FMDE vs. CSHP

Last updated Jun 21, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, FMDE returned 21.81% vs 3.98% for CSHP. At a 0.03 correlation, their price movements are largely independent. FMDE charges 0.23%/yr vs 0.20%/yr for CSHP.

Performance

FMDE vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and iShares Enhanced Short-Term Bond Active ETF (CSHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDE achieves a 10.87% return, which is significantly higher than CSHP's 1.87% return.

FMDE

• 1D: 0.87%
• 1M: 3.75%
• YTD: 10.87%
• 6M: 10.48%
• 1Y: 21.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: 0.06%
• 1M: 0.35%
• YTD: 1.87%
• 6M: 1.95%
• 1Y: 3.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMDE vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMDE Fidelity Enhanced Mid Cap ETF	10.87%	12.19%	8.43%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.87%	4.10%	2.24%

Correlation

The correlation between FMDE and CSHP is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.03

The correlation between FMDE and CSHP shifts across timeframes, from -0.14 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FMDE vs. CSHP — Risk / Return Rank

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

FMDE

FMDE Risk / Return Rank: 51
FMDE Sharpe Ratio Rank: 48
FMDE Sortino Ratio Rank: 47
FMDE Omega Ratio Rank: 44
FMDE Calmar Ratio Rank: 56
FMDE Martin Ratio Rank: 60

CSHP

CSHP Risk / Return Rank: 99
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 99
CSHP Omega Ratio Rank: 99
CSHP Calmar Ratio Rank: 100
CSHP Martin Ratio Rank: 100

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. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	1.57	11.36	-9.79
Sortino ratio: Return per unit of downside risk	2.25	28.68	-26.44
Omega ratio: Gain probability vs. loss probability	1.27	6.83	-5.55
Calmar ratio: Return relative to maximum drawdown	2.64	66.48	-63.84
Martin ratio: Return relative to average drawdown	10.34	400.50	-390.15

FMDE vs. CSHP - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.57, which is lower than the CSHP Sharpe Ratio of 11.36. The chart below compares the historical Sharpe Ratios of FMDE and CSHP, 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. CSHP - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for FMDE and CSHP.

Drawdown Indicators

	FMDE	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-0.08%	-21.02%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-0.06%	-8.27%
Current Drawdown Current decline from peak	-0.88%	0.00%	-0.88%
Average Drawdown Average peak-to-trough decline	-2.62%	-0.00%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	0.01%	+2.11%

Volatility

FMDE vs. CSHP - Volatility Comparison

Fidelity Enhanced Mid Cap ETF (FMDE) has a higher volatility of 4.58% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.15%. This indicates that FMDE's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	0.15%	+4.43%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	0.27%	+10.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	0.35%	+13.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	0.41%	+15.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	0.41%	+15.77%

FMDE vs. CSHP - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is higher than CSHP's 0.20% expense ratio. However, 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. CSHP - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.36%, less than CSHP's 3.91% yield.

Position	TTM	2025	2024	2023
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%	0.00%
FMDE Fidelity Enhanced Mid Cap ETF	1.09%	1.23%	1.11%	0.10%

Frequently Asked Questions

Can I hold both FMDE and CSHP in my portfolio?

FMDE and CSHP have a correlation of -0.14, 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 CSHP?

FMDE has higher volatility (4.58%) compared to CSHP (0.15%). In terms of maximum drawdown, FMDE dropped -21.10% vs CSHP's -0.08%.

Which ETF is better, FMDE or CSHP?

On 1-year performance, FMDE leads with 21.81% vs 3.98% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or CSHP?

Over the 1-year period, FMDE has performed better with a 21.81% return vs 3.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.23% for FMDE.

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

CSHP has the higher dividend yield at 3.91%, compared with 1.09% for FMDE.

What is the main difference between FMDE and CSHP?

FMDE is categorized as Mid Cap Blend Equities, while CSHP is Ultrashort Bond. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.23% for FMDE and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.36 vs 1.57), 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.