FMDE vs. AFMC

Last updated Jun 23, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and AFMC (First Trust Active Factor Mid Cap ETF) are both Mid Cap Blend Equities funds. Both are actively managed. Over the past year, FMDE returned 22.45% vs 30.69% for AFMC. Their correlation of 0.93 suggests significant overlap in exposure. FMDE charges 0.23%/yr vs 0.65%/yr for AFMC.

Performance

FMDE vs. AFMC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and First Trust Active Factor Mid Cap ETF (AFMC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDE achieves a 11.45% return, which is significantly lower than AFMC's 18.08% return.

FMDE

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

AFMC

• 1D: 0.85%
• 1M: 3.30%
• YTD: 18.08%
• 6M: 15.62%
• 1Y: 30.69%
• 3Y*: 20.43%
• 5Y*: 11.23%
• 10Y*: —

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

FMDE vs. AFMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	11.45%	12.19%	21.76%	9.09%
AFMC First Trust Active Factor Mid Cap ETF	18.08%	10.23%	19.06%	9.96%

Correlation

The correlation between FMDE and AFMC is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.93

The correlation between FMDE and AFMC has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

FMDE vs. AFMC - Sectors Allocation Comparison

Sectors	FMDE	AFMC
Technology	23.3%	20.9%
Industrials	19.8%	20.7%
Financial Services	12.1%	12.8%
Consumer Cyclical	12.0%	13.4%
Healthcare	7.6%	9.3%
Energy	5.7%	5.4%
Real Estate	5.1%	6.7%
Utilities	4.6%	1.1%
Basic Materials	4.3%	5.3%
Communication Services	4.1%	1.6%
Consumer Defensive	1.5%	2.8%

Return for Risk

FMDE vs. AFMC — Risk / Return Rank

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

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

AFMC

AFMC Risk / Return Rank: 68
AFMC Sharpe Ratio Rank: 63
AFMC Sortino Ratio Rank: 65
AFMC Omega Ratio Rank: 59
AFMC Calmar Ratio Rank: 76
AFMC Martin Ratio Rank: 74

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.

FMDE vs. AFMC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and First Trust Active Factor Mid Cap ETF (AFMC). 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.

	FMDE	AFMC	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.03	-0.42
Sortino ratio: Return per unit of downside risk	2.30	2.91	-0.61
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.07
Calmar ratio: Return relative to maximum drawdown	2.71	3.76	-1.05
Martin ratio: Return relative to average drawdown	10.61	13.54	-2.93

FMDE vs. AFMC - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.61, which is comparable to the AFMC Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FMDE and AFMC, 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

FMDE vs. AFMC - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum AFMC drawdown of -42.14%. Use the drawdown chart below to compare losses from any high point for FMDE and AFMC.

Drawdown Indicators

	FMDE	AFMC	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-42.14%	+21.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-8.20%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.40%	—
Current Drawdown Current decline from peak	-0.36%	-0.22%	-0.14%
Average Drawdown Average peak-to-trough decline	-2.61%	-7.56%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	2.27%	-0.15%

Volatility

FMDE vs. AFMC - Volatility Comparison

Fidelity Enhanced Mid Cap ETF (FMDE) and First Trust Active Factor Mid Cap ETF (AFMC) have volatilities of 4.47% and 4.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	AFMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	4.54%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	11.30%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	15.22%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	18.96%	-2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.17%	22.89%	-6.72%

FMDE vs. AFMC - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is lower than AFMC's 0.65% expense ratio.

Dividends

FMDE vs. AFMC - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.09%, more than AFMC's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AFMC First Trust Active Factor Mid Cap ETF	0.77%	0.96%	0.64%	0.87%	1.42%	0.84%	1.05%	0.29%
FMDE Fidelity Enhanced Mid Cap ETF	1.09%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMDE and AFMC in my portfolio?

FMDE and AFMC have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMDE or AFMC?

AFMC has higher volatility (4.54%) compared to FMDE (4.47%). In terms of maximum drawdown, FMDE dropped -21.10% vs AFMC's -42.14%.

Which ETF is better, FMDE or AFMC?

On 1-year performance, AFMC leads with 30.69% vs 22.45% for FMDE. On fees, FMDE is cheaper at 0.23% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or AFMC?

Over the 1-year period, AFMC has performed better with a 30.69% return vs 22.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or AFMC?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.65% for AFMC.

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

FMDE has the higher dividend yield at 1.09%, compared with 0.77% for AFMC.

What is the main difference between FMDE and AFMC?

They also come from different issuers: Fidelity and First Trust. Their fees differ too: 0.23% for FMDE and 0.65% for AFMC.

Which has better risk-adjusted returns?

AFMC currently has the higher Sharpe Ratio (2.03 vs 1.61), 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.