FFSM vs. CPAI

Last updated Jun 3, 2026

FFSM (Fidelity Fundamental Small-Mid Cap ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both Mid Cap Blend Equities funds. Both are actively managed. Over the past year, FFSM returned 40.12% vs 49.88% for CPAI. A 0.79 correlation means they provide meaningful diversification when combined. FFSM charges 0.43%/yr vs 0.75%/yr for CPAI.

Performance

FFSM vs. CPAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Small-Mid Cap ETF (FFSM) and Counterpoint Quantitative Equity ETF (CPAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFSM achieves a 18.72% return, which is significantly lower than CPAI's 29.80% return.

FFSM

• 1D: 1.65%
• 1M: 2.13%
• YTD: 18.72%
• 6M: 20.25%
• 1Y: 40.12%
• 3Y*: 21.36%
• 5Y*: 10.42%
• 10Y*: —

CPAI

• 1D: 0.66%
• 1M: 9.81%
• YTD: 29.80%
• 6M: 31.62%
• 1Y: 49.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FFSM vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FFSM Fidelity Fundamental Small-Mid Cap ETF	18.72%	14.89%	14.38%	10.19%
CPAI Counterpoint Quantitative Equity ETF	29.80%	17.79%	28.37%	6.69%

Correlation

The correlation between FFSM and CPAI is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.79

The correlation between FFSM and CPAI shifts across timeframes, from 0.69 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

FFSM vs. CPAI - Sectors Allocation Comparison

Sectors	FFSM	CPAI
Industrials	29.5%	5.7%
Financial Services	22.7%	4.3%
Technology	14.0%	45.4%
Consumer Cyclical	12.2%	4.2%
Healthcare	9.1%	16.0%
Basic Materials	6.2%	3.3%
Consumer Defensive	2.3%	9.5%
Energy	2.2%	3.7%
Utilities	1.8%	-
Real Estate	0.0%	-
Communication Services	-	7.9%

Return for Risk

FFSM vs. CPAI — Risk / Return Rank

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

FFSM

FFSM Risk / Return Rank: 70
FFSM Sharpe Ratio Rank: 67
FFSM Sortino Ratio Rank: 68
FFSM Omega Ratio Rank: 64
FFSM Calmar Ratio Rank: 75
FFSM Martin Ratio Rank: 79

CPAI

CPAI Risk / Return Rank: 82
CPAI Sharpe Ratio Rank: 84
CPAI Sortino Ratio Rank: 80
CPAI Omega Ratio Rank: 77
CPAI Calmar Ratio Rank: 86
CPAI Martin Ratio Rank: 84

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.

FFSM vs. CPAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Small-Mid Cap ETF (FFSM) and Counterpoint Quantitative Equity ETF (CPAI). 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.

	FFSM	CPAI	Difference
Sharpe ratio Return per unit of total volatility	2.24	2.78	-0.54
Sortino ratio Return per unit of downside risk	3.14	3.62	-0.49
Omega ratio Gain probability vs. loss probability	1.39	1.47	-0.08
Calmar ratio Return relative to maximum drawdown	3.84	4.83	-0.99
Martin ratio Return relative to average drawdown	15.60	17.69	-2.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFSM vs. CPAI - Sharpe Ratio Comparison

The current FFSM Sharpe Ratio is 2.24, which is comparable to the CPAI Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of FFSM and CPAI, 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

	FFSM	CPAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.78	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.84	-1.25

Drawdowns

FFSM vs. CPAI - Drawdown Comparison

The maximum FFSM drawdown since its inception was -26.65%, which is greater than CPAI's maximum drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for FFSM and CPAI.

Drawdown Indicators

	FFSM	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-26.65%	-21.46%	-5.19%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-10.48%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-24.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.65%	—	—
Current Drawdown Current decline from peak	-0.74%	0.00%	-0.74%
Average Drawdown Average peak-to-trough decline	-7.86%	-2.98%	-4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	2.87%	-0.32%

Volatility

FFSM vs. CPAI - Volatility Comparison

Fidelity Fundamental Small-Mid Cap ETF (FFSM) has a higher volatility of 5.78% compared to Counterpoint Quantitative Equity ETF (CPAI) at 4.89%. This indicates that FFSM's price experiences larger fluctuations and is considered to be riskier than CPAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFSM	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	4.89%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	13.99%	14.37%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	17.96%	18.03%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.66%	19.16%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	19.16%	+1.42%

FFSM vs. CPAI - Expense Ratio Comparison

FFSM has a 0.43% expense ratio, which is lower than CPAI's 0.75% expense ratio.

Dividends

FFSM vs. CPAI - Dividend Comparison

FFSM's dividend yield for the trailing twelve months is around 0.46%, less than CPAI's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021
CPAI Counterpoint Quantitative Equity ETF	0.69%	0.89%	0.41%	0.06%	0.00%	0.00%
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.46%	0.56%	0.62%	0.56%	0.58%	0.37%

Frequently Asked Questions

Can I hold both FFSM and CPAI in my portfolio?

FFSM and CPAI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFSM or CPAI?

FFSM has higher volatility (5.78%) compared to CPAI (4.89%). In terms of maximum drawdown, FFSM dropped -26.65% vs CPAI's -21.46%.

Which ETF is better, FFSM or CPAI?

On 1-year performance, CPAI leads with 49.88% vs 40.12% for FFSM. On fees, FFSM is cheaper at 0.43% per year. On volatility, CPAI has been the lower-risk option at 4.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFSM or CPAI?

Over the 1-year period, CPAI has performed better with a 49.88% return vs 40.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFSM or CPAI?

FFSM is cheaper with a 0.43% expense ratio, compared with 0.75% for CPAI.

Which ETF pays a higher dividend yield, FFSM or CPAI?

CPAI has the higher dividend yield at 0.69%, compared with 0.46% for FFSM.

What is the main difference between FFSM and CPAI?

They also come from different issuers: Fidelity and Counterpoint Funds. Their fees differ too: 0.43% for FFSM and 0.75% for CPAI.

Which has better risk-adjusted returns?

CPAI currently has the higher Sharpe Ratio (2.78 vs 2.24), 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.