FMDE vs. AVUV

Last updated Aug 2, 2026

FMDE (Fidelity Enhanced Mid Cap Core ETF) and AVUV (Avantis US Small Cap Value ETF) are both exchange-traded funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while AVUV is a Small Cap Value Equities fund actively managed by Avantis. Both are actively managed. Over the past year, FMDE returned 21.03% vs 40.65% for AVUV. Their correlation of 0.83 means they have usually moved in the same direction. FMDE charges 0.23%/yr vs 0.25%/yr for AVUV.

Performance

FMDE vs. AVUV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap Core ETF (FMDE) and Avantis US Small Cap Value ETF (AVUV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDE achieves a 13.63% return, which is significantly lower than AVUV's 23.62% return.

FMDE

• 1D: 0.10%
• 1M: 1.81%
• 6M: 12.31%
• YTD: 13.63%
• 1Y: 21.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.59%

AVUV

• 1D: 0.03%
• 1M: 1.43%
• 6M: 15.37%
• YTD: 23.62%
• 1Y: 40.65%
• 3Y*: 16.14%
• 5Y*: 13.16%
• 10Y*: —
• ALL TIME*: 16.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVUV Avantis US Small Cap Value ETF	$143.14M	$148.43M	$155.85M
FMDE Fidelity Enhanced Mid Cap Core ETF	$38.47M	$36.07M	$34.28M

FMDE vs. AVUV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap Core ETF	13.63%	12.19%	21.76%	9.09%
AVUV Avantis US Small Cap Value ETF	23.62%	7.44%	9.28%	12.59%

Correlation

The correlation between FMDE and AVUV is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.83

The correlation between FMDE and AVUV has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

FMDE vs. AVUV - Sectors Allocation Comparison

Sectors	FMDE	AVUV
Technology	20.2%	7.4%
Industrials	17.1%	13.5%
Financial Services	11.9%	27.8%
Consumer Cyclical	10.6%	18.5%
Healthcare	10.1%	5.3%
Real Estate	5.7%	0.7%
Energy	5.0%	13.9%
Basic Materials	5.0%	4.8%
Utilities	4.7%	0.2%
Communication Services	2.2%	2.9%
Consumer Defensive	2.1%	4.9%

Return for Risk

FMDE vs. AVUV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FMDE

FMDE Risk / Return Rank: 65
FMDE Sharpe Ratio Rank: 61
FMDE Sortino Ratio Rank: 61
FMDE Omega Ratio Rank: 58
FMDE Calmar Ratio Rank: 68
FMDE Martin Ratio Rank: 75

AVUV

AVUV Risk / Return Rank: 91
AVUV Sharpe Ratio Rank: 90
AVUV Sortino Ratio Rank: 91
AVUV Omega Ratio Rank: 88
AVUV Calmar Ratio Rank: 94
AVUV Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FMDE vs. AVUV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap Core ETF (FMDE) and Avantis US Small Cap Value ETF (AVUV). 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	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.24	-0.81
Sortino ratio: Return per unit of downside risk	2.06	3.23	-1.17
Omega ratio: Gain probability vs. loss probability	1.25	1.40	-0.14
Calmar ratio: Return relative to maximum drawdown	2.35	4.74	-2.40
Martin ratio: Return relative to average drawdown	9.29	14.98	-5.69

FMDE vs. AVUV - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.42, which is lower than the AVUV Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of FMDE and AVUV, 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. AVUV - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum AVUV drawdown of -49.42%. Use the drawdown chart below to compare losses from any high point for FMDE and AVUV.

Drawdown Indicators

	FMDE	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-49.42%	+28.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-7.95%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.79%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.79%	—
Current Drawdown Current decline from peak	-0.29%	-0.72%	+0.43%
Average Drawdown Average peak-to-trough decline	-2.52%	-7.78%	+5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.52%	-0.42%

Volatility

FMDE vs. AVUV - Volatility Comparison

The current volatility for Fidelity Enhanced Mid Cap Core ETF (FMDE) is 2.41%, while Avantis US Small Cap Value ETF (AVUV) has a volatility of 2.88%. This indicates that FMDE experiences smaller price fluctuations and is considered to be less risky than AVUV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	2.88%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	10.26%	10.51%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	13.75%	16.90%	-3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	22.40%	-6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	28.02%	-12.09%

FMDE vs. AVUV - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is lower than AVUV's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FMDE vs. AVUV - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.07%, less than AVUV's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVUV Avantis US Small Cap Value ETF	1.25%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%
FMDE Fidelity Enhanced Mid Cap Core ETF	1.07%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMDE and AVUV in my portfolio?

FMDE and AVUV have a correlation of 0.80, 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 AVUV?

AVUV has higher volatility (2.88%) compared to FMDE (2.41%). In terms of maximum drawdown, FMDE dropped -21.10% vs AVUV's -49.42%.

Which ETF is better, FMDE or AVUV?

On 1-year performance, AVUV leads with 40.65% vs 21.03% for FMDE. On fees, FMDE is cheaper at 0.23% per year. On volatility, FMDE has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or AVUV?

Over the 1-year period, AVUV has performed better with a 40.65% return vs 21.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or AVUV?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.25% for AVUV.

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

AVUV has the higher dividend yield at 1.25%, compared with 1.07% for FMDE.

What is the main difference between FMDE and AVUV?

FMDE is categorized as Mid Cap Blend Equities, while AVUV is Small Cap Value Equities. They also come from different issuers: Fidelity and Avantis. Their fees differ too: 0.23% for FMDE and 0.25% for AVUV.

Which has better risk-adjusted returns?

AVUV currently has the higher Sharpe Ratio (2.24 vs 1.42), 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.