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FDM vs. XMVM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDM vs. XMVM

Last updated Jun 25, 2026

FDM (First Trust Dow Jones Select MicroCap Index Fund) and XMVM (Invesco S&P MidCap Value with Momentum ETF) are both exchange-traded funds - FDM is a Small Cap Blend Equities fund tracking the Dow Jones Select Microcap Index, while XMVM is a Momentum fund tracking the S&P MidCap 400 High Momentum Value Index. Both are passively managed. Over the past 10 years, FDM returned 12.38%/yr vs 12.21%/yr for XMVM. Their correlation of 0.81 suggests significant overlap in exposure. FDM charges 0.60%/yr vs 0.39%/yr for XMVM.

Performance

FDM vs. XMVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dow Jones Select MicroCap Index Fund (FDM) and Invesco S&P MidCap Value with Momentum ETF (XMVM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FDM achieves a 14.74% return, which is significantly higher than XMVM's 11.64% return. Both investments have delivered pretty close results over the past 10 years, with FDM having a 12.38% annualized return and XMVM not far behind at 12.21%.

FDM

1D
0.78%
1M
5.46%
YTD
14.74%
6M
12.66%
1Y
29.74%
3Y*
20.27%
5Y*
9.56%
10Y*
12.38%

XMVM

1D
0.78%
1M
3.38%
YTD
11.64%
6M
9.65%
1Y
31.06%
3Y*
19.27%
5Y*
11.16%
10Y*
12.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FDM vs. XMVM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FDM
First Trust Dow Jones Select MicroCap Index Fund		14.74%18.64%13.00%12.76%-11.61%35.08%-4.04%27.45%-13.53%8.72%
XMVM
Invesco S&P MidCap Value with Momentum ETF		11.64%18.46%11.73%16.31%-8.21%35.15%5.68%30.38%-9.62%2.79%

Correlation

The correlation between FDM and XMVM is 0.73, 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

0.73

Correlation (3Y)
Calculated over the trailing 3-year period

0.83

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

0.83

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2005

0.81

The correlation between FDM and XMVM shifts across timeframes, from 0.73 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

FDM vs. XMVM - Sectors Allocation Comparison

Sectors
FDM
XMVM

Financial Services

42.2%
41.9%

Industrials

14.9%
8.8%

Consumer Cyclical

10.4%
15.0%

Technology

6.8%
4.0%

Healthcare

6.2%
0.7%

Energy

4.6%
8.0%

Basic Materials

4.5%
0.8%

Consumer Defensive

4.5%
7.1%

Communication Services

3.3%
0.9%

Real Estate

1.4%
4.2%

Utilities

1.0%
9.5%

Financial Services

FDM
42.2%
XMVM
41.9%

Industrials

FDM
14.9%
XMVM
8.8%

Consumer Cyclical

FDM
10.4%
XMVM
15.0%

Technology

FDM
6.8%
XMVM
4.0%

Healthcare

FDM
6.2%
XMVM
0.7%

Energy

FDM
4.6%
XMVM
8.0%

Basic Materials

FDM
4.5%
XMVM
0.8%

Consumer Defensive

FDM
4.5%
XMVM
7.1%

Communication Services

FDM
3.3%
XMVM
0.9%

Real Estate

FDM
1.4%
XMVM
4.2%

Utilities

FDM
1.0%
XMVM
9.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Dow Jones Select MicroCap Index Fund

Invesco S&P MidCap Value with Momentum ETF

Often compared with FDM:
FDM vs. IWCFDM vs. PVIVXFDM vs. DFSCXFDM vs. JMCRXFDM vs. VBFDM vs. SPYFDM vs. SCHD
Often compared with XMVM:
XMVM vs. AVUVXMVM vs. MDYXMVM vs. RFVXMVM vs. RWKXMVM vs. SYLDXMVM vs. MDYVXMVM vs. MDYG

Return for Risk

FDM vs. XMVM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FDM
FDM Risk / Return Rank: 5757
Overall Rank
FDM Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
FDM Sortino Ratio Rank: 5454
Sortino Ratio Rank
FDM Omega Ratio Rank: 4848
Omega Ratio Rank
FDM Calmar Ratio Rank: 7272
Calmar Ratio Rank
FDM Martin Ratio Rank: 6161
Martin Ratio Rank
XMVM
XMVM Risk / Return Rank: 7171
Overall Rank
XMVM Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
XMVM Sortino Ratio Rank: 7474
Sortino Ratio Rank
XMVM Omega Ratio Rank: 6969
Omega Ratio Rank
XMVM Calmar Ratio Rank: 7474
Calmar Ratio Rank
XMVM Martin Ratio Rank: 6565
Martin Ratio Rank
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.

