FIDU vs. MAKX

Last updated Jun 24, 2026

FIDU (Fidelity MSCI Industrials Index ETF) and MAKX (ProShares S&P Kensho Smart Factories ETF) are both exchange-traded funds - FIDU is a Industrials Equities fund tracking the MSCI USA IMI Industrials Index, while MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index. Both are passively managed. Over the past 3 years, FIDU returned 22.24%/yr vs 26.34%/yr for MAKX. A 0.79 correlation means they provide meaningful diversification when combined. FIDU charges 0.08%/yr vs 0.58%/yr for MAKX.

Performance

FIDU vs. MAKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Industrials Index ETF (FIDU) and ProShares S&P Kensho Smart Factories ETF (MAKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIDU achieves a 17.16% return, which is significantly lower than MAKX's 39.76% return.

FIDU

• 1D: -2.11%
• 1M: 3.50%
• YTD: 17.16%
• 6M: 15.32%
• 1Y: 28.52%
• 3Y*: 22.24%
• 5Y*: 13.69%
• 10Y*: 14.77%

MAKX

• 1D: -4.47%
• 1M: 1.15%
• YTD: 39.76%
• 6M: 37.20%
• 1Y: 60.76%
• 3Y*: 26.34%
• 5Y*: —
• 10Y*: —

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

FIDU vs. MAKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FIDU Fidelity MSCI Industrials Index ETF	17.16%	18.61%	16.51%	22.62%	-8.36%	6.57%
MAKX ProShares S&P Kensho Smart Factories ETF	39.76%	21.63%	8.27%	26.03%	-26.41%	3.10%

Correlation

The correlation between FIDU and MAKX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.79

The correlation between FIDU and MAKX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

FIDU vs. MAKX - Sectors Allocation Comparison

Sectors	FIDU	MAKX
Industrials	90.3%	20.0%
Utilities	4.1%	-
Technology	4.0%	69.2%
Consumer Cyclical	1.0%	-
Energy	0.1%	-
Basic Materials	0.1%	2.4%
Real Estate	0.0%	-
Communication Services	0.0%	8.4%
Healthcare	0.0%	-
Financial Services	0.0%	-
Consumer Defensive	-	-

Return for Risk

FIDU vs. MAKX — Risk / Return Rank

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

FIDU

FIDU Risk / Return Rank: 50
FIDU Sharpe Ratio Rank: 50
FIDU Sortino Ratio Rank: 50
FIDU Omega Ratio Rank: 45
FIDU Calmar Ratio Rank: 49
FIDU Martin Ratio Rank: 57

MAKX

MAKX Risk / Return Rank: 66
MAKX Sharpe Ratio Rank: 67
MAKX Sortino Ratio Rank: 59
MAKX Omega Ratio Rank: 57
MAKX Calmar Ratio Rank: 80
MAKX Martin Ratio Rank: 66

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.

FIDU vs. MAKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Industrials Index ETF (FIDU) and ProShares S&P Kensho Smart Factories ETF (MAKX). 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.

	FIDU	MAKX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.00	-0.35
Sortino ratio: Return per unit of downside risk	2.35	2.59	-0.24
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.34	3.80	-1.46
Martin ratio: Return relative to average drawdown	9.63	11.13	-1.50

FIDU vs. MAKX - Sharpe Ratio Comparison

The current FIDU Sharpe Ratio is 1.65, which is comparable to the MAKX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FIDU and MAKX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FIDU vs. MAKX - Drawdown Comparison

The maximum FIDU drawdown since its inception was -42.31%, which is greater than MAKX's maximum drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for FIDU and MAKX.

Drawdown Indicators

	FIDU	MAKX	Difference
Max Drawdown Largest peak-to-trough decline	-42.31%	-40.27%	-2.04%
Max Drawdown (1Y) Largest decline over 1 year	-12.23%	-16.05%	+3.82%
Max Drawdown (3Y) Largest decline over 3 years	-20.52%	-29.76%	+9.24%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.31%	—	—
Current Drawdown Current decline from peak	-2.11%	-6.63%	+4.52%
Average Drawdown Average peak-to-trough decline	-4.79%	-16.47%	+11.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	5.47%	-2.50%

Volatility

FIDU vs. MAKX - Volatility Comparison

The current volatility for Fidelity MSCI Industrials Index ETF (FIDU) is 6.54%, while ProShares S&P Kensho Smart Factories ETF (MAKX) has a volatility of 13.89%. This indicates that FIDU experiences smaller price fluctuations and is considered to be less risky than MAKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIDU	MAKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	13.89%	-7.35%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	22.65%	-8.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.40%	30.62%	-13.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.40%	28.52%	-10.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	28.52%	-8.18%

FIDU vs. MAKX - Expense Ratio Comparison

FIDU has a 0.08% expense ratio, which is lower than MAKX's 0.58% expense ratio.

Dividends

FIDU vs. MAKX - Dividend Comparison

FIDU's dividend yield for the trailing twelve months is around 0.94%, more than MAKX's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIDU Fidelity MSCI Industrials Index ETF	0.94%	1.02%	1.42%	1.42%	1.48%	1.12%	1.28%	1.73%	1.99%	1.60%	1.63%	1.98%
MAKX ProShares S&P Kensho Smart Factories ETF	0.11%	0.15%	0.24%	0.52%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIDU and MAKX in my portfolio?

FIDU and MAKX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIDU or MAKX?

MAKX has higher volatility (13.89%) compared to FIDU (6.54%). In terms of maximum drawdown, FIDU dropped -42.31% vs MAKX's -40.27%.

Which ETF is better, FIDU or MAKX?

On 3-year performance, MAKX leads with 26.34% vs 22.24% for FIDU. On fees, FIDU is cheaper at 0.08% per year. On volatility, FIDU has been the lower-risk option at 6.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIDU or MAKX?

Over the 3-year period, MAKX has performed better with a 26.34% return vs 22.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIDU or MAKX?

FIDU is cheaper with a 0.08% expense ratio, compared with 0.58% for MAKX.

Which ETF pays a higher dividend yield, FIDU or MAKX?

FIDU has the higher dividend yield at 0.94%, compared with 0.11% for MAKX.

What is the main difference between FIDU and MAKX?

FIDU is categorized as Industrials Equities, while MAKX is Technology Equities. FIDU tracks MSCI USA IMI Industrials Index, while MAKX tracks S&P Kensho Smart Factories Index. They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.08% for FIDU and 0.58% for MAKX.

Which has better risk-adjusted returns?

MAKX currently has the higher Sharpe Ratio (2.00 vs 1.65), 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.