FMDE vs. SPMD
FMDE (Fidelity Enhanced Mid Cap ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds. FMDE is actively managed, while SPMD is passively managed. Over the past year, FMDE returned 20.62% vs 25.49% for SPMD. Their correlation of 0.94 suggests significant overlap in exposure. FMDE charges 0.23%/yr vs 0.05%/yr for SPMD.
Performance
FMDE vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, FMDE achieves a 10.39% return, which is significantly lower than SPMD's 14.16% return.
FMDE
- 1D
- -0.20%
- 1M
- 4.14%
- YTD
- 10.39%
- 6M
- 10.80%
- 1Y
- 20.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPMD
- 1D
- -0.08%
- 1M
- 3.86%
- YTD
- 14.16%
- 6M
- 14.41%
- 1Y
- 25.49%
- 3Y*
- 16.15%
- 5Y*
- 8.20%
- 10Y*
- 11.51%
FMDE vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FMDE Fidelity Enhanced Mid Cap ETF | 10.39% | 12.19% | 21.76% | 8.91% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.16% | 7.44% | 13.91% | 9.44% |
Correlation
The correlation between FMDE and SPMD is 0.93, 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 | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023 | 0.94 |
The correlation between FMDE and SPMD has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
FMDE vs. SPMD — Risk / Return Rank
FMDE
SPMD
FMDE vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.29 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 2.89 | -0.40 |
| Martin ratioReturn relative to average drawdown | 9.84 | 10.61 | -0.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMDE | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | 1.65 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.42 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.35 | 0.45 | +0.90 |
Drawdowns
FMDE vs. SPMD - Drawdown Comparison
The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for FMDE and SPMD.
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Drawdown Indicators
| FMDE | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.10% | -57.62% | +36.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.33% | -8.86% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.08% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.86% | — |
Current DrawdownCurrent decline from peak | -0.20% | -0.08% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -2.65% | -8.12% | +5.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 2.41% | -0.31% |
Volatility
FMDE vs. SPMD - Volatility Comparison
The current volatility for Fidelity Enhanced Mid Cap ETF (FMDE) is 3.24%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.38%. This indicates that FMDE experiences smaller price fluctuations and is considered to be less risky than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMDE | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.24% | 4.38% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 9.82% | 11.37% | -1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.61% | 15.57% | -1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.13% | 19.70% | -3.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.13% | 21.18% | -5.05% |
FMDE vs. SPMD - Expense Ratio Comparison
FMDE has a 0.23% expense ratio, which is higher than SPMD's 0.05% 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. SPMD - Dividend Comparison
FMDE's dividend yield for the trailing twelve months is around 1.10%, less than SPMD's 1.23% 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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.23% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
With a correlation of 0.93, FMDE and SPMD 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.
SPMD has higher volatility (4.38%) compared to FMDE (3.24%). In terms of maximum drawdown, FMDE dropped -21.10% vs SPMD's -57.62%.
On 1-year performance, SPMD leads with 25.49% vs 20.62% for FMDE. On fees, SPMD is cheaper at 0.05% 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.
Over the 1-year period, SPMD has performed better with a 25.49% return vs 20.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.23% for FMDE.
SPMD has the higher dividend yield at 1.23%, compared with 1.10% for FMDE.
They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.23% for FMDE and 0.05% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.65 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.
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