FMDE vs. CPAI

Last updated Jun 4, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both Mid Cap Blend Equities funds. Both are actively managed. Over the past year, FMDE returned 20.62% vs 45.47% for CPAI. Their correlation of 0.81 suggests significant overlap in exposure. FMDE charges 0.23%/yr vs 0.75%/yr for CPAI.

Performance

FMDE vs. CPAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and Counterpoint Quantitative Equity ETF (CPAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDE achieves a 10.39% return, which is significantly lower than CPAI's 27.41% return.

FMDE

• 1D: -0.20%
• 1M: 4.14%
• YTD: 10.39%
• 6M: 10.80%
• 1Y: 20.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPAI

• 1D: -1.84%
• 1M: 8.24%
• YTD: 27.41%
• 6M: 29.49%
• 1Y: 45.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMDE vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	10.39%	12.19%	21.76%	8.21%
CPAI Counterpoint Quantitative Equity ETF	27.41%	17.79%	28.37%	6.69%

Correlation

The correlation between FMDE and CPAI is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.81

The correlation between FMDE and CPAI has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

FMDE vs. CPAI - Sectors Allocation Comparison

Sectors	FMDE	CPAI
Technology	20.6%	45.4%
Industrials	20.1%	5.7%
Financial Services	12.9%	4.3%
Consumer Cyclical	12.1%	4.2%
Healthcare	7.8%	16.0%
Energy	6.4%	3.7%
Real Estate	5.7%	-
Utilities	5.0%	-
Basic Materials	3.9%	3.3%
Communication Services	3.8%	7.9%
Consumer Defensive	1.7%	9.5%

Return for Risk

FMDE vs. CPAI — Risk / Return Rank

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

FMDE

FMDE Risk / Return Rank: 46
FMDE Sharpe Ratio Rank: 43
FMDE Sortino Ratio Rank: 43
FMDE Omega Ratio Rank: 41
FMDE Calmar Ratio Rank: 50
FMDE Martin Ratio Rank: 56

CPAI

CPAI Risk / Return Rank: 77
CPAI Sharpe Ratio Rank: 78
CPAI Sortino Ratio Rank: 73
CPAI Omega Ratio Rank: 71
CPAI Calmar Ratio Rank: 82
CPAI Martin Ratio Rank: 81

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. CPAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and Counterpoint Quantitative Equity ETF (CPAI). 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.

	FMDE	CPAI	Difference
Sharpe ratio Return per unit of total volatility	1.52	2.52	-1.00
Sortino ratio Return per unit of downside risk	2.20	3.33	-1.13
Omega ratio Gain probability vs. loss probability	1.27	1.43	-0.16
Calmar ratio Return relative to maximum drawdown	2.49	4.36	-1.87
Martin ratio Return relative to average drawdown	9.84	15.90	-6.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMDE vs. CPAI - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.52, which is lower than the CPAI Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FMDE and CPAI, 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

	FMDE	CPAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.52	-1.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	1.78	-0.43

Drawdowns

FMDE vs. CPAI - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, roughly equal to the maximum CPAI drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for FMDE and CPAI.

Drawdown Indicators

	FMDE	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-21.46%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-10.48%	+2.15%
Current Drawdown Current decline from peak	-0.20%	-1.84%	+1.64%
Average Drawdown Average peak-to-trough decline	-2.65%	-2.97%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.87%	-0.77%

Volatility

FMDE vs. CPAI - Volatility Comparison

The current volatility for Fidelity Enhanced Mid Cap ETF (FMDE) is 3.24%, while Counterpoint Quantitative Equity ETF (CPAI) has a volatility of 5.35%. This indicates that FMDE experiences smaller price fluctuations and is considered to be less risky than CPAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	5.35%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	14.50%	-4.68%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	18.14%	-4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	19.19%	-3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	19.19%	-3.06%

FMDE vs. CPAI - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is lower than CPAI's 0.75% expense ratio.

Dividends

FMDE vs. CPAI - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.10%, more than CPAI's 0.70% yield.

Position	TTM	2025	2024	2023
CPAI Counterpoint Quantitative Equity ETF	0.70%	0.89%	0.41%	0.06%
FMDE Fidelity Enhanced Mid Cap ETF	1.10%	1.23%	1.11%	0.10%

Frequently Asked Questions

Can I hold both FMDE and CPAI in my portfolio?

FMDE and CPAI have a correlation of 0.75, 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 CPAI?

CPAI has higher volatility (5.35%) compared to FMDE (3.24%). In terms of maximum drawdown, FMDE dropped -21.10% vs CPAI's -21.46%.

Which ETF is better, FMDE or CPAI?

On 1-year performance, CPAI leads with 45.47% vs 20.62% for FMDE. On fees, FMDE is cheaper at 0.23% per year. On volatility, FMDE has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or CPAI?

Over the 1-year period, CPAI has performed better with a 45.47% return vs 20.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or CPAI?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.75% for CPAI.

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

FMDE has the higher dividend yield at 1.10%, compared with 0.70% for CPAI.

What is the main difference between FMDE and CPAI?

They also come from different issuers: Fidelity and Counterpoint Funds. Their fees differ too: 0.23% for FMDE and 0.75% for CPAI.

Which has better risk-adjusted returns?

CPAI currently has the higher Sharpe Ratio (2.52 vs 1.52), 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.