FMAT vs. LIND

Last updated Jun 4, 2026

FMAT (Fidelity MSCI Materials Index ETF) is Materials fund tracking the MSCI USA IMI Materials Index, while LIND (Lindblad Expeditions Holdings, Inc.) is a stock. Over the past 10 years, FMAT returned 10.33%/yr vs 8.29%/yr for LIND. At a 0.40 correlation, their price movements are largely independent.

Performance

FMAT vs. LIND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Materials Index ETF (FMAT) and Lindblad Expeditions Holdings, Inc. (LIND). 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 lower than LIND's 50.76% return. Over the past 10 years, FMAT has outperformed LIND with an annualized return of 10.33%, while LIND has yielded a comparatively lower 8.29% annualized return.

FMAT

• 1D: -0.31%
• 1M: 2.43%
• YTD: 13.04%
• 6M: 16.00%
• 1Y: 22.50%
• 3Y*: 12.38%
• 5Y*: 5.79%
• 10Y*: 10.33%

LIND

• 1D: -4.23%
• 1M: 21.86%
• YTD: 50.76%
• 6M: 80.71%
• 1Y: 98.90%
• 3Y*: 28.27%
• 5Y*: 4.76%
• 10Y*: 8.29%

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

FMAT vs. LIND - 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%
LIND Lindblad Expeditions Holdings, Inc.	50.76%	21.59%	5.24%	46.36%	-50.64%	-8.88%	4.71%	21.47%	37.49%	3.60%

Correlation

The correlation between FMAT and LIND is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jul 10, 2015	0.40

Return for Risk

FMAT vs. LIND — Risk / Return Rank

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

FMAT

FMAT Risk / Return Rank: 34
FMAT Sharpe Ratio Rank: 35
FMAT Sortino Ratio Rank: 34
FMAT Omega Ratio Rank: 32
FMAT Calmar Ratio Rank: 33
FMAT Martin Ratio Rank: 35

LIND

LIND Risk / Return Rank: 86
LIND Sharpe Ratio Rank: 88
LIND Sortino Ratio Rank: 86
LIND Omega Ratio Rank: 83
LIND Calmar Ratio Rank: 88
LIND Martin Ratio Rank: 84

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. LIND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Materials Index ETF (FMAT) and Lindblad Expeditions Holdings, Inc. (LIND). 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.

	FMAT	LIND	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.04	-0.76
Sortino ratio: Return per unit of downside risk	1.85	2.87	-1.01
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.12
Calmar ratio: Return relative to maximum drawdown	1.68	4.20	-2.52
Martin ratio: Return relative to average drawdown	5.51	8.63	-3.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMAT vs. LIND - Sharpe Ratio Comparison

The current FMAT Sharpe Ratio is 1.28, which is lower than the LIND Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FMAT and LIND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMAT	LIND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	2.04	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.07	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.13	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.11	+0.33

Drawdowns

FMAT vs. LIND - Drawdown Comparison

The maximum FMAT drawdown since its inception was -41.11%, smaller than the maximum LIND drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for FMAT and LIND.

Drawdown Indicators

	FMAT	LIND	Difference
Max Drawdown Largest peak-to-trough decline	-41.11%	-83.16%	+42.05%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-23.67%	+10.19%
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	-50.93%	+27.76%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-68.75%	+43.35%
Max Drawdown (10Y) Largest decline over 10 years	-41.11%	-83.16%	+42.05%
Current Drawdown Current decline from peak	-3.97%	-5.40%	+1.43%
Average Drawdown Average peak-to-trough decline	-6.87%	-30.03%	+23.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	11.50%	-7.41%

Volatility

FMAT vs. LIND - Volatility Comparison

The current volatility for Fidelity MSCI Materials Index ETF (FMAT) is 6.14%, while Lindblad Expeditions Holdings, Inc. (LIND) has a volatility of 21.20%. This indicates that FMAT experiences smaller price fluctuations and is considered to be less risky than LIND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAT	LIND	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	21.20%	-15.06%
Volatility (6M) Calculated over the trailing 6-month period	13.95%	38.15%	-24.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	48.80%	-31.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.60%	66.52%	-46.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	62.17%	-40.98%

Dividends

FMAT vs. LIND - Dividend Comparison

FMAT's dividend yield for the trailing twelve months is around 1.42%, while LIND 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	1.42%	1.64%	1.68%	1.71%	2.00%	1.44%	1.73%	1.89%	2.18%	1.53%	1.78%	2.16%
LIND Lindblad Expeditions Holdings, Inc.	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 LIND in my portfolio?

FMAT and LIND have a correlation of 0.48, 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 LIND?

LIND has higher volatility (21.20%) compared to FMAT (6.14%). In terms of maximum drawdown, FMAT dropped -41.11% vs LIND's -83.16%.

Which has better risk-adjusted returns?

LIND currently has the higher Sharpe Ratio (2.04 vs 1.28), 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.