FLDR vs. FSMD
FLDR (Fidelity Low Duration Bond Factor ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - FLDR is a Corporate Bonds fund tracking the Fidelity Low Duration Investment Grade Factor Index, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, FLDR returned 3.70%/yr vs 10.00%/yr for FSMD. At a 0.06 correlation, their price movements are largely independent. FLDR charges 0.15%/yr vs 0.29%/yr for FSMD.
Performance
FLDR vs. FSMD - Performance Comparison
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Returns By Period
In the year-to-date period, FLDR achieves a 1.58% return, which is significantly lower than FSMD's 17.58% return.
FLDR
- 1D
- 0.06%
- 1M
- 0.47%
- YTD
- 1.58%
- 6M
- 1.88%
- 1Y
- 4.76%
- 3Y*
- 5.36%
- 5Y*
- 3.70%
- 10Y*
- —
FSMD
- 1D
- 1.00%
- 1M
- 6.31%
- YTD
- 17.58%
- 6M
- 15.58%
- 1Y
- 29.65%
- 3Y*
- 17.46%
- 5Y*
- 10.00%
- 10Y*
- —
FLDR vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FLDR Fidelity Low Duration Bond Factor ETF | 1.58% | 5.41% | 5.71% | 6.32% | -0.33% | -0.18% | 2.01% | 3.28% |
FSMD Fidelity Small-Mid Multifactor ETF | 17.58% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
Correlation
The correlation between FLDR and FSMD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.06 |
Over the past year, FLDR and FSMD have become more correlated (0.26) than their long-term average of 0.06, meaning their price movements have been converging.
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Return for Risk
FLDR vs. FSMD — Risk / Return Rank
FLDR
FSMD
FLDR vs. FSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Low Duration Bond Factor ETF (FLDR) 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.
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.
| FLDR | FSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.13 | ||
| Sortino ratioReturn per unit of downside risk | +7.41 | ||
| Omega ratioGain probability vs. loss probability | 2.73 | 1.31 | +1.42 |
| Calmar ratioReturn relative to maximum drawdown | 10.19 | 3.30 | +6.89 |
| Martin ratioReturn relative to average drawdown | 69.63 | 11.89 | +57.74 |
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Drawdowns
FLDR vs. FSMD - Drawdown Comparison
The maximum FLDR drawdown since its inception was -12.23%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for FLDR and FSMD.
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Drawdown Indicators
| FLDR | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.23% | -40.67% | +28.44% |
Max Drawdown (1Y)Largest decline over 1 year | -0.47% | -8.44% | +7.97% |
Max Drawdown (3Y)Largest decline over 3 years | -0.76% | -22.16% | +21.40% |
Max Drawdown (5Y)Largest decline over 5 years | -2.33% | -22.16% | +19.83% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.35% | -5.98% | +5.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 2.34% | -2.27% |
Volatility
FLDR vs. FSMD - Volatility Comparison
The current volatility for Fidelity Low Duration Bond Factor ETF (FLDR) is 0.20%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 5.14%. This indicates that FLDR 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.
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Volatility by Period
| FLDR | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 5.14% | -4.94% |
Volatility (6M)Calculated over the trailing 6-month period | 0.59% | 11.85% | -11.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.81% | 15.69% | -14.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.21% | 18.55% | -17.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 21.43% | -16.18% |
FLDR vs. FSMD - Expense Ratio Comparison
FLDR has a 0.15% expense ratio, which is lower than FSMD's 0.29% expense ratio.
Dividends
FLDR vs. FSMD - Dividend Comparison
FLDR's dividend yield for the trailing twelve months is around 4.42%, more than FSMD's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FLDR Fidelity Low Duration Bond Factor ETF | 4.42% | 4.66% | 5.50% | 5.28% | 2.09% | 0.51% | 1.22% | 2.69% | 1.38% |
FSMD Fidelity Small-Mid Multifactor ETF | 1.18% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% |
Frequently Asked Questions
FLDR and FSMD have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMD has higher volatility (5.14%) compared to FLDR (0.20%). In terms of maximum drawdown, FLDR dropped -12.23% vs FSMD's -40.67%.
On 5-year performance, FSMD leads with 10.00% vs 3.70% for FLDR. On fees, FLDR is cheaper at 0.15% per year. On volatility, FLDR has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FSMD has performed better with a 10.00% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLDR is cheaper with a 0.15% expense ratio, compared with 0.29% for FSMD.
FLDR has the higher dividend yield at 4.42%, compared with 1.18% for FSMD.
FLDR is categorized as Corporate Bonds, while FSMD is Small Cap Growth Equities. FLDR tracks Fidelity Low Duration Investment Grade Factor Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. Their fees differ too: 0.15% for FLDR and 0.29% for FSMD.
FLDR currently has the higher Sharpe Ratio (5.90 vs 1.78), 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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