FSMD vs. QGRO

Last updated Jun 9, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and QGRO (American Century STOXX U.S. Quality Growth ETF) are both exchange-traded funds - FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index, while QGRO is a Large Cap Growth Equities fund tracking the iSTOXX American Century USA Quality Growth (USD)(GR). Both are passively managed. Over the past 5 years, FSMD returned 9.34%/yr vs 11.72%/yr for QGRO. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.29% expense ratio.

Performance

FSMD vs. QGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) and American Century STOXX U.S. Quality Growth ETF (QGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMD achieves a 13.60% return, which is significantly higher than QGRO's 0.09% return.

FSMD

• 1D: 0.40%
• 1M: 0.04%
• YTD: 13.60%
• 6M: 13.89%
• 1Y: 23.49%
• 3Y*: 16.61%
• 5Y*: 9.34%
• 10Y*: —

QGRO

• 1D: 0.54%
• 1M: 1.74%
• YTD: 0.09%
• 6M: 0.15%
• 1Y: 7.17%
• 3Y*: 20.35%
• 5Y*: 11.72%
• 10Y*: —

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

FSMD vs. QGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	13.60%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%
QGRO American Century STOXX U.S. Quality Growth ETF	0.09%	15.18%	31.42%	32.42%	-24.54%	24.57%	37.99%	13.70%

Correlation

The correlation between FSMD and QGRO is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Mar 1, 2019	0.77

The correlation between FSMD and QGRO has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

FSMD vs. QGRO - Sectors Allocation Comparison

Sectors	FSMD	QGRO
Industrials	20.7%	13.6%
Technology	18.2%	37.1%
Financial Services	15.4%	5.9%
Healthcare	11.6%	12.7%
Consumer Cyclical	11.1%	12.0%
Real Estate	6.2%	0.9%
Energy	4.6%	1.8%
Basic Materials	3.9%	0.3%
Consumer Defensive	3.3%	3.8%
Communication Services	2.8%	11.0%
Utilities	2.2%	0.9%

Return for Risk

FSMD vs. QGRO — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 54
FSMD Sharpe Ratio Rank: 50
FSMD Sortino Ratio Rank: 51
FSMD Omega Ratio Rank: 47
FSMD Calmar Ratio Rank: 62
FSMD Martin Ratio Rank: 61

QGRO

QGRO Risk / Return Rank: 17
QGRO Sharpe Ratio Rank: 17
QGRO Sortino Ratio Rank: 17
QGRO Omega Ratio Rank: 16
QGRO Calmar Ratio Rank: 16
QGRO Martin Ratio Rank: 18

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. QGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and American Century STOXX U.S. Quality Growth ETF (QGRO). 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	QGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.53	0.46	+1.07
Sortino ratio: Return per unit of downside risk	2.24	0.74	+1.50
Omega ratio: Gain probability vs. loss probability	1.27	1.09	+0.18
Calmar ratio: Return relative to maximum drawdown	2.80	0.53	+2.27
Martin ratio: Return relative to average drawdown	10.05	1.78	+8.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMD vs. QGRO - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.53, which is higher than the QGRO Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of FSMD and QGRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSMD	QGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	0.46	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.56	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.65	-0.11

Drawdowns

FSMD vs. QGRO - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, which is greater than QGRO's maximum drawdown of -32.56%. Use the drawdown chart below to compare losses from any high point for FSMD and QGRO.

Drawdown Indicators

	FSMD	QGRO	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-32.56%	-8.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-13.54%	+5.10%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	-23.82%	+1.66%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	-31.86%	+9.70%
Current Drawdown Current decline from peak	-1.60%	-2.71%	+1.11%
Average Drawdown Average peak-to-trough decline	-6.00%	-7.67%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	4.04%	-1.70%

Volatility

FSMD vs. QGRO - Volatility Comparison

Fidelity Small-Mid Multifactor ETF (FSMD) and American Century STOXX U.S. Quality Growth ETF (QGRO) have volatilities of 4.25% and 4.33%, 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	QGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	4.33%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	11.55%	12.03%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	15.58%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	21.09%	-2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.42%	22.93%	-1.51%

FSMD vs. QGRO - Expense Ratio Comparison

Both FSMD and QGRO have an expense ratio of 0.29%.

Dividends

FSMD vs. QGRO - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.22%, more than QGRO's 0.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FSMD Fidelity Small-Mid Multifactor ETF	1.22%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%
QGRO American Century STOXX U.S. Quality Growth ETF	0.20%	0.25%	0.25%	0.41%	0.46%	0.31%	0.22%	0.38%	0.13%

Frequently Asked Questions

Can I hold both FSMD and QGRO in my portfolio?

FSMD and QGRO have a correlation of 0.73, 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 QGRO?

QGRO has higher volatility (4.33%) compared to FSMD (4.25%). In terms of maximum drawdown, FSMD dropped -40.67% vs QGRO's -32.56%.

Which ETF is better, FSMD or QGRO?

On 5-year performance, QGRO leads with 11.72% vs 9.34% for FSMD. Both ETFs have the same 0.29% expense ratio. 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 QGRO?

Over the 5-year period, QGRO has performed better with a 11.72% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or QGRO?

FSMD and QGRO have the same expense ratio: 0.29% per year.

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

FSMD has the higher dividend yield at 1.22%, compared with 0.20% for QGRO.

What is the main difference between FSMD and QGRO?

FSMD is categorized as Small Cap Growth Equities, while QGRO is Large Cap Growth Equities. FSMD tracks Fidelity Small-Mid Multifactor Index, while QGRO tracks iSTOXX American Century USA Quality Growth (USD)(GR). They also come from different issuers: Fidelity and American Century.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.53 vs 0.46), 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.