FMAT vs. FUTY

Last updated Jun 24, 2026

FMAT (Fidelity MSCI Materials Index ETF) and FUTY (Fidelity MSCI Utilities Index ETF) are both exchange-traded funds - FMAT is a Materials fund tracking the MSCI USA IMI Materials Index, while FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index. Both are passively managed. Over the past 10 years, FMAT returned 10.45%/yr vs 9.27%/yr for FUTY. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.08% expense ratio.

Performance

FMAT vs. FUTY - Performance Comparison

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

Returns By Period

In the year-to-date period, FMAT achieves a 11.09% return, which is significantly higher than FUTY's 6.83% return. Over the past 10 years, FMAT has outperformed FUTY with an annualized return of 10.45%, while FUTY has yielded a comparatively lower 9.27% annualized return.

FMAT

• 1D: -1.81%
• 1M: 0.83%
• YTD: 11.09%
• 6M: 9.58%
• 1Y: 20.54%
• 3Y*: 11.22%
• 5Y*: 6.71%
• 10Y*: 10.45%

FUTY

• 1D: 0.78%
• 1M: -0.04%
• YTD: 6.83%
• 6M: 6.88%
• 1Y: 14.04%
• 3Y*: 14.88%
• 5Y*: 10.41%
• 10Y*: 9.27%

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

FMAT vs. FUTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMAT Fidelity MSCI Materials Index ETF	11.09%	12.11%	0.47%	13.71%	-11.54%	27.45%	19.57%	23.35%	-17.40%	23.51%
FUTY Fidelity MSCI Utilities Index ETF	6.83%	16.40%	23.20%	-7.46%	1.12%	17.53%	-0.80%	24.89%	4.36%	12.52%

Correlation

The correlation between FMAT and FUTY is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.36

The correlation between FMAT and FUTY shifts across timeframes, from 0.34 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.

FMAT vs. FUTY - Sectors Allocation Comparison

Sectors	FMAT	FUTY
Basic Materials	89.8%	-
Consumer Cyclical	8.6%	-
Energy	0.5%	0.5%
Healthcare	0.5%	-
Consumer Defensive	0.1%	-
Technology	0.1%	-
Industrials	0.1%	0.2%
Communication Services	-	-
Financial Services	-	-
Real Estate	-	-
Utilities	-	99.3%

Return for Risk

FMAT vs. FUTY — Risk / Return Rank

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

FMAT

FMAT Risk / Return Rank: 32
FMAT Sharpe Ratio Rank: 32
FMAT Sortino Ratio Rank: 32
FMAT Omega Ratio Rank: 30
FMAT Calmar Ratio Rank: 32
FMAT Martin Ratio Rank: 34

FUTY

FUTY Risk / Return Rank: 28
FUTY Sharpe Ratio Rank: 28
FUTY Sortino Ratio Rank: 26
FUTY Omega Ratio Rank: 26
FUTY Calmar Ratio Rank: 33
FUTY Martin Ratio Rank: 26

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. FUTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Materials Index ETF (FMAT) and Fidelity MSCI Utilities Index ETF (FUTY). 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	FUTY	Difference
Sharpe ratio: Return per unit of total volatility	1.12	0.98	+0.14
Sortino ratio: Return per unit of downside risk	1.65	1.38	+0.27
Omega ratio: Gain probability vs. loss probability	1.20	1.17	+0.02
Calmar ratio: Return relative to maximum drawdown	1.53	1.58	-0.05
Martin ratio: Return relative to average drawdown	4.86	3.37	+1.49

FMAT vs. FUTY - Sharpe Ratio Comparison

The current FMAT Sharpe Ratio is 1.12, which is comparable to the FUTY Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of FMAT and FUTY, 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. FUTY - Drawdown Comparison

The maximum FMAT drawdown since its inception was -41.11%, which is greater than FUTY's maximum drawdown of -36.44%. Use the drawdown chart below to compare losses from any high point for FMAT and FUTY.

Drawdown Indicators

	FMAT	FUTY	Difference
Max Drawdown Largest peak-to-trough decline	-41.11%	-36.44%	-4.67%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-8.93%	-4.55%
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	-17.35%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-25.11%	-0.29%
Max Drawdown (10Y) Largest decline over 10 years	-41.11%	-36.44%	-4.67%
Current Drawdown Current decline from peak	-5.63%	-3.99%	-1.64%
Average Drawdown Average peak-to-trough decline	-6.87%	-6.03%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	4.18%	+0.06%

Volatility

FMAT vs. FUTY - Volatility Comparison

Fidelity MSCI Materials Index ETF (FMAT) has a higher volatility of 6.66% compared to Fidelity MSCI Utilities Index ETF (FUTY) at 5.22%. This indicates that FMAT's price experiences larger fluctuations and is considered to be riskier than FUTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAT	FUTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.66%	5.22%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	11.57%	+3.28%
Volatility (1Y) Calculated over the trailing 1-year period	18.48%	14.46%	+4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	17.06%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	19.08%	+2.14%

FMAT vs. FUTY - Expense Ratio Comparison

Both FMAT and FUTY have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FMAT vs. FUTY - Dividend Comparison

FMAT's dividend yield for the trailing twelve months is around 1.43%, less than FUTY's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMAT Fidelity MSCI Materials Index ETF	1.43%	1.64%	1.68%	1.71%	2.00%	1.44%	1.73%	1.89%	2.18%	1.53%	1.78%	2.16%
FUTY Fidelity MSCI Utilities Index ETF	2.60%	2.67%	2.96%	3.31%	2.72%	2.70%	3.07%	2.82%	3.11%	3.03%	3.35%	4.33%

Frequently Asked Questions

Can I hold both FMAT and FUTY in my portfolio?

FMAT and FUTY have a correlation of 0.34, 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 FUTY?

FMAT has higher volatility (6.66%) compared to FUTY (5.22%). In terms of maximum drawdown, FMAT dropped -41.11% vs FUTY's -36.44%.

Which ETF is better, FMAT or FUTY?

On 10-year performance, FMAT leads with 10.45% vs 9.27% for FUTY. Both ETFs have the same 0.08% expense ratio. On volatility, FUTY has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAT or FUTY?

Over the 10-year period, FMAT has performed better with a 10.45% return vs 9.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAT or FUTY?

FMAT and FUTY have the same expense ratio: 0.08% per year.

Which ETF pays a higher dividend yield, FMAT or FUTY?

FUTY has the higher dividend yield at 2.60%, compared with 1.43% for FMAT.

What is the main difference between FMAT and FUTY?

FMAT is categorized as Materials, while FUTY is Utilities Equities. FMAT tracks MSCI USA IMI Materials Index, while FUTY tracks MSCI USA IMI Utilities Index.

Which has better risk-adjusted returns?

FMAT currently has the higher Sharpe Ratio (1.12 vs 0.98), 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.