FMDE vs. VOO

Last updated Aug 2, 2026

FMDE (Fidelity Enhanced Mid Cap Core ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while VOO is a S&P 500 fund tracking the S&P 500 Index. FMDE is actively managed, while VOO is passively managed. Over the past year, FMDE returned 21.03% vs 21.58% for VOO. Their correlation of 0.82 means they have usually moved in the same direction. FMDE charges 0.23%/yr vs 0.03%/yr for VOO.

Performance

FMDE vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap Core ETF (FMDE) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDE achieves a 13.63% return, which is significantly higher than VOO's 10.16% return.

FMDE

• 1D: 0.10%
• 1M: 1.81%
• 6M: 12.31%
• YTD: 13.63%
• 1Y: 21.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.59%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMDE Fidelity Enhanced Mid Cap Core ETF	$38.47M	$36.07M	$34.28M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

FMDE vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap Core ETF	13.63%	12.19%	21.76%	9.09%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	5.86%

Correlation

The correlation between FMDE and VOO is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.82

The correlation between FMDE and VOO has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

FMDE vs. VOO - Sectors Allocation Comparison

Sectors	FMDE	VOO
Technology	20.2%	38.6%
Industrials	17.1%	8.5%
Financial Services	11.9%	11.4%
Consumer Cyclical	10.6%	9.5%
Healthcare	10.1%	8.9%
Real Estate	5.7%	1.8%
Energy	5.0%	3.0%
Basic Materials	5.0%	1.7%
Utilities	4.7%	2.2%
Communication Services	2.2%	9.9%
Consumer Defensive	2.1%	4.5%

Return for Risk

FMDE vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FMDE

FMDE Risk / Return Rank: 65
FMDE Sharpe Ratio Rank: 61
FMDE Sortino Ratio Rank: 61
FMDE Omega Ratio Rank: 58
FMDE Calmar Ratio Rank: 68
FMDE Martin Ratio Rank: 75

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FMDE vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap Core ETF (FMDE) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.53	-0.11
Sortino ratio: Return per unit of downside risk	2.06	2.13	-0.07
Omega ratio: Gain probability vs. loss probability	1.25	1.28	-0.02
Calmar ratio: Return relative to maximum drawdown	2.35	2.21	+0.14
Martin ratio: Return relative to average drawdown	9.29	9.44	-0.15

FMDE vs. VOO - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.42, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of FMDE and VOO, 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. VOO - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FMDE and VOO.

Drawdown Indicators

	FMDE	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-33.99%	+12.89%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-8.90%	+0.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.29%	-1.38%	+1.09%
Average Drawdown Average peak-to-trough decline	-2.52%	-3.67%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.08%	+0.02%

Volatility

FMDE vs. VOO - Volatility Comparison

The current volatility for Fidelity Enhanced Mid Cap Core ETF (FMDE) is 2.41%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.54%. This indicates that FMDE experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	3.54%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	10.26%	10.10%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.75%	12.82%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	16.93%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	18.01%	-2.08%

FMDE vs. VOO - Expense Ratio Comparison

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

FMDE's dividend yield for the trailing twelve months is around 1.07%, which matches VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDE Fidelity Enhanced Mid Cap Core ETF	1.07%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FMDE and VOO in my portfolio?

FMDE and VOO have a correlation of 0.79, 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 VOO?

VOO has higher volatility (3.54%) compared to FMDE (2.41%). In terms of maximum drawdown, FMDE dropped -21.10% vs VOO's -33.99%.

Which ETF is better, FMDE or VOO?

On 1-year performance, VOO leads with 21.58% vs 21.03% for FMDE. On fees, VOO is cheaper at 0.03% per year. On volatility, FMDE has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or VOO?

Over the 1-year period, VOO has performed better with a 21.58% return vs 21.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or VOO?

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

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

FMDE and VOO have nearly identical dividend yields, around 1.07%.

What is the main difference between FMDE and VOO?

FMDE is categorized as Mid Cap Blend Equities, while VOO is S&P 500. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.23% for FMDE and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.53 vs 1.42), 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.