FDM vs. XMVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dow Jones Select MicroCap Index Fund (FDM) and Invesco S&P MidCap Value with Momentum ETF (XMVM). 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.

FDMXMVMDifference
Sharpe ratioReturn per unit of total volatility
1.59
2.05

-0.46

Sortino ratioReturn per unit of downside risk
2.33
2.95

-0.62

Omega ratioGain probability vs. loss probability

1.28

1.36

-0.09

Calmar ratioReturn relative to maximum drawdown

3.21

3.40

-0.19

Martin ratioReturn relative to average drawdown

9.70

10.51

-0.81

FDM vs. XMVM - Sharpe Ratio Comparison

The current FDM Sharpe Ratio is 1.59, which is comparable to the XMVM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of FDM and XMVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FDM vs. XMVM - Drawdown Comparison

The maximum FDM drawdown since its inception was -63.45%, roughly equal to the maximum XMVM drawdown of -62.83%. Use the drawdown chart below to compare losses from any high point for FDM and XMVM.

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Drawdown Indicators

FDMXMVMDifference

Max Drawdown

Largest peak-to-trough decline

-63.45%

-62.83%

-0.62%

Max Drawdown (1Y)

Largest decline over 1 year

-9.30%

-9.18%

-0.12%

Max Drawdown (3Y)

Largest decline over 3 years

-23.47%

-24.12%

+0.65%

Max Drawdown (5Y)

Largest decline over 5 years

-23.74%

-24.12%

+0.38%

Max Drawdown (10Y)

Largest decline over 10 years

-47.76%

-45.07%

-2.69%

Current Drawdown

Current decline from peak

0.00%

-0.45%

+0.45%

Average Drawdown

Average peak-to-trough decline

-11.32%

-10.24%

-1.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.08%

2.96%

+0.12%

Volatility

FDM vs. XMVM - Volatility Comparison

First Trust Dow Jones Select MicroCap Index Fund (FDM) has a higher volatility of 4.82% compared to Invesco S&P MidCap Value with Momentum ETF (XMVM) at 3.36%. This indicates that FDM's price experiences larger fluctuations and is considered to be riskier than XMVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FDMXMVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.82%

3.36%

+1.46%

Volatility (6M)

Calculated over the trailing 6-month period

13.19%

9.66%

+3.53%

Volatility (1Y)

Calculated over the trailing 1-year period

18.81%

15.22%

+3.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.39%

21.44%

-0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.35%

22.80%

+0.55%

FDM vs. XMVM - Expense Ratio Comparison

FDM has a 0.60% expense ratio, which is higher than XMVM's 0.39% expense ratio.

Dividends

FDM vs. XMVM - Dividend Comparison

FDM's dividend yield for the trailing twelve months is around 1.20%, less than XMVM's 1.88% yield.

PositionTTM20252024202320222021202020192018201720162015
FDM
First Trust Dow Jones Select MicroCap Index Fund		1.20%1.43%1.56%1.81%1.80%1.08%1.68%1.37%1.26%0.97%1.13%1.45%
XMVM
Invesco S&P MidCap Value with Momentum ETF		1.88%2.07%1.43%1.57%1.76%1.10%1.37%1.73%2.87%2.22%2.27%2.58%

Frequently Asked Questions

FDM and XMVM have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FDM has higher volatility (4.82%) compared to XMVM (3.36%). In terms of maximum drawdown, FDM dropped -63.45% vs XMVM's -62.83%.

On 10-year performance, FDM leads with 12.38% vs 12.21% for XMVM. On fees, XMVM is cheaper at 0.39% per year. On volatility, XMVM has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FDM has performed better with a 12.38% return vs 12.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XMVM is cheaper with a 0.39% expense ratio, compared with 0.60% for FDM.

XMVM has the higher dividend yield at 1.88%, compared with 1.20% for FDM.

FDM is categorized as Small Cap Blend Equities, while XMVM is Momentum. FDM tracks Dow Jones Select Microcap Index, while XMVM tracks S&P MidCap 400 High Momentum Value Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.60% for FDM and 0.39% for XMVM.

XMVM currently has the higher Sharpe Ratio (2.05 vs 1.59), 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.

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