FEMV vs. FSEV

Last updated Jul 28, 2026

FEMV (Fidelity Enhanced Mid Cap Value ETF) and FSEV (Fidelity Enhanced Small Cap Value ETF) are both exchange-traded funds - FEMV is a Mid Cap Value Equities fund actively managed by Fidelity, while FSEV is a Small Cap Value Equities fund actively managed by Fidelity. Both are actively managed. Their 0.74 correlation means they have sometimes moved together and sometimes differently. FEMV charges 0.23%/yr vs 0.28%/yr for FSEV.

Performance

FEMV vs. FSEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap Value ETF (FEMV) and Fidelity Enhanced Small Cap Value ETF (FSEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FEMV

• 1D: 0.50%
• 1M: 2.61%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FSEV

• 1D: 0.61%
• 1M: 0.06%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEMV Fidelity Enhanced Mid Cap Value ETF	$30.73K	$43.86K	$125.28K
FSEV Fidelity Enhanced Small Cap Value ETF	$70.98K	$58.21K	$127.59K

FEMV vs. FSEV - Yearly Performance Comparison

	2026 (YTD)
FEMV Fidelity Enhanced Mid Cap Value ETF	8.50%
FSEV Fidelity Enhanced Small Cap Value ETF	6.93%

Correlation

The correlation between FEMV and FSEV is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.74

Return for Risk

FEMV vs. FSEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap Value ETF (FEMV) and Fidelity Enhanced Small Cap Value ETF (FSEV). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

FEMV vs. FSEV - Drawdown Comparison

The maximum FEMV drawdown since its inception was -2.69%, smaller than the maximum FSEV drawdown of -4.16%. Use the drawdown chart below to compare losses from any high point for FEMV and FSEV.

Drawdown Indicators

	FEMV	FSEV	Difference
Max Drawdown Largest peak-to-trough decline	-2.69%	-4.16%	+1.47%
Current Drawdown Current decline from peak	0.00%	-0.63%	+0.63%
Average Drawdown Average peak-to-trough decline	-0.48%	-1.00%	+0.52%

Volatility

Volatility by Period

	FEMV	FSEV	Difference
Volatility (1Y) Calculated over the trailing 1-year period	11.35%	15.11%	-3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.35%	15.11%	-3.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.35%	15.11%	-3.76%

FEMV vs. FSEV - Expense Ratio Comparison

FEMV has a 0.23% expense ratio, which is lower than FSEV's 0.28% expense ratio.

Dividends

FEMV vs. FSEV - Dividend Comparison

FEMV's dividend yield for the trailing twelve months is around 0.26%, less than FSEV's 0.27% yield.

Position	TTM
FEMV Fidelity Enhanced Mid Cap Value ETF	0.26%
FSEV Fidelity Enhanced Small Cap Value ETF	0.27%

Frequently Asked Questions

Can I hold both FEMV and FSEV in my portfolio?

FEMV and FSEV have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEMV or FSEV?

On fees, FEMV is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEMV or FSEV?

FEMV is cheaper with a 0.23% expense ratio, compared with 0.28% for FSEV.

Which ETF pays a higher dividend yield, FEMV or FSEV?

FSEV has the higher dividend yield at 0.27%, compared with 0.26% for FEMV.

What is the main difference between FEMV and FSEV?

FEMV is categorized as Mid Cap Value Equities, while FSEV is Small Cap Value Equities. Their fees differ too: 0.23% for FEMV and 0.28% for FSEV.