FSMD vs. JHSC

Last updated Jun 24, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and JHSC (John Hancock Multifactor Small Cap ETF) are both Small Cap Growth Equities funds - FSMD tracks the Fidelity Small-Mid Multifactor Index while JHSC tracks the John Hancock Dimensional Small Cap Index. Both are passively managed. Over the past 5 years, FSMD returned 10.30%/yr vs 7.48%/yr for JHSC. With a 0.96 correlation, they move nearly in lockstep. FSMD charges 0.29%/yr vs 0.42%/yr for JHSC.

Performance

FSMD vs. JHSC - Performance Comparison

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

Returns By Period

In the year-to-date period, FSMD achieves a 17.21% return, which is significantly higher than JHSC's 13.57% return.

FSMD

• 1D: -1.31%
• 1M: 3.70%
• YTD: 17.21%
• 6M: 15.00%
• 1Y: 27.16%
• 3Y*: 18.35%
• 5Y*: 10.30%
• 10Y*: —

JHSC

• 1D: -0.63%
• 1M: 2.52%
• YTD: 13.57%
• 6M: 11.45%
• 1Y: 25.14%
• 3Y*: 15.29%
• 5Y*: 7.48%
• 10Y*: —

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

FSMD vs. JHSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	17.21%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%
JHSC John Hancock Multifactor Small Cap ETF	13.57%	6.88%	9.74%	20.77%	-14.65%	19.55%	11.60%	6.45%

Correlation

The correlation between FSMD and JHSC is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
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	0.96

The correlation between FSMD and JHSC has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

FSMD vs. JHSC - Sectors Allocation Comparison

Sectors	FSMD	JHSC
Technology	20.5%	15.6%
Industrials	20.1%	18.3%
Financial Services	14.8%	18.0%
Healthcare	11.7%	8.0%
Consumer Cyclical	10.6%	13.0%
Real Estate	6.2%	7.6%
Energy	4.1%	4.9%
Basic Materials	4.0%	5.1%
Consumer Defensive	3.1%	3.1%
Communication Services	2.9%	2.0%
Utilities	2.1%	4.1%

Return for Risk

FSMD vs. JHSC — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 58
FSMD Sharpe Ratio Rank: 53
FSMD Sortino Ratio Rank: 55
FSMD Omega Ratio Rank: 50
FSMD Calmar Ratio Rank: 67
FSMD Martin Ratio Rank: 66

JHSC

JHSC Risk / Return Rank: 52
JHSC Sharpe Ratio Rank: 48
JHSC Sortino Ratio Rank: 51
JHSC Omega Ratio Rank: 45
JHSC Calmar Ratio Rank: 58
JHSC Martin Ratio Rank: 56

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. JHSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and John Hancock Multifactor Small Cap ETF (JHSC). 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	JHSC	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.55	+0.19
Sortino ratio: Return per unit of downside risk	2.53	2.30	+0.23
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	3.23	2.62	+0.61
Martin ratio: Return relative to average drawdown	11.62	9.09	+2.53

FSMD vs. JHSC - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.74, which is comparable to the JHSC Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of FSMD and JHSC, 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. JHSC - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, roughly equal to the maximum JHSC drawdown of -42.66%. Use the drawdown chart below to compare losses from any high point for FSMD and JHSC.

Drawdown Indicators

	FSMD	JHSC	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-42.66%	+1.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-9.63%	+1.19%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	-25.16%	+3.00%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	-25.21%	+3.05%
Current Drawdown Current decline from peak	-1.31%	-0.73%	-0.58%
Average Drawdown Average peak-to-trough decline	-5.96%	-7.73%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	2.77%	-0.43%

Volatility

FSMD vs. JHSC - Volatility Comparison

Fidelity Small-Mid Multifactor ETF (FSMD) has a higher volatility of 5.08% compared to John Hancock Multifactor Small Cap ETF (JHSC) at 4.27%. This indicates that FSMD's price experiences larger fluctuations and is considered to be riskier than JHSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMD	JHSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	4.27%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	11.37%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.76%	16.35%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	20.16%	-1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.41%	22.18%	-0.77%

FSMD vs. JHSC - Expense Ratio Comparison

FSMD has a 0.29% expense ratio, which is lower than JHSC's 0.42% expense ratio.

Dividends

FSMD vs. JHSC - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.24%, more than JHSC's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FSMD Fidelity Small-Mid Multifactor ETF	1.24%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%
JHSC John Hancock Multifactor Small Cap ETF	0.99%	1.13%	0.96%	0.98%	1.13%	1.08%	1.12%	1.14%	1.09%

Frequently Asked Questions

Can I hold both FSMD and JHSC in my portfolio?

With a correlation of 0.94, FSMD and JHSC 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.

Which is riskier, FSMD or JHSC?

FSMD has higher volatility (5.08%) compared to JHSC (4.27%). In terms of maximum drawdown, FSMD dropped -40.67% vs JHSC's -42.66%.

Which ETF is better, FSMD or JHSC?

On 5-year performance, FSMD leads with 10.30% vs 7.48% for JHSC. On fees, FSMD is cheaper at 0.29% per year. On volatility, JHSC has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMD or JHSC?

Over the 5-year period, FSMD has performed better with a 10.30% return vs 7.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or JHSC?

FSMD is cheaper with a 0.29% expense ratio, compared with 0.42% for JHSC.

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

FSMD has the higher dividend yield at 1.24%, compared with 0.99% for JHSC.

What is the main difference between FSMD and JHSC?

FSMD tracks Fidelity Small-Mid Multifactor Index, while JHSC tracks John Hancock Dimensional Small Cap Index. They also come from different issuers: Fidelity and Manulife. Their fees differ too: 0.29% for FSMD and 0.42% for JHSC.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.74 vs 1.55), 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.