FDIS vs. FSMD

Last updated Jun 14, 2026

FDIS (Fidelity MSCI Consumer Discretionary Index ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - FDIS is a Consumer Discretionary Equities fund tracking the MSCI USA IMI Consumer Discretionary Index, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, FDIS returned 6.04%/yr vs 10.00%/yr for FSMD. A 0.77 correlation means they provide meaningful diversification when combined. FDIS charges 0.08%/yr vs 0.29%/yr for FSMD.

Performance

FDIS vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Consumer Discretionary Index ETF (FDIS) 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, FDIS achieves a 0.01% return, which is significantly lower than FSMD's 17.58% return.

FDIS

• 1D: 0.20%
• 1M: 2.10%
• YTD: 0.01%
• 6M: -1.14%
• 1Y: 12.39%
• 3Y*: 13.37%
• 5Y*: 6.04%
• 10Y*: 13.98%

FSMD

• 1D: 1.00%
• 1M: 6.31%
• YTD: 17.58%
• 6M: 15.58%
• 1Y: 29.65%
• 3Y*: 17.46%
• 5Y*: 10.00%
• 10Y*: —

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

FDIS vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FDIS Fidelity MSCI Consumer Discretionary Index ETF	0.01%	5.67%	24.43%	40.48%	-35.23%	24.25%	49.50%	13.59%
FSMD Fidelity Small-Mid Multifactor ETF	17.58%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between FDIS and FSMD is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.77

The correlation between FDIS and FSMD has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

FDIS vs. FSMD - Sectors Allocation Comparison

Sectors	FDIS	FSMD
Consumer Cyclical	96.7%	10.6%
Consumer Defensive	1.1%	3.1%
Technology	1.0%	20.5%
Industrials	0.9%	20.1%
Communication Services	0.3%	2.9%
Healthcare	0.1%	11.7%
Real Estate	0.1%	6.2%
Financial Services	0.1%	14.8%
Basic Materials	-	4.0%
Energy	-	4.1%
Utilities	-	2.1%

Return for Risk

FDIS vs. FSMD — Risk / Return Rank

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

FDIS

FDIS Risk / Return Rank: 20
FDIS Sharpe Ratio Rank: 21
FDIS Sortino Ratio Rank: 20
FDIS Omega Ratio Rank: 19
FDIS Calmar Ratio Rank: 19
FDIS Martin Ratio Rank: 21

FSMD

FSMD Risk / Return Rank: 66
FSMD Sharpe Ratio Rank: 61
FSMD Sortino Ratio Rank: 64
FSMD Omega Ratio Rank: 58
FSMD Calmar Ratio Rank: 74
FSMD Martin Ratio Rank: 73

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.

FDIS vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Consumer Discretionary Index ETF (FDIS) 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.

	FDIS	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.78	-1.17
Sortino ratio: Return per unit of downside risk	0.97	2.58	-1.60
Omega ratio: Gain probability vs. loss probability	1.11	1.31	-0.20
Calmar ratio: Return relative to maximum drawdown	0.72	3.30	-2.58
Martin ratio: Return relative to average drawdown	2.24	11.89	-9.65

FDIS vs. FSMD - Sharpe Ratio Comparison

The current FDIS Sharpe Ratio is 0.61, which is lower than the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FDIS 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

FDIS vs. FSMD - Drawdown Comparison

The maximum FDIS drawdown since its inception was -39.16%, roughly equal to the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for FDIS and FSMD.

Drawdown Indicators

	FDIS	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-39.16%	-40.67%	+1.51%
Max Drawdown (1Y) Largest decline over 1 year	-15.50%	-8.44%	-7.06%
Max Drawdown (3Y) Largest decline over 3 years	-27.43%	-22.16%	-5.27%
Max Drawdown (5Y) Largest decline over 5 years	-39.16%	-22.16%	-17.00%
Max Drawdown (10Y) Largest decline over 10 years	-39.16%	—	—
Current Drawdown Current decline from peak	-4.58%	0.00%	-4.58%
Average Drawdown Average peak-to-trough decline	-7.49%	-5.98%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.01%	2.34%	+2.67%

Volatility

FDIS vs. FSMD - Volatility Comparison

Fidelity MSCI Consumer Discretionary Index ETF (FDIS) has a higher volatility of 6.19% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 5.14%. This indicates that FDIS's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDIS	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	5.14%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	13.44%	11.85%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	15.69%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.92%	18.55%	+5.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.32%	21.43%	+0.89%

FDIS vs. FSMD - Expense Ratio Comparison

FDIS has a 0.08% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

FDIS vs. FSMD - Dividend Comparison

FDIS's dividend yield for the trailing twelve months is around 0.73%, less than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDIS Fidelity MSCI Consumer Discretionary Index ETF	0.73%	0.75%	0.69%	0.78%	1.00%	0.58%	0.59%	1.14%	1.29%	1.00%	1.62%	1.25%
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	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 FDIS and FSMD in my portfolio?

FDIS and FSMD have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDIS or FSMD?

FDIS has higher volatility (6.19%) compared to FSMD (5.14%). In terms of maximum drawdown, FDIS dropped -39.16% vs FSMD's -40.67%.

Which ETF is better, FDIS or FSMD?

On 5-year performance, FSMD leads with 10.00% vs 6.04% for FDIS. On fees, FDIS is cheaper at 0.08% per year. On volatility, FSMD has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDIS or FSMD?

Over the 5-year period, FSMD has performed better with a 10.00% return vs 6.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDIS or FSMD?

FDIS is cheaper with a 0.08% expense ratio, compared with 0.29% for FSMD.

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

FSMD has the higher dividend yield at 1.18%, compared with 0.73% for FDIS.

What is the main difference between FDIS and FSMD?

FDIS is categorized as Consumer Discretionary Equities, while FSMD is Small Cap Growth Equities. FDIS tracks MSCI USA IMI Consumer Discretionary Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. Their fees differ too: 0.08% for FDIS and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.78 vs 0.61), 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.