FFSM vs. CPAI

Last updated Aug 4, 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 37.13% vs 45.39% for CPAI. Their 0.79 correlation means they have sometimes moved together and sometimes differently. 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 21.43% return, which is significantly lower than CPAI's 26.68% return.

FFSM

• 1D: 1.20%
• 1M: -0.08%
• 6M: 14.38%
• YTD: 21.43%
• 1Y: 37.13%
• 3Y*: 19.05%
• 5Y*: 10.93%
• 10Y*: —
• ALL TIME*: 12.24%

CPAI

• 1D: 0.43%
• 1M: -0.41%
• 6M: 17.54%
• YTD: 26.68%
• 1Y: 45.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.13%

*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)
CPAI Counterpoint Quantitative Equity ETF	$4.07M	$3.20M	$3.19M
FFSM Fidelity Fundamental Small-Mid Cap ETF	$11.20M	$10.45M	$7.00M

FFSM vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FFSM Fidelity Fundamental Small-Mid Cap ETF	21.43%	14.89%	14.38%	10.39%
CPAI Counterpoint Quantitative Equity ETF	26.68%	17.79%	28.37%	5.67%

Correlation

The correlation between FFSM and CPAI is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Nov 29, 2023	0.79

The correlation between FFSM and CPAI has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

FFSM vs. CPAI - Sectors Allocation Comparison

Sectors	FFSM	CPAI
Industrials	21.9%	8.1%
Technology	19.9%	34.1%
Financial Services	13.9%	1.9%
Consumer Cyclical	11.3%	3.9%
Healthcare	9.8%	28.0%
Basic Materials	6.9%	3.9%
Real Estate	5.0%	2.0%
Consumer Defensive	4.3%	4.1%
Energy	4.2%	12.0%
Utilities	2.3%	-
Communication Services	0.6%	4.0%

Return for Risk

FFSM vs. CPAI — Risk / Return Rank

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

FFSM

FFSM Risk / Return Rank: 83
FFSM Sharpe Ratio Rank: 82
FFSM Sortino Ratio Rank: 82
FFSM Omega Ratio Rank: 78
FFSM Calmar Ratio Rank: 87
FFSM Martin Ratio Rank: 87

CPAI

CPAI Risk / Return Rank: 89
CPAI Sharpe Ratio Rank: 90
CPAI Sortino Ratio Rank: 87
CPAI Omega Ratio Rank: 86
CPAI Calmar Ratio Rank: 92
CPAI Martin Ratio Rank: 91

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.

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.

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.

	FFSM	CPAI	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.33	-0.35
Sortino ratio: Return per unit of downside risk	2.80	3.04	-0.24
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio: Return relative to maximum drawdown	3.60	4.35	-0.75
Martin ratio: Return relative to average drawdown	13.42	15.81	-2.40

FFSM vs. CPAI - Sharpe Ratio Comparison

The current FFSM Sharpe Ratio is 1.98, which is comparable to the CPAI Sharpe Ratio of 2.33. 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.

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	-2.70%	-2.40%	-0.30%
Average Drawdown Average peak-to-trough decline	-7.69%	-2.96%	-4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.88%	-0.11%

Volatility

FFSM vs. CPAI - Volatility Comparison

The current volatility for Fidelity Fundamental Small-Mid Cap ETF (FFSM) is 4.27%, while Counterpoint Quantitative Equity ETF (CPAI) has a volatility of 5.75%. This indicates that FFSM experiences smaller price fluctuations and is considered to be less risky 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	4.27%	5.75%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	16.10%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	19.61%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.74%	19.42%	+1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.53%	19.42%	+1.11%

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 0.44%, less than CPAI's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021
CPAI Counterpoint Quantitative Equity ETF	0.70%	0.89%	0.41%	0.06%	0.00%	0.00%
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.44%	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 0.71, 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?

CPAI has higher volatility (5.75%) compared to FFSM (4.27%). 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 45.39% vs 37.13% for FFSM. On fees, FFSM is cheaper at 0.43% per year. On volatility, FFSM has been the lower-risk option at 4.27%. 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 45.39% return vs 37.13%. 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 0.70%, compared with 0.44% for FFSM.

What is the main difference between FFSM and CPAI?

They also come from different issuers: Fidelity and Counterpoint. 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 (2.33 vs 1.98), 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.