FQAL vs. FMTM

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Quality Factor ETF (FQAL) and MarketDesk Focused U.S. Momentum ETF (FMTM).

FQAL and FMTM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FQAL is a passively managed fund by Fidelity that tracks the performance of the Fidelity U.S. Quality Factor Index. It was launched on Sep 12, 2016.

Performance

FQAL vs. FMTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Quality Factor ETF (FQAL) and MarketDesk Focused U.S. Momentum ETF (FMTM). The values are adjusted to include any dividend payments, if applicable.

FQAL vs. FMTM - Yearly Performance Comparison

	2026 (YTD)	2025
FQAL Fidelity Quality Factor ETF	-3.61%	18.12%
FMTM MarketDesk Focused U.S. Momentum ETF	8.17%	27.90%

Returns By Period

In the year-to-date period, FQAL achieves a -3.61% return, which is significantly lower than FMTM's 8.17% return.

FQAL

• 1D: 2.61%
• 1M: -5.34%
• YTD: -3.61%
• 6M: -2.20%
• 1Y: 14.58%
• 3Y*: 16.72%
• 5Y*: 11.10%
• 10Y*: —

FMTM

• 1D: 4.80%
• 1M: -6.51%
• YTD: 8.17%
• 6M: 16.49%
• 1Y: 36.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FQAL vs. FMTM - Expense Ratio Comparison

FQAL has a 0.29% expense ratio, which is lower than FMTM's 0.45% expense ratio.

FMTM

MarketDesk Focused U.S. Momentum ETF

FQAL

Fidelity Quality Factor ETF

Return for Risk

FQAL vs. FMTM — Risk / Return Rank

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

FQAL

FQAL Risk / Return Rank: 57
FQAL Sharpe Ratio Rank: 51
FQAL Sortino Ratio Rank: 54
FQAL Omega Ratio Rank: 55
FQAL Calmar Ratio Rank: 57
FQAL Martin Ratio Rank: 68

FMTM

FMTM Risk / Return Rank: 85
FMTM Sharpe Ratio Rank: 83
FMTM Sortino Ratio Rank: 82
FMTM Omega Ratio Rank: 77
FMTM Calmar Ratio Rank: 91
FMTM Martin Ratio Rank: 91

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.

FQAL vs. FMTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Quality Factor ETF (FQAL) and MarketDesk Focused U.S. Momentum ETF (FMTM). 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.

	FQAL	FMTM	Difference
Sharpe ratio Return per unit of total volatility	0.87	1.58	-0.71
Sortino ratio Return per unit of downside risk	1.36	2.09	-0.74
Omega ratio Gain probability vs. loss probability	1.20	1.29	-0.09
Calmar ratio Return relative to maximum drawdown	1.37	3.15	-1.78
Martin ratio Return relative to average drawdown	6.53	11.97	-5.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FQAL vs. FMTM - Sharpe Ratio Comparison

The current FQAL Sharpe Ratio is 0.87, which is lower than the FMTM Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FQAL and FMTM, 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

	FQAL	FMTM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	1.58	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.61	-0.86

Correlation

The correlation between FQAL and FMTM is 0.74, 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

FQAL vs. FMTM - Dividend Comparison

FQAL's dividend yield for the trailing twelve months is around 1.25%, more than FMTM's 0.27% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FQAL Fidelity Quality Factor ETF	1.25%	1.12%	1.20%	1.35%	1.52%	1.17%	1.46%	1.55%	1.73%	1.53%	0.43%
FMTM MarketDesk Focused U.S. Momentum ETF	0.27%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FQAL vs. FMTM - Drawdown Comparison

The maximum FQAL drawdown since its inception was -33.71%, which is greater than FMTM's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for FQAL and FMTM.

Drawdown Indicators

	FQAL	FMTM	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-12.12%	-21.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.41%	-12.12%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-25.50%	—	—
Current Drawdown Current decline from peak	-6.04%	-7.90%	+1.86%
Average Drawdown Average peak-to-trough decline	-4.66%	-1.88%	-2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	3.19%	-0.80%

Volatility

FQAL vs. FMTM - Volatility Comparison

The current volatility for Fidelity Quality Factor ETF (FQAL) is 4.99%, while MarketDesk Focused U.S. Momentum ETF (FMTM) has a volatility of 11.09%. This indicates that FQAL experiences smaller price fluctuations and is considered to be less risky than FMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FQAL	FMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.99%	11.09%	-6.10%
Volatility (6M) Calculated over the trailing 6-month period	9.02%	19.22%	-10.20%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	23.34%	-6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	23.18%	-6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	23.18%	-5.50%