FDMO vs. FCMVX

Last updated Jun 24, 2026

FDMO (Fidelity Momentum Factor ETF) and FCMVX (Fidelity Mid Cap Value K6 Fund) are both funds - FDMO is a Momentum fund tracking the Fidelity U.S. Momentum Factor Index, while FCMVX is a Mid Cap Value Equities fund managed by Fidelity. Over the past 5 years, FDMO returned 15.71%/yr vs 25.95%/yr for FCMVX. A 0.71 correlation means they provide meaningful diversification when combined. FDMO charges 0.29%/yr vs 0.45%/yr for FCMVX.

Performance

FDMO vs. FCMVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Momentum Factor ETF (FDMO) and Fidelity Mid Cap Value K6 Fund (FCMVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDMO achieves a 14.45% return, which is significantly lower than FCMVX's 23.22% return.

FDMO

• 1D: -2.80%
• 1M: 2.15%
• YTD: 14.45%
• 6M: 12.49%
• 1Y: 31.10%
• 3Y*: 27.66%
• 5Y*: 15.71%
• 10Y*: —

FCMVX

• 1D: 0.39%
• 1M: 5.66%
• YTD: 23.22%
• 6M: 21.99%
• 1Y: 40.48%
• 3Y*: 45.23%
• 5Y*: 25.95%
• 10Y*: —

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

FDMO vs. FCMVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDMO Fidelity Momentum Factor ETF	14.45%	21.43%	32.78%	24.79%	-19.32%	22.23%	21.71%	25.29%	-4.13%	13.23%
FCMVX Fidelity Mid Cap Value K6 Fund	23.22%	12.62%	87.16%	23.07%	-10.26%	34.12%	0.52%	23.65%	-18.69%	12.67%

Correlation

The correlation between FDMO and FCMVX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 25, 2017	0.71

The correlation between FDMO and FCMVX shifts across timeframes, from 0.61 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FDMO vs. FCMVX — Risk / Return Rank

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

FDMO

FDMO Risk / Return Rank: 53
FDMO Sharpe Ratio Rank: 53
FDMO Sortino Ratio Rank: 50
FDMO Omega Ratio Rank: 51
FDMO Calmar Ratio Rank: 54
FDMO Martin Ratio Rank: 59

FCMVX

FCMVX Risk / Return Rank: 83
FCMVX Sharpe Ratio Rank: 84
FCMVX Sortino Ratio Rank: 81
FCMVX Omega Ratio Rank: 72
FCMVX Calmar Ratio Rank: 88
FCMVX Martin Ratio Rank: 88

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.

FDMO vs. FCMVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Momentum Factor ETF (FDMO) and Fidelity Mid Cap Value K6 Fund (FCMVX). 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.

	FDMO	FCMVX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.52	-0.77
Sortino ratio: Return per unit of downside risk	2.37	3.54	-1.17
Omega ratio: Gain probability vs. loss probability	1.31	1.43	-0.12
Calmar ratio: Return relative to maximum drawdown	2.56	4.10	-1.54
Martin ratio: Return relative to average drawdown	9.99	15.73	-5.74

FDMO vs. FCMVX - Sharpe Ratio Comparison

The current FDMO Sharpe Ratio is 1.75, which is lower than the FCMVX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FDMO and FCMVX, 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

FDMO vs. FCMVX - Drawdown Comparison

The maximum FDMO drawdown since its inception was -33.94%, smaller than the maximum FCMVX drawdown of -44.63%. Use the drawdown chart below to compare losses from any high point for FDMO and FCMVX.

Drawdown Indicators

	FDMO	FCMVX	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-44.63%	+10.69%
Max Drawdown (1Y) Largest decline over 1 year	-12.22%	-10.21%	-2.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.88%	-38.56%	+16.68%
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	-38.56%	+13.12%
Current Drawdown Current decline from peak	-2.80%	0.00%	-2.80%
Average Drawdown Average peak-to-trough decline	-5.40%	-9.30%	+3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.65%	+0.47%

Volatility

FDMO vs. FCMVX - Volatility Comparison

Fidelity Momentum Factor ETF (FDMO) has a higher volatility of 7.76% compared to Fidelity Mid Cap Value K6 Fund (FCMVX) at 5.18%. This indicates that FDMO's price experiences larger fluctuations and is considered to be riskier than FCMVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDMO	FCMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.76%	5.18%	+2.58%
Volatility (6M) Calculated over the trailing 6-month period	14.60%	12.46%	+2.14%
Volatility (1Y) Calculated over the trailing 1-year period	17.88%	16.66%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.25%	60.61%	-41.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.59%	47.67%	-28.08%

FDMO vs. FCMVX - Expense Ratio Comparison

FDMO has a 0.29% expense ratio, which is lower than FCMVX's 0.45% expense ratio.

Dividends

FDMO vs. FCMVX - Dividend Comparison

FDMO's dividend yield for the trailing twelve months is around 0.59%, less than FCMVX's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FCMVX Fidelity Mid Cap Value K6 Fund	4.01%	6.68%	76.67%	1.29%	1.68%	1.39%	2.19%	1.68%	2.99%	0.77%	0.00%
FDMO Fidelity Momentum Factor ETF	0.59%	0.61%	0.90%	0.87%	1.19%	0.60%	0.77%	1.23%	1.22%	1.09%	0.45%

Frequently Asked Questions

Can I hold both FDMO and FCMVX in my portfolio?

FDMO and FCMVX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDMO or FCMVX?

FDMO has higher volatility (7.76%) compared to FCMVX (5.18%). In terms of maximum drawdown, FDMO dropped -33.94% vs FCMVX's -44.63%.

Which has better risk-adjusted returns?

FCMVX currently has the higher Sharpe Ratio (2.52 vs 1.75), 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.