FSMD vs. SPOT
FSMD (Fidelity Small-Mid Multifactor ETF) is Small Cap Blend Equities fund tracking the Fidelity Small-Mid Multifactor Index, while SPOT (Spotify Technology S.A.) is a stock. Over the past 5 years, FSMD returned 10.07%/yr vs 14.71%/yr for SPOT. At a 0.33 correlation, their price movements are largely independent.
Performance
FSMD vs. SPOT - Performance Comparison
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Returns By Period
In the year-to-date period, FSMD achieves a 15.30% return, which is significantly higher than SPOT's -15.22% return.
FSMD
- 1D
- -0.47%
- 1M
- -2.04%
- 6M
- 9.94%
- YTD
- 15.30%
- 1Y
- 22.01%
- 3Y*
- 15.26%
- 5Y*
- 10.07%
- 10Y*
- —
- ALL TIME*
- 11.63%
SPOT
- 1D
- 2.97%
- 1M
- 5.18%
- 6M
- -2.41%
- YTD
- -15.22%
- 1Y
- -29.21%
- 3Y*
- 42.06%
- 5Y*
- 14.71%
- 10Y*
- —
- ALL TIME*
- 14.01%
FSMD vs. SPOT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 15.30% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
SPOT Spotify Technology S.A. | -15.22% | 29.80% | 138.08% | 138.01% | -66.27% | -25.62% | 110.40% | 3.14% |
Correlation
The correlation between FSMD and SPOT is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.33 |
The correlation between FSMD and SPOT shifts across timeframes, from -0.01 (1 year) to 0.34 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FSMD vs. SPOT — Risk / Return Rank
FSMD
SPOT
FSMD vs. SPOT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Spotify Technology S.A. (SPOT). 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 | SPOT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.06 | ||
| Sortino ratioReturn per unit of downside risk | +2.87 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.90 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | -0.66 | +3.28 |
| Martin ratioReturn relative to average drawdown | 9.08 | -1.10 | +10.18 |
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Drawdowns
FSMD vs. SPOT - Drawdown Comparison
The maximum FSMD drawdown since its inception was -40.67%, smaller than the maximum SPOT drawdown of -80.51%. Use the drawdown chart below to compare losses from any high point for FSMD and SPOT.
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Drawdown Indicators
| FSMD | SPOT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.67% | -80.51% | +39.84% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -44.11% | +35.67% |
Max Drawdown (3Y)Largest decline over 3 years | -22.16% | -46.80% | +24.64% |
Max Drawdown (5Y)Largest decline over 5 years | -22.16% | -76.39% | +54.23% |
Current DrawdownCurrent decline from peak | -4.41% | -36.55% | +32.14% |
Average DrawdownAverage peak-to-trough decline | -5.93% | -30.96% | +25.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 26.55% | -24.12% |
Volatility
FSMD vs. SPOT - Volatility Comparison
The current volatility for Fidelity Small-Mid Multifactor ETF (FSMD) is 4.36%, while Spotify Technology S.A. (SPOT) has a volatility of 8.93%. This indicates that FSMD experiences smaller price fluctuations and is considered to be less risky than SPOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMD | SPOT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 8.93% | -4.57% |
Volatility (6M)Calculated over the trailing 6-month period | 12.30% | 37.30% | -25.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.77% | 44.99% | -29.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.53% | 47.60% | -29.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.35% | 47.21% | -25.86% |
Dividends
FSMD vs. SPOT - Dividend Comparison
FSMD's dividend yield for the trailing twelve months is around 1.26%, while SPOT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 1.26% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% |
SPOT Spotify Technology S.A. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FSMD and SPOT have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPOT has higher volatility (8.93%) compared to FSMD (4.36%). In terms of maximum drawdown, FSMD dropped -40.67% vs SPOT's -80.51%.
FSMD currently has the higher Sharpe Ratio (1.41 vs -0.65), 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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