FESM vs. FUTY

Last updated Jul 14, 2026

FESM (Fidelity Enhanced Small Cap Core ETF) and FUTY (Fidelity MSCI Utilities Index ETF) are both exchange-traded funds - FESM is a Small Cap Blend Equities fund actively managed by Fidelity, while FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index. FESM is actively managed, while FUTY is passively managed. Over the past year, FESM returned 45.67% vs 13.91% for FUTY. At a 0.31 correlation, their price movements are largely independent. FESM charges 0.28%/yr vs 0.08%/yr for FUTY.

Performance

FESM vs. FUTY - Performance Comparison

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

Returns By Period

In the year-to-date period, FESM achieves a 25.36% return, which is significantly higher than FUTY's 8.15% return.

FESM

• 1D: -0.84%
• 1M: 1.98%
• 6M: 19.06%
• YTD: 25.36%
• 1Y: 45.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FUTY

• 1D: 0.67%
• 1M: 3.12%
• 6M: 8.03%
• YTD: 8.15%
• 1Y: 13.91%
• 3Y*: 14.30%
• 5Y*: 10.19%
• 10Y*: 9.06%

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

FESM vs. FUTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FESM Fidelity Enhanced Small Cap Core ETF	25.36%	17.88%	16.22%	12.09%
FUTY Fidelity MSCI Utilities Index ETF	8.15%	16.40%	23.20%	3.00%

Correlation

The correlation between FESM and FUTY is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.31

The correlation between FESM and FUTY shifts across timeframes, from 0.21 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

FESM vs. FUTY - Sectors Allocation Comparison

Sectors	FESM	FUTY
Technology	23.3%	-
Industrials	18.5%	0.2%
Healthcare	16.1%	-
Financial Services	14.6%	-
Consumer Cyclical	7.7%	-
Energy	5.9%	0.5%
Basic Materials	4.0%	-
Real Estate	3.9%	-
Communication Services	3.1%	-
Utilities	1.8%	99.3%
Consumer Defensive	1.1%	-

Return for Risk

FESM vs. FUTY — Risk / Return Rank

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

FESM

FESM Risk / Return Rank: 88
FESM Sharpe Ratio Rank: 90
FESM Sortino Ratio Rank: 88
FESM Omega Ratio Rank: 83
FESM Calmar Ratio Rank: 91
FESM Martin Ratio Rank: 90

FUTY

FUTY Risk / Return Rank: 32
FUTY Sharpe Ratio Rank: 32
FUTY Sortino Ratio Rank: 30
FUTY Omega Ratio Rank: 30
FUTY Calmar Ratio Rank: 38
FUTY Martin Ratio Rank: 29

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.

FESM vs. FUTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap Core ETF (FESM) and Fidelity MSCI Utilities Index ETF (FUTY). 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	FUTY	Difference
Sharpe ratio: Return per unit of total volatility	2.37	0.95	+1.42
Sortino ratio: Return per unit of downside risk	3.22	1.36	+1.86
Omega ratio: Gain probability vs. loss probability	1.39	1.17	+0.22
Calmar ratio: Return relative to maximum drawdown	4.51	1.56	+2.94
Martin ratio: Return relative to average drawdown	16.19	3.29	+12.90

FESM vs. FUTY - Sharpe Ratio Comparison

The current FESM Sharpe Ratio is 2.37, which is higher than the FUTY Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of FESM and FUTY, 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. FUTY - Drawdown Comparison

The maximum FESM drawdown since its inception was -26.93%, smaller than the maximum FUTY drawdown of -36.44%. Use the drawdown chart below to compare losses from any high point for FESM and FUTY.

Drawdown Indicators

	FESM	FUTY	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-36.44%	+9.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-8.93%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.44%	—
Current Drawdown Current decline from peak	-2.40%	-2.80%	+0.40%
Average Drawdown Average peak-to-trough decline	-4.64%	-6.02%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	4.24%	-1.41%

Volatility

FESM vs. FUTY - Volatility Comparison

Fidelity Enhanced Small Cap Core ETF (FESM) has a higher volatility of 5.11% compared to Fidelity MSCI Utilities Index ETF (FUTY) at 4.31%. This indicates that FESM's price experiences larger fluctuations and is considered to be riskier than FUTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FESM	FUTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	4.31%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	11.67%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	14.68%	+4.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.19%	17.10%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	19.08%	+2.11%

FESM vs. FUTY - Expense Ratio Comparison

FESM has a 0.28% expense ratio, which is higher than FUTY's 0.08% expense ratio.

Dividends

FESM vs. FUTY - Dividend Comparison

FESM's dividend yield for the trailing twelve months is around 0.72%, less than FUTY's 2.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FESM Fidelity Enhanced Small Cap Core ETF	0.72%	0.82%	1.08%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FUTY Fidelity MSCI Utilities Index ETF	2.57%	2.67%	2.96%	3.31%	2.72%	2.70%	3.07%	2.82%	3.11%	3.03%	3.35%	4.33%

Frequently Asked Questions

Can I hold both FESM and FUTY in my portfolio?

FESM and FUTY have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FESM or FUTY?

FESM has higher volatility (5.11%) compared to FUTY (4.31%). In terms of maximum drawdown, FESM dropped -26.93% vs FUTY's -36.44%.

Which ETF is better, FESM or FUTY?

On 1-year performance, FESM leads with 45.67% vs 13.91% for FUTY. On fees, FUTY is cheaper at 0.08% per year. On volatility, FUTY has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FESM or FUTY?

Over the 1-year period, FESM has performed better with a 45.67% return vs 13.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FESM or FUTY?

FUTY is cheaper with a 0.08% expense ratio, compared with 0.28% for FESM.

Which ETF pays a higher dividend yield, FESM or FUTY?

FUTY has the higher dividend yield at 2.57%, compared with 0.72% for FESM.

What is the main difference between FESM and FUTY?

FESM is categorized as Small Cap Blend Equities, while FUTY is Utilities Equities. Their fees differ too: 0.28% for FESM and 0.08% for FUTY.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.37 vs 0.95), 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.