FHOFX vs. FSMD

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Series Large Cap Growth Index Fund (FHOFX) and Fidelity Small-Mid Multifactor ETF (FSMD).

FHOFX is managed by Fidelity. It was launched on Aug 17, 2018. FSMD is a passively managed fund by Fidelity that tracks the performance of the Fidelity Small-Mid Multifactor Index. It was launched on Feb 26, 2019.

Performance

FHOFX vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Large Cap Growth Index Fund (FHOFX) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

FHOFX vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FHOFX Fidelity Series Large Cap Growth Index Fund	-13.01%	18.55%	33.37%	42.77%	-29.13%	27.68%	38.39%	20.80%
FSMD Fidelity Small-Mid Multifactor ETF	1.72%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Returns By Period

In the year-to-date period, FHOFX achieves a -13.01% return, which is significantly lower than FSMD's 1.72% return.

FHOFX

• 1D: -0.42%
• 1M: -8.63%
• YTD: -13.01%
• 6M: -12.04%
• 1Y: 14.54%
• 3Y*: 19.73%
• 5Y*: 11.97%
• 10Y*: —

FSMD

• 1D: 3.04%
• 1M: -4.67%
• YTD: 1.72%
• 6M: 2.29%
• 1Y: 15.81%
• 3Y*: 13.07%
• 5Y*: 7.84%
• 10Y*: —

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

FHOFX vs. FSMD - Expense Ratio Comparison

FHOFX has a 0.00% expense ratio, which is lower than FSMD's 0.29% expense ratio.

FSMD

Fidelity Small-Mid Multifactor ETF

FHOFX

Fidelity Series Large Cap Growth Index Fund

Return for Risk

FHOFX vs. FSMD — Risk / Return Rank

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

FHOFX

FHOFX Risk / Return Rank: 28
FHOFX Sharpe Ratio Rank: 28
FHOFX Sortino Ratio Rank: 33
FHOFX Omega Ratio Rank: 31
FHOFX Calmar Ratio Rank: 25
FHOFX Martin Ratio Rank: 24

FSMD

FSMD Risk / Return Rank: 52
FSMD Sharpe Ratio Rank: 46
FSMD Sortino Ratio Rank: 49
FSMD Omega Ratio Rank: 47
FSMD Calmar Ratio Rank: 56
FSMD Martin Ratio Rank: 60

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.

FHOFX vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Large Cap Growth Index Fund (FHOFX) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

	FHOFX	FSMD	Difference
Sharpe ratio Return per unit of total volatility	0.66	0.79	-0.13
Sortino ratio Return per unit of downside risk	1.11	1.26	-0.15
Omega ratio Gain probability vs. loss probability	1.16	1.17	-0.02
Calmar ratio Return relative to maximum drawdown	0.72	1.33	-0.61
Martin ratio Return relative to average drawdown	2.52	5.61	-3.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHOFX vs. FSMD - Sharpe Ratio Comparison

The current FHOFX Sharpe Ratio is 0.66, which is comparable to the FSMD Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of FHOFX and FSMD, 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

	FHOFX	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	0.79	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.43	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.47	+0.16

Correlation

The correlation between FHOFX and FSMD is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FHOFX vs. FSMD - Dividend Comparison

FHOFX's dividend yield for the trailing twelve months is around 1.12%, less than FSMD's 1.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FHOFX Fidelity Series Large Cap Growth Index Fund	1.12%	0.97%	0.55%	0.83%	1.41%	3.02%	2.91%	1.30%	0.56%
FSMD Fidelity Small-Mid Multifactor ETF	1.37%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%

Drawdowns

FHOFX vs. FSMD - Drawdown Comparison

The maximum FHOFX drawdown since its inception was -32.62%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for FHOFX and FSMD.

Drawdown Indicators

	FHOFX	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-32.62%	-40.67%	+8.05%
Max Drawdown (1Y) Largest decline over 1 year	-16.13%	-12.63%	-3.50%
Max Drawdown (5Y) Largest decline over 5 years	-32.62%	-22.16%	-10.46%
Current Drawdown Current decline from peak	-16.13%	-5.65%	-10.48%
Average Drawdown Average peak-to-trough decline	-7.55%	-6.12%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	3.01%	+1.61%

Volatility

FHOFX vs. FSMD - Volatility Comparison

The current volatility for Fidelity Series Large Cap Growth Index Fund (FHOFX) is 5.35%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 6.73%. This indicates that FHOFX experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHOFX	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	6.73%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	11.32%	+0.49%
Volatility (1Y) Calculated over the trailing 1-year period	22.33%	20.07%	+2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.50%	18.43%	+3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.27%	21.54%	+1.73%