FCPI vs. MTUM

Last updated Jun 4, 2026

FCPI (Fidelity Stocks for Inflation ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - FCPI is a Large Cap Blend Equities fund tracking the Fidelity Stocks for Inflation Factor Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, FCPI returned 15.12%/yr vs 15.21%/yr for MTUM. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

FCPI vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Stocks for Inflation ETF (FCPI) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCPI achieves a 11.23% return, which is significantly lower than MTUM's 31.75% return.

FCPI

• 1D: -0.28%
• 1M: 4.20%
• YTD: 11.23%
• 6M: 10.30%
• 1Y: 22.08%
• 3Y*: 21.82%
• 5Y*: 15.12%
• 10Y*: —

MTUM

• 1D: 1.06%
• 1M: 15.90%
• YTD: 31.75%
• 6M: 32.38%
• 1Y: 41.76%
• 3Y*: 34.75%
• 5Y*: 15.21%
• 10Y*: 17.31%

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

FCPI vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FCPI Fidelity Stocks for Inflation ETF	11.23%	16.24%	25.54%	15.40%	-7.11%	34.19%	2.19%	4.43%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	5.39%

Correlation

The correlation between FCPI and MTUM is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019	0.82

The correlation between FCPI and MTUM has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

FCPI vs. MTUM - Sectors Allocation Comparison

Sectors	FCPI	MTUM
Technology	28.3%	44.4%
Healthcare	13.3%	6.9%
Energy	12.3%	3.5%
Financial Services	7.5%	10.4%
Consumer Defensive	7.2%	3.3%
Consumer Cyclical	6.9%	3.6%
Basic Materials	6.5%	1.7%
Communication Services	5.6%	7.4%
Industrials	5.6%	15.6%
Real Estate	4.5%	1.8%
Utilities	2.4%	1.6%

Return for Risk

FCPI vs. MTUM — Risk / Return Rank

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

FCPI

FCPI Risk / Return Rank: 56
FCPI Sharpe Ratio Rank: 54
FCPI Sortino Ratio Rank: 54
FCPI Omega Ratio Rank: 54
FCPI Calmar Ratio Rank: 56
FCPI Martin Ratio Rank: 63

MTUM

MTUM Risk / Return Rank: 67
MTUM Sharpe Ratio Rank: 64
MTUM Sortino Ratio Rank: 62
MTUM Omega Ratio Rank: 63
MTUM Calmar Ratio Rank: 71
MTUM Martin Ratio Rank: 75

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.

FCPI vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Stocks for Inflation ETF (FCPI) and iShares MSCI USA Momentum Factor ETF (MTUM). 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.

	FCPI	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.20	-0.31
Sortino ratio: Return per unit of downside risk	2.62	2.98	-0.35
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.82	3.64	-0.82
Martin ratio: Return relative to average drawdown	11.56	14.50	-2.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCPI vs. MTUM - Sharpe Ratio Comparison

The current FCPI Sharpe Ratio is 1.89, which is comparable to the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of FCPI and MTUM, 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

	FCPI	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.20	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.74	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.85	-0.10

Drawdowns

FCPI vs. MTUM - Drawdown Comparison

The maximum FCPI drawdown since its inception was -37.26%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for FCPI and MTUM.

Drawdown Indicators

	FCPI	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-34.08%	-3.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.88%	-11.54%	+3.66%
Max Drawdown (3Y) Largest decline over 3 years	-17.44%	-20.99%	+3.55%
Max Drawdown (5Y) Largest decline over 5 years	-18.25%	-32.28%	+14.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-0.28%	0.00%	-0.28%
Average Drawdown Average peak-to-trough decline	-4.38%	-6.21%	+1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.89%	-0.97%

Volatility

FCPI vs. MTUM - Volatility Comparison

The current volatility for Fidelity Stocks for Inflation ETF (FCPI) is 3.75%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that FCPI experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCPI	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	7.68%	-3.93%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	16.46%	-7.17%
Volatility (1Y) Calculated over the trailing 1-year period	11.73%	19.04%	-7.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	20.60%	-3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	21.03%	-0.90%

FCPI vs. MTUM - Expense Ratio Comparison

Both FCPI and MTUM have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FCPI vs. MTUM - Dividend Comparison

FCPI's dividend yield for the trailing twelve months is around 1.61%, more than MTUM's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCPI Fidelity Stocks for Inflation ETF	1.61%	1.74%	1.29%	1.88%	1.77%	1.19%	3.53%	0.43%	0.00%	0.00%	0.00%	0.00%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both FCPI and MTUM in my portfolio?

FCPI and MTUM have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCPI or MTUM?

MTUM has higher volatility (7.68%) compared to FCPI (3.75%). In terms of maximum drawdown, FCPI dropped -37.26% vs MTUM's -34.08%.

Which ETF is better, FCPI or MTUM?

On 5-year performance, MTUM leads with 15.21% vs 15.12% for FCPI. Both ETFs have the same 0.15% expense ratio. On volatility, FCPI has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCPI or MTUM?

Over the 5-year period, MTUM has performed better with a 15.21% return vs 15.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCPI or MTUM?

FCPI and MTUM have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, FCPI or MTUM?

FCPI has the higher dividend yield at 1.61%, compared with 0.60% for MTUM.

What is the main difference between FCPI and MTUM?

FCPI is categorized as Large Cap Blend Equities, while MTUM is Momentum. FCPI tracks Fidelity Stocks for Inflation Factor Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: Fidelity and iShares.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (2.20 vs 1.89), 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.