FFSM vs. FUTY

Last updated Jun 3, 2026

FFSM (Fidelity Fundamental Small-Mid Cap ETF) and FUTY (Fidelity MSCI Utilities Index ETF) are both exchange-traded funds - FFSM is a Mid Cap Blend Equities fund actively managed by Fidelity, while FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index. FFSM is actively managed, while FUTY is passively managed. Over the past 5 years, FFSM returned 10.42%/yr vs 9.22%/yr for FUTY. At a 0.39 correlation, their price movements are largely independent. FFSM charges 0.43%/yr vs 0.08%/yr for FUTY.

Performance

FFSM vs. FUTY - Performance Comparison

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

Returns By Period

In the year-to-date period, FFSM achieves a 18.72% return, which is significantly higher than FUTY's 3.78% return.

FFSM

• 1D: 1.65%
• 1M: 2.13%
• YTD: 18.72%
• 6M: 20.25%
• 1Y: 40.12%
• 3Y*: 21.36%
• 5Y*: 10.42%
• 10Y*: —

FUTY

• 1D: 1.99%
• 1M: -5.15%
• YTD: 3.78%
• 6M: 1.50%
• 1Y: 10.45%
• 3Y*: 13.84%
• 5Y*: 9.22%
• 10Y*: 9.09%

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

FFSM vs. FUTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FFSM Fidelity Fundamental Small-Mid Cap ETF	18.72%	14.89%	14.38%	17.30%	-16.35%	19.77%
FUTY Fidelity MSCI Utilities Index ETF	3.78%	16.40%	23.20%	-7.46%	1.12%	16.33%

Correlation

The correlation between FFSM and FUTY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.39

FFSM vs. FUTY - Sectors Allocation Comparison

Sectors	FFSM	FUTY
Industrials	29.5%	0.2%
Financial Services	22.7%	-
Technology	14.0%	-
Consumer Cyclical	12.2%	-
Healthcare	9.1%	-
Basic Materials	6.2%	-
Consumer Defensive	2.3%	-
Energy	2.2%	0.5%
Utilities	1.8%	99.2%
Real Estate	0.0%	-
Communication Services	-	-

Return for Risk

FFSM vs. FUTY — Risk / Return Rank

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

FFSM

FFSM Risk / Return Rank: 70
FFSM Sharpe Ratio Rank: 67
FFSM Sortino Ratio Rank: 68
FFSM Omega Ratio Rank: 64
FFSM Calmar Ratio Rank: 75
FFSM Martin Ratio Rank: 79

FUTY

FUTY Risk / Return Rank: 22
FUTY Sharpe Ratio Rank: 22
FUTY Sortino Ratio Rank: 20
FUTY Omega Ratio Rank: 21
FUTY Calmar Ratio Rank: 25
FUTY Martin Ratio Rank: 22

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. FUTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Small-Mid Cap ETF (FFSM) and Fidelity MSCI Utilities Index ETF (FUTY). 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	FUTY	Difference
Sharpe ratio Return per unit of total volatility	2.24	0.73	+1.51
Sortino ratio Return per unit of downside risk	3.14	1.07	+2.07
Omega ratio Gain probability vs. loss probability	1.39	1.13	+0.26
Calmar ratio Return relative to maximum drawdown	3.84	1.20	+2.63
Martin ratio Return relative to average drawdown	15.60	2.73	+12.87
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. FUTY - Sharpe Ratio Comparison

The current FFSM Sharpe Ratio is 2.24, which is higher than the FUTY Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of FFSM and FUTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FFSM	FUTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	0.73	+1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.54	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.55	+0.03

Drawdowns

FFSM vs. FUTY - Drawdown Comparison

The maximum FFSM drawdown since its inception was -26.65%, smaller than the maximum FUTY drawdown of -36.44%. Use the drawdown chart below to compare losses from any high point for FFSM and FUTY.

Drawdown Indicators

	FFSM	FUTY	Difference
Max Drawdown Largest peak-to-trough decline	-26.65%	-36.44%	+9.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-8.93%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-24.78%	-17.35%	-7.43%
Max Drawdown (5Y) Largest decline over 5 years	-26.65%	-25.11%	-1.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.44%	—
Current Drawdown Current decline from peak	-0.74%	-6.72%	+5.98%
Average Drawdown Average peak-to-trough decline	-7.86%	-6.03%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	3.95%	-1.40%

Volatility

FFSM vs. FUTY - Volatility Comparison

Fidelity Fundamental Small-Mid Cap ETF (FFSM) has a higher volatility of 5.78% compared to Fidelity MSCI Utilities Index ETF (FUTY) at 5.44%. This indicates that FFSM's price experiences larger fluctuations and is considered to be riskier than FUTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFSM	FUTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	5.44%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	13.99%	11.59%	+2.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.96%	14.32%	+3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.66%	17.08%	+3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	19.05%	+1.53%

FFSM vs. FUTY - Expense Ratio Comparison

FFSM has a 0.43% expense ratio, which is higher than FUTY's 0.08% expense ratio.

Dividends

FFSM vs. FUTY - Dividend Comparison

FFSM's dividend yield for the trailing twelve months is around 0.46%, less than FUTY's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.46%	0.56%	0.62%	0.56%	0.58%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FUTY Fidelity MSCI Utilities Index ETF	2.60%	2.67%	2.96%	3.31%	2.72%	2.70%	3.07%	2.82%	3.11%	3.03%	3.35%	4.33%

Frequently Asked Questions

Can I hold both FFSM and FUTY in my portfolio?

FFSM and FUTY have a correlation of 0.33, 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 FUTY?

FFSM has higher volatility (5.78%) compared to FUTY (5.44%). In terms of maximum drawdown, FFSM dropped -26.65% vs FUTY's -36.44%.

Which ETF is better, FFSM or FUTY?

On 5-year performance, FFSM leads with 10.42% vs 9.22% for FUTY. On fees, FUTY is cheaper at 0.08% per year. On volatility, FUTY has been the lower-risk option at 5.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFSM or FUTY?

Over the 5-year period, FFSM has performed better with a 10.42% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFSM or FUTY?

FUTY is cheaper with a 0.08% expense ratio, compared with 0.43% for FFSM.

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

FUTY has the higher dividend yield at 2.60%, compared with 0.46% for FFSM.

What is the main difference between FFSM and FUTY?

FFSM is categorized as Mid Cap Blend Equities, while FUTY is Utilities Equities. Their fees differ too: 0.43% for FFSM and 0.08% for FUTY.

Which has better risk-adjusted returns?

FFSM currently has the higher Sharpe Ratio (2.24 vs 0.73), 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.