FSMD vs. MDY
Compare and contrast key facts about Fidelity Small-Mid Multifactor ETF (FSMD) and SPDR S&P MidCap 400 ETF (MDY).
FSMD and MDY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FSMD is a passively managed fund by Fidelity that tracks the performance of the Fidelity Small-Mid Multifactor Index. It was launched on Feb 26, 2019. MDY is a passively managed fund by State Street that tracks the performance of the S&P MidCap 400 Index. It was launched on May 4, 1995. Both FSMD and MDY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FSMD vs. MDY - Performance Comparison
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FSMD vs. MDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 1.72% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
MDY SPDR S&P MidCap 400 ETF | 2.49% | 7.19% | 13.64% | 16.07% | -13.28% | 24.53% | 13.50% | 9.33% |
Returns By Period
In the year-to-date period, FSMD achieves a 1.72% return, which is significantly lower than MDY's 2.49% return.
FSMD
- 1D
- 3.04%
- 1M
- -4.67%
- YTD
- 1.72%
- 6M
- 2.29%
- 1Y
- 15.81%
- 3Y*
- 13.07%
- 5Y*
- 7.84%
- 10Y*
- —
MDY
- 1D
- 2.96%
- 1M
- -5.29%
- YTD
- 2.49%
- 6M
- 4.11%
- 1Y
- 17.01%
- 3Y*
- 11.76%
- 5Y*
- 6.34%
- 10Y*
- 10.25%
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FSMD vs. MDY - Expense Ratio Comparison
FSMD has a 0.29% expense ratio, which is higher than MDY's 0.23% expense ratio.
Return for Risk
FSMD vs. MDY — Risk / Return Rank
FSMD
MDY
FSMD vs. MDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and SPDR S&P MidCap 400 ETF (MDY). 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.
| FSMD | MDY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.79 | 0.81 | -0.02 |
Sortino ratioReturn per unit of downside risk | 1.26 | 1.28 | -0.02 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.23 | +0.11 |
Martin ratioReturn relative to average drawdown | 5.61 | 5.28 | +0.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FSMD | MDY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.81 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.32 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.49 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.51 | -0.04 |
Correlation
The correlation between FSMD and MDY is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FSMD vs. MDY - Dividend Comparison
FSMD's dividend yield for the trailing twelve months is around 1.37%, more than MDY's 1.15% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 1.37% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
MDY SPDR S&P MidCap 400 ETF | 1.15% | 1.15% | 1.18% | 1.21% | 1.37% | 0.96% | 1.12% | 1.34% | 1.39% | 1.18% | 1.31% | 1.35% |
Drawdowns
FSMD vs. MDY - Drawdown Comparison
The maximum FSMD drawdown since its inception was -40.67%, smaller than the maximum MDY drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for FSMD and MDY.
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Drawdown Indicators
| FSMD | MDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.67% | -55.33% | +14.66% |
Max Drawdown (1Y)Largest decline over 1 year | -12.63% | -14.07% | +1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -22.16% | -24.03% | +1.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.22% | — |
Current DrawdownCurrent decline from peak | -5.65% | -6.12% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -6.12% | -7.06% | +0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 3.27% | -0.26% |
Volatility
FSMD vs. MDY - Volatility Comparison
Fidelity Small-Mid Multifactor ETF (FSMD) and SPDR S&P MidCap 400 ETF (MDY) have volatilities of 6.73% and 6.52%, 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
| FSMD | MDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 6.52% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 11.32% | 11.86% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.07% | 21.09% | -1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.43% | 19.78% | -1.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.54% | 21.17% | +0.37% |