FSMD vs. GPIX

Last updated Jun 16, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. FSMD is passively managed, while GPIX is actively managed. Over the past year, FSMD returned 30.28% vs 25.72% for GPIX. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.29% expense ratio.

Performance

FSMD vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMD achieves a 18.15% return, which is significantly higher than GPIX's 10.28% return.

FSMD

• 1D: 0.48%
• 1M: 6.83%
• YTD: 18.15%
• 6M: 16.30%
• 1Y: 30.28%
• 3Y*: 17.72%
• 5Y*: 10.41%
• 10Y*: —

GPIX

• 1D: 1.51%
• 1M: 2.08%
• YTD: 10.28%
• 6M: 10.95%
• 1Y: 25.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSMD vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FSMD Fidelity Small-Mid Multifactor ETF	18.15%	8.70%	15.18%	19.18%
GPIX Goldman Sachs S&P 500 Premium Income ETF	10.28%	16.25%	21.77%	13.04%

Correlation

The correlation between FSMD and GPIX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.75

The correlation between FSMD and GPIX has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

FSMD vs. GPIX - Sectors Allocation Comparison

Sectors	FSMD	GPIX
Technology	20.5%	39.2%
Industrials	20.1%	7.7%
Financial Services	14.8%	10.9%
Healthcare	11.7%	8.3%
Consumer Cyclical	10.6%	10.1%
Real Estate	6.2%	1.8%
Energy	4.1%	3.2%
Basic Materials	4.0%	1.7%
Consumer Defensive	3.1%	4.4%
Communication Services	2.9%	10.7%
Utilities	2.1%	2.2%

Return for Risk

FSMD vs. GPIX — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 69
FSMD Sharpe Ratio Rank: 65
FSMD Sortino Ratio Rank: 68
FSMD Omega Ratio Rank: 62
FSMD Calmar Ratio Rank: 77
FSMD Martin Ratio Rank: 75

GPIX

GPIX Risk / Return Rank: 83
GPIX Sharpe Ratio Rank: 84
GPIX Sortino Ratio Rank: 84
GPIX Omega Ratio Rank: 86
GPIX Calmar Ratio Rank: 73
GPIX Martin Ratio Rank: 86

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. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). 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	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.42	-0.47
Sortino ratio: Return per unit of downside risk	2.80	3.30	-0.49
Omega ratio: Gain probability vs. loss probability	1.34	1.46	-0.12
Calmar ratio: Return relative to maximum drawdown	3.61	3.35	+0.25
Martin ratio: Return relative to average drawdown	12.98	16.40	-3.42

FSMD vs. GPIX - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.95, which is comparable to the GPIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of FSMD and GPIX, 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. GPIX - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for FSMD and GPIX.

Drawdown Indicators

	FSMD	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-17.50%	-23.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-7.71%	-0.73%
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%	-0.14%	+0.14%
Average Drawdown Average peak-to-trough decline	-5.98%	-1.48%	-4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	1.57%	+0.77%

Volatility

FSMD vs. GPIX - Volatility Comparison

Fidelity Small-Mid Multifactor ETF (FSMD) has a higher volatility of 5.15% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 4.00%. This indicates that FSMD's price experiences larger fluctuations and is considered to be riskier than GPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMD	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	4.00%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	8.63%	+3.18%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	10.69%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	13.88%	+4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.42%	13.88%	+7.54%

FSMD vs. GPIX - Expense Ratio Comparison

Both FSMD and GPIX have an expense ratio of 0.29%.

Dividends

FSMD vs. GPIX - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.18%, less than GPIX's 7.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.97%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMD and GPIX in my portfolio?

FSMD and GPIX have a correlation of 0.74, 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 GPIX?

FSMD has higher volatility (5.15%) compared to GPIX (4.00%). In terms of maximum drawdown, FSMD dropped -40.67% vs GPIX's -17.50%.

Which ETF is better, FSMD or GPIX?

On 1-year performance, FSMD leads with 30.28% vs 25.72% for GPIX. Both ETFs have the same 0.29% expense ratio. On volatility, GPIX has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMD or GPIX?

Over the 1-year period, FSMD has performed better with a 30.28% return vs 25.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or GPIX?

FSMD and GPIX have the same expense ratio: 0.29% per year.

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

GPIX has the higher dividend yield at 7.97%, compared with 1.18% for FSMD.

What is the main difference between FSMD and GPIX?

FSMD is categorized as Small Cap Growth Equities, while GPIX is Derivative Income. They also come from different issuers: Fidelity and Goldman Sachs.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.42 vs 1.95), 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.