FSMD vs. AVSC

Last updated Jul 17, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and AVSC (Avantis US Small Cap Equity ETF) are both Small Cap Blend Equities funds. FSMD is passively managed, while AVSC is actively managed. Over the past 3 years, FSMD returned 15.93%/yr vs 17.28%/yr for AVSC. Their correlation of 0.94 suggests significant overlap in exposure. FSMD charges 0.15%/yr vs 0.25%/yr for AVSC.

Performance

FSMD vs. AVSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) and Avantis US Small Cap Equity ETF (AVSC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMD achieves a 16.55% return, which is significantly lower than AVSC's 25.77% return.

FSMD

• 1D: 0.00%
• 1M: -0.39%
• 6M: 10.83%
• YTD: 16.55%
• 1Y: 24.14%
• 3Y*: 15.93%
• 5Y*: 10.71%
• 10Y*: —

AVSC

• 1D: 0.95%
• 1M: 4.22%
• 6M: 16.71%
• YTD: 25.77%
• 1Y: 40.31%
• 3Y*: 17.28%
• 5Y*: —
• 10Y*: —

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

FSMD vs. AVSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FSMD Fidelity Small-Mid Multifactor ETF	16.55%	8.70%	15.18%	17.37%	-10.39%
AVSC Avantis US Small Cap Equity ETF	25.77%	9.42%	7.75%	19.68%	-12.40%

Correlation

The correlation between FSMD and AVSC is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 13, 2022	0.94

The correlation between FSMD and AVSC has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

FSMD vs. AVSC — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 62
FSMD Sharpe Ratio Rank: 56
FSMD Sortino Ratio Rank: 60
FSMD Omega Ratio Rank: 54
FSMD Calmar Ratio Rank: 71
FSMD Martin Ratio Rank: 70

AVSC

AVSC Risk / Return Rank: 88
AVSC Sharpe Ratio Rank: 88
AVSC Sortino Ratio Rank: 88
AVSC Omega Ratio Rank: 83
AVSC Calmar Ratio Rank: 93
AVSC Martin Ratio Rank: 90

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.

FSMD vs. AVSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Avantis US Small Cap Equity ETF (AVSC). 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.

	FSMD	AVSC	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.29	-0.75
Sortino ratio: Return per unit of downside risk	2.29	3.29	-1.00
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	2.87	5.13	-2.26
Martin ratio: Return relative to average drawdown	10.07	16.14	-6.07

FSMD vs. AVSC - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.54, which is lower than the AVSC Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of FSMD and AVSC, 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

FSMD vs. AVSC - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, which is greater than AVSC's maximum drawdown of -28.40%. Use the drawdown chart below to compare losses from any high point for FSMD and AVSC.

Drawdown Indicators

	FSMD	AVSC	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-28.40%	-12.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-7.89%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	-28.40%	+6.24%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	—	—
Current Drawdown Current decline from peak	-3.37%	0.00%	-3.37%
Average Drawdown Average peak-to-trough decline	-5.93%	-7.26%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.50%	-0.10%

Volatility

FSMD vs. AVSC - Volatility Comparison

Fidelity Small-Mid Multifactor ETF (FSMD) has a higher volatility of 4.47% compared to Avantis US Small Cap Equity ETF (AVSC) at 3.54%. This indicates that FSMD's price experiences larger fluctuations and is considered to be riskier than AVSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMD	AVSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	3.54%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	11.93%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	15.75%	17.71%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.57%	22.17%	-3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.36%	22.17%	-0.81%

FSMD vs. AVSC - Expense Ratio Comparison

FSMD has a 0.15% expense ratio, which is lower than AVSC's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FSMD vs. AVSC - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.25%, more than AVSC's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVSC Avantis US Small Cap Equity ETF	0.91%	1.16%	1.17%	1.42%	1.10%	0.00%	0.00%	0.00%
FSMD Fidelity Small-Mid Multifactor ETF	1.25%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%

Frequently Asked Questions

Can I hold both FSMD and AVSC in my portfolio?

With a correlation of 0.91, FSMD and AVSC 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, FSMD or AVSC?

FSMD has higher volatility (4.47%) compared to AVSC (3.54%). In terms of maximum drawdown, FSMD dropped -40.67% vs AVSC's -28.40%.

Which ETF is better, FSMD or AVSC?

On 3-year performance, AVSC leads with 17.28% vs 15.93% for FSMD. On fees, FSMD is cheaper at 0.15% per year. On volatility, AVSC has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMD or AVSC?

Over the 3-year period, AVSC has performed better with a 17.28% return vs 15.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or AVSC?

FSMD is cheaper with a 0.15% expense ratio, compared with 0.25% for AVSC.

Which ETF pays a higher dividend yield, FSMD or AVSC?

FSMD has the higher dividend yield at 1.25%, compared with 0.91% for AVSC.

What is the main difference between FSMD and AVSC?

They also come from different issuers: Fidelity and Avantis Investors. Their fees differ too: 0.15% for FSMD and 0.25% for AVSC.

Which has better risk-adjusted returns?

AVSC currently has the higher Sharpe Ratio (2.29 vs 1.54), 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.