FSMD vs. JPRE

Last updated Jun 16, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and JPRE (JPMorgan Realty Income ETF) are both exchange-traded funds - FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index, while JPRE is a REIT fund actively managed by JPMorgan. FSMD is passively managed, while JPRE is actively managed. Over the past 3 years, FSMD returned 17.72%/yr vs 10.20%/yr for JPRE. A 0.64 correlation means they provide meaningful diversification when combined. FSMD charges 0.29%/yr vs 0.50%/yr for JPRE.

Performance

FSMD vs. JPRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) and JPMorgan Realty Income ETF (JPRE). 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 JPRE's 13.29% return.

FSMD

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

JPRE

• 1D: -0.70%
• 1M: 3.63%
• YTD: 13.29%
• 6M: 12.69%
• 1Y: 12.70%
• 3Y*: 10.20%
• 5Y*: —
• 10Y*: —

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

FSMD vs. JPRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FSMD Fidelity Small-Mid Multifactor ETF	18.15%	8.70%	15.18%	17.37%	2.54%
JPRE JPMorgan Realty Income ETF	13.29%	1.36%	7.43%	13.41%	-9.60%

Correlation

The correlation between FSMD and JPRE is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (All Time) Calculated using the full available price history since May 23, 2022	0.64

The correlation between FSMD and JPRE shifts across timeframes, from 0.48 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSMD vs. JPRE — 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

JPRE

JPRE Risk / Return Rank: 30
JPRE Sharpe Ratio Rank: 28
JPRE Sortino Ratio Rank: 26
JPRE Omega Ratio Rank: 27
JPRE Calmar Ratio Rank: 35
JPRE Martin Ratio Rank: 33

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. JPRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and JPMorgan Realty Income ETF (JPRE). 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	JPRE	Difference
Sharpe ratio: Return per unit of total volatility	1.95	0.95	+1.00
Sortino ratio: Return per unit of downside risk	2.80	1.34	+1.46
Omega ratio: Gain probability vs. loss probability	1.34	1.17	+0.17
Calmar ratio: Return relative to maximum drawdown	3.61	1.66	+1.95
Martin ratio: Return relative to average drawdown	12.98	4.55	+8.43

FSMD vs. JPRE - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.95, which is higher than the JPRE Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of FSMD and JPRE, 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. JPRE - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, which is greater than JPRE's maximum drawdown of -23.84%. Use the drawdown chart below to compare losses from any high point for FSMD and JPRE.

Drawdown Indicators

	FSMD	JPRE	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-23.84%	-16.83%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-7.70%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	-16.27%	-5.89%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	—	—
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-5.98%	-8.10%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	2.80%	-0.46%

Volatility

FSMD vs. JPRE - Volatility Comparison

Fidelity Small-Mid Multifactor ETF (FSMD) and JPMorgan Realty Income ETF (JPRE) have volatilities of 5.15% and 5.15%, 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.

Volatility by Period

	FSMD	JPRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	5.15%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	10.07%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	13.47%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	18.29%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.42%	18.29%	+3.13%

FSMD vs. JPRE - Expense Ratio Comparison

FSMD has a 0.29% expense ratio, which is lower than JPRE's 0.50% expense ratio.

Dividends

FSMD vs. JPRE - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.18%, less than JPRE's 2.20% 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%
JPRE JPMorgan Realty Income ETF	2.20%	2.62%	2.21%	3.26%	10.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMD and JPRE in my portfolio?

FSMD and JPRE have a correlation of 0.48, 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 JPRE?

JPRE has higher volatility (5.15%) compared to FSMD (5.15%). In terms of maximum drawdown, FSMD dropped -40.67% vs JPRE's -23.84%.

Which ETF is better, FSMD or JPRE?

On 3-year performance, FSMD leads with 17.72% vs 10.20% for JPRE. On fees, FSMD is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMD or JPRE?

Over the 3-year period, FSMD has performed better with a 17.72% return vs 10.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or JPRE?

FSMD is cheaper with a 0.29% expense ratio, compared with 0.50% for JPRE.

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

JPRE has the higher dividend yield at 2.20%, compared with 1.18% for FSMD.

What is the main difference between FSMD and JPRE?

FSMD is categorized as Small Cap Growth Equities, while JPRE is REIT. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.29% for FSMD and 0.50% for JPRE.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.95 vs 0.95), 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.