FSMD vs. WCEO

Last updated Aug 2, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and WCEO (Hypatia Women CEO ETF) are both Small Cap Blend Equities funds. FSMD is passively managed, while WCEO is actively managed. Over the past 3 years, FSMD returned 15.14%/yr vs 12.79%/yr for WCEO. Their correlation of 0.92 means they have usually