FMDE vs. IWR

Last updated Jun 4, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and IWR (iShares Russell Midcap ETF) are both exchange-traded funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index. FMDE is actively managed, while IWR is passively managed. Over the past year, FMDE returned 20.62% vs 21.66% for IWR. With a 0.97 correlation, they move nearly in lockstep. FMDE charges 0.23%/yr vs 0.19%/yr for IWR.

Performance

FMDE vs. IWR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and iShares Russell Midcap ETF (IWR). 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 IWR's 12.43% return.

FMDE

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

IWR

• 1D: -0.26%
• 1M: 3.79%
• YTD: 12.43%
• 6M: 12.21%
• 1Y: 21.66%
• 3Y*: 17.25%
• 5Y*: 8.00%
• 10Y*: 11.55%

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

FMDE vs. IWR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	10.39%	12.19%	21.76%	8.91%
IWR iShares Russell Midcap ETF	12.43%	10.37%	15.21%	9.42%

Correlation

The correlation between FMDE and IWR is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.97

The correlation between FMDE and IWR has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

FMDE vs. IWR - Sectors Allocation Comparison

Sectors	FMDE	IWR
Technology	20.6%	17.2%
Industrials	20.1%	18.4%
Financial Services	12.9%	12.5%
Consumer Cyclical	12.1%	11.2%
Healthcare	7.8%	8.7%
Energy	6.4%	7.2%
Real Estate	5.7%	7.0%
Utilities	5.0%	6.1%
Basic Materials	3.9%	4.3%
Communication Services	3.8%	3.4%
Consumer Defensive	1.7%	4.1%

Return for Risk

FMDE vs. IWR — 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

IWR

IWR Risk / Return Rank: 49
IWR Sharpe Ratio Rank: 46
IWR Sortino Ratio Rank: 47
IWR Omega Ratio Rank: 44
IWR Calmar Ratio Rank: 53
IWR Martin Ratio Rank: 58

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. IWR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and iShares Russell Midcap ETF (IWR). 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	IWR	Difference
Sharpe ratio Return per unit of total volatility	1.52	1.63	-0.11
Sortino ratio Return per unit of downside risk	2.20	2.35	-0.16
Omega ratio Gain probability vs. loss probability	1.27	1.28	-0.02
Calmar ratio Return relative to maximum drawdown	2.49	2.66	-0.18
Martin ratio Return relative to average drawdown	9.84	10.28	-0.44
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. IWR - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.52, which is comparable to the IWR Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of FMDE and IWR, 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	IWR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	1.63	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	0.49	+0.86

Drawdowns

FMDE vs. IWR - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum IWR drawdown of -58.78%. Use the drawdown chart below to compare losses from any high point for FMDE and IWR.

Drawdown Indicators

	FMDE	IWR	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-58.78%	+37.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-8.17%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.59%	—
Current Drawdown Current decline from peak	-0.20%	-0.26%	+0.06%
Average Drawdown Average peak-to-trough decline	-2.65%	-7.80%	+5.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.11%	-0.01%

Volatility

FMDE vs. IWR - Volatility Comparison

Fidelity Enhanced Mid Cap ETF (FMDE) and iShares Russell Midcap ETF (IWR) have volatilities of 3.24% and 3.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	IWR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	3.26%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	9.84%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	13.39%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	18.23%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	19.36%	-3.23%

FMDE vs. IWR - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is higher than IWR's 0.19% 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. IWR - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.10%, less than IWR's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDE Fidelity Enhanced Mid Cap ETF	1.10%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IWR iShares Russell Midcap ETF	1.15%	1.29%	1.27%	1.43%	1.59%	1.04%	1.28%	1.43%	1.98%	1.52%	1.72%	1.59%

Frequently Asked Questions

Can I hold both FMDE and IWR in my portfolio?

With a correlation of 0.96, FMDE and IWR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FMDE or IWR?

IWR has higher volatility (3.26%) compared to FMDE (3.24%). In terms of maximum drawdown, FMDE dropped -21.10% vs IWR's -58.78%.

Which ETF is better, FMDE or IWR?

On 1-year performance, IWR leads with 21.66% vs 20.62% for FMDE. On fees, IWR is cheaper at 0.19% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or IWR?

Over the 1-year period, IWR has performed better with a 21.66% 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 IWR?

IWR is cheaper with a 0.19% expense ratio, compared with 0.23% for FMDE.

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

IWR has the higher dividend yield at 1.15%, compared with 1.10% for FMDE.

What is the main difference between FMDE and IWR?

FMDE is categorized as Mid Cap Blend Equities, while IWR is Mid Cap Growth Equities. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.23% for FMDE and 0.19% for IWR.

Which has better risk-adjusted returns?

IWR currently has the higher Sharpe Ratio (1.63 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.