FESM vs. RB

Last updated Jun 4, 2026

FESM (Fidelity Enhanced Small Cap ETF) and RB (ProShares Russell 2000 Dynamic Daily Buffer ETF) are both exchange-traded funds - FESM is a Small Cap Blend Equities fund actively managed by Fidelity, while RB is a Defined Outcome fund tracking the Russell 2000. FESM is actively managed, while RB is passively managed. A 0.79 correlation means they provide meaningful diversification when combined. FESM charges 0.28%/yr vs 0.58%/yr for RB.

Performance

FESM vs. RB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Small Cap ETF (FESM) and ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FESM achieves a 19.64% return, which is significantly higher than RB's 6.76% return.

FESM

• 1D: -1.51%
• 1M: 3.13%
• YTD: 19.64%
• 6M: 19.11%
• 1Y: 46.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RB

• 1D: -0.17%
• 1M: 1.63%
• YTD: 6.76%
• 6M: 8.48%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FESM vs. RB - Yearly Performance Comparison

	2026 (YTD)	2025
FESM Fidelity Enhanced Small Cap ETF	19.64%	18.94%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	6.76%	10.58%

Correlation

The correlation between FESM and RB is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.79

Return for Risk

FESM vs. RB — Risk / Return Rank

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

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 72
FESM Omega Ratio Rank: 66
FESM Calmar Ratio Rank: 84
FESM Martin Ratio Rank: 82

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. RB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap ETF (FESM) and ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). 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.

	FESM	RB	Difference
Sharpe ratio: Return per unit of total volatility	2.48	—	—
Sortino ratio: Return per unit of downside risk	3.34	—	—
Omega ratio: Gain probability vs. loss probability	1.41	—	—
Calmar ratio: Return relative to maximum drawdown	4.61	—	—
Martin ratio: Return relative to average drawdown	16.60	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FESM	RB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	3.15	-1.86

Drawdowns

FESM vs. RB - Drawdown Comparison

The maximum FESM drawdown since its inception was -26.93%, which is greater than RB's maximum drawdown of -1.70%. Use the drawdown chart below to compare losses from any high point for FESM and RB.

Drawdown Indicators

	FESM	RB	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-1.70%	-25.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	—	—
Current Drawdown Current decline from peak	-1.59%	-0.47%	-1.12%
Average Drawdown Average peak-to-trough decline	-4.79%	-0.41%	-4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	—	—

Volatility

Volatility by Period

	FESM	RB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.32%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.98%	6.21%	+12.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	6.21%	+15.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	6.21%	+15.05%

FESM vs. RB - Expense Ratio Comparison

FESM has a 0.28% expense ratio, which is lower than RB's 0.58% expense ratio.

Dividends

FESM vs. RB - Dividend Comparison

FESM's dividend yield for the trailing twelve months is around 0.53%, less than RB's 2.00% yield.

Position	TTM	2025	2024	2023
FESM Fidelity Enhanced Small Cap ETF	0.53%	0.82%	1.08%	0.06%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	2.00%	1.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FESM and RB in my portfolio?

FESM and RB have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FESM or RB?

On fees, FESM is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FESM or RB?

FESM is cheaper with a 0.28% expense ratio, compared with 0.58% for RB.

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

RB has the higher dividend yield at 2.00%, compared with 0.53% for FESM.

What is the main difference between FESM and RB?

FESM is categorized as Small Cap Blend Equities, while RB is Defined Outcome. They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.28% for FESM and 0.58% for RB.