank: 50
FSMD Sortino Ratio Rank: 52
FSMD Omega Ratio Rank: 49
FSMD Calmar Ratio Rank: 63
FSMD Martin Ratio Rank: 62

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.

DISSX vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Smallcap Stock Index Fund (DISSX) 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.

	DISSX	FSMD	Difference
Sharpe ratio Return per unit of total volatility	1.86	1.76	+0.10
Sortino ratio Return per unit of downside risk	2.70	2.55	+0.15
Omega ratio Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio Return relative to maximum drawdown	3.66	3.16	+0.50
Martin ratio Return relative to average drawdown	12.25	11.42	+0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DISSX vs. FSMD - Sharpe Ratio Comparison

The current DISSX Sharpe Ratio is 1.86, which is comparable to the FSMD Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of DISSX 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

	DISSX	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.76	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.53	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.55	-0.15

Drawdowns

DISSX vs. FSMD - Drawdown Comparison

The maximum DISSX drawdown since its inception was -58.30%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for DISSX and FSMD.

Drawdown Indicators

	DISSX	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-58.30%	-40.67%	-17.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-8.44%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-29.02%	-22.16%	-6.86%
Max Drawdown (5Y) Largest decline over 5 years	-29.02%	-22.16%	-6.86%
Max Drawdown (10Y) Largest decline over 10 years	-44.45%	—	—
Current Drawdown Current decline from peak	-0.93%	0.00%	-0.93%
Average Drawdown Average peak-to-trough decline	-9.57%	-6.01%	-3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	2.34%	+0.28%

Volatility

DISSX vs. FSMD - Volatility Comparison

BNY Mellon Smallcap Stock Index Fund (DISSX) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 4.41% and 4.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DISSX	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	4.50%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	11.39%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	17.60%	15.26%	+2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.49%	18.48%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	21.43%	+1.74%

DISSX vs. FSMD - Expense Ratio Comparison

DISSX has a 0.50% expense ratio, which is higher than FSMD's 0.29% expense ratio.

Dividends

DISSX vs. FSMD - Dividend Comparison

DISSX's dividend yield for the trailing twelve months is around 13.40%, more than FSMD's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DISSX BNY Mellon Smallcap Stock Index Fund	13.40%	15.42%	14.79%	8.20%	13.87%	10.72%	7.61%	8.35%	13.18%	7.40%	6.49%	11.30%
FSMD Fidelity Small-Mid Multifactor ETF	1.21%	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

Can I hold both DISSX and FSMD in my portfolio?

With a correlation of 0.95, DISSX 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, DISSX or FSMD?

FSMD has higher volatility (4.50%) compared to DISSX (4.41%). In terms of maximum drawdown, DISSX dropped -58.30% vs FSMD's -40.67%.

Which has better risk-adjusted returns?

DISSX currently has the higher Sharpe Ratio (1.86 vs 1.76), 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.