FMDE vs. FDEGX

Last updated Jun 23, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and FDEGX (Fidelity Growth Strategies Fund) are both funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while FDEGX is a Mid Cap Growth Equities fund managed by Fidelity. Over the past year, FMDE returned 22.45% vs 7.78% for FDEGX. Their correlation of 0.87 suggests significant overlap in exposure. FMDE charges 0.23%/yr vs 0.63%/yr for FDEGX.

Performance

FMDE vs. FDEGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and Fidelity Growth Strategies Fund (FDEGX). 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 FDEGX's 13.88% return.

FMDE

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

FDEGX

• 1D: 1.59%
• 1M: 5.65%
• YTD: 13.88%
• 6M: 1.24%
• 1Y: 7.78%
• 3Y*: 17.10%
• 5Y*: 8.45%
• 10Y*: 12.60%

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

FMDE vs. FDEGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	11.45%	12.19%	21.76%	9.09%
FDEGX Fidelity Growth Strategies Fund	13.88%	2.88%	26.57%	8.39%

Correlation

The correlation between FMDE and FDEGX is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.87

The correlation between FMDE and FDEGX has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

FMDE vs. FDEGX — 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

FDEGX

FDEGX Risk / Return Rank: 5
FDEGX Sharpe Ratio Rank: 5
FDEGX Sortino Ratio Rank: 5
FDEGX Omega Ratio Rank: 5
FDEGX Calmar Ratio Rank: 5
FDEGX Martin Ratio Rank: 5

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. FDEGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and Fidelity Growth Strategies Fund (FDEGX). 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	FDEGX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	0.33	+1.29
Sortino ratio: Return per unit of downside risk	2.30	0.58	+1.72
Omega ratio: Gain probability vs. loss probability	1.28	1.08	+0.20
Calmar ratio: Return relative to maximum drawdown	2.71	0.36	+2.34
Martin ratio: Return relative to average drawdown	10.61	0.92	+9.69

FMDE vs. FDEGX - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.61, which is higher than the FDEGX Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of FMDE and FDEGX, 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. FDEGX - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum FDEGX drawdown of -85.96%. Use the drawdown chart below to compare losses from any high point for FMDE and FDEGX.

Drawdown Indicators

	FMDE	FDEGX	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-85.96%	+64.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-20.45%	+12.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.62%	—
Current Drawdown Current decline from peak	-0.36%	-2.32%	+1.96%
Average Drawdown Average peak-to-trough decline	-2.61%	-36.78%	+34.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	8.07%	-5.95%

Volatility

FMDE vs. FDEGX - Volatility Comparison

The current volatility for Fidelity Enhanced Mid Cap ETF (FMDE) is 4.47%, while Fidelity Growth Strategies Fund (FDEGX) has a volatility of 7.58%. This indicates that FMDE experiences smaller price fluctuations and is considered to be less risky than FDEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	FDEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	7.58%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	19.78%	-9.31%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	22.82%	-8.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	23.48%	-7.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.17%	22.13%	-5.96%

FMDE vs. FDEGX - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is lower than FDEGX's 0.63% expense ratio.

Dividends

FMDE vs. FDEGX - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.09%, while FDEGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDEGX Fidelity Growth Strategies Fund	0.00%	0.00%	7.89%	0.05%	0.00%	14.15%	8.37%	3.65%	0.75%	0.05%	0.59%	0.13%
FMDE Fidelity Enhanced Mid Cap ETF	1.09%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMDE and FDEGX in my portfolio?

FMDE and FDEGX have a correlation of 0.86, 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 FDEGX?

FDEGX has higher volatility (7.58%) compared to FMDE (4.47%). In terms of maximum drawdown, FMDE dropped -21.10% vs FDEGX's -85.96%.

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.61 vs 0.33), 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.