FSMD vs. FETH

Last updated Aug 2, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and FETH (Fidelity Ethereum Fund) are both exchange-traded funds - FSMD is a Small Cap Blend Equities fund tracking the Fidelity Small-Mid Multifactor Index, while FETH is a Cryptocurrency fund tracking the Fidelity Ethereum Reference Rate Index. Both are passively managed. Over the past year, FSMD returned 24.59% vs -46.87% for FETH. Their 0.40 correlation means their historical movements had little consistent relationship. FSMD charges 0.15%/yr vs 0.25%/yr for FETH.

Performance

FSMD vs. FETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) and Fidelity Ethereum Fund (FETH). 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 higher than FETH's -37.25% 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%

FETH

• 1D: -2.98%
• 1M: 9.68%
• 6M: -30.28%
• YTD: -37.25%
• 1Y: -46.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.96%

*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)
FETH Fidelity Ethereum Fund	$29.89M	$30.47M	$35.49M
FSMD Fidelity Small-Mid Multifactor ETF	$4.61M	$5.11M	$5.82M

FSMD vs. FETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FSMD Fidelity Small-Mid Multifactor ETF	15.80%	8.70%	3.65%
FETH Fidelity Ethereum Fund	-37.25%	-11.37%	-4.68%

Correlation

The correlation between FSMD and FETH is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.40

Return for Risk

FSMD vs. FETH — 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

FETH

FETH Risk / Return Rank: 3
FETH Sharpe Ratio Rank: 3
FETH Sortino Ratio Rank: 3
FETH Omega Ratio Rank: 4
FETH Calmar Ratio Rank: 3
FETH Martin Ratio Rank: 4

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. FETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Fidelity Ethereum Fund (FETH). 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	FETH	Difference
Sharpe ratio: Return per unit of total volatility	1.44	-0.75	+2.19
Sortino ratio: Return per unit of downside risk	2.16	-0.98	+3.14
Omega ratio: Gain probability vs. loss probability	1.26	0.89	+0.37
Calmar ratio: Return relative to maximum drawdown	2.71	-0.74	+3.45
Martin ratio: Return relative to average drawdown	9.08	-1.11	+10.19

FSMD vs. FETH - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.44, which is higher than the FETH Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of FSMD and FETH, 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. FETH - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, smaller than the maximum FETH drawdown of -67.94%. Use the drawdown chart below to compare losses from any high point for FSMD and FETH.

Drawdown Indicators

	FSMD	FETH	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-67.94%	+27.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-67.94%	+59.50%
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%	-61.61%	+57.62%
Average Drawdown Average peak-to-trough decline	-5.92%	-35.25%	+29.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	45.45%	-42.93%

Volatility

FSMD vs. FETH - Volatility Comparison

The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 4.05%, while Fidelity Ethereum Fund (FETH) has a volatility of 13.14%. This indicates that FSMD experiences smaller price fluctuations and is considered to be less risky than FETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMD	FETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	13.14%	-9.09%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	45.81%	-33.48%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	67.25%	-51.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	71.23%	-52.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.32%	71.23%	-49.91%

FSMD vs. FETH - Expense Ratio Comparison

FSMD has a 0.15% expense ratio, which is lower than FETH'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. FETH - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.25%, while FETH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FETH Fidelity Ethereum Fund	0.00%	0.00%	0.00%	0.00%	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 FETH in my portfolio?

FSMD and FETH have a correlation of 0.39, 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 FETH?

FETH has higher volatility (13.14%) compared to FSMD (4.05%). In terms of maximum drawdown, FSMD dropped -40.67% vs FETH's -67.94%.

Which ETF is better, FSMD or FETH?

On 1-year performance, FSMD leads with 24.59% vs -46.87% for FETH. 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 FETH?

Over the 1-year period, FSMD has performed better with a 24.59% return vs -46.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or FETH?

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

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

FSMD has the higher dividend yield at 1.25%, compared with 0.00% for FETH.

What is the main difference between FSMD and FETH?

FSMD is categorized as Small Cap Blend Equities, while FETH is Cryptocurrency. FSMD tracks Fidelity Small-Mid Multifactor Index, while FETH tracks Fidelity Ethereum Reference Rate Index. Their fees differ too: 0.15% for FSMD and 0.25% for FETH.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.44 vs -0.75), 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.