FSMD vs. CPAI

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Small-Mid Multifactor ETF (FSMD) and Counterpoint Quantitative Equity ETF (CPAI).

FSMD and CPAI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FSMD is a passively managed fund by Fidelity that tracks the performance of the Fidelity Small-Mid Multifactor Index. It was launched on Feb 26, 2019. CPAI is an actively managed fund by Counterpoint Funds. It was launched on Nov 28, 2023.

Performance

FSMD vs. CPAI - Performance Comparison

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

FSMD vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FSMD Fidelity Small-Mid Multifactor ETF	2.86%	8.70%	15.18%	9.81%
CPAI Counterpoint Quantitative Equity ETF	4.96%	17.79%	28.37%	6.69%

Returns By Period

In the year-to-date period, FSMD achieves a 2.86% return, which is significantly lower than CPAI's 4.96% return.

FSMD

• 1D: 1.12%
• 1M: -4.17%
• YTD: 2.86%
• 6M: 3.53%
• 1Y: 16.98%
• 3Y*: 13.49%
• 5Y*: 8.08%
• 10Y*: —

CPAI

• 1D: 0.72%
• 1M: -6.74%
• YTD: 4.96%
• 6M: 6.83%
• 1Y: 26.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSMD vs. CPAI - Expense Ratio Comparison

FSMD has a 0.29% expense ratio, which is lower than CPAI's 0.75% expense ratio.

CPAI

Counterpoint Quantitative Equity ETF

FSMD

Fidelity Small-Mid Multifactor ETF

Return for Risk

FSMD vs. CPAI — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 48
FSMD Sharpe Ratio Rank: 44
FSMD Sortino Ratio Rank: 47
FSMD Omega Ratio Rank: 45
FSMD Calmar Ratio Rank: 50
FSMD Martin Ratio Rank: 56

CPAI

CPAI Risk / Return Rank: 65
CPAI Sharpe Ratio Rank: 65
CPAI Sortino Ratio Rank: 63
CPAI Omega Ratio Rank: 62
CPAI Calmar Ratio Rank: 69
CPAI Martin Ratio Rank: 68

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. CPAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Counterpoint Quantitative Equity ETF (CPAI). 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.

	FSMD	CPAI	Difference
Sharpe ratio Return per unit of total volatility	0.85	1.20	-0.35
Sortino ratio Return per unit of downside risk	1.33	1.68	-0.35
Omega ratio Gain probability vs. loss probability	1.18	1.24	-0.06
Calmar ratio Return relative to maximum drawdown	1.35	1.96	-0.61
Martin ratio Return relative to average drawdown	5.66	7.56	-1.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMD vs. CPAI - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 0.85, which is comparable to the CPAI Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of FSMD and CPAI, 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

	FSMD	CPAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	1.20	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	1.35	-0.87

Correlation

The correlation between FSMD and CPAI is 0.80, 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

FSMD vs. CPAI - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.35%, more than CPAI's 0.85% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.35%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
CPAI Counterpoint Quantitative Equity ETF	0.85%	0.89%	0.41%	0.06%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FSMD vs. CPAI - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, which is greater than CPAI's maximum drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for FSMD and CPAI.

Drawdown Indicators

	FSMD	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-21.46%	-19.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.63%	-13.63%	+1.00%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	—	—
Current Drawdown Current decline from peak	-4.60%	-6.74%	+2.14%
Average Drawdown Average peak-to-trough decline	-6.12%	-3.10%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	3.54%	-0.52%

Volatility

FSMD vs. CPAI - Volatility Comparison

The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 6.62%, while Counterpoint Quantitative Equity ETF (CPAI) has a volatility of 7.46%. This indicates that FSMD experiences smaller price fluctuations and is considered to be less risky than CPAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMD	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	7.46%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	14.95%	-3.58%
Volatility (1Y) Calculated over the trailing 1-year period	20.08%	22.20%	-2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.43%	19.20%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	19.20%	+2.34%