FCPGX vs. FFSM

Last updated Aug 4, 2026

FCPGX (Fidelity Small Cap Growth Fund) and FFSM (Fidelity Fundamental Small-Mid Cap ETF) are both funds - FCPGX is a Small Cap Growth Equities fund managed by Fidelity, while FFSM is a Mid Cap Blend Equities fund actively managed by Fidelity. Over the past 5 years, FCPGX returned 7.76%/yr vs 10.93%/yr for FFSM. Their correlation of 0.92 means they have usually moved in the same direction. FCPGX charges 0.88%/yr vs 0.43%/yr for FFSM.

Performance

FCPGX vs. FFSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small Cap Growth Fund (FCPGX) 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, FCPGX achieves a 20.02% return, which is significantly lower than FFSM's 21.43% return.

FCPGX

• 1D: -0.76%
• 1M: -3.81%
• 6M: 14.24%
• YTD: 20.02%
• 1Y: 35.61%
• 3Y*: 18.63%
• 5Y*: 7.76%
• 10Y*: 14.44%
• ALL TIME*: 12.12%

FFSM

• 1D: 1.20%
• 1M: -0.08%
• 6M: 14.38%
• YTD: 21.43%
• 1Y: 37.13%
• 3Y*: 19.05%
• 5Y*: 10.93%
• 10Y*: —
• ALL TIME*: 12.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCPGX Fidelity Small Cap Growth Fund	$0.00	$0.00	$0.00
FFSM Fidelity Fundamental Small-Mid Cap ETF	$11.20M	$10.45M	$7.00M

FCPGX vs. FFSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCPGX Fidelity Small Cap Growth Fund	20.02%	11.20%	20.56%	19.02%	-25.34%	3.37%
FFSM Fidelity Fundamental Small-Mid Cap ETF	21.43%	14.89%	14.38%	17.30%	-16.35%	20.44%

Correlation

The correlation between FCPGX and FFSM is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.92

The correlation between FCPGX and FFSM has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

FCPGX vs. FFSM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FCPGX

FCPGX Risk / Return Rank: 58
FCPGX Sharpe Ratio Rank: 51
FCPGX Sortino Ratio Rank: 49
FCPGX Omega Ratio Rank: 43
FCPGX Calmar Ratio Rank: 75
FCPGX Martin Ratio Rank: 73

FFSM

FFSM Risk / Return Rank: 83
FFSM Sharpe Ratio Rank: 82
FFSM Sortino Ratio Rank: 82
FFSM Omega Ratio Rank: 78
FFSM Calmar Ratio Rank: 87
FFSM Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FCPGX vs. FFSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small Cap Growth Fund (FCPGX) 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.

	FCPGX	FFSM	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.98	-0.51
Sortino ratio: Return per unit of downside risk	2.07	2.80	-0.72
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	2.53	3.60	-1.06
Martin ratio: Return relative to average drawdown	9.44	13.42	-3.97

FCPGX vs. FFSM - Sharpe Ratio Comparison

The current FCPGX Sharpe Ratio is 1.47, which is comparable to the FFSM Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FCPGX 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

FCPGX vs. FFSM - Drawdown Comparison

The maximum FCPGX drawdown since its inception was -59.11%, which is greater than FFSM's maximum drawdown of -26.65%. Use the drawdown chart below to compare losses from any high point for FCPGX and FFSM.

Drawdown Indicators

	FCPGX	FFSM	Difference
Max Drawdown Largest peak-to-trough decline	-59.11%	-26.65%	-32.46%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-10.37%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-24.78%	-3.91%
Max Drawdown (5Y) Largest decline over 5 years	-39.04%	-26.65%	-12.39%
Max Drawdown (10Y) Largest decline over 10 years	-39.04%	—	—
Current Drawdown Current decline from peak	-5.96%	-2.70%	-3.26%
Average Drawdown Average peak-to-trough decline	-10.64%	-7.69%	-2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	2.77%	+0.75%

Volatility

FCPGX vs. FFSM - Volatility Comparison

Fidelity Small Cap Growth Fund (FCPGX) has a higher volatility of 5.98% compared to Fidelity Fundamental Small-Mid Cap ETF (FFSM) at 4.27%. This indicates that FCPGX's price experiences larger fluctuations and is considered to be riskier than FFSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCPGX	FFSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	4.27%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	17.96%	14.76%	+3.20%
Volatility (1Y) Calculated over the trailing 1-year period	22.71%	18.88%	+3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.72%	20.74%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.94%	20.53%	+2.41%

FCPGX vs. FFSM - Expense Ratio Comparison

FCPGX has a 0.88% expense ratio, which is higher than FFSM's 0.43% expense ratio.

Dividends

FCPGX vs. FFSM - Dividend Comparison

FCPGX's dividend yield for the trailing twelve months is around 5.32%, more than FFSM's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCPGX Fidelity Small Cap Growth Fund	5.32%	6.38%	1.37%	0.00%	0.00%	19.27%	8.19%	5.31%	14.35%	6.88%	1.53%	4.32%
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.44%	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 FCPGX and FFSM in my portfolio?

FCPGX and FFSM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCPGX or FFSM?

FCPGX has higher volatility (5.98%) compared to FFSM (4.27%). In terms of maximum drawdown, FCPGX dropped -59.11% vs FFSM's -26.65%.

Which has better risk-adjusted returns?

FFSM currently has the higher Sharpe Ratio (1.98 vs 1.47), 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.