FSMD vs. FIVFX

Last updated Jun 14, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and FIVFX (Fidelity International Capital Appreciation Fund) are both funds - FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index, while FIVFX is a Foreign Large Cap Equities fund managed by Fidelity. A 0.65 correlation means they provide meaningful diversification when combined. FSMD charges 0.29%/yr vs 1.00%/yr for FIVFX.

Performance

FSMD vs. FIVFX - Performance Comparison

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

Returns By Period

FSMD

• 1D: 1.00%
• 1M: 6.31%
• YTD: 17.58%
• 6M: 15.58%
• 1Y: 29.65%
• 3Y*: 17.46%
• 5Y*: 10.00%
• 10Y*: —

FIVFX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSMD vs. FIVFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	17.58%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%
FIVFX Fidelity International Capital Appreciation Fund	0.00%	19.54%	8.05%	27.58%	-26.48%	12.14%	22.32%	19.09%

Correlation

The correlation between FSMD and FIVFX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.65

Over the past year, the correlation between FSMD and FIVFX has dropped to 0.19 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

FSMD vs. FIVFX — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 66
FSMD Sharpe Ratio Rank: 61
FSMD Sortino Ratio Rank: 64
FSMD Omega Ratio Rank: 58
FSMD Calmar Ratio Rank: 74
FSMD Martin Ratio Rank: 73

FIVFX

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

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. FIVFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Fidelity International Capital Appreciation Fund (FIVFX). 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	FIVFX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	—	—
Sortino ratio: Return per unit of downside risk	2.58	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	3.30	—	—
Martin ratio: Return relative to average drawdown	11.89	—	—

Drawdowns

Drawdown Indicators

	FSMD	FIVFX	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	—	—
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	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-5.98%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	—	—

Volatility

Volatility by Period

	FSMD	FIVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.85%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.43%	—	—

FSMD vs. FIVFX - Expense Ratio Comparison

FSMD has a 0.29% expense ratio, which is lower than FIVFX's 1.00% expense ratio.

Dividends

FSMD vs. FIVFX - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.18%, while FIVFX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIVFX Fidelity International Capital Appreciation Fund	10.67%	10.67%	4.19%	0.38%	0.05%	9.08%	1.28%	3.29%	3.00%	2.99%	0.68%	1.57%
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMD and FIVFX in my portfolio?

FSMD and FIVFX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.