FSMD vs. VMRXX

Last updated Jun 9, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and VMRXX (Vanguard Cash Reserves Federal Money Market Fund Admiral Shares) are both funds - FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index, while VMRXX is a Money Market fund actively managed by Vanguard. FSMD is passively managed, while VMRXX is actively managed. Over the past 5 years, FSMD returned 9.34%/yr vs 2.76%/yr for VMRXX. At a 0.02 correlation, their price movements are largely independent. FSMD charges 0.29%/yr vs 0.10%/yr for VMRXX.

Performance

FSMD vs. VMRXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) and Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX). 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 VMRXX's 1.50% return.

FSMD

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

VMRXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.83%
• 1Y: 3.96%
• 3Y*: 3.96%
• 5Y*: 2.76%
• 10Y*: —

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

FSMD vs. VMRXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSMD Fidelity Small-Mid Multifactor ETF	13.60%	8.70%	15.18%	17.37%	-11.15%	7.87%
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	1.50%	4.25%	3.45%	4.65%	0.00%	0.01%

Correlation

The correlation between FSMD and VMRXX is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.02

FSMD vs. VMRXX - Sectors Allocation Comparison

Sectors	FSMD	VMRXX
Industrials	20.7%	-
Technology	18.2%	-
Financial Services	15.4%	17.8%
Healthcare	11.6%	-
Consumer Cyclical	11.1%	-
Real Estate	6.2%	-
Energy	4.6%	-
Basic Materials	3.9%	-
Consumer Defensive	3.3%	-
Communication Services	2.8%	-
Utilities	2.2%	-

Return for Risk

FSMD vs. VMRXX — 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

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. VMRXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX). 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	VMRXX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	3.67	-2.14
Sortino ratio: Return per unit of downside risk	2.24	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.80	—	—
Martin ratio: Return relative to average drawdown	10.05	—	—
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. VMRXX - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.53, which is lower than the VMRXX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of FSMD and VMRXX, 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	VMRXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	3.67	-2.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	2.77	-2.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	2.76	-2.22

Drawdowns

FSMD vs. VMRXX - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, which is greater than VMRXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FSMD and VMRXX.

Drawdown Indicators

	FSMD	VMRXX	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	0.00%	-40.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	0.00%	-8.44%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	0.00%	-22.16%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	0.00%	-22.16%
Current Drawdown Current decline from peak	-1.60%	0.00%	-1.60%
Average Drawdown Average peak-to-trough decline	-6.00%	0.00%	-6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	0.00%	+2.34%

Volatility

FSMD vs. VMRXX - Volatility Comparison

Fidelity Small-Mid Multifactor ETF (FSMD) has a higher volatility of 4.25% compared to Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) at 0.30%. This indicates that FSMD's price experiences larger fluctuations and is considered to be riskier than VMRXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMD	VMRXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	0.30%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	11.55%	0.79%	+10.76%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	1.12%	+14.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	1.02%	+17.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.42%	1.02%	+20.40%

FSMD vs. VMRXX - Expense Ratio Comparison

FSMD has a 0.29% expense ratio, which is higher than VMRXX's 0.10% expense ratio.

Dividends

FSMD vs. VMRXX - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.22%, less than VMRXX's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.22%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	3.88%	4.15%	3.38%	4.54%	0.00%	0.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMD and VMRXX in my portfolio?

FSMD and VMRXX have a correlation of -0.04, 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 VMRXX?

FSMD has higher volatility (4.25%) compared to VMRXX (0.30%). In terms of maximum drawdown, FSMD dropped -40.67% vs VMRXX's 0.00%.

Which has better risk-adjusted returns?

VMRXX currently has the higher Sharpe Ratio (3.67 vs 1.53), 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.