FSMD vs. FLDR
FSMD (Fidelity Small-Mid Multifactor ETF) and FLDR (Fidelity Low Duration Bond Factor ETF) are both exchange-traded funds - FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index, while FLDR is a Corporate Bonds fund tracking the Fidelity Low Duration Investment Grade Factor Index. Both are passively managed. Over the past 5 years, FSMD returned 10.00%/yr vs 3.70%/yr for FLDR. At a 0.06 correlation, their price movements are largely independent. FSMD charges 0.29%/yr vs 0.15%/yr for FLDR.
Performance
FSMD vs. FLDR - Performance Comparison
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Returns By Period
In the year-to-date period, FSMD achieves a 17.58% return, which is significantly higher than FLDR's 1.58% return.
FSMD
- 1D
- 1.00%
- 1M
- 6.31%
- YTD
- 17.58%
- 6M
- 15.58%
- 1Y
- 29.65%
- 3Y*
- 17.46%
- 5Y*
- 10.00%
- 10Y*
- —
FLDR
- 1D
- 0.06%
- 1M
- 0.47%
- YTD
- 1.58%
- 6M
- 1.88%
- 1Y
- 4.76%
- 3Y*
- 5.36%
- 5Y*
- 3.70%
- 10Y*
- —
FSMD vs. FLDR - 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% |
FLDR Fidelity Low Duration Bond Factor ETF | 1.58% | 5.41% | 5.71% | 6.32% | -0.33% | -0.18% | 2.01% | 3.28% |
Correlation
The correlation between FSMD and FLDR is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.06 |
Over the past year, FSMD and FLDR have become more correlated (0.26) than their long-term average of 0.06, meaning their price movements have been converging.
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Return for Risk
FSMD vs. FLDR — Risk / Return Rank
FSMD
FLDR
FSMD vs. FLDR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Fidelity Low Duration Bond Factor ETF (FLDR). 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 | FLDR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.13 | ||
| Sortino ratioReturn per unit of downside risk | -7.41 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 2.73 | -1.42 |
| Calmar ratioReturn relative to maximum drawdown | 3.30 | 10.19 | -6.89 |
| Martin ratioReturn relative to average drawdown | 11.89 | 69.63 | -57.74 |
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Drawdowns
FSMD vs. FLDR - Drawdown Comparison
The maximum FSMD drawdown since its inception was -40.67%, which is greater than FLDR's maximum drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for FSMD and FLDR.
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Drawdown Indicators
| FSMD | FLDR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.67% | -12.23% | -28.44% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -0.47% | -7.97% |
Max Drawdown (3Y)Largest decline over 3 years | -22.16% | -0.76% | -21.40% |
Max Drawdown (5Y)Largest decline over 5 years | -22.16% | -2.33% | -19.83% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -5.98% | -0.35% | -5.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 0.07% | +2.27% |
Volatility
FSMD vs. FLDR - Volatility Comparison
Fidelity Small-Mid Multifactor ETF (FSMD) has a higher volatility of 5.14% compared to Fidelity Low Duration Bond Factor ETF (FLDR) at 0.20%. This indicates that FSMD's price experiences larger fluctuations and is considered to be riskier than FLDR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMD | FLDR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 0.20% | +4.94% |
Volatility (6M)Calculated over the trailing 6-month period | 11.85% | 0.59% | +11.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.69% | 0.81% | +14.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.55% | 1.21% | +17.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.43% | 5.25% | +16.18% |
FSMD vs. FLDR - Expense Ratio Comparison
FSMD has a 0.29% expense ratio, which is higher than FLDR's 0.15% expense ratio.
Dividends
FSMD vs. FLDR - Dividend Comparison
FSMD's dividend yield for the trailing twelve months is around 1.18%, less than FLDR's 4.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FLDR Fidelity Low Duration Bond Factor ETF | 4.42% | 4.66% | 5.50% | 5.28% | 2.09% | 0.51% | 1.22% | 2.69% | 1.38% |
FSMD Fidelity Small-Mid Multifactor ETF | 1.18% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% |
Frequently Asked Questions
FSMD and FLDR have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMD has higher volatility (5.14%) compared to FLDR (0.20%). In terms of maximum drawdown, FSMD dropped -40.67% vs FLDR's -12.23%.
On 5-year performance, FSMD leads with 10.00% vs 3.70% for FLDR. On fees, FLDR is cheaper at 0.15% per year. On volatility, FLDR has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FSMD has performed better with a 10.00% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLDR is cheaper with a 0.15% expense ratio, compared with 0.29% for FSMD.
FLDR has the higher dividend yield at 4.42%, compared with 1.18% for FSMD.
FSMD is categorized as Small Cap Growth Equities, while FLDR is Corporate Bonds. FSMD tracks Fidelity Small-Mid Multifactor Index, while FLDR tracks Fidelity Low Duration Investment Grade Factor Index. Their fees differ too: 0.29% for FSMD and 0.15% for FLDR.
FLDR currently has the higher Sharpe Ratio (5.90 vs 1.78), 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.
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