FFSM vs. FULVX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Fundamental Small-Mid Cap ETF (FFSM) and Fidelity U.S. Low Volatility Equity Fund (FULVX).

FFSM is an actively managed fund by Fidelity. It was launched on Feb 2, 2021. FULVX is managed by Fidelity. It was launched on Nov 5, 2019.

Performance

FFSM vs. FULVX - Performance Comparison

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

FFSM vs. FULVX - 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%
FULVX Fidelity U.S. Low Volatility Equity Fund	-1.97%	5.23%	17.76%	6.38%	-10.43%	17.35%

Returns By Period

In the year-to-date period, FFSM achieves a 4.24% return, which is significantly higher than FULVX's -1.97% return.

FFSM

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

FULVX

• 1D: 0.53%
• 1M: -5.83%
• YTD: -1.97%
• 6M: -3.23%
• 1Y: -0.93%
• 3Y*: 8.92%
• 5Y*: 5.95%
• 10Y*: —

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

FFSM vs. FULVX - Expense Ratio Comparison

FFSM has a 0.43% expense ratio, which is lower than FULVX's 0.66% expense ratio.

FULVX

Fidelity U.S. Low Volatility Equity Fund

FFSM

Fidelity Fundamental Small-Mid Cap ETF

Return for Risk

FFSM vs. FULVX — 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

FULVX

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

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. FULVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Small-Mid Cap ETF (FFSM) and Fidelity U.S. Low Volatility Equity Fund (FULVX). 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	FULVX	Difference
Sharpe ratio Return per unit of total volatility	1.21	-0.01	+1.22
Sortino ratio Return per unit of downside risk	1.78	0.07	+1.71
Omega ratio Gain probability vs. loss probability	1.25	1.01	+0.24
Calmar ratio Return relative to maximum drawdown	1.91	-0.10	+2.01
Martin ratio Return relative to average drawdown	8.09	-0.43	+8.52
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. FULVX - Sharpe Ratio Comparison

The current FFSM Sharpe Ratio is 1.21, which is higher than the FULVX Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of FFSM and FULVX, 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	FULVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	-0.01	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.49	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.39	+0.09

Correlation

The correlation between FFSM and FULVX is 0.73, 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. FULVX - Dividend Comparison

FFSM's dividend yield for the trailing twelve months is around 0.53%, less than FULVX's 6.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.53%	0.56%	0.62%	0.56%	0.58%	0.37%	0.00%	0.00%
FULVX Fidelity U.S. Low Volatility Equity Fund	6.95%	6.82%	5.76%	1.65%	4.98%	5.35%	0.62%	0.28%

Drawdowns

FFSM vs. FULVX - Drawdown Comparison

The maximum FFSM drawdown since its inception was -26.65%, smaller than the maximum FULVX drawdown of -33.24%. Use the drawdown chart below to compare losses from any high point for FFSM and FULVX.

Drawdown Indicators

	FFSM	FULVX	Difference
Max Drawdown Largest peak-to-trough decline	-26.65%	-33.24%	+6.59%
Max Drawdown (1Y) Largest decline over 1 year	-14.42%	-9.44%	-4.98%
Max Drawdown (5Y) Largest decline over 5 years	-26.65%	-18.64%	-8.01%
Current Drawdown Current decline from peak	-7.11%	-5.83%	-1.28%
Average Drawdown Average peak-to-trough decline	-8.06%	-5.11%	-2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	2.15%	+1.25%

Volatility

FFSM vs. FULVX - Volatility Comparison

Fidelity Fundamental Small-Mid Cap ETF (FFSM) has a higher volatility of 8.38% compared to Fidelity U.S. Low Volatility Equity Fund (FULVX) at 2.74%. This indicates that FFSM's price experiences larger fluctuations and is considered to be riskier than FULVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFSM	FULVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	2.74%	+5.64%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	5.92%	+7.88%
Volatility (1Y) Calculated over the trailing 1-year period	22.75%	12.24%	+10.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	12.26%	+8.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.61%	16.35%	+4.26%