FFSM vs. SPMD
FFSM (Fidelity Fundamental Small-Mid Cap ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds. FFSM is actively managed, while SPMD is passively managed. Over the past 5 years, FFSM returned 10.60%/yr vs 8.47%/yr for SPMD. Their 0.97 correlation means they have historically moved very closely together. FFSM charges 0.43%/yr vs 0.03%/yr for SPMD.
Performance
FFSM vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, FFSM achieves a 19.99% return, which is significantly higher than SPMD's 14.67% return.
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%
SPMD
- 1D
- -0.08%
- 1M
- -1.01%
- 6M
- 10.21%
- YTD
- 14.67%
- 1Y
- 22.87%
- 3Y*
- 13.08%
- 5Y*
- 8.47%
- 10Y*
- 11.15%
- ALL TIME*
- 9.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.97M | $10.32M | $6.89M | |
| $86.63M | $87.95M | $104.48M |
FFSM vs. SPMD - 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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.67% | 7.44% | 13.91% | 16.48% | -13.13% | 18.88% |
Correlation
The correlation between FFSM and SPMD is 0.94, 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. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021 | 0.97 |
The correlation between FFSM and SPMD has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
FFSM vs. SPMD — Risk / Return Rank
FFSM
SPMD
FFSM vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Small-Mid Cap ETF (FFSM) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.24 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 2.39 | +0.87 |
| Martin ratioReturn relative to average drawdown | 12.18 | 8.71 | +3.47 |
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Drawdowns
FFSM vs. SPMD - Drawdown Comparison
The maximum FFSM drawdown since its inception was -26.65%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for FFSM and SPMD.
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Drawdown Indicators
| FFSM | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.65% | -57.62% | +30.97% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -8.86% | -1.51% |
Max Drawdown (3Y)Largest decline over 3 years | -24.78% | -24.08% | -0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -26.65% | -24.08% | -2.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.86% | — |
Current DrawdownCurrent decline from peak | -3.85% | -2.34% | -1.51% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -8.07% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 2.42% | +0.35% |
Volatility
FFSM vs. SPMD - Volatility Comparison
Fidelity Fundamental Small-Mid Cap ETF (FFSM) has a higher volatility of 4.27% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 3.50%. This indicates that FFSM's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FFSM | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 3.50% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 14.82% | 11.67% | +3.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.90% | 15.79% | +3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.73% | 19.63% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.53% | 21.14% | -0.61% |
FFSM vs. SPMD - Expense Ratio Comparison
FFSM has a 0.43% expense ratio, which is higher than SPMD's 0.03% expense ratio.
Dividends
FFSM vs. SPMD - Dividend Comparison
FFSM's dividend yield for the trailing twelve months is around 0.44%, less than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.23% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
With a correlation of 0.94, FFSM and SPMD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FFSM has higher volatility (4.27%) compared to SPMD (3.50%). In terms of maximum drawdown, FFSM dropped -26.65% vs SPMD's -57.62%.
On 5-year performance, FFSM leads with 10.60% vs 8.47% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FFSM has performed better with a 10.60% return vs 8.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.03% expense ratio, compared with 0.43% for FFSM.
SPMD has the higher dividend yield at 1.23%, compared with 0.44% for FFSM.
They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.43% for FFSM and 0.03% for SPMD.
FFSM currently has the higher Sharpe Ratio (1.79 vs 1.34), 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.
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