FMDE vs. FUTY

Last updated Jun 26, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and FUTY (Fidelity MSCI Utilities Index ETF) are both exchange-traded funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index. FMDE is actively managed, while FUTY is passively managed. Over the past year, FMDE returned 21.70% vs 16.99% for FUTY. At a 0.40 correlation, their price movements are largely independent. FMDE charges 0.23%/yr vs 0.08%/yr for FUTY.

Performance

FMDE vs. FUTY - Performance Comparison

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

Returns By Period

In the year-to-date period, FMDE achieves a 12.03% return, which is significantly higher than FUTY's 8.48% return.

FMDE

• 1D: 1.05%
• 1M: 2.75%
• YTD: 12.03%
• 6M: 10.48%
• 1Y: 21.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FUTY

• 1D: 0.63%
• 1M: 1.42%
• YTD: 8.48%
• 6M: 8.09%
• 1Y: 16.99%
• 3Y*: 15.11%
• 5Y*: 10.49%
• 10Y*: 9.30%

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

FMDE vs. FUTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	12.03%	12.19%	21.76%	9.09%
FUTY Fidelity MSCI Utilities Index ETF	8.48%	16.40%	23.20%	3.00%

Correlation

The correlation between FMDE and FUTY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.40

The correlation between FMDE and FUTY shifts across timeframes, from 0.30 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

FMDE vs. FUTY - Sectors Allocation Comparison

Sectors	FMDE	FUTY
Technology	23.3%	-
Industrials	19.8%	0.2%
Financial Services	12.1%	-
Consumer Cyclical	12.0%	-
Healthcare	7.6%	-
Energy	5.7%	0.5%
Real Estate	5.1%	-
Utilities	4.6%	99.3%
Basic Materials	4.3%	-
Communication Services	4.1%	-
Consumer Defensive	1.5%	-

Return for Risk

FMDE vs. FUTY — Risk / Return Rank

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

FMDE

FMDE Risk / Return Rank: 56
FMDE Sharpe Ratio Rank: 53
FMDE Sortino Ratio Rank: 53
FMDE Omega Ratio Rank: 49
FMDE Calmar Ratio Rank: 61
FMDE Martin Ratio Rank: 65

FUTY

FUTY Risk / Return Rank: 36
FUTY Sharpe Ratio Rank: 37
FUTY Sortino Ratio Rank: 34
FUTY Omega Ratio Rank: 34
FUTY Calmar Ratio Rank: 43
FUTY Martin Ratio Rank: 31

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. FUTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and Fidelity MSCI Utilities Index ETF (FUTY). 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	FUTY	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.19	+0.39
Sortino ratio: Return per unit of downside risk	2.25	1.64	+0.60
Omega ratio: Gain probability vs. loss probability	1.27	1.21	+0.07
Calmar ratio: Return relative to maximum drawdown	2.62	1.91	+0.71
Martin ratio: Return relative to average drawdown	10.26	4.07	+6.19

FMDE vs. FUTY - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.57, which is higher than the FUTY Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of FMDE and FUTY, 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. FUTY - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum FUTY drawdown of -36.44%. Use the drawdown chart below to compare losses from any high point for FMDE and FUTY.

Drawdown Indicators

	FMDE	FUTY	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-36.44%	+15.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-8.93%	+0.60%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.44%	—
Current Drawdown Current decline from peak	0.00%	-2.50%	+2.50%
Average Drawdown Average peak-to-trough decline	-2.61%	-6.02%	+3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	4.19%	-2.07%

Volatility

FMDE vs. FUTY - Volatility Comparison

The current volatility for Fidelity Enhanced Mid Cap ETF (FMDE) is 4.57%, while Fidelity MSCI Utilities Index ETF (FUTY) has a volatility of 5.27%. This indicates that FMDE experiences smaller price fluctuations and is considered to be less risky than FUTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	FUTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	5.27%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	11.52%	-1.00%
Volatility (1Y) Calculated over the trailing 1-year period	13.95%	14.45%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.16%	17.06%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	19.07%	-2.91%

FMDE vs. FUTY - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is higher than FUTY's 0.08% 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. FUTY - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.08%, less than FUTY's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDE Fidelity Enhanced Mid Cap ETF	1.08%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FUTY Fidelity MSCI Utilities Index ETF	2.56%	2.67%	2.96%	3.31%	2.72%	2.70%	3.07%	2.82%	3.11%	3.03%	3.35%	4.33%

Frequently Asked Questions

Can I hold both FMDE and FUTY in my portfolio?

FMDE and FUTY have a correlation of 0.30, 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 FUTY?

FUTY has higher volatility (5.27%) compared to FMDE (4.57%). In terms of maximum drawdown, FMDE dropped -21.10% vs FUTY's -36.44%.

Which ETF is better, FMDE or FUTY?

On 1-year performance, FMDE leads with 21.70% vs 16.99% for FUTY. On fees, FUTY is cheaper at 0.08% per year. On volatility, FMDE has been the lower-risk option at 4.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or FUTY?

Over the 1-year period, FMDE has performed better with a 21.70% return vs 16.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or FUTY?

FUTY is cheaper with a 0.08% expense ratio, compared with 0.23% for FMDE.

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

FUTY has the higher dividend yield at 2.56%, compared with 1.08% for FMDE.

What is the main difference between FMDE and FUTY?

FMDE is categorized as Mid Cap Blend Equities, while FUTY is Utilities Equities. Their fees differ too: 0.23% for FMDE and 0.08% for FUTY.

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.57 vs 1.19), 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.