FFSM vs. FETH

Last updated Aug 4, 2026

FFSM (Fidelity Fundamental Small-Mid Cap ETF) and FETH (Fidelity Ethereum Fund) are both exchange-traded funds - FFSM is a Mid Cap Blend Equities fund actively managed by Fidelity, while FETH is a Cryptocurrency fund tracking the Fidelity Ethereum Reference Rate Index. FFSM is actively managed, while FETH is passively managed. Over the past year, FFSM returned 37.13% vs -46.78% for FETH. Their 0.43 correlation means their historical movements had little consistent relationship. FFSM charges 0.43%/yr vs 0.25%/yr for FETH.

Performance

FFSM vs. FETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Small-Mid Cap ETF (FFSM) and Fidelity Ethereum Fund (FETH). 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 higher than FETH's -37.15% 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%

FETH

• 1D: 0.16%
• 1M: 9.86%
• 6M: -19.58%
• YTD: -37.15%
• 1Y: -46.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.81%

*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)
FETH Fidelity Ethereum Fund	$29.41M	$29.69M	$35.01M
FFSM Fidelity Fundamental Small-Mid Cap ETF	$11.20M	$10.45M	$7.00M

FFSM vs. FETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFSM Fidelity Fundamental Small-Mid Cap ETF	21.43%	14.89%	2.11%
FETH Fidelity Ethereum Fund	-37.15%	-11.37%	-4.68%

Correlation

The correlation between FFSM and FETH is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.43

Return for Risk

FFSM vs. FETH — 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

FETH

FETH Risk / Return Rank: 4
FETH Sharpe Ratio Rank: 3
FETH Sortino Ratio Rank: 4
FETH Omega Ratio Rank: 4
FETH Calmar Ratio Rank: 4
FETH Martin Ratio Rank: 5

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. FETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Small-Mid Cap ETF (FFSM) and Fidelity Ethereum Fund (FETH). 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	FETH	Difference
Sharpe ratio: Return per unit of total volatility	1.98	-0.70	+2.68
Sortino ratio: Return per unit of downside risk	2.80	-0.85	+3.65
Omega ratio: Gain probability vs. loss probability	1.34	0.91	+0.44
Calmar ratio: Return relative to maximum drawdown	3.60	-0.69	+4.29
Martin ratio: Return relative to average drawdown	13.42	-1.03	+14.44

FFSM vs. FETH - Sharpe Ratio Comparison

The current FFSM Sharpe Ratio is 1.98, which is higher than the FETH Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of FFSM and FETH, 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. FETH - Drawdown Comparison

The maximum FFSM drawdown since its inception was -26.65%, smaller than the maximum FETH drawdown of -67.94%. Use the drawdown chart below to compare losses from any high point for FFSM and FETH.

Drawdown Indicators

	FFSM	FETH	Difference
Max Drawdown Largest peak-to-trough decline	-26.65%	-67.94%	+41.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-67.94%	+57.57%
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%	-61.55%	+58.85%
Average Drawdown Average peak-to-trough decline	-7.69%	-35.30%	+27.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	45.61%	-42.84%

Volatility

FFSM vs. FETH - Volatility Comparison

The current volatility for Fidelity Fundamental Small-Mid Cap ETF (FFSM) is 4.27%, while Fidelity Ethereum Fund (FETH) has a volatility of 12.28%. This indicates that FFSM experiences smaller price fluctuations and is considered to be less risky than FETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFSM	FETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	12.28%	-8.01%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	45.60%	-30.84%
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	67.10%	-48.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.74%	71.16%	-50.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.53%	71.16%	-50.63%

FFSM vs. FETH - Expense Ratio Comparison

FFSM has a 0.43% expense ratio, which is higher than FETH's 0.25% expense ratio.

Dividends

FFSM vs. FETH - Dividend Comparison

FFSM's dividend yield for the trailing twelve months is around 0.44%, while FETH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FETH Fidelity Ethereum Fund	0.00%	0.00%	0.00%	0.00%	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 FETH in my portfolio?

FFSM and FETH have a correlation of 0.40, 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 FETH?

FETH has higher volatility (12.28%) compared to FFSM (4.27%). In terms of maximum drawdown, FFSM dropped -26.65% vs FETH's -67.94%.

Which ETF is better, FFSM or FETH?

On 1-year performance, FFSM leads with 37.13% vs -46.78% for FETH. On fees, FETH is cheaper at 0.25% 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 FETH?

Over the 1-year period, FFSM has performed better with a 37.13% return vs -46.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFSM or FETH?

FETH is cheaper with a 0.25% expense ratio, compared with 0.43% for FFSM.

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

FFSM has the higher dividend yield at 0.44%, compared with 0.00% for FETH.

What is the main difference between FFSM and FETH?

FFSM is categorized as Mid Cap Blend Equities, while FETH is Cryptocurrency. Their fees differ too: 0.43% for FFSM and 0.25% for FETH.

Which has better risk-adjusted returns?

FFSM currently has the higher Sharpe Ratio (1.98 vs -0.70), 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.