FSEV vs. FESM

Last updated Jul 21, 2026

FSEV (Fidelity Enhanced Small Cap Value ETF) and FESM (Fidelity Enhanced Small Cap Core ETF) are both exchange-traded funds - FSEV is a Small Cap Value Equities fund actively managed by Fidelity, while FESM is a Small Cap Blend Equities fund actively managed by Fidelity. Both are actively managed. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.28% expense ratio.

Performance

FSEV vs. FESM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Small Cap Value ETF (FSEV) and Fidelity Enhanced Small Cap Core ETF (FESM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FSEV

• 1D: -0.64%
• 1M: 1.80%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FESM

• 1D: -0.61%
• 1M: 0.34%
• 6M: 16.88%
• YTD: 24.83%
• 1Y: 44.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 27.67%

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

FSEV vs. FESM - Yearly Performance Comparison

	2026 (YTD)
FSEV Fidelity Enhanced Small Cap Value ETF	6.17%
FESM Fidelity Enhanced Small Cap Core ETF	10.39%

Correlation

The correlation between FSEV and FESM is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.86

FSEV vs. FESM - Sectors Allocation Comparison

Sectors	FSEV	FESM
Financial Services	27.7%	16.3%
Industrials	13.8%	14.4%
Consumer Cyclical	10.5%	8.8%
Healthcare	10.3%	18.3%
Technology	10.1%	18.1%
Real Estate	7.9%	4.4%
Energy	6.0%	4.7%
Basic Materials	4.0%	4.2%
Utilities	3.7%	2.4%
Communication Services	2.6%	2.5%
Consumer Defensive	2.0%	1.2%

Return for Risk

FSEV vs. FESM — Risk / Return Rank

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

FSEV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FESM

FESM Risk / Return Rank: 89
FESM Sharpe Ratio Rank: 90
FESM Sortino Ratio Rank: 89
FESM Omega Ratio Rank: 85
FESM Calmar Ratio Rank: 92
FESM 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.

FSEV vs. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap Value ETF (FSEV) and Fidelity Enhanced Small Cap Core ETF (FESM). 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.

	FSEV	FESM	Difference
Sharpe ratio: Return per unit of total volatility	—	2.32	—
Sortino ratio: Return per unit of downside risk	—	3.18	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	4.39	—
Martin ratio: Return relative to average drawdown	—	15.71	—

Drawdowns

FSEV vs. FESM - Drawdown Comparison

The maximum FSEV drawdown since its inception was -4.16%, smaller than the maximum FESM drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for FSEV and FESM.

Drawdown Indicators

	FSEV	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-4.16%	-26.93%	+22.77%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.18%	—
Current Drawdown Current decline from peak	-1.34%	-2.82%	+1.48%
Average Drawdown Average peak-to-trough decline	-1.00%	-4.62%	+3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.84%	—

Volatility

Volatility by Period

	FSEV	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.39%	19.27%	-3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	21.12%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.39%	21.12%	-5.73%

FSEV vs. FESM - Expense Ratio Comparison

Both FSEV and FESM have an expense ratio of 0.28%.

Dividends

FSEV vs. FESM - Dividend Comparison

FSEV's dividend yield for the trailing twelve months is around 0.27%, less than FESM's 0.73% yield.

Position	TTM	2025	2024	2023
FESM Fidelity Enhanced Small Cap Core ETF	0.73%	0.82%	1.08%	0.06%
FSEV Fidelity Enhanced Small Cap Value ETF	0.27%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSEV and FESM in my portfolio?

FSEV and FESM have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSEV or FESM?

Both ETFs have the same 0.28% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSEV or FESM?

FSEV and FESM have the same expense ratio: 0.28% per year.

Which ETF pays a higher dividend yield, FSEV or FESM?

FESM has the higher dividend yield at 0.73%, compared with 0.27% for FSEV.

What is the main difference between FSEV and FESM?

FSEV is categorized as Small Cap Value Equities, while FESM is Small Cap Blend Equities.