FDV vs. FSMAX

Last updated Jun 4, 2026

FDV (Federated Hermes U.S. Strategic Dividend ETF) and FSMAX (Fidelity Extended Market Index Fund) are both funds - FDV is a Large Cap Value Equities fund actively managed by Federated, while FSMAX is a Mid Cap Growth Equities fund managed by Fidelity. Over the past 3 years, FDV returned 14.78%/yr vs 20.13%/yr for FSMAX. A 0.59 correlation means they provide meaningful diversification when combined. FDV charges 0.50%/yr vs 0.04%/yr for FSMAX.

Performance

FDV vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes U.S. Strategic Dividend ETF (FDV) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDV achieves a 11.72% return, which is significantly lower than FSMAX's 14.89% return.

FDV

• 1D: 0.00%
• 1M: 1.90%
• YTD: 11.72%
• 6M: 11.46%
• 1Y: 19.71%
• 3Y*: 14.78%
• 5Y*: —
• 10Y*: —

FSMAX

• 1D: 1.07%
• 1M: 5.80%
• YTD: 14.89%
• 6M: 13.61%
• 1Y: 30.08%
• 3Y*: 20.13%
• 5Y*: 6.91%
• 10Y*: 12.17%

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

FDV vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FDV Federated Hermes U.S. Strategic Dividend ETF	11.72%	11.01%	14.41%	-2.16%	1.92%
FSMAX Fidelity Extended Market Index Fund	14.89%	11.40%	16.99%	25.36%	-4.63%

Correlation

The correlation between FDV and FSMAX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Nov 17, 2022	0.59

The correlation between FDV and FSMAX has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.

Return for Risk

FDV vs. FSMAX — Risk / Return Rank

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

FDV

FDV Risk / Return Rank: 63
FDV Sharpe Ratio Rank: 58
FDV Sortino Ratio Rank: 64
FDV Omega Ratio Rank: 55
FDV Calmar Ratio Rank: 74
FDV Martin Ratio Rank: 65

FSMAX

FSMAX Risk / Return Rank: 47
FSMAX Sharpe Ratio Rank: 41
FSMAX Sortino Ratio Rank: 39
FSMAX Omega Ratio Rank: 37
FSMAX Calmar Ratio Rank: 66
FSMAX Martin Ratio Rank: 54

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.

FDV vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes U.S. Strategic Dividend ETF (FDV) and Fidelity Extended Market Index Fund (FSMAX). 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.

	FDV	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.87	+0.14
Sortino ratio: Return per unit of downside risk	3.02	2.60	+0.42
Omega ratio: Gain probability vs. loss probability	1.35	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	3.78	3.12	+0.66
Martin ratio: Return relative to average drawdown	12.05	11.05	+1.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDV vs. FSMAX - Sharpe Ratio Comparison

The current FDV Sharpe Ratio is 2.01, which is comparable to the FSMAX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of FDV and FSMAX, 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

	FDV	FSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.87	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.31	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.46	+0.36

Drawdowns

FDV vs. FSMAX - Drawdown Comparison

The maximum FDV drawdown since its inception was -16.70%, smaller than the maximum FSMAX drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for FDV and FSMAX.

Drawdown Indicators

	FDV	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.70%	-50.55%	+33.85%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-10.26%	+4.56%
Max Drawdown (3Y) Largest decline over 3 years	-12.55%	-26.82%	+14.27%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.55%	—
Current Drawdown Current decline from peak	-0.39%	0.00%	-0.39%
Average Drawdown Average peak-to-trough decline	-3.93%	-12.17%	+8.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	2.90%	-1.11%

Volatility

FDV vs. FSMAX - Volatility Comparison

The current volatility for Federated Hermes U.S. Strategic Dividend ETF (FDV) is 2.82%, while Fidelity Extended Market Index Fund (FSMAX) has a volatility of 4.70%. This indicates that FDV experiences smaller price fluctuations and is considered to be less risky than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDV	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	4.70%	-1.88%
Volatility (6M) Calculated over the trailing 6-month period	6.82%	12.46%	-5.64%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	17.17%	-6.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	22.33%	-9.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	30.24%	-17.59%

FDV vs. FSMAX - Expense Ratio Comparison

FDV has a 0.50% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

FDV vs. FSMAX - Dividend Comparison

FDV's dividend yield for the trailing twelve months is around 2.56%, more than FSMAX's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDV Federated Hermes U.S. Strategic Dividend ETF	2.56%	3.11%	3.12%	3.54%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSMAX Fidelity Extended Market Index Fund	0.50%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%

Frequently Asked Questions

Can I hold both FDV and FSMAX in my portfolio?

FDV and FSMAX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDV or FSMAX?

FSMAX has higher volatility (4.70%) compared to FDV (2.82%). In terms of maximum drawdown, FDV dropped -16.70% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FDV currently has the higher Sharpe Ratio (2.01 vs 1.87), 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.