FSMD vs. MMSC
Compare and contrast key facts about Fidelity Small-Mid Multifactor ETF (FSMD) and First Trust Multi-Manager Small Cap Opportunities ETF (MMSC).
FSMD and MMSC 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. MMSC is an actively managed fund by First Trust. It was launched on Oct 13, 2021.
Performance
FSMD vs. MMSC - Performance Comparison
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FSMD vs. MMSC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 1.72% | 8.70% | 15.18% | 17.37% | -11.15% | 3.60% |
MMSC First Trust Multi-Manager Small Cap Opportunities ETF | -0.98% | 15.45% | 22.19% | 18.76% | -30.98% | 1.01% |
Returns By Period
In the year-to-date period, FSMD achieves a 1.72% return, which is significantly higher than MMSC's -0.98% return.
FSMD
- 1D
- 3.04%
- 1M
- -4.67%
- YTD
- 1.72%
- 6M
- 2.29%
- 1Y
- 15.81%
- 3Y*
- 13.07%
- 5Y*
- 7.84%
- 10Y*
- —
MMSC
- 1D
- 4.82%
- 1M
- -6.15%
- YTD
- -0.98%
- 6M
- 1.92%
- 1Y
- 30.40%
- 3Y*
- 16.41%
- 5Y*
- —
- 10Y*
- —
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FSMD vs. MMSC - Expense Ratio Comparison
FSMD has a 0.29% expense ratio, which is lower than MMSC's 0.95% expense ratio.
Return for Risk
FSMD vs. MMSC — Risk / Return Rank
FSMD
MMSC
FSMD vs. MMSC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and First Trust Multi-Manager Small Cap Opportunities ETF (MMSC). 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 | MMSC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.79 | 1.16 | -0.36 |
Sortino ratioReturn per unit of downside risk | 1.26 | 1.70 | -0.44 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.23 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.33 | 2.05 | -0.71 |
Martin ratioReturn relative to average drawdown | 5.61 | 7.28 | -1.67 |
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 | MMSC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 1.16 | -0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.14 | +0.34 |
Correlation
The correlation between FSMD and MMSC is 0.88, 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. MMSC - Dividend Comparison
FSMD's dividend yield for the trailing twelve months is around 1.37%, while MMSC has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 1.37% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% |
MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.00% | 0.00% | 0.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
FSMD vs. MMSC - Drawdown Comparison
The maximum FSMD drawdown since its inception was -40.67%, roughly equal to the maximum MMSC drawdown of -40.82%. Use the drawdown chart below to compare losses from any high point for FSMD and MMSC.
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Drawdown Indicators
| FSMD | MMSC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.67% | -40.82% | +0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -12.63% | -14.17% | +1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -22.16% | — | — |
Current DrawdownCurrent decline from peak | -5.65% | -9.96% | +4.31% |
Average DrawdownAverage peak-to-trough decline | -6.12% | -19.44% | +13.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 3.98% | -0.97% |
Volatility
FSMD vs. MMSC - Volatility Comparison
The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 6.73%, while First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) has a volatility of 10.00%. This indicates that FSMD experiences smaller price fluctuations and is considered to be less risky than MMSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMD | MMSC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 10.00% | -3.27% |
Volatility (6M)Calculated over the trailing 6-month period | 11.32% | 18.07% | -6.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.07% | 26.46% | -6.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.43% | 24.54% | -6.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.54% | 24.54% | -3.00% |