FESM vs. FCPGX

Last updated Aug 2, 2026

FESM (Fidelity Enhanced Small Cap Core ETF) and FCPGX (Fidelity Small Cap Growth Fund) are both funds - FESM is a Small Cap Blend Equities fund actively managed by Fidelity, while FCPGX is a Small Cap Growth Equities fund managed by Fidelity. Over the past year, FESM returned 46.60% vs 36.65% for FCPGX. Their correlation of 0.94 means they have usually moved in the same direction. FESM charges 0.28%/yr vs 0.88%/yr for FCPGX.

Performance

FESM vs. FCPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Small Cap Core ETF (FESM) and Fidelity Small Cap Growth Fund (FCPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FESM achieves a 24.03% return, which is significantly higher than FCPGX's 20.94% return.

FESM

• 1D: -0.43%
• 1M: -2.02%
• 6M: 18.15%
• YTD: 24.03%
• 1Y: 46.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 27.02%

FCPGX

• 1D: 2.52%
• 1M: -3.07%
• 6M: 16.38%
• YTD: 20.94%
• 1Y: 36.65%
• 3Y*: 18.73%
• 5Y*: 7.92%
• 10Y*: 14.39%
• ALL TIME*: 12.16%

*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)
FCPGX Fidelity Small Cap Growth Fund	$0.00	$0.00	$0.00
FESM Fidelity Enhanced Small Cap Core ETF	$38.81M	$44.32M	$35.07M

FESM vs. FCPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FESM Fidelity Enhanced Small Cap Core ETF	24.03%	17.88%	16.22%	12.09%
FCPGX Fidelity Small Cap Growth Fund	20.94%	11.20%	20.56%	13.41%

Correlation

The correlation between FESM and FCPGX is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.94

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

Return for Risk

FESM vs. FCPGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FESM

FESM Risk / Return Rank: 90
FESM Sharpe Ratio Rank: 91
FESM Sortino Ratio Rank: 90
FESM Omega Ratio Rank: 86
FESM Calmar Ratio Rank: 92
FESM Martin Ratio Rank: 91

FCPGX

FCPGX Risk / Return Rank: 66
FCPGX Sharpe Ratio Rank: 61
FCPGX Sortino Ratio Rank: 60
FCPGX Omega Ratio Rank: 53
FCPGX Calmar Ratio Rank: 78
FCPGX Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FESM vs. FCPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap Core ETF (FESM) and Fidelity Small Cap Growth Fund (FCPGX). 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.

	FESM	FCPGX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.45	+0.83
Sortino ratio: Return per unit of downside risk	3.13	2.05	+1.08
Omega ratio: Gain probability vs. loss probability	1.38	1.25	+0.13
Calmar ratio: Return relative to maximum drawdown	4.31	2.50	+1.80
Martin ratio: Return relative to average drawdown	15.24	9.38	+5.87

FESM vs. FCPGX - Sharpe Ratio Comparison

The current FESM Sharpe Ratio is 2.28, which is higher than the FCPGX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of FESM and FCPGX, 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

FESM vs. FCPGX - Drawdown Comparison

The maximum FESM drawdown since its inception was -26.93%, smaller than the maximum FCPGX drawdown of -59.11%. Use the drawdown chart below to compare losses from any high point for FESM and FCPGX.

Drawdown Indicators

	FESM	FCPGX	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-59.11%	+32.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-13.12%	+2.94%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-39.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.04%	—
Current Drawdown Current decline from peak	-3.44%	-5.24%	+1.80%
Average Drawdown Average peak-to-trough decline	-4.59%	-10.64%	+6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	3.51%	-0.64%

Volatility

FESM vs. FCPGX - Volatility Comparison

The current volatility for Fidelity Enhanced Small Cap Core ETF (FESM) is 4.03%, while Fidelity Small Cap Growth Fund (FCPGX) has a volatility of 6.00%. This indicates that FESM experiences smaller price fluctuations and is considered to be less risky than FCPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FESM	FCPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	6.00%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	14.07%	17.96%	-3.89%
Volatility (1Y) Calculated over the trailing 1-year period	19.30%	22.70%	-3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.06%	23.72%	-2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	22.94%	-1.88%

FESM vs. FCPGX - Expense Ratio Comparison

FESM has a 0.28% expense ratio, which is lower than FCPGX's 0.88% expense ratio.

Dividends

FESM vs. FCPGX - Dividend Comparison

FESM's dividend yield for the trailing twelve months is around 0.73%, less than FCPGX's 5.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCPGX Fidelity Small Cap Growth Fund	5.28%	6.38%	1.37%	0.00%	0.00%	19.27%	8.19%	5.31%	14.35%	6.88%	1.53%	4.32%
FESM Fidelity Enhanced Small Cap Core ETF	0.73%	0.82%	1.08%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FESM and FCPGX in my portfolio?

With a correlation of 0.94, FESM and FCPGX 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, FESM or FCPGX?

FCPGX has higher volatility (6.00%) compared to FESM (4.03%). In terms of maximum drawdown, FESM dropped -26.93% vs FCPGX's -59.11%.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.28 vs 1.45), 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.