FLYD vs. FMDE

Last updated Jun 23, 2026

FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and FMDE (Fidelity Enhanced Mid Cap ETF) are both exchange-traded funds - FLYD is a Inverse Equities fund tracking the MerQube MicroSectors U.S. Travel Index, while FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity. FLYD is passively managed, while FMDE is actively managed. Over the past year, FLYD returned -57.21% vs 22.45% for FMDE. At a correlation of -0.75, they often move in opposite directions. FLYD charges 0.95%/yr vs 0.23%/yr for FMDE.

Performance

FLYD vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and Fidelity Enhanced Mid Cap ETF (FMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLYD achieves a -25.81% return, which is significantly lower than FMDE's 11.45% return.

FLYD

• 1D: 3.14%
• 1M: -24.23%
• YTD: -25.81%
• 6M: -19.69%
• 1Y: -57.21%
• 3Y*: -55.32%
• 5Y*: —
• 10Y*: —

FMDE

• 1D: 0.52%
• 1M: 3.15%
• YTD: 11.45%
• 6M: 10.09%
• 1Y: 22.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLYD vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-25.81%	-60.42%	-54.13%	-26.03%
FMDE Fidelity Enhanced Mid Cap ETF	11.45%	12.19%	21.76%	9.09%

Correlation

The correlation between FLYD and FMDE is -0.77, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.77
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	-0.75

The correlation between FLYD and FMDE has been stable across timeframes, ranging from -0.77 to -0.75 - a consistent structural relationship.

FLYD vs. FMDE - Sectors Allocation Comparison

Sectors	FLYD	FMDE
Consumer Cyclical	51.1%	12.0%
Industrials	27.8%	19.8%
Technology	13.2%	23.3%
Communication Services	7.8%	4.1%
Real Estate	0.1%	5.1%
Basic Materials	-	4.3%
Consumer Defensive	-	1.5%
Energy	-	5.7%
Financial Services	-	12.1%
Healthcare	-	7.6%
Utilities	-	4.6%

Return for Risk

FLYD vs. FMDE — Risk / Return Rank

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

FLYD

FLYD Risk / Return Rank: 2
FLYD Sharpe Ratio Rank: 3
FLYD Sortino Ratio Rank: 3
FLYD Omega Ratio Rank: 3
FLYD Calmar Ratio Rank: 0
FLYD Martin Ratio Rank: 0

FMDE

FMDE Risk / Return Rank: 52
FMDE Sharpe Ratio Rank: 48
FMDE Sortino Ratio Rank: 47
FMDE Omega Ratio Rank: 45
FMDE Calmar Ratio Rank: 56
FMDE Martin Ratio Rank: 61

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.

FLYD vs. FMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and Fidelity Enhanced Mid Cap ETF (FMDE). 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.

	FLYD	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	1.61	-2.37
Sortino ratio: Return per unit of downside risk	-0.97	2.30	-3.26
Omega ratio: Gain probability vs. loss probability	0.89	1.28	-0.39
Calmar ratio: Return relative to maximum drawdown	-1.01	2.71	-3.71
Martin ratio: Return relative to average drawdown	-1.69	10.61	-12.30

FLYD vs. FMDE - Sharpe Ratio Comparison

The current FLYD Sharpe Ratio is -0.76, which is lower than the FMDE Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of FLYD and FMDE, 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

FLYD vs. FMDE - Drawdown Comparison

The maximum FLYD drawdown since its inception was -98.34%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for FLYD and FMDE.

Drawdown Indicators

	FLYD	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-98.34%	-21.10%	-77.24%
Max Drawdown (1Y) Largest decline over 1 year	-57.02%	-8.33%	-48.69%
Max Drawdown (3Y) Largest decline over 3 years	-94.22%	—	—
Current Drawdown Current decline from peak	-98.29%	-0.36%	-97.93%
Average Drawdown Average peak-to-trough decline	-83.22%	-2.61%	-80.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.12%	2.12%	+34.00%

Volatility

FLYD vs. FMDE - Volatility Comparison

MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 24.54% compared to Fidelity Enhanced Mid Cap ETF (FMDE) at 4.47%. This indicates that FLYD's price experiences larger fluctuations and is considered to be riskier than FMDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLYD	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.54%	4.47%	+20.07%
Volatility (6M) Calculated over the trailing 6-month period	62.41%	10.47%	+51.94%
Volatility (1Y) Calculated over the trailing 1-year period	75.93%	14.02%	+61.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.81%	16.17%	+67.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.81%	16.17%	+67.64%

FLYD vs. FMDE - Expense Ratio Comparison

FLYD has a 0.95% expense ratio, which is higher than FMDE's 0.23% expense ratio.

Dividends

FLYD vs. FMDE - Dividend Comparison

FLYD has not paid dividends to shareholders, while FMDE's dividend yield for the trailing twelve months is around 1.09%.

Position	TTM	2025	2024	2023
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%
FMDE Fidelity Enhanced Mid Cap ETF	1.09%	1.23%	1.11%	0.10%

Frequently Asked Questions

Can I hold both FLYD and FMDE in my portfolio?

FLYD and FMDE have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLYD or FMDE?

FLYD has higher volatility (24.54%) compared to FMDE (4.47%). In terms of maximum drawdown, FLYD dropped -98.34% vs FMDE's -21.10%.

Which ETF is better, FLYD or FMDE?

On 1-year performance, FMDE leads with 22.45% vs -57.21% for FLYD. On fees, FMDE is cheaper at 0.23% per year. On volatility, FMDE has been the lower-risk option at 4.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYD or FMDE?

Over the 1-year period, FMDE has performed better with a 22.45% return vs -57.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYD or FMDE?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.95% for FLYD.

Which ETF pays a higher dividend yield, FLYD or FMDE?

FMDE has the higher dividend yield at 1.09%, compared with 0.00% for FLYD.

What is the main difference between FLYD and FMDE?

FLYD is categorized as Inverse Equities, while FMDE is Mid Cap Blend Equities. They also come from different issuers: REX and Fidelity. Their fees differ too: 0.95% for FLYD and 0.23% for FMDE.

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.61 vs -0.76), 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.