FMDE vs. PWC

Last updated Jun 4, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and PWC (Invesco Dynamic Market ETF) are both Mid Cap Blend Equities funds. FMDE is actively managed, while PWC is passively managed. Over the past year, FMDE returned 20.62% vs 8.50% for PWC. A 0.79 correlation means they provide meaningful diversification when combined. FMDE charges 0.23%/yr vs 0.60%/yr for PWC.

Performance

FMDE vs. PWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and Invesco Dynamic Market ETF (PWC). 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 higher than PWC's 5.85% return.

FMDE

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

PWC

• 1D: -0.13%
• 1M: 0.31%
• YTD: 5.85%
• 6M: 6.04%
• 1Y: 8.50%
• 3Y*: 13.71%
• 5Y*: 6.10%
• 10Y*: 9.52%

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

FMDE vs. PWC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	10.39%	12.19%	21.76%	8.91%
PWC Invesco Dynamic Market ETF	5.85%	6.15%	17.46%	8.04%

Correlation

The correlation between FMDE and PWC is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.79

The correlation between FMDE and PWC has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

FMDE vs. PWC - Sectors Allocation Comparison

Sectors	FMDE	PWC
Technology	20.6%	26.1%
Industrials	20.1%	10.3%
Financial Services	12.9%	14.0%
Consumer Cyclical	12.1%	11.5%
Healthcare	7.8%	12.7%
Energy	6.4%	5.5%
Real Estate	5.7%	5.6%
Utilities	5.0%	2.7%
Basic Materials	3.9%	3.5%
Communication Services	3.8%	7.0%
Consumer Defensive	1.7%	6.8%

Return for Risk

FMDE vs. PWC — 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

PWC

PWC Risk / Return Rank: 25
PWC Sharpe Ratio Rank: 25
PWC Sortino Ratio Rank: 24
PWC Omega Ratio Rank: 22
PWC Calmar Ratio Rank: 28
PWC Martin Ratio Rank: 28

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. PWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and Invesco Dynamic Market ETF (PWC). 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	PWC	Difference
Sharpe ratio: Return per unit of total volatility	1.52	0.88	+0.65
Sortino ratio: Return per unit of downside risk	2.20	1.33	+0.87
Omega ratio: Gain probability vs. loss probability	1.27	1.15	+0.12
Calmar ratio: Return relative to maximum drawdown	2.49	1.32	+1.16
Martin ratio: Return relative to average drawdown	9.84	4.06	+5.78
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. PWC - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.52, which is higher than the PWC Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of FMDE and PWC, 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	PWC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	0.88	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	0.11	+1.24

Drawdowns

FMDE vs. PWC - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum PWC drawdown of -78.13%. Use the drawdown chart below to compare losses from any high point for FMDE and PWC.

Drawdown Indicators

	FMDE	PWC	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-78.13%	+57.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-6.45%	-1.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.45%	—
Current Drawdown Current decline from peak	-0.20%	-2.37%	+2.17%
Average Drawdown Average peak-to-trough decline	-2.65%	-36.21%	+33.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.10%	0.00%

Volatility

FMDE vs. PWC - Volatility Comparison

Fidelity Enhanced Mid Cap ETF (FMDE) has a higher volatility of 3.24% compared to Invesco Dynamic Market ETF (PWC) at 2.14%. This indicates that FMDE's price experiences larger fluctuations and is considered to be riskier than PWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	PWC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	2.14%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	7.19%	+2.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	9.75%	+3.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	16.07%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	18.81%	-2.68%

FMDE vs. PWC - Expense Ratio Comparison

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

Dividends

FMDE vs. PWC - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.10%, less than PWC's 1.68% 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%
PWC Invesco Dynamic Market ETF	1.68%	1.77%	1.58%	1.67%	1.51%	0.56%	1.09%	0.95%	1.44%	1.75%	1.35%	1.02%

Frequently Asked Questions

Can I hold both FMDE and PWC in my portfolio?

FMDE and PWC have a correlation of 0.71, 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 PWC?

FMDE has higher volatility (3.24%) compared to PWC (2.14%). In terms of maximum drawdown, FMDE dropped -21.10% vs PWC's -78.13%.

Which ETF is better, FMDE or PWC?

On 1-year performance, FMDE leads with 20.62% vs 8.50% for PWC. On fees, FMDE is cheaper at 0.23% per year. On volatility, PWC has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or PWC?

Over the 1-year period, FMDE has performed better with a 20.62% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or PWC?

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

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

PWC has the higher dividend yield at 1.68%, compared with 1.10% for FMDE.

What is the main difference between FMDE and PWC?

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

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.52 vs 0.88), 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.