FDMLX vs. IWS

Last updated Jun 4, 2026

FDMLX (Fidelity Series Intrinsic Opportunities Fund) and IWS (iShares Russell Mid-Cap Value ETF) are both Mid Cap Value Equities funds. Over the past 10 years, FDMLX returned 12.55%/yr vs 10.23%/yr for IWS. Their correlation of 0.90 suggests significant overlap in exposure. FDMLX charges 0.00%/yr vs 0.23%/yr for IWS.

Performance

FDMLX vs. IWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Intrinsic Opportunities Fund (FDMLX) and iShares Russell Mid-Cap Value ETF (IWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDMLX achieves a 10.07% return, which is significantly lower than IWS's 15.06% return. Over the past 10 years, FDMLX has outperformed IWS with an annualized return of 12.55%, while IWS has yielded a comparatively lower 10.23% annualized return.

FDMLX

• 1D: 0.52%
• 1M: 3.27%
• YTD: 10.07%
• 6M: 10.32%
• 1Y: 22.65%
• 3Y*: 16.72%
• 5Y*: 9.76%
• 10Y*: 12.55%

IWS

• 1D: -0.04%
• 1M: 3.74%
• YTD: 15.06%
• 6M: 15.13%
• 1Y: 27.01%
• 3Y*: 17.40%
• 5Y*: 8.37%
• 10Y*: 10.23%

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

FDMLX vs. IWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDMLX Fidelity Series Intrinsic Opportunities Fund	10.07%	11.64%	10.76%	19.77%	-3.24%	27.54%	11.45%	17.72%	-7.17%	24.39%
IWS iShares Russell Mid-Cap Value ETF	15.06%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%

Correlation

The correlation between FDMLX and IWS is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 10, 2012	0.90

The correlation between FDMLX and IWS has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

FDMLX vs. IWS — Risk / Return Rank

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

FDMLX

FDMLX Risk / Return Rank: 39
FDMLX Sharpe Ratio Rank: 35
FDMLX Sortino Ratio Rank: 37
FDMLX Omega Ratio Rank: 33
FDMLX Calmar Ratio Rank: 49
FDMLX Martin Ratio Rank: 40

IWS

IWS Risk / Return Rank: 65
IWS Sharpe Ratio Rank: 60
IWS Sortino Ratio Rank: 62
IWS Omega Ratio Rank: 58
IWS Calmar Ratio Rank: 72
IWS Martin Ratio Rank: 72

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.

FDMLX vs. IWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Intrinsic Opportunities Fund (FDMLX) and iShares Russell Mid-Cap Value ETF (IWS). 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.

	FDMLX	IWS	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.06	-0.35
Sortino ratio: Return per unit of downside risk	2.52	2.95	-0.42
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.06
Calmar ratio: Return relative to maximum drawdown	2.66	3.60	-0.95
Martin ratio: Return relative to average drawdown	8.64	13.59	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDMLX vs. IWS - Sharpe Ratio Comparison

The current FDMLX Sharpe Ratio is 1.71, which is comparable to the IWS Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of FDMLX and IWS, 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

	FDMLX	IWS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	2.06	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.49	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.53	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.42	+0.33

Drawdowns

FDMLX vs. IWS - Drawdown Comparison

The maximum FDMLX drawdown since its inception was -35.03%, smaller than the maximum IWS drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for FDMLX and IWS.

Drawdown Indicators

	FDMLX	IWS	Difference
Max Drawdown Largest peak-to-trough decline	-35.03%	-62.40%	+27.37%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-7.53%	-1.66%
Max Drawdown (3Y) Largest decline over 3 years	-23.52%	-20.57%	-2.95%
Max Drawdown (5Y) Largest decline over 5 years	-23.52%	-21.23%	-2.29%
Max Drawdown (10Y) Largest decline over 10 years	-35.03%	-43.83%	+8.80%
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-4.56%	-8.02%	+3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	1.99%	+0.83%

Volatility

FDMLX vs. IWS - Volatility Comparison

Fidelity Series Intrinsic Opportunities Fund (FDMLX) has a higher volatility of 3.75% compared to iShares Russell Mid-Cap Value ETF (IWS) at 3.40%. This indicates that FDMLX's price experiences larger fluctuations and is considered to be riskier than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDMLX	IWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	3.40%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	9.75%	9.57%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	14.29%	13.19%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.88%	17.30%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	19.36%	-0.15%

FDMLX vs. IWS - Expense Ratio Comparison

FDMLX has a 0.00% expense ratio, which is lower than IWS's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FDMLX vs. IWS - Dividend Comparison

FDMLX's dividend yield for the trailing twelve months is around 10.56%, more than IWS's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDMLX Fidelity Series Intrinsic Opportunities Fund	10.56%	11.63%	12.75%	24.60%	65.08%	18.63%	4.18%	4.94%	9.28%	4.53%	1.51%	5.76%
IWS iShares Russell Mid-Cap Value ETF	1.34%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%

Frequently Asked Questions

Can I hold both FDMLX and IWS in my portfolio?

With a correlation of 0.94, FDMLX and IWS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FDMLX or IWS?

FDMLX has higher volatility (3.75%) compared to IWS (3.40%). In terms of maximum drawdown, FDMLX dropped -35.03% vs IWS's -62.40%.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (2.06 vs 1.71), 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.