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FSMD vs. IJR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSMD vs. IJR

Last updated Jun 23, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 5 years, FSMD returned 10.79%/yr vs 6.65%/yr for IJR. Their correlation of 0.95 suggests significant overlap in exposure. FSMD charges 0.29%/yr vs 0.06%/yr for IJR.

Performance

FSMD vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) and iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FSMD achieves a 18.77% return, which is significantly lower than IJR's 19.75% return.

FSMD

1D
0.91%
1M
5.08%
YTD
18.77%
6M
16.11%
1Y
30.47%
3Y*
18.87%
5Y*
10.79%
10Y*
—

IJR

1D
0.03%
1M
4.58%
YTD
19.75%
6M
16.72%
1Y
36.74%
3Y*
16.28%
5Y*
6.65%
10Y*
11.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FSMD vs. IJR - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
FSMD
Fidelity Small-Mid Multifactor ETF		18.77%8.70%15.18%17.37%-11.15%26.40%8.94%8.81%
IJR
iShares Core S&P Small-Cap ETF		19.75%5.89%8.63%16.06%-16.20%26.58%11.28%5.98%

Correlation

The correlation between FSMD and IJR is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Feb 28, 2019

0.95

The correlation between FSMD and IJR has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

FSMD vs. IJR - Sectors Allocation Comparison

Sectors
FSMD
IJR

Technology

20.5%
15.9%

Industrials

20.1%
16.0%

Financial Services

14.8%
16.0%

Healthcare

11.7%
11.0%

Consumer Cyclical

10.6%
12.5%

Real Estate

6.2%
7.5%

Energy

4.1%
6.8%

Basic Materials

4.0%
4.7%

Consumer Defensive

3.1%
3.2%

Communication Services

2.9%
3.2%

Utilities

2.1%
1.9%

Technology

FSMD
20.5%
IJR
15.9%

Industrials

FSMD
20.1%
IJR
16.0%

Financial Services

FSMD
14.8%
IJR
16.0%

Healthcare

FSMD
11.7%
IJR
11.0%

Consumer Cyclical

FSMD
10.6%
IJR
12.5%

Real Estate

FSMD
6.2%
IJR
7.5%

Energy

FSMD
4.1%
IJR
6.8%

Basic Materials

FSMD
4.0%
IJR
4.7%

Consumer Defensive

FSMD
3.1%
IJR
3.2%

Communication Services

FSMD
2.9%
IJR
3.2%

Utilities

FSMD
2.1%
IJR
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Small-Mid Multifactor ETF

iShares Core S&P Small-Cap ETF

Often compared with FSMD:
FSMD vs. FXAIXFSMD vs. SMLFFSMD vs. RWJFSMD vs. BFGFXFSMD vs. FLRGFSMD vs. FSOPXFSMD vs. VTSIX
Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJHIJR vs. IJSIJR vs. SCHAIJR vs. VBR

Return for Risk

FSMD vs. IJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FSMD
FSMD Risk / Return Rank: 6565
Overall Rank
FSMD Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
FSMD Sortino Ratio Rank: 6262
Sortino Ratio Rank
FSMD Omega Ratio Rank: 5757
Omega Ratio Rank
FSMD Calmar Ratio Rank: 7474
Calmar Ratio Rank
FSMD Martin Ratio Rank: 7272
Martin Ratio Rank
IJR
IJR Risk / Return Rank: 7171
Overall Rank
IJR Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 6969
Sortino Ratio Rank
IJR Omega Ratio Rank: 6060
Omega Ratio Rank
IJR Calmar Ratio Rank: 8383
Calmar Ratio Rank
IJR Martin Ratio Rank: 7777
Martin Ratio Rank
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. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and iShares Core S&P Small-Cap ETF (IJR). 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.

FSMDIJRDifference
Sharpe ratioReturn per unit of total volatility
1.95
2.08

-0.13

Sortino ratioReturn per unit of downside risk
2.81
2.99

-0.18

Omega ratioGain probability vs. loss probability

1.34

1.36

-0.02

Calmar ratioReturn relative to maximum drawdown

3.63

4.25

-0.62

Martin ratioReturn relative to average drawdown

13.05

14.27

-1.22

FSMD vs. IJR - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.95, which is comparable to the IJR Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of FSMD and IJR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FSMD vs. IJR - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for FSMD and IJR.

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Drawdown Indicators

FSMDIJRDifference

Max Drawdown

Largest peak-to-trough decline

-40.67%

-58.15%

+17.48%

Max Drawdown (1Y)

Largest decline over 1 year

-8.44%

-8.68%

+0.24%

Max Drawdown (3Y)

Largest decline over 3 years

-22.16%

-28.02%

+5.86%

Max Drawdown (5Y)

Largest decline over 5 years

-22.16%

-28.02%

+5.86%

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.36%

—

Current Drawdown

Current decline from peak

0.00%

-0.09%

+0.09%

Average Drawdown

Average peak-to-trough decline

-5.97%

-9.26%

+3.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.34%

2.58%

-0.24%

Volatility

FSMD vs. IJR - Volatility Comparison

Fidelity Small-Mid Multifactor ETF (FSMD) and iShares Core S&P Small-Cap ETF (IJR) have volatilities of 4.86% and 4.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FSMDIJRDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.86%

4.92%

-0.06%

Volatility (6M)

Calculated over the trailing 6-month period

11.92%

12.05%

-0.13%

Volatility (1Y)

Calculated over the trailing 1-year period

15.73%

17.76%

-2.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.53%

21.40%

-2.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.41%

22.93%

-1.52%

FSMD vs. IJR - Expense Ratio Comparison

FSMD has a 0.29% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

FSMD vs. IJR - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.22%, more than IJR's 1.15% yield.

PositionTTM20252024202320222021202020192018201720162015
FSMD
Fidelity Small-Mid Multifactor ETF		1.22%1.33%1.29%1.37%1.54%1.18%1.32%1.37%0.00%0.00%0.00%0.00%
IJR
iShares Core S&P Small-Cap ETF		1.15%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%

Frequently Asked Questions

With a correlation of 0.95, FSMD and IJR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

IJR has higher volatility (4.92%) compared to FSMD (4.86%). In terms of maximum drawdown, FSMD dropped -40.67% vs IJR's -58.15%.

On 5-year performance, FSMD leads with 10.79% vs 6.65% for IJR. On fees, IJR is cheaper at 0.06% per year. Their volatility is very similar. 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 10.79% return vs 6.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJR is cheaper with a 0.06% expense ratio, compared with 0.29% for FSMD.

FSMD has the higher dividend yield at 1.22%, compared with 1.15% for IJR.

FSMD is categorized as Small Cap Growth Equities, while IJR is Small Cap Blend Equities. FSMD tracks Fidelity Small-Mid Multifactor Index, while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.29% for FSMD and 0.06% for IJR.

IJR currently has the higher Sharpe Ratio (2.08 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.

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