FMDE vs. QRSVX

Last updated Jun 5, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and QRSVX (FPA Queens Road Small Cap Value Fund Investor Class) are both funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while QRSVX is a Small Cap Value Equities fund tracking the Russell 2000 Value. FMDE is actively managed, while QRSVX is passively managed. Over the past year, FMDE returned 21.18% vs 37.90% for QRSVX. Their correlation of 0.86 suggests significant overlap in exposure. FMDE charges 0.23%/yr vs 0.94%/yr for QRSVX.

Performance

FMDE vs. QRSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and FPA Queens Road Small Cap Value Fund Investor Class (QRSVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDE achieves a 10.64% return, which is significantly lower than QRSVX's 24.66% return.

FMDE

• 1D: 0.22%
• 1M: 3.45%
• YTD: 10.64%
• 6M: 10.59%
• 1Y: 21.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QRSVX

• 1D: -0.28%
• 1M: 6.19%
• YTD: 24.66%
• 6M: 23.12%
• 1Y: 37.90%
• 3Y*: 21.48%
• 5Y*: 11.47%
• 10Y*: —

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

FMDE vs. QRSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	10.64%	12.19%	21.76%	8.91%
QRSVX FPA Queens Road Small Cap Value Fund Investor Class	24.66%	13.37%	10.72%	9.69%

Correlation

The correlation between FMDE and QRSVX is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.86

The correlation between FMDE and QRSVX has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

Return for Risk

FMDE vs. QRSVX — Risk / Return Rank

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

FMDE

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

QRSVX

QRSVX Risk / Return Rank: 79
QRSVX Sharpe Ratio Rank: 74
QRSVX Sortino Ratio Rank: 77
QRSVX Omega Ratio Rank: 65
QRSVX Calmar Ratio Rank: 91
QRSVX Martin Ratio Rank: 88

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. QRSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and FPA Queens Road Small Cap Value Fund Investor Class (QRSVX). 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	QRSVX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.49	-0.92
Sortino ratio: Return per unit of downside risk	2.25	3.70	-1.45
Omega ratio: Gain probability vs. loss probability	1.28	1.44	-0.17
Calmar ratio: Return relative to maximum drawdown	2.55	4.75	-2.19
Martin ratio: Return relative to average drawdown	10.11	16.81	-6.70
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. QRSVX - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.57, which is lower than the QRSVX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FMDE and QRSVX, 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	QRSVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.49	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	0.83	+0.53

Drawdowns

FMDE vs. QRSVX - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, roughly equal to the maximum QRSVX drawdown of -20.59%. Use the drawdown chart below to compare losses from any high point for FMDE and QRSVX.

Drawdown Indicators

	FMDE	QRSVX	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-20.59%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-7.93%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.59%	—
Current Drawdown Current decline from peak	0.00%	-0.28%	+0.28%
Average Drawdown Average peak-to-trough decline	-2.64%	-4.89%	+2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.23%	-0.13%

Volatility

FMDE vs. QRSVX - Volatility Comparison

The current volatility for Fidelity Enhanced Mid Cap ETF (FMDE) is 3.16%, while FPA Queens Road Small Cap Value Fund Investor Class (QRSVX) has a volatility of 4.50%. This indicates that FMDE experiences smaller price fluctuations and is considered to be less risky than QRSVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	QRSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	4.50%	-1.34%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	10.45%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	13.59%	15.17%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	17.48%	-1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	17.49%	-1.37%

FMDE vs. QRSVX - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is lower than QRSVX's 0.94% expense ratio.

Dividends

FMDE vs. QRSVX - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.10%, less than QRSVX's 3.57% yield.

Position	TTM	2025	2024	2023	2022	2021
FMDE Fidelity Enhanced Mid Cap ETF	1.10%	1.23%	1.11%	0.10%	0.00%	0.00%
QRSVX FPA Queens Road Small Cap Value Fund Investor Class	3.57%	4.45%	4.86%	2.56%	2.07%	1.66%

Frequently Asked Questions

Can I hold both FMDE and QRSVX in my portfolio?

FMDE and QRSVX have a correlation of 0.83, 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 QRSVX?

QRSVX has higher volatility (4.50%) compared to FMDE (3.16%). In terms of maximum drawdown, FMDE dropped -21.10% vs QRSVX's -20.59%.

Which has better risk-adjusted returns?

QRSVX currently has the higher Sharpe Ratio (2.49 vs 1.57), 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.