FMED vs. FSMEX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Disruptive Medicine ETF (FMED) and Fidelity Select Medical Technology and Devices Portfolio (FSMEX).

FMED is an actively managed fund by Fidelity. It was launched on Apr 16, 2020. FSMEX is managed by Fidelity. It was launched on Apr 28, 1998.

Performance

FMED vs. FSMEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Disruptive Medicine ETF (FMED) and Fidelity Select Medical Technology and Devices Portfolio (FSMEX). The values are adjusted to include any dividend payments, if applicable.

FMED vs. FSMEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMED Fidelity Disruptive Medicine ETF	-9.18%	9.69%	2.29%	-4.20%
FSMEX Fidelity Select Medical Technology and Devices Portfolio	-17.58%	8.13%	18.37%	-3.14%

Returns By Period

In the year-to-date period, FMED achieves a -9.18% return, which is significantly higher than FSMEX's -17.58% return.

FMED

• 1D: 4.31%
• 1M: -6.27%
• YTD: -9.18%
• 6M: -1.52%
• 1Y: 4.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FSMEX

• 1D: -0.58%
• 1M: -11.19%
• YTD: -17.58%
• 6M: -11.01%
• 1Y: -8.83%
• 3Y*: 0.36%
• 5Y*: -0.71%
• 10Y*: 10.46%

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

FMED vs. FSMEX - Expense Ratio Comparison

FMED has a 0.50% expense ratio, which is lower than FSMEX's 0.68% expense ratio.

FSMEX

Fidelity Select Medical Technology and Devices Portfolio

FMED

Fidelity Disruptive Medicine ETF

Return for Risk

FMED vs. FSMEX — Risk / Return Rank

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

FMED

FMED Risk / Return Rank: 16
FMED Sharpe Ratio Rank: 17
FMED Sortino Ratio Rank: 18
FMED Omega Ratio Rank: 16
FMED Calmar Ratio Rank: 15
FMED Martin Ratio Rank: 15

FSMEX

FSMEX Risk / Return Rank: 2
FSMEX Sharpe Ratio Rank: 2
FSMEX Sortino Ratio Rank: 2
FSMEX Omega Ratio Rank: 2
FSMEX Calmar Ratio Rank: 2
FSMEX Martin Ratio Rank: 1

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.

FMED vs. FSMEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Disruptive Medicine ETF (FMED) and Fidelity Select Medical Technology and Devices Portfolio (FSMEX). 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.

	FMED	FSMEX	Difference
Sharpe ratio Return per unit of total volatility	0.19	-0.41	+0.60
Sortino ratio Return per unit of downside risk	0.43	-0.46	+0.89
Omega ratio Gain probability vs. loss probability	1.05	0.94	+0.11
Calmar ratio Return relative to maximum drawdown	0.16	-0.48	+0.64
Martin ratio Return relative to average drawdown	0.48	-1.55	+2.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMED vs. FSMEX - Sharpe Ratio Comparison

The current FMED Sharpe Ratio is 0.19, which is higher than the FSMEX Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of FMED and FSMEX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FMED	FSMEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.19	-0.41	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.65	-0.70

Correlation

The correlation between FMED and FSMEX is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FMED vs. FSMEX - Dividend Comparison

FMED has not paid dividends to shareholders, while FSMEX's dividend yield for the trailing twelve months is around 12.78%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMED Fidelity Disruptive Medicine ETF	0.00%	0.00%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSMEX Fidelity Select Medical Technology and Devices Portfolio	12.78%	10.53%	17.04%	0.00%	1.80%	8.12%	6.65%	1.77%	7.47%	6.26%	5.84%	16.35%

Drawdowns

FMED vs. FSMEX - Drawdown Comparison

The maximum FMED drawdown since its inception was -21.84%, smaller than the maximum FSMEX drawdown of -40.34%. Use the drawdown chart below to compare losses from any high point for FMED and FSMEX.

Drawdown Indicators

	FMED	FSMEX	Difference
Max Drawdown Largest peak-to-trough decline	-21.84%	-40.34%	+18.50%
Max Drawdown (1Y) Largest decline over 1 year	-18.33%	-21.04%	+2.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.34%	—
Current Drawdown Current decline from peak	-14.81%	-22.82%	+8.01%
Average Drawdown Average peak-to-trough decline	-6.64%	-7.66%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.90%	6.50%	-0.60%

Volatility

FMED vs. FSMEX - Volatility Comparison

Fidelity Disruptive Medicine ETF (FMED) has a higher volatility of 8.24% compared to Fidelity Select Medical Technology and Devices Portfolio (FSMEX) at 5.85%. This indicates that FMED's price experiences larger fluctuations and is considered to be riskier than FSMEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMED	FSMEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.24%	5.85%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	13.98%	12.32%	+1.66%
Volatility (1Y) Calculated over the trailing 1-year period	21.35%	21.03%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.31%	20.75%	-2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	20.59%	-2.28%