FFSM vs. FCPGX

Last updated Aug 2, 2026

FFSM (Fidelity Fundamental Small-Mid Cap ETF) and FCPGX (Fidelity Small Cap Growth Fund) are both funds - FFSM is a Mid Cap Blend Equities fund actively managed by Fidelity, while FCPGX is a Small Cap Growth Equities fund managed by Fidelity. Over the past 5 years, FFSM returned 10.60%/yr vs 7.92%/yr for FCPGX. Their correlation of 0.92 means they have usually moved in the same direction. FFSM charges 0.43%/yr vs 0.88%/yr for FCPGX.

Performance

FFSM vs. FCPGX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FFSM having a 19.99% return and FCPGX slightly higher at 20.94%.

FFSM

• 1D: 0.52%
• 1M: -1.26%
• 6M: 14.51%
• YTD: 19.99%
• 1Y: 35.51%
• 3Y*: 18.11%
• 5Y*: 10.60%
• 10Y*: —
• ALL TIME*: 12.02%

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
FFSM Fidelity Fundamental Small-Mid Cap ETF	$10.97M	$10.32M	$6.89M

FFSM vs. FCPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FFSM Fidelity Fundamental Small-Mid Cap ETF	19.99%	14.89%	14.38%	17.30%	-16.35%	20.44%
FCPGX Fidelity Small Cap Growth Fund	20.94%	11.20%	20.56%	19.02%	-25.34%	3.37%

Correlation

The correlation between FFSM and FCPGX is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.92

The correlation between FFSM and FCPGX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

FFSM vs. FCPGX — Risk / Return Rank

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

FFSM

FFSM Risk / Return Rank: 81
FFSM Sharpe Ratio Rank: 79
FFSM Sortino Ratio Rank: 79
FFSM Omega Ratio Rank: 75
FFSM Calmar Ratio Rank: 85
FFSM Martin Ratio Rank: 86

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.

FFSM vs. FCPGX - Risk-Adjusted Trends Comparison

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

	FFSM	FCPGX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.45	+0.34
Sortino ratio: Return per unit of downside risk	2.56	2.05	+0.51
Omega ratio: Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	3.26	2.50	+0.76
Martin ratio: Return relative to average drawdown	12.18	9.38	+2.81

FFSM vs. FCPGX - Sharpe Ratio Comparison

The current FFSM Sharpe Ratio is 1.79, which is comparable to the FCPGX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of FFSM 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

FFSM vs. FCPGX - Drawdown Comparison

The maximum FFSM drawdown since its inception was -26.65%, smaller than the maximum FCPGX drawdown of -59.11%. Use the drawdown chart below to compare losses from any high point for FFSM and FCPGX.

Drawdown Indicators

	FFSM	FCPGX	Difference
Max Drawdown Largest peak-to-trough decline	-26.65%	-59.11%	+32.46%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-13.12%	+2.75%
Max Drawdown (3Y) Largest decline over 3 years	-24.78%	-28.69%	+3.91%
Max Drawdown (5Y) Largest decline over 5 years	-26.65%	-39.04%	+12.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.04%	—
Current Drawdown Current decline from peak	-3.85%	-5.24%	+1.39%
Average Drawdown Average peak-to-trough decline	-7.69%	-10.64%	+2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	3.51%	-0.74%

Volatility

FFSM vs. FCPGX - Volatility Comparison

The current volatility for Fidelity Fundamental Small-Mid Cap ETF (FFSM) is 4.27%, while Fidelity Small Cap Growth Fund (FCPGX) has a volatility of 6.00%. This indicates that FFSM 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

	FFSM	FCPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	6.00%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	17.96%	-3.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.90%	22.70%	-3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.73%	23.72%	-2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.53%	22.94%	-2.41%

FFSM vs. FCPGX - Expense Ratio Comparison

FFSM has a 0.43% expense ratio, which is lower than FCPGX's 0.88% expense ratio.

Dividends

FFSM vs. FCPGX - Dividend Comparison

FFSM's dividend yield for the trailing twelve months is around 0.44%, 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%
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.44%	0.56%	0.62%	0.56%	0.58%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFSM and FCPGX in my portfolio?

FFSM and FCPGX have a correlation of 0.90, 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 FCPGX?

FCPGX has higher volatility (6.00%) compared to FFSM (4.27%). In terms of maximum drawdown, FFSM dropped -26.65% vs FCPGX's -59.11%.

Which has better risk-adjusted returns?

FFSM currently has the higher Sharpe Ratio (1.79 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.