FCMVX vs. SPMO

Last updated Jun 3, 2026

FCMVX (Fidelity Mid Cap Value K6 Fund) and SPMO (Invesco S&P 500 Momentum ETF) are both funds - FCMVX is a Mid Cap Value Equities fund managed by Fidelity, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Over the past 5 years, FCMVX returned 23.84%/yr vs 24.51%/yr for SPMO. A 0.63 correlation means they provide meaningful diversification when combined. FCMVX charges 0.45%/yr vs 0.13%/yr for SPMO.

Performance

FCMVX vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mid Cap Value K6 Fund (FCMVX) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCMVX achieves a 17.97% return, which is significantly lower than SPMO's 29.70% return.

FCMVX

• 1D: -0.13%
• 1M: 2.20%
• YTD: 17.97%
• 6M: 20.63%
• 1Y: 37.95%
• 3Y*: 43.55%
• 5Y*: 23.84%
• 10Y*: —

SPMO

• 1D: 1.31%
• 1M: 14.80%
• YTD: 29.70%
• 6M: 30.19%
• 1Y: 46.28%
• 3Y*: 42.80%
• 5Y*: 24.51%
• 10Y*: 20.89%

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

FCMVX vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCMVX Fidelity Mid Cap Value K6 Fund	17.97%	12.62%	87.16%	23.07%	-10.26%	34.12%	0.52%	23.65%	-18.69%	12.67%
SPMO Invesco S&P 500 Momentum ETF	29.70%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	18.73%

Correlation

The correlation between FCMVX and SPMO is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since May 26, 2017	0.63

The correlation between FCMVX and SPMO shifts across timeframes, from 0.57 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FCMVX vs. SPMO — Risk / Return Rank

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

FCMVX

FCMVX Risk / Return Rank: 67
FCMVX Sharpe Ratio Rank: 63
FCMVX Sortino Ratio Rank: 64
FCMVX Omega Ratio Rank: 53
FCMVX Calmar Ratio Rank: 80
FCMVX Martin Ratio Rank: 75

SPMO

SPMO Risk / Return Rank: 77
SPMO Sharpe Ratio Rank: 80
SPMO Sortino Ratio Rank: 78
SPMO Omega Ratio Rank: 78
SPMO Calmar Ratio Rank: 74
SPMO Martin Ratio Rank: 76

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.

FCMVX vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Value K6 Fund (FCMVX) and Invesco S&P 500 Momentum ETF (SPMO). 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.

	FCMVX	SPMO	Difference
Sharpe ratio Return per unit of total volatility	2.34	2.64	-0.30
Sortino ratio Return per unit of downside risk	3.35	3.55	-0.20
Omega ratio Gain probability vs. loss probability	1.41	1.47	-0.06
Calmar ratio Return relative to maximum drawdown	3.66	3.76	-0.10
Martin ratio Return relative to average drawdown	14.13	14.67	-0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCMVX vs. SPMO - Sharpe Ratio Comparison

The current FCMVX Sharpe Ratio is 2.34, which is comparable to the SPMO Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of FCMVX and SPMO, 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

	FCMVX	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.64	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	1.28	-0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	1.01	-0.65

Drawdowns

FCMVX vs. SPMO - Drawdown Comparison

The maximum FCMVX drawdown since its inception was -44.63%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for FCMVX and SPMO.

Drawdown Indicators

	FCMVX	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-44.63%	-30.95%	-13.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-12.70%	+2.49%
Max Drawdown (3Y) Largest decline over 3 years	-38.56%	-20.13%	-18.43%
Max Drawdown (5Y) Largest decline over 5 years	-38.56%	-22.74%	-15.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-1.53%	0.00%	-1.53%
Average Drawdown Average peak-to-trough decline	-9.36%	-4.60%	-4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	3.26%	-0.62%

Volatility

FCMVX vs. SPMO - Volatility Comparison

The current volatility for Fidelity Mid Cap Value K6 Fund (FCMVX) is 4.69%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 7.38%. This indicates that FCMVX experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCMVX	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	7.38%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	14.44%	-2.48%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	17.65%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.58%	19.31%	+41.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.80%	20.31%	+27.49%

FCMVX vs. SPMO - Expense Ratio Comparison

FCMVX has a 0.45% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

FCMVX vs. SPMO - Dividend Comparison

FCMVX's dividend yield for the trailing twelve months is around 4.19%, more than SPMO's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCMVX Fidelity Mid Cap Value K6 Fund	4.19%	6.68%	76.67%	1.29%	1.68%	1.39%	2.19%	1.68%	2.99%	0.77%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.66%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both FCMVX and SPMO in my portfolio?

FCMVX and SPMO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCMVX or SPMO?

SPMO has higher volatility (7.38%) compared to FCMVX (4.69%). In terms of maximum drawdown, FCMVX dropped -44.63% vs SPMO's -30.95%.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.64 vs 2.34), 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.