FMDE vs. VO

Last updated Jun 4, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and VO (Vanguard Mid-Cap ETF) are both Mid Cap Blend Equities funds. FMDE is actively managed, while VO is passively managed. Over the past year, FMDE returned 20.62% vs 18.13% for VO. With a 0.96 correlation, they move nearly in lockstep. FMDE charges 0.23%/yr vs 0.03%/yr for VO.

Performance

FMDE vs. VO - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FMDE having a 10.39% return and VO slightly lower at 10.05%.

FMDE

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

VO

• 1D: -0.45%
• 1M: 3.20%
• YTD: 10.05%
• 6M: 9.73%
• 1Y: 18.13%
• 3Y*: 16.69%
• 5Y*: 7.87%
• 10Y*: 11.55%

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

FMDE vs. VO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	10.39%	12.19%	21.76%	8.91%
VO Vanguard Mid-Cap ETF	10.05%	11.62%	15.31%	8.76%

Correlation

The correlation between FMDE and VO is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.96

The correlation between FMDE and VO has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

FMDE vs. VO - Sectors Allocation Comparison

Sectors	FMDE	VO
Technology	20.6%	18.6%
Industrials	20.1%	17.9%
Financial Services	12.9%	12.8%
Consumer Cyclical	12.1%	8.6%
Healthcare	7.8%	7.6%
Energy	6.4%	8.5%
Real Estate	5.7%	5.4%
Utilities	5.0%	8.3%
Basic Materials	3.9%	4.2%
Communication Services	3.8%	3.1%
Consumer Defensive	1.7%	4.8%

Return for Risk

FMDE vs. VO — 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

VO

VO Risk / Return Rank: 43
VO Sharpe Ratio Rank: 41
VO Sortino Ratio Rank: 41
VO Omega Ratio Rank: 38
VO Calmar Ratio Rank: 44
VO Martin Ratio Rank: 50

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. VO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and Vanguard Mid-Cap ETF (VO). 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	VO	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.48	+0.04
Sortino ratio: Return per unit of downside risk	2.20	2.14	+0.06
Omega ratio: Gain probability vs. loss probability	1.27	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	2.49	2.23	+0.26
Martin ratio: Return relative to average drawdown	9.84	8.50	+1.35
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. VO - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.52, which is comparable to the VO Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of FMDE and VO, 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	VO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	1.48	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.45	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	0.50	+0.85

Drawdowns

FMDE vs. VO - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for FMDE and VO.

Drawdown Indicators

	FMDE	VO	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-58.87%	+37.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-8.17%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.02%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.57%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.37%	—
Current Drawdown Current decline from peak	-0.20%	-0.45%	+0.25%
Average Drawdown Average peak-to-trough decline	-2.65%	-7.86%	+5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.14%	-0.04%

Volatility

FMDE vs. VO - Volatility Comparison

Fidelity Enhanced Mid Cap ETF (FMDE) has a higher volatility of 3.24% compared to Vanguard Mid-Cap ETF (VO) at 2.99%. This indicates that FMDE's price experiences larger fluctuations and is considered to be riskier than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	VO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	2.99%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	9.21%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	12.34%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	17.59%	-1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	18.95%	-2.82%

FMDE vs. VO - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is higher than VO's 0.03% 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. VO - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.10%, less than VO's 1.36% 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%
VO Vanguard Mid-Cap ETF	1.36%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both FMDE and VO in my portfolio?

With a correlation of 0.94, FMDE and VO 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.

Which is riskier, FMDE or VO?

FMDE has higher volatility (3.24%) compared to VO (2.99%). In terms of maximum drawdown, FMDE dropped -21.10% vs VO's -58.87%.

Which ETF is better, FMDE or VO?

On 1-year performance, FMDE leads with 20.62% vs 18.13% for VO. On fees, VO is cheaper at 0.03% per year. On volatility, VO has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or VO?

Over the 1-year period, FMDE has performed better with a 20.62% return vs 18.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or VO?

VO is cheaper with a 0.03% expense ratio, compared with 0.23% for FMDE.

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

VO has the higher dividend yield at 1.36%, compared with 1.10% for FMDE.

What is the main difference between FMDE and VO?

They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.23% for FMDE and 0.03% for VO.

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.52 vs 1.48), 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.