FMDE vs. PEXL

Last updated Jun 4, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and PEXL (Pacer US Export Leaders ETF) are both Mid Cap Blend Equities funds. FMDE is actively managed, while PEXL is passively managed. Over the past year, FMDE returned 20.62% vs 53.95% for PEXL. Their correlation of 0.85 suggests significant overlap in exposure. FMDE charges 0.23%/yr vs 0.60%/yr for PEXL.

Performance

FMDE vs. PEXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and Pacer US Export Leaders ETF (PEXL). 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 PEXL's 23.12% return.

FMDE

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

PEXL

• 1D: 0.57%
• 1M: 12.19%
• YTD: 23.12%
• 6M: 24.66%
• 1Y: 53.95%
• 3Y*: 22.51%
• 5Y*: 13.25%
• 10Y*: —

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

FMDE vs. PEXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	10.39%	12.19%	21.76%	8.91%
PEXL Pacer US Export Leaders ETF	23.12%	27.33%	5.79%	7.74%

Correlation

The correlation between FMDE and PEXL is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.85

The correlation between FMDE and PEXL has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

FMDE vs. PEXL - Sectors Allocation Comparison

Sectors	FMDE	PEXL
Technology	20.6%	55.1%
Industrials	20.1%	6.4%
Financial Services	12.9%	-
Consumer Cyclical	12.1%	4.3%
Healthcare	7.8%	7.5%
Energy	6.4%	1.1%
Real Estate	5.7%	-
Utilities	5.0%	-
Basic Materials	3.9%	4.2%
Communication Services	3.8%	15.1%
Consumer Defensive	1.7%	6.3%

Return for Risk

FMDE vs. PEXL — 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

PEXL

PEXL Risk / Return Rank: 87
PEXL Sharpe Ratio Rank: 89
PEXL Sortino Ratio Rank: 87
PEXL Omega Ratio Rank: 83
PEXL Calmar Ratio Rank: 85
PEXL Martin Ratio Rank: 89

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. PEXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and Pacer US Export Leaders ETF (PEXL). 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	PEXL	Difference
Sharpe ratio Return per unit of total volatility	1.52	3.05	-1.53
Sortino ratio Return per unit of downside risk	2.20	4.00	-1.80
Omega ratio Gain probability vs. loss probability	1.27	1.51	-0.24
Calmar ratio Return relative to maximum drawdown	2.49	4.74	-2.26
Martin ratio Return relative to average drawdown	9.84	20.42	-10.58
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. PEXL - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.52, which is lower than the PEXL Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of FMDE and PEXL, 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	PEXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	3.05	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	0.65	+0.70

Drawdowns

FMDE vs. PEXL - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum PEXL drawdown of -36.76%. Use the drawdown chart below to compare losses from any high point for FMDE and PEXL.

Drawdown Indicators

	FMDE	PEXL	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-36.76%	+15.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-11.43%	+3.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.44%	—
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-2.65%	-6.72%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.65%	-0.55%

Volatility

FMDE vs. PEXL - Volatility Comparison

The current volatility for Fidelity Enhanced Mid Cap ETF (FMDE) is 3.24%, while Pacer US Export Leaders ETF (PEXL) has a volatility of 5.25%. This indicates that FMDE experiences smaller price fluctuations and is considered to be less risky than PEXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	PEXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	5.25%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	13.10%	-3.28%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	17.80%	-4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	21.86%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	24.04%	-7.91%

FMDE vs. PEXL - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is lower than PEXL's 0.60% expense ratio.

Dividends

FMDE vs. PEXL - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.10%, more than PEXL's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FMDE Fidelity Enhanced Mid Cap ETF	1.10%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%
PEXL Pacer US Export Leaders ETF	0.34%	0.44%	0.48%	0.48%	0.60%	0.22%	0.48%	0.49%	0.29%

Frequently Asked Questions

Can I hold both FMDE and PEXL in my portfolio?

FMDE and PEXL have a correlation of 0.81, 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 PEXL?

PEXL has higher volatility (5.25%) compared to FMDE (3.24%). In terms of maximum drawdown, FMDE dropped -21.10% vs PEXL's -36.76%.

Which ETF is better, FMDE or PEXL?

On 1-year performance, PEXL leads with 53.95% vs 20.62% for FMDE. On fees, FMDE is cheaper at 0.23% per year. On volatility, FMDE has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or PEXL?

Over the 1-year period, PEXL has performed better with a 53.95% 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 PEXL?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.60% for PEXL.

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

FMDE has the higher dividend yield at 1.10%, compared with 0.34% for PEXL.

What is the main difference between FMDE and PEXL?

They also come from different issuers: Fidelity and Pacer. Their fees differ too: 0.23% for FMDE and 0.60% for PEXL.

Which has better risk-adjusted returns?

PEXL currently has the higher Sharpe Ratio (3.05 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.