DJD vs. FSMD

Last updated Jul 21, 2026

DJD (Invesco Dow Jones Industrial Average Dividend ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - DJD is a Large Cap Value Equities fund tracking the Dow Jones Industrial Average Yield Weighted Index, 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, DJD returned 11.00%/yr vs 10.07%/yr for FSMD. A 0.76 correlation means they provide meaningful diversification when combined. DJD charges 0.07%/yr vs 0.15%/yr for FSMD.

Performance

DJD vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dow Jones Industrial Average Dividend ETF (DJD) 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, DJD achieves a 12.11% return, which is significantly lower than FSMD's 15.30% return.

DJD

• 1D: -0.60%
• 1M: 1.48%
• 6M: 9.44%
• YTD: 12.11%
• 1Y: 21.94%
• 3Y*: 16.77%
• 5Y*: 11.00%
• 10Y*: 12.03%
• ALL TIME*: 12.32%

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)

DJD vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DJD Invesco Dow Jones Industrial Average Dividend ETF	12.11%	15.83%	13.66%	9.41%	-0.73%	22.40%	0.87%	11.60%
FSMD Fidelity Small-Mid Multifactor ETF	15.30%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between DJD and FSMD is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.76

Over the past year, the correlation between DJD and FSMD has dropped to 0.52 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

DJD vs. FSMD - Sectors Allocation Comparison

Sectors	DJD	FSMD
Healthcare	23.9%	12.2%
Financial Services	16.8%	15.2%
Technology	16.5%	20.9%
Consumer Cyclical	12.3%	10.6%
Consumer Defensive	11.5%	2.9%
Industrials	8.1%	20.3%
Energy	6.5%	3.7%
Communication Services	2.7%	2.8%
Basic Materials	1.9%	3.5%
Real Estate	-	6.1%
Utilities	-	1.9%

Return for Risk

DJD vs. FSMD — Risk / Return Rank

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

DJD

DJD Risk / Return Rank: 85
DJD Sharpe Ratio Rank: 86
DJD Sortino Ratio Rank: 89
DJD Omega Ratio Rank: 82
DJD Calmar Ratio Rank: 89
DJD Martin Ratio Rank: 81

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.

DJD vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dow Jones Industrial Average Dividend ETF (DJD) 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.

	DJD	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.41	+0.71
Sortino ratio: Return per unit of downside risk	3.19	2.11	+1.08
Omega ratio: Gain probability vs. loss probability	1.37	1.25	+0.12
Calmar ratio: Return relative to maximum drawdown	3.91	2.62	+1.29
Martin ratio: Return relative to average drawdown	11.44	9.08	+2.36

DJD vs. FSMD - Sharpe Ratio Comparison

The current DJD Sharpe Ratio is 2.12, which is higher than the FSMD Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of DJD 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

DJD vs. FSMD - Drawdown Comparison

The maximum DJD drawdown since its inception was -34.66%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for DJD and FSMD.

Drawdown Indicators

	DJD	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-34.66%	-40.67%	+6.01%
Max Drawdown (1Y) Largest decline over 1 year	-5.64%	-8.44%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-12.28%	-22.16%	+9.88%
Max Drawdown (5Y) Largest decline over 5 years	-19.94%	-22.16%	+2.22%
Max Drawdown (10Y) Largest decline over 10 years	-34.66%	—	—
Current Drawdown Current decline from peak	-2.47%	-4.41%	+1.94%
Average Drawdown Average peak-to-trough decline	-3.71%	-5.93%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.43%	-0.51%

Volatility

DJD vs. FSMD - Volatility Comparison

The current volatility for Invesco Dow Jones Industrial Average Dividend ETF (DJD) is 3.49%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 4.36%. This indicates that DJD 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

	DJD	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	4.36%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	7.91%	12.30%	-4.39%
Volatility (1Y) Calculated over the trailing 1-year period	10.42%	15.77%	-5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.35%	18.53%	-5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	21.35%	-4.78%

DJD vs. FSMD - Expense Ratio Comparison

DJD has a 0.07% 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

DJD vs. FSMD - Dividend Comparison

DJD's dividend yield for the trailing twelve months is around 2.48%, more than FSMD's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DJD Invesco Dow Jones Industrial Average Dividend ETF	2.48%	2.62%	3.00%	3.49%	3.16%	2.82%	3.47%	2.80%	2.66%	2.75%	2.46%	0.08%
FSMD Fidelity Small-Mid Multifactor ETF	1.26%	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 DJD and FSMD in my portfolio?

DJD and FSMD have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJD or FSMD?

FSMD has higher volatility (4.36%) compared to DJD (3.49%). In terms of maximum drawdown, DJD dropped -34.66% vs FSMD's -40.67%.

Which ETF is better, DJD or FSMD?

On 5-year performance, DJD leads with 11.00% vs 10.07% for FSMD. On fees, DJD is cheaper at 0.07% per year. On volatility, DJD has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJD or FSMD?

Over the 5-year period, DJD has performed better with a 11.00% return vs 10.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJD or FSMD?

DJD is cheaper with a 0.07% expense ratio, compared with 0.15% for FSMD.

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

DJD has the higher dividend yield at 2.48%, compared with 1.26% for FSMD.

What is the main difference between DJD and FSMD?

DJD is categorized as Large Cap Value Equities, while FSMD is Small Cap Blend Equities. DJD tracks Dow Jones Industrial Average Yield Weighted Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.07% for DJD and 0.15% for FSMD.

Which has better risk-adjusted returns?

DJD currently has the higher Sharpe Ratio (2.12 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.