FMDE vs. VFMO

Last updated Jun 24, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and VFMO (Vanguard U.S. Momentum Factor ETF) are both exchange-traded funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while VFMO is a Momentum fund actively managed by Vanguard. Both are actively managed. Over the past year, FMDE returned 19.98% vs 44.30% for VFMO. Their correlation of 0.87 suggests significant overlap in exposure. FMDE charges 0.23%/yr vs 0.13%/yr for VFMO.

Performance

FMDE vs. VFMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and Vanguard U.S. Momentum Factor ETF (VFMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDE achieves a 10.32% return, which is significantly lower than VFMO's 25.84% return.

FMDE

• 1D: -1.02%
• 1M: 2.10%
• YTD: 10.32%
• 6M: 9.12%
• 1Y: 19.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VFMO

• 1D: -2.31%
• 1M: 4.69%
• YTD: 25.84%
• 6M: 22.71%
• 1Y: 44.30%
• 3Y*: 27.88%
• 5Y*: 14.02%
• 10Y*: —

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

FMDE vs. VFMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	10.32%	12.19%	21.76%	9.09%
VFMO Vanguard U.S. Momentum Factor ETF	25.84%	17.39%	26.14%	11.01%

Correlation

The correlation between FMDE and VFMO is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.87

The correlation between FMDE and VFMO has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

FMDE vs. VFMO - Sectors Allocation Comparison

Sectors	FMDE	VFMO
Technology	23.3%	17.5%
Industrials	19.8%	24.7%
Financial Services	12.1%	6.5%
Consumer Cyclical	12.0%	8.7%
Healthcare	7.6%	22.9%
Energy	5.7%	7.3%
Real Estate	5.1%	0.1%
Utilities	4.6%	0.2%
Basic Materials	4.3%	6.4%
Communication Services	4.1%	3.4%
Consumer Defensive	1.5%	2.5%

Return for Risk

FMDE vs. VFMO — 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: 42
FMDE Omega Ratio Rank: 40
FMDE Calmar Ratio Rank: 51
FMDE Martin Ratio Rank: 56

VFMO

VFMO Risk / Return Rank: 67
VFMO Sharpe Ratio Rank: 63
VFMO Sortino Ratio Rank: 56
VFMO Omega Ratio Rank: 57
VFMO Calmar Ratio Rank: 80
VFMO Martin Ratio Rank: 80

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. VFMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and Vanguard U.S. Momentum Factor ETF (VFMO). 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	VFMO	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.99	-0.56
Sortino ratio: Return per unit of downside risk	2.07	2.59	-0.53
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	2.41	4.05	-1.64
Martin ratio: Return relative to average drawdown	9.44	15.07	-5.63

FMDE vs. VFMO - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.43, which is comparable to the VFMO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FMDE and VFMO, 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. VFMO - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum VFMO drawdown of -36.77%. Use the drawdown chart below to compare losses from any high point for FMDE and VFMO.

Drawdown Indicators

	FMDE	VFMO	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-36.77%	+15.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-10.98%	+2.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.80%	—
Current Drawdown Current decline from peak	-1.37%	-2.31%	+0.94%
Average Drawdown Average peak-to-trough decline	-2.61%	-7.73%	+5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	2.95%	-0.83%

Volatility

FMDE vs. VFMO - Volatility Comparison

The current volatility for Fidelity Enhanced Mid Cap ETF (FMDE) is 4.64%, while Vanguard U.S. Momentum Factor ETF (VFMO) has a volatility of 8.33%. This indicates that FMDE experiences smaller price fluctuations and is considered to be less risky than VFMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	VFMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	8.33%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	17.49%	-6.97%
Volatility (1Y) Calculated over the trailing 1-year period	14.03%	22.34%	-8.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	21.90%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.17%	23.64%	-7.47%

FMDE vs. VFMO - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is higher than VFMO's 0.13% 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. VFMO - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.10%, more than VFMO's 0.39% 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%
VFMO Vanguard U.S. Momentum Factor ETF	0.39%	0.82%	0.72%	0.89%	1.72%	0.81%	0.45%	1.22%	0.70%

Frequently Asked Questions

Can I hold both FMDE and VFMO in my portfolio?

FMDE and VFMO have a correlation of 0.82, 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 VFMO?

VFMO has higher volatility (8.33%) compared to FMDE (4.64%). In terms of maximum drawdown, FMDE dropped -21.10% vs VFMO's -36.77%.

Which ETF is better, FMDE or VFMO?

On 1-year performance, VFMO leads with 44.30% vs 19.98% for FMDE. On fees, VFMO is cheaper at 0.13% per year. On volatility, FMDE has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or VFMO?

Over the 1-year period, VFMO has performed better with a 44.30% return vs 19.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or VFMO?

VFMO is cheaper with a 0.13% expense ratio, compared with 0.23% for FMDE.

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

FMDE has the higher dividend yield at 1.10%, compared with 0.39% for VFMO.

What is the main difference between FMDE and VFMO?

FMDE is categorized as Mid Cap Blend Equities, while VFMO is Momentum. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.23% for FMDE and 0.13% for VFMO.

Which has better risk-adjusted returns?

VFMO currently has the higher Sharpe Ratio (1.99 vs 1.43), 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.