FFSM vs. FFLC

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Fundamental Small-Mid Cap ETF (FFSM) and Fidelity Fundamental Large Cap Core ETF (FFLC).

FFSM and FFLC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FFSM is an actively managed fund by Fidelity. It was launched on Feb 2, 2021. FFLC is an actively managed fund by Fidelity. It was launched on Jun 2, 2020.

Performance

FFSM vs. FFLC - Performance Comparison

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

FFSM vs. FFLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FFSM Fidelity Fundamental Small-Mid Cap ETF	4.24%	14.89%	14.38%	17.30%	-16.35%	19.77%
FFLC Fidelity Fundamental Large Cap Core ETF	-3.67%	17.67%	27.89%	25.07%	-0.04%	19.03%

Returns By Period

In the year-to-date period, FFSM achieves a 4.24% return, which is significantly higher than FFLC's -3.67% return.

FFSM

• 1D: 3.63%
• 1M: -6.13%
• YTD: 4.24%
• 6M: 9.66%
• 1Y: 27.31%
• 3Y*: 15.82%
• 5Y*: 8.27%
• 10Y*: —

FFLC

• 1D: 3.48%
• 1M: -5.49%
• YTD: -3.67%
• 6M: -0.80%
• 1Y: 19.26%
• 3Y*: 19.56%
• 5Y*: 14.40%
• 10Y*: —

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

FFSM vs. FFLC - Expense Ratio Comparison

FFSM has a 0.43% expense ratio, which is higher than FFLC's 0.38% expense ratio.

FFSM

Fidelity Fundamental Small-Mid Cap ETF

FFLC

Fidelity Fundamental Large Cap Core ETF

Return for Risk

FFSM vs. FFLC — Risk / Return Rank

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

FFSM

FFSM Risk / Return Rank: 72
FFSM Sharpe Ratio Rank: 69
FFSM Sortino Ratio Rank: 72
FFSM Omega Ratio Rank: 68
FFSM Calmar Ratio Rank: 74
FFSM Martin Ratio Rank: 77

FFLC

FFLC Risk / Return Rank: 67
FFLC Sharpe Ratio Rank: 62
FFLC Sortino Ratio Rank: 64
FFLC Omega Ratio Rank: 67
FFLC Calmar Ratio Rank: 68
FFLC Martin Ratio Rank: 73

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. FFLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Small-Mid Cap ETF (FFSM) and Fidelity Fundamental Large Cap Core ETF (FFLC). 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	FFLC	Difference
Sharpe ratio Return per unit of total volatility	1.21	1.04	+0.17
Sortino ratio Return per unit of downside risk	1.78	1.55	+0.23
Omega ratio Gain probability vs. loss probability	1.25	1.23	+0.01
Calmar ratio Return relative to maximum drawdown	1.91	1.65	+0.26
Martin ratio Return relative to average drawdown	8.09	7.14	+0.95
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. FFLC - Sharpe Ratio Comparison

The current FFSM Sharpe Ratio is 1.21, which is comparable to the FFLC Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of FFSM and FFLC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FFSM	FFLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	1.04	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.85	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	1.04	-0.57

Correlation

The correlation between FFSM and FFLC is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FFSM vs. FFLC - Dividend Comparison

FFSM's dividend yield for the trailing twelve months is around 0.53%, less than FFLC's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.53%	0.56%	0.62%	0.56%	0.58%	0.37%	0.00%
FFLC Fidelity Fundamental Large Cap Core ETF	1.14%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%

Drawdowns

FFSM vs. FFLC - Drawdown Comparison

The maximum FFSM drawdown since its inception was -26.65%, which is greater than FFLC's maximum drawdown of -19.72%. Use the drawdown chart below to compare losses from any high point for FFSM and FFLC.

Drawdown Indicators

	FFSM	FFLC	Difference
Max Drawdown Largest peak-to-trough decline	-26.65%	-19.72%	-6.93%
Max Drawdown (1Y) Largest decline over 1 year	-14.42%	-11.92%	-2.50%
Max Drawdown (5Y) Largest decline over 5 years	-26.65%	-19.72%	-6.93%
Current Drawdown Current decline from peak	-7.11%	-6.85%	-0.26%
Average Drawdown Average peak-to-trough decline	-8.06%	-3.05%	-5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	2.76%	+0.64%

Volatility

FFSM vs. FFLC - Volatility Comparison

Fidelity Fundamental Small-Mid Cap ETF (FFSM) has a higher volatility of 8.38% compared to Fidelity Fundamental Large Cap Core ETF (FFLC) at 6.13%. This indicates that FFSM's price experiences larger fluctuations and is considered to be riskier than FFLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFSM	FFLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	6.13%	+2.25%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	10.24%	+3.56%
Volatility (1Y) Calculated over the trailing 1-year period	22.75%	18.67%	+4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	16.94%	+3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.61%	17.78%	+2.83%