FMAT vs. FNMA

Last updated Jun 26, 2026

FMAT (Fidelity MSCI Materials Index ETF) is Materials fund tracking the MSCI USA IMI Materials Index, while FNMA (Federal National Mortgage Association) is a stock. Over the past 10 years, FMAT returned 11.05%/yr vs 14.14%/yr for FNMA. At a 0.21 correlation, their price movements are largely independent.

Performance

FMAT vs. FNMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Materials Index ETF (FMAT) and Federal National Mortgage Association (FNMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAT achieves a 13.04% return, which is significantly higher than FNMA's -32.15% return. Over the past 10 years, FMAT has underperformed FNMA with an annualized return of 11.05%, while FNMA has yielded a comparatively higher 14.14% annualized return.

FMAT

• 1D: 1.41%
• 1M: 0.95%
• YTD: 13.04%
• 6M: 11.40%
• 1Y: 22.86%
• 3Y*: 11.49%
• 5Y*: 7.08%
• 10Y*: 11.05%

FNMA

• 1D: 4.22%
• 1M: 2.97%
• YTD: -32.15%
• 6M: -32.59%
• 1Y: -27.20%
• 3Y*: 155.49%
• 5Y*: 41.57%
• 10Y*: 14.14%

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

FMAT vs. FNMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMAT Fidelity MSCI Materials Index ETF	13.04%	12.11%	0.47%	13.71%	-11.54%	27.45%	19.57%	23.35%	-17.40%	23.51%
FNMA Federal National Mortgage Association	-32.15%	227.13%	206.54%	202.77%	-56.90%	-65.69%	-23.40%	194.34%	-60.00%	-32.05%

Correlation

The correlation between FMAT and FNMA is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.21

Return for Risk

FMAT vs. FNMA — Risk / Return Rank

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

FMAT

FMAT Risk / Return Rank: 38
FMAT Sharpe Ratio Rank: 39
FMAT Sortino Ratio Rank: 39
FMAT Omega Ratio Rank: 36
FMAT Calmar Ratio Rank: 38
FMAT Martin Ratio Rank: 39

FNMA

FNMA Risk / Return Rank: 33
FNMA Sharpe Ratio Rank: 31
FNMA Sortino Ratio Rank: 37
FNMA Omega Ratio Rank: 36
FNMA Calmar Ratio Rank: 31
FNMA Martin Ratio Rank: 31

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.

FMAT vs. FNMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Materials Index ETF (FMAT) and Federal National Mortgage Association (FNMA). 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.

	FMAT	FNMA	Difference
Sharpe ratio: Return per unit of total volatility	1.24	-0.29	+1.53
Sortino ratio: Return per unit of downside risk	1.80	0.17	+1.63
Omega ratio: Gain probability vs. loss probability	1.22	1.02	+0.20
Calmar ratio: Return relative to maximum drawdown	1.70	-0.39	+2.09
Martin ratio: Return relative to average drawdown	5.38	-0.70	+6.08

FMAT vs. FNMA - Sharpe Ratio Comparison

The current FMAT Sharpe Ratio is 1.24, which is higher than the FNMA Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of FMAT and FNMA, 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

FMAT vs. FNMA - Drawdown Comparison

The maximum FMAT drawdown since its inception was -41.11%, smaller than the maximum FNMA drawdown of -99.74%. Use the drawdown chart below to compare losses from any high point for FMAT and FNMA.

Drawdown Indicators

	FMAT	FNMA	Difference
Max Drawdown Largest peak-to-trough decline	-41.11%	-99.74%	+58.63%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-69.76%	+56.28%
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	-69.76%	+46.59%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-77.35%	+51.95%
Max Drawdown (10Y) Largest decline over 10 years	-41.11%	-92.13%	+51.02%
Current Drawdown Current decline from peak	-3.97%	-90.06%	+86.09%
Average Drawdown Average peak-to-trough decline	-6.87%	-46.21%	+39.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	38.90%	-34.64%

Volatility

FMAT vs. FNMA - Volatility Comparison

The current volatility for Fidelity MSCI Materials Index ETF (FMAT) is 6.60%, while Federal National Mortgage Association (FNMA) has a volatility of 22.52%. This indicates that FMAT experiences smaller price fluctuations and is considered to be less risky than FNMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAT	FNMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	22.52%	-15.92%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	67.26%	-52.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	94.59%	-76.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.70%	90.91%	-71.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	81.98%	-60.76%

Dividends

FMAT vs. FNMA - Dividend Comparison

FMAT's dividend yield for the trailing twelve months is around 1.40%, while FNMA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMAT Fidelity MSCI Materials Index ETF	1.40%	1.64%	1.68%	1.71%	2.00%	1.44%	1.73%	1.89%	2.18%	1.53%	1.78%	2.16%
FNMA Federal National Mortgage Association	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMAT and FNMA in my portfolio?

FMAT and FNMA have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMAT or FNMA?

FNMA has higher volatility (22.52%) compared to FMAT (6.60%). In terms of maximum drawdown, FMAT dropped -41.11% vs FNMA's -99.74%.

Which has better risk-adjusted returns?

FMAT currently has the higher Sharpe Ratio (1.24 vs -0.29), 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.