EZM vs. FFSM

Last updated Jun 26, 2026

EZM (WisdomTree U.S. MidCap Earnings Fund) and FFSM (Fidelity Fundamental Small-Mid Cap ETF) are both Mid Cap Blend Equities funds. EZM is passively managed, while FFSM is actively managed. Over the past 5 years, EZM returned 8.77%/yr vs 11.30%/yr for FFSM. Their correlation of 0.95 suggests significant overlap in exposure. EZM charges 0.38%/yr vs 0.43%/yr for FFSM.

Performance

EZM vs. FFSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree U.S. MidCap Earnings Fund (EZM) and Fidelity Fundamental Small-Mid Cap ETF (FFSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EZM achieves a 13.31% return, which is significantly lower than FFSM's 24.27% return.

EZM

• 1D: 0.57%
• 1M: 2.69%
• YTD: 13.31%
• 6M: 11.26%
• 1Y: 25.36%
• 3Y*: 15.45%
• 5Y*: 8.77%
• 10Y*: 11.70%

FFSM

• 1D: 1.47%
• 1M: 5.22%
• YTD: 24.27%
• 6M: 21.19%
• 1Y: 43.07%
• 3Y*: 22.71%
• 5Y*: 11.30%
• 10Y*: —

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

EZM vs. FFSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EZM WisdomTree U.S. MidCap Earnings Fund	13.31%	8.42%	10.29%	19.69%	-12.22%	24.71%
FFSM Fidelity Fundamental Small-Mid Cap ETF	24.27%	14.89%	14.38%	17.30%	-16.35%	20.44%

Correlation

The correlation between EZM and FFSM is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.95

The correlation between EZM and FFSM has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

EZM vs. FFSM - Sectors Allocation Comparison

Sectors	EZM	FFSM
Financial Services	19.0%	22.7%
Industrials	16.4%	29.5%
Consumer Cyclical	15.2%	12.2%
Technology	13.6%	14.0%
Healthcare	9.9%	9.1%
Energy	6.4%	2.2%
Consumer Defensive	5.1%	2.3%
Real Estate	5.0%	0.0%
Basic Materials	4.4%	6.2%
Utilities	3.2%	1.8%
Communication Services	1.9%	-

Return for Risk

EZM vs. FFSM — Risk / Return Rank

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

EZM

EZM Risk / Return Rank: 61
EZM Sharpe Ratio Rank: 57
EZM Sortino Ratio Rank: 63
EZM Omega Ratio Rank: 54
EZM Calmar Ratio Rank: 67
EZM Martin Ratio Rank: 63

FFSM

FFSM Risk / Return Rank: 84
FFSM Sharpe Ratio Rank: 83
FFSM Sortino Ratio Rank: 83
FFSM Omega Ratio Rank: 78
FFSM Calmar Ratio Rank: 86
FFSM Martin Ratio Rank: 88

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.

EZM vs. FFSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. MidCap Earnings Fund (EZM) and Fidelity Fundamental Small-Mid Cap ETF (FFSM). 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.

	EZM	FFSM	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.32	-0.63
Sortino ratio: Return per unit of downside risk	2.57	3.21	-0.64
Omega ratio: Gain probability vs. loss probability	1.30	1.40	-0.10
Calmar ratio: Return relative to maximum drawdown	2.93	4.17	-1.25
Martin ratio: Return relative to average drawdown	9.93	16.79	-6.87

EZM vs. FFSM - Sharpe Ratio Comparison

The current EZM Sharpe Ratio is 1.70, which is comparable to the FFSM Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of EZM and FFSM, 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

EZM vs. FFSM - Drawdown Comparison

The maximum EZM drawdown since its inception was -59.58%, which is greater than FFSM's maximum drawdown of -26.65%. Use the drawdown chart below to compare losses from any high point for EZM and FFSM.

Drawdown Indicators

	EZM	FFSM	Difference
Max Drawdown Largest peak-to-trough decline	-59.58%	-26.65%	-32.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.70%	-10.37%	+1.67%
Max Drawdown (3Y) Largest decline over 3 years	-23.53%	-24.78%	+1.25%
Max Drawdown (5Y) Largest decline over 5 years	-23.53%	-26.65%	+3.12%
Max Drawdown (10Y) Largest decline over 10 years	-47.26%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.25%	-7.78%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	2.57%	-0.01%

Volatility

EZM vs. FFSM - Volatility Comparison

The current volatility for WisdomTree U.S. MidCap Earnings Fund (EZM) is 3.89%, while Fidelity Fundamental Small-Mid Cap ETF (FFSM) has a volatility of 6.31%. This indicates that EZM experiences smaller price fluctuations and is considered to be less risky than FFSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZM	FFSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	6.31%	-2.42%
Volatility (6M) Calculated over the trailing 6-month period	10.54%	14.69%	-4.15%
Volatility (1Y) Calculated over the trailing 1-year period	15.04%	18.64%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.40%	20.77%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	20.61%	+1.71%

EZM vs. FFSM - Expense Ratio Comparison

EZM has a 0.38% expense ratio, which is lower than FFSM's 0.43% expense ratio.

Dividends

EZM vs. FFSM - Dividend Comparison

EZM's dividend yield for the trailing twelve months is around 1.22%, more than FFSM's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZM WisdomTree U.S. MidCap Earnings Fund	1.22%	1.39%	1.22%	1.25%	1.57%	1.08%	1.67%	1.34%	1.57%	1.14%	1.55%	1.30%
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.43%	0.56%	0.62%	0.56%	0.58%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EZM and FFSM in my portfolio?

EZM and FFSM have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZM or FFSM?

FFSM has higher volatility (6.31%) compared to EZM (3.89%). In terms of maximum drawdown, EZM dropped -59.58% vs FFSM's -26.65%.

Which ETF is better, EZM or FFSM?

On 5-year performance, FFSM leads with 11.30% vs 8.77% for EZM. On fees, EZM is cheaper at 0.38% per year. On volatility, EZM has been the lower-risk option at 3.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZM or FFSM?

Over the 5-year period, FFSM has performed better with a 11.30% return vs 8.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZM or FFSM?

EZM is cheaper with a 0.38% expense ratio, compared with 0.43% for FFSM.

Which ETF pays a higher dividend yield, EZM or FFSM?

EZM has the higher dividend yield at 1.22%, compared with 0.43% for FFSM.

What is the main difference between EZM and FFSM?

They also come from different issuers: WisdomTree and Fidelity. Their fees differ too: 0.38% for EZM and 0.43% for FFSM.

Which has better risk-adjusted returns?

FFSM currently has the higher Sharpe Ratio (2.32 vs 1.70), 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.