FMDE vs. JPUS

Last updated Jul 21, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and JPUS (JPMorgan Diversified Return US Equity ETF) are both exchange-traded funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while JPUS is a Large Cap Blend Equities fund tracking the JPMorgan Diversified Factor US Equity Index. FMDE is actively managed, while JPUS is passively managed. Over the past year, FMDE returned 16.99% vs 20.45% for JPUS. Their correlation of 0.86 suggests significant overlap in exposure. FMDE charges 0.23%/yr vs 0.18%/yr for JPUS.

Performance

FMDE vs. JPUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and JPMorgan Diversified Return US Equity ETF (JPUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDE achieves a 11.31% return, which is significantly lower than JPUS's 14.28% return.

FMDE

• 1D: -0.37%
• 1M: 0.40%
• 6M: 7.79%
• YTD: 11.31%
• 1Y: 16.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.92%

JPUS

• 1D: -0.52%
• 1M: 1.73%
• 6M: 9.76%
• YTD: 14.28%
• 1Y: 20.45%
• 3Y*: 14.33%
• 5Y*: 10.09%
• 10Y*: 11.27%
• ALL TIME*: 12.05%

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

FMDE vs. JPUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	11.31%	12.19%	21.76%	9.09%
JPUS JPMorgan Diversified Return US Equity ETF	14.28%	11.18%	13.48%	7.04%

Correlation

The correlation between FMDE and JPUS is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.86

The correlation between FMDE and JPUS has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

FMDE vs. JPUS - Sectors Allocation Comparison

Sectors	FMDE	JPUS
Technology	22.7%	10.0%
Industrials	18.0%	9.6%
Financial Services	12.3%	8.6%
Consumer Cyclical	10.8%	8.3%
Healthcare	10.2%	12.3%
Energy	5.6%	7.2%
Real Estate	5.6%	10.7%
Utilities	4.9%	10.1%
Basic Materials	4.3%	6.4%
Communication Services	2.4%	4.4%
Consumer Defensive	2.1%	11.2%

Return for Risk

FMDE vs. JPUS — 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: 47
FMDE Sortino Ratio Rank: 48
FMDE Omega Ratio Rank: 44
FMDE Calmar Ratio Rank: 54
FMDE Martin Ratio Rank: 63

JPUS

JPUS Risk / Return Rank: 81
JPUS Sharpe Ratio Rank: 82
JPUS Sortino Ratio Rank: 84
JPUS Omega Ratio Rank: 79
JPUS Calmar Ratio Rank: 78
JPUS Martin Ratio Rank: 83

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. JPUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and JPMorgan Diversified Return US Equity ETF (JPUS). 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	JPUS	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.98	-0.73
Sortino ratio: Return per unit of downside risk	1.83	2.91	-1.07
Omega ratio: Gain probability vs. loss probability	1.22	1.35	-0.13
Calmar ratio: Return relative to maximum drawdown	2.05	2.98	-0.93
Martin ratio: Return relative to average drawdown	8.05	11.98	-3.93

FMDE vs. JPUS - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.25, which is lower than the JPUS Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FMDE and JPUS, 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. JPUS - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum JPUS drawdown of -38.69%. Use the drawdown chart below to compare losses from any high point for FMDE and JPUS.

Drawdown Indicators

	FMDE	JPUS	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-38.69%	+17.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-6.90%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.96%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.69%	—
Current Drawdown Current decline from peak	-0.84%	-0.92%	+0.08%
Average Drawdown Average peak-to-trough decline	-2.55%	-3.78%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	1.71%	+0.41%

Volatility

FMDE vs. JPUS - Volatility Comparison

Fidelity Enhanced Mid Cap ETF (FMDE) has a higher volatility of 2.62% compared to JPMorgan Diversified Return US Equity ETF (JPUS) at 2.16%. This indicates that FMDE's price experiences larger fluctuations and is considered to be riskier than JPUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	JPUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	2.16%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	7.65%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	13.73%	10.39%	+3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	14.45%	+1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	16.71%	-0.70%

FMDE vs. JPUS - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is higher than JPUS's 0.18% 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. JPUS - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.09%, less than JPUS's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
JPUS JPMorgan Diversified Return US Equity ETF	1.99%	2.27%	2.12%	2.26%	2.35%	1.67%	1.94%	2.09%	2.16%	1.25%	0.77%	0.48%

Frequently Asked Questions

Can I hold both FMDE and JPUS in my portfolio?

FMDE and JPUS have a correlation of 0.79, 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 JPUS?

FMDE has higher volatility (2.62%) compared to JPUS (2.16%). In terms of maximum drawdown, FMDE dropped -21.10% vs JPUS's -38.69%.

Which ETF is better, FMDE or JPUS?

On 1-year performance, JPUS leads with 20.45% vs 16.99% for FMDE. On fees, JPUS is cheaper at 0.18% per year. On volatility, JPUS has been the lower-risk option at 2.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or JPUS?

Over the 1-year period, JPUS has performed better with a 20.45% 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 JPUS?

JPUS is cheaper with a 0.18% expense ratio, compared with 0.23% for FMDE.

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

JPUS has the higher dividend yield at 1.99%, compared with 1.09% for FMDE.

What is the main difference between FMDE and JPUS?

FMDE is categorized as Mid Cap Blend Equities, while JPUS is Large Cap Blend Equities. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.23% for FMDE and 0.18% for JPUS.

Which has better risk-adjusted returns?

JPUS currently has the higher Sharpe Ratio (1.98 vs 1.25), 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.