FSMD vs. CPAI

Last updated Aug 2, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both exchange-traded funds - FSMD is a Small Cap Blend Equities fund tracking the Fidelity Small-Mid Multifactor Index, while CPAI is a Mid Cap Blend Equities fund actively managed by Counterpoint. FSMD is passively managed, while CPAI is actively managed. Over the past year, FSMD returned 24.59% vs 44.76% for CPAI. Their 0.79 correlation means they have sometimes moved together and sometimes differently. FSMD charges 0.15%/yr vs 0.75%/yr for CPAI.

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.

Returns By Period

In the year-to-date period, FSMD achieves a 15.80% return, which is significantly lower than CPAI's 26.13% return.

FSMD

• 1D: -0.12%
• 1M: -1.72%
• 6M: 11.82%
• YTD: 15.80%
• 1Y: 24.59%
• 3Y*: 15.14%
• 5Y*: 9.94%
• 10Y*: —
• ALL TIME*: 11.65%

CPAI

• 1D: -0.55%
• 1M: -0.84%
• 6M: 17.38%
• YTD: 26.13%
• 1Y: 44.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPAI Counterpoint Quantitative Equity ETF	$4.18M	$3.24M	$3.18M
FSMD Fidelity Small-Mid Multifactor ETF	$4.61M	$5.11M	$5.82M

FSMD vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FSMD Fidelity Small-Mid Multifactor ETF	15.80%	8.70%	15.18%	10.08%
CPAI Counterpoint Quantitative Equity ETF	26.13%	17.79%	28.37%	5.67%

Correlation

The correlation between FSMD and CPAI is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (All Time) Calculated using the full available price history since Nov 29, 2023	0.79

The correlation between FSMD and CPAI has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

FSMD vs. CPAI - Sectors Allocation Comparison

Sectors	FSMD	CPAI
Technology	20.9%	34.1%
Industrials	20.3%	8.1%
Financial Services	15.2%	1.9%
Healthcare	12.2%	28.0%
Consumer Cyclical	10.6%	3.9%
Real Estate	6.1%	2.0%
Energy	3.7%	12.0%
Basic Materials	3.5%	3.9%
Consumer Defensive	2.9%	4.1%
Communication Services	2.8%	4.0%
Utilities	1.9%	-

Return for Risk

FSMD vs. CPAI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSMD

FSMD Risk / Return Rank: 68
FSMD Sharpe Ratio Rank: 62
FSMD Sortino Ratio Rank: 66
FSMD Omega Ratio Rank: 60
FSMD Calmar Ratio Rank: 77
FSMD Martin Ratio Rank: 74

CPAI

CPAI Risk / Return Rank: 88
CPAI Sharpe Ratio Rank: 89
CPAI Sortino Ratio Rank: 86
CPAI Omega Ratio Rank: 85
CPAI Calmar Ratio Rank: 91
CPAI Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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	CPAI	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.19	-0.74
Sortino ratio: Return per unit of downside risk	2.16	2.88	-0.71
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	2.71	4.10	-1.38
Martin ratio: Return relative to average drawdown	9.08	14.90	-5.82

FSMD vs. CPAI - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.44, which is lower than the CPAI Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of FSMD and CPAI, 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. 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	-8.44%	-10.48%	+2.04%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	—	—
Current Drawdown Current decline from peak	-3.99%	-2.82%	-1.17%
Average Drawdown Average peak-to-trough decline	-5.92%	-2.96%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.88%	-0.36%

Volatility

FSMD vs. CPAI - Volatility Comparison

The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 4.05%, while Counterpoint Quantitative Equity ETF (CPAI) has a volatility of 5.82%. 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	4.05%	5.82%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	16.27%	-3.94%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	19.63%	-3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	19.43%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.32%	19.43%	+1.89%

FSMD vs. CPAI - Expense Ratio Comparison

FSMD has a 0.15% expense ratio, which is lower than CPAI's 0.75% expense ratio.

Dividends

FSMD vs. CPAI - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.25%, more than CPAI's 0.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CPAI Counterpoint Quantitative Equity ETF	0.71%	0.89%	0.41%	0.06%	0.00%	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 CPAI in my portfolio?

FSMD and CPAI have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMD or CPAI?

CPAI has higher volatility (5.82%) compared to FSMD (4.05%). In terms of maximum drawdown, FSMD dropped -40.67% vs CPAI's -21.46%.

Which ETF is better, FSMD or CPAI?

On 1-year performance, CPAI leads with 44.76% vs 24.59% for FSMD. On fees, FSMD is cheaper at 0.15% per year. On volatility, FSMD has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMD or CPAI?

Over the 1-year period, CPAI has performed better with a 44.76% return vs 24.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or CPAI?

FSMD is cheaper with a 0.15% expense ratio, compared with 0.75% for CPAI.

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

FSMD has the higher dividend yield at 1.25%, compared with 0.71% for CPAI.

What is the main difference between FSMD and CPAI?

FSMD is categorized as Small Cap Blend Equities, while CPAI is Mid Cap Blend Equities. They also come from different issuers: Fidelity and Counterpoint. Their fees differ too: 0.15% for FSMD and 0.75% for CPAI.

Which has better risk-adjusted returns?

CPAI currently has the higher Sharpe Ratio (2.19 vs 1.44), 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.