FSMD vs. RYPRX
FSMD (Fidelity Small-Mid Multifactor ETF) and RYPRX (Royce Premier Fund) are both Small Cap Blend Equities funds. Over the past 5 years, FSMD returned 9.94%/yr vs 6.81%/yr for RYPRX. Their correlation of 0.93 means they have usually moved in the same direction. FSMD charges 0.15%/yr vs 1.17%/yr for RYPRX.
Performance
FSMD vs. RYPRX - Performance Comparison
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Returns By Period
In the year-to-date period, FSMD achieves a 15.80% return, which is significantly lower than RYPRX's 18.06% return.
FSMD
- 1D
- -0.12%
- 1M
- -1.72%
- 6M
- 11.82%
- YTD
- 15.80%
- 1Y
- 24.59%
- 3Y*
- 15.14%
- 5Y*
- 9.94%
- 10Y*
- —
- ALL TIME*
- 11.65%
RYPRX
- 1D
- 0.25%
- 1M
- -2.33%
- 6M
- 7.14%
- YTD
- 18.06%
- 1Y
- 23.58%
- 3Y*
- 10.00%
- 5Y*
- 6.81%
- 10Y*
- 10.96%
- ALL TIME*
- 11.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.61M | $5.11M | $5.82M | |
RYPRX Royce Premier Fund | $0.00 | $0.00 | $0.00 |
FSMD vs. RYPRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 15.80% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
RYPRX Royce Premier Fund | 18.06% | 5.74% | 2.91% | 22.76% | -15.67% | 16.07% | 11.51% | 14.79% |
Correlation
The correlation between FSMD and RYPRX is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.93 |
The correlation between FSMD and RYPRX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
FSMD vs. RYPRX — Risk / Return Rank
FSMD
RYPRX
FSMD vs. RYPRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Royce Premier Fund (RYPRX). 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 | RYPRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.20 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 1.48 | +1.24 |
| Martin ratioReturn relative to average drawdown | 9.08 | 4.68 | +4.40 |
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Drawdowns
FSMD vs. RYPRX - Drawdown Comparison
The maximum FSMD drawdown since its inception was -40.67%, smaller than the maximum RYPRX drawdown of -51.47%. Use the drawdown chart below to compare losses from any high point for FSMD and RYPRX.
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Drawdown Indicators
| FSMD | RYPRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.67% | -51.47% | +10.80% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -14.54% | +6.10% |
Max Drawdown (3Y)Largest decline over 3 years | -22.16% | -26.14% | +3.98% |
Max Drawdown (5Y)Largest decline over 5 years | -22.16% | -26.14% | +3.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.30% | — |
Current DrawdownCurrent decline from peak | -3.99% | -4.40% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -5.92% | -6.25% | +0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 4.58% | -2.06% |
Volatility
FSMD vs. RYPRX - Volatility Comparison
The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 4.05%, while Royce Premier Fund (RYPRX) has a volatility of 4.46%. This indicates that FSMD experiences smaller price fluctuations and is considered to be less risky than RYPRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMD | RYPRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 4.46% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 12.33% | 13.93% | -1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.87% | 18.70% | -2.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.54% | 20.00% | -1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.32% | 21.26% | +0.06% |
FSMD vs. RYPRX - Expense Ratio Comparison
FSMD has a 0.15% expense ratio, which is lower than RYPRX's 1.17% expense ratio.
Dividends
FSMD vs. RYPRX - Dividend Comparison
FSMD's dividend yield for the trailing twelve months is around 1.25%, less than RYPRX's 10.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 1.25% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
RYPRX Royce Premier Fund | 10.20% | 12.05% | 9.52% | 6.89% | 9.00% | 21.23% | 5.55% | 20.68% | 29.26% | 15.18% | 13.42% | 24.26% |
Frequently Asked Questions
FSMD and RYPRX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RYPRX has higher volatility (4.46%) compared to FSMD (4.05%). In terms of maximum drawdown, FSMD dropped -40.67% vs RYPRX's -51.47%.
FSMD currently has the higher Sharpe Ratio (1.44 vs 1.15), 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.
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