FSMD vs. QQQS

Last updated Jul 14, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and QQQS (Invesco NASDAQ Future Gen 200 ETF) are both Small Cap Blend Equities funds - FSMD tracks the Fidelity Small-Mid Multifactor Index while QQQS tracks the Nasdaq Innovators Completion Cap Total Return Index. Both are passively managed. Over the past 3 years, FSMD returned 16.17%/yr vs 16.48%/yr for QQQS. Their correlation of 0.81 suggests significant overlap in exposure. FSMD charges 0.15%/yr vs 0.20%/yr for QQQS.

Performance

FSMD vs. QQQS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) and Invesco NASDAQ Future Gen 200 ETF (QQQS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMD achieves a 16.35% return, which is significantly lower than QQQS's 28.18% return.

FSMD

• 1D: -1.18%
• 1M: -1.05%
• 6M: 12.13%
• YTD: 16.35%
• 1Y: 22.98%
• 3Y*: 16.17%
• 5Y*: 10.44%
• 10Y*: —

QQQS

• 1D: -0.99%
• 1M: 4.05%
• 6M: 21.10%
• YTD: 28.18%
• 1Y: 61.07%
• 3Y*: 16.48%
• 5Y*: —
• 10Y*: —

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

FSMD vs. QQQS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FSMD Fidelity Small-Mid Multifactor ETF	16.35%	8.70%	15.18%	17.37%	6.81%
QQQS Invesco NASDAQ Future Gen 200 ETF	28.18%	23.03%	10.20%	-1.94%	11.47%

Correlation

The correlation between FSMD and QQQS is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 13, 2022	0.81

The correlation between FSMD and QQQS has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

FSMD vs. QQQS - Sectors Allocation Comparison

Sectors	FSMD	QQQS
Technology	20.5%	23.8%
Industrials	20.1%	6.3%
Financial Services	14.8%	0.1%
Healthcare	11.7%	49.3%
Consumer Cyclical	10.6%	5.7%
Real Estate	6.2%	-
Energy	4.1%	1.6%
Basic Materials	4.0%	0.5%
Consumer Defensive	3.1%	1.4%
Communication Services	2.9%	2.3%
Utilities	2.1%	-

Return for Risk

FSMD vs. QQQS — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 59
FSMD Sharpe Ratio Rank: 53
FSMD Sortino Ratio Rank: 57
FSMD Omega Ratio Rank: 50
FSMD Calmar Ratio Rank: 69
FSMD Martin Ratio Rank: 67

QQQS

QQQS Risk / Return Rank: 85
QQQS Sharpe Ratio Rank: 88
QQQS Sortino Ratio Rank: 83
QQQS Omega Ratio Rank: 75
QQQS Calmar Ratio Rank: 91
QQQS Martin Ratio Rank: 86

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. QQQS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Invesco NASDAQ Future Gen 200 ETF (QQQS). 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	QQQS	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.26	-0.80
Sortino ratio: Return per unit of downside risk	2.16	2.95	-0.78
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	2.74	4.50	-1.77
Martin ratio: Return relative to average drawdown	9.67	14.21	-4.54

FSMD vs. QQQS - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.45, which is lower than the QQQS Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of FSMD and QQQS, 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. QQQS - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, which is greater than QQQS's maximum drawdown of -38.06%. Use the drawdown chart below to compare losses from any high point for FSMD and QQQS.

Drawdown Indicators

	FSMD	QQQS	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-38.06%	-2.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-13.63%	+5.19%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	-34.32%	+12.16%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	—	—
Current Drawdown Current decline from peak	-3.54%	-2.04%	-1.50%
Average Drawdown Average peak-to-trough decline	-5.93%	-12.99%	+7.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	4.31%	-1.93%

Volatility

FSMD vs. QQQS - Volatility Comparison

The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 5.39%, while Invesco NASDAQ Future Gen 200 ETF (QQQS) has a volatility of 6.29%. This indicates that FSMD experiences smaller price fluctuations and is considered to be less risky than QQQS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMD	QQQS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	6.29%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	20.02%	-7.72%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	27.25%	-11.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.57%	28.47%	-9.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.38%	28.47%	-7.09%

FSMD vs. QQQS - Expense Ratio Comparison

FSMD has a 0.15% expense ratio, which is lower than QQQS's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FSMD vs. QQQS - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.25%, less than QQQS's 2.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.25%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
QQQS Invesco NASDAQ Future Gen 200 ETF	2.57%	3.48%	0.80%	0.68%	0.04%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMD and QQQS in my portfolio?

FSMD and QQQS have a correlation of 0.79, 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 QQQS?

QQQS has higher volatility (6.29%) compared to FSMD (5.39%). In terms of maximum drawdown, FSMD dropped -40.67% vs QQQS's -38.06%.

Which ETF is better, FSMD or QQQS?

On 3-year performance, QQQS leads with 16.48% vs 16.17% for FSMD. On fees, FSMD is cheaper at 0.15% per year. On volatility, FSMD has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMD or QQQS?

Over the 3-year period, QQQS has performed better with a 16.48% return vs 16.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or QQQS?

FSMD is cheaper with a 0.15% expense ratio, compared with 0.20% for QQQS.

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

QQQS has the higher dividend yield at 2.57%, compared with 1.25% for FSMD.

What is the main difference between FSMD and QQQS?

FSMD tracks Fidelity Small-Mid Multifactor Index, while QQQS tracks Nasdaq Innovators Completion Cap Total Return Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.15% for FSMD and 0.20% for QQQS.

Which has better risk-adjusted returns?

QQQS currently has the higher Sharpe Ratio (2.26 vs 1.45), 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.