FMDE vs. CTEF

Last updated Jun 4, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and CTEF (Castellan Targeted Equity ETF) are both Mid Cap Blend Equities funds. Both are actively managed. A 0.72 correlation means they provide meaningful diversification when combined. FMDE charges 0.23%/yr vs 0.45%/yr for CTEF.

Performance

FMDE vs. CTEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and Castellan Targeted Equity ETF (CTEF). 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 CTEF's 29.35% return.

FMDE

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

CTEF

• 1D: -0.41%
• 1M: 10.65%
• YTD: 29.35%
• 6M: 31.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMDE vs. CTEF - Yearly Performance Comparison

	2026 (YTD)	2025
FMDE Fidelity Enhanced Mid Cap ETF	10.39%	9.93%
CTEF Castellan Targeted Equity ETF	29.35%	33.22%

Correlation

The correlation between FMDE and CTEF is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 20, 2025	0.72

Return for Risk

FMDE vs. CTEF — 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

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. CTEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and Castellan Targeted Equity ETF (CTEF). 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	CTEF	Difference
Sharpe ratio Return per unit of total volatility	1.52	—	—
Sortino ratio Return per unit of downside risk	2.20	—	—
Omega ratio Gain probability vs. loss probability	1.27	—	—
Calmar ratio Return relative to maximum drawdown	2.49	—	—
Martin ratio Return relative to average drawdown	9.84	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FMDE	CTEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	3.54	-2.19

Drawdowns

FMDE vs. CTEF - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, which is greater than CTEF's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for FMDE and CTEF.

Drawdown Indicators

	FMDE	CTEF	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-15.00%	-6.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	—	—
Current Drawdown Current decline from peak	-0.20%	-0.41%	+0.21%
Average Drawdown Average peak-to-trough decline	-2.65%	-1.80%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	—	—

Volatility

Volatility by Period

	FMDE	CTEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	21.81%	-8.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	21.81%	-5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	21.81%	-5.68%

FMDE vs. CTEF - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is lower than CTEF's 0.45% expense ratio.

Dividends

FMDE vs. CTEF - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.10%, more than CTEF's 0.06% yield.

Position	TTM	2025	2024	2023
CTEF Castellan Targeted Equity ETF	0.06%	0.08%	0.00%	0.00%
FMDE Fidelity Enhanced Mid Cap ETF	1.10%	1.23%	1.11%	0.10%

Frequently Asked Questions

Can I hold both FMDE and CTEF in my portfolio?

FMDE and CTEF have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMDE or CTEF?

On fees, FMDE is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMDE or CTEF?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.45% for CTEF.

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

FMDE has the higher dividend yield at 1.10%, compared with 0.06% for CTEF.

What is the main difference between FMDE and CTEF?

They also come from different issuers: Fidelity and Castellan. Their fees differ too: 0.23% for FMDE and 0.45% for CTEF.