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FDMO vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDMO vs. VOO

Last updated Jun 23, 2026

FDMO (Fidelity Momentum Factor ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - FDMO is a Momentum fund tracking the Fidelity U.S. Momentum Factor Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, FDMO returned 16.52%/yr vs 13.58%/yr for VOO. Their correlation of 0.92 suggests significant overlap in exposure. FDMO charges 0.29%/yr vs 0.03%/yr for VOO.

Performance

FDMO vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Momentum Factor ETF (FDMO) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FDMO achieves a 17.75% return, which is significantly higher than VOO's 9.75% return.

FDMO

1D
0.76%
1M
5.09%
YTD
17.75%
6M
16.14%
1Y
36.31%
3Y*
28.88%
5Y*
16.52%
10Y*
—

VOO

1D
-0.29%
1M
0.08%
YTD
9.75%
6M
9.30%
1Y
26.77%
3Y*
21.36%
5Y*
13.58%
10Y*
15.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FDMO vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FDMO
Fidelity Momentum Factor ETF		17.75%21.43%32.78%24.79%-19.32%22.23%21.71%25.29%-4.13%23.93%
VOO
Vanguard S&P 500 ETF		9.75%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between FDMO and VOO is 0.90, 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

0.90

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

0.93

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

0.94

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2016

0.92

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

FDMO vs. VOO - Sectors Allocation Comparison

Sectors
FDMO
VOO

Technology

38.3%
39.1%

Financial Services

11.3%
10.9%

Consumer Cyclical

9.8%
9.8%

Communication Services

9.4%
10.5%

Industrials

9.1%
7.6%

Healthcare

8.7%
8.3%

Consumer Defensive

4.0%
4.5%

Energy

3.2%
3.2%

Basic Materials

2.1%
1.7%

Utilities

2.1%
2.5%

Real Estate

2.0%
1.8%

Technology

FDMO
38.3%
VOO
39.1%

Financial Services

FDMO
11.3%
VOO
10.9%

Consumer Cyclical

FDMO
9.8%
VOO
9.8%

Communication Services

FDMO
9.4%
VOO
10.5%

Industrials

FDMO
9.1%
VOO
7.6%

Healthcare

FDMO
8.7%
VOO
8.3%

Consumer Defensive

FDMO
4.0%
VOO
4.5%

Energy

FDMO
3.2%
VOO
3.2%

Basic Materials

FDMO
2.1%
VOO
1.7%

Utilities

FDMO
2.1%
VOO
2.5%

Real Estate

FDMO
2.0%
VOO
1.8%

Compare stocks, funds, or ETFs

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

Fidelity Momentum Factor ETF

Vanguard S&P 500 ETF

Often compared with FDMO:
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Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. VGT

Return for Risk

FDMO vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FDMO
FDMO Risk / Return Rank: 6363
Overall Rank
FDMO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
FDMO Sortino Ratio Rank: 6161
Sortino Ratio Rank
FDMO Omega Ratio Rank: 6262
Omega Ratio Rank
FDMO Calmar Ratio Rank: 6262
Calmar Ratio Rank
FDMO Martin Ratio Rank: 6666
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6767
Sortino Ratio Rank
VOO Omega Ratio Rank: 6969
Omega Ratio Rank
VOO Calmar Ratio Rank: 6363
Calmar Ratio Rank
VOO Martin Ratio Rank: 7474
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.

FDMO vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Momentum Factor ETF (FDMO) and Vanguard S&P 500 ETF (VOO). 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.

FDMOVOODifference
Sharpe ratioReturn per unit of total volatility
2.07
2.17

-0.11

Sortino ratioReturn per unit of downside risk
2.77
2.93

-0.16

Omega ratioGain probability vs. loss probability

1.36

1.39

-0.03

Calmar ratioReturn relative to maximum drawdown

2.98

3.02

-0.04

Martin ratioReturn relative to average drawdown

11.68

13.58

-1.91

FDMO vs. VOO - Sharpe Ratio Comparison

The current FDMO Sharpe Ratio is 2.07, which is comparable to the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FDMO and VOO, 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

FDMO vs. VOO - Drawdown Comparison

The maximum FDMO drawdown since its inception was -33.94%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FDMO and VOO.

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Drawdown Indicators

FDMOVOODifference

Max Drawdown

Largest peak-to-trough decline

-33.94%

-33.99%

+0.05%

Max Drawdown (1Y)

Largest decline over 1 year

-12.22%

-8.90%

-3.32%

Max Drawdown (3Y)

Largest decline over 3 years

-21.88%

-18.69%

-3.19%

Max Drawdown (5Y)

Largest decline over 5 years

-25.44%

-24.52%

-0.92%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.99%

—

Current Drawdown

Current decline from peak

0.00%

-1.74%

+1.74%

Average Drawdown

Average peak-to-trough decline

-5.40%

-3.68%

-1.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

1.98%

+1.14%

Volatility

FDMO vs. VOO - Volatility Comparison

Fidelity Momentum Factor ETF (FDMO) has a higher volatility of 7.14% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that FDMO's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FDMOVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.14%

4.60%

+2.54%

Volatility (6M)

Calculated over the trailing 6-month period

14.35%

9.73%

+4.62%

Volatility (1Y)

Calculated over the trailing 1-year period

17.67%

12.39%

+5.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.20%

16.90%

+2.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.57%

18.05%

+1.52%

FDMO vs. VOO - Expense Ratio Comparison

FDMO has a 0.29% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

FDMO vs. VOO - Dividend Comparison

FDMO's dividend yield for the trailing twelve months is around 0.58%, less than VOO's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
FDMO
Fidelity Momentum Factor ETF		0.58%0.61%0.90%0.87%1.19%0.60%0.77%1.23%1.22%1.09%0.45%0.00%
VOO
Vanguard S&P 500 ETF		1.04%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

With a correlation of 0.90, FDMO and VOO 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.

FDMO has higher volatility (7.14%) compared to VOO (4.60%). In terms of maximum drawdown, FDMO dropped -33.94% vs VOO's -33.99%.

On 5-year performance, FDMO leads with 16.52% vs 13.58% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FDMO has performed better with a 16.52% return vs 13.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.29% for FDMO.

VOO has the higher dividend yield at 1.04%, compared with 0.58% for FDMO.

FDMO is categorized as Momentum, while VOO is S&P 500. FDMO tracks Fidelity U.S. Momentum Factor Index, while VOO tracks S&P 500 Index. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.29% for FDMO and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (2.17 vs 2.07), 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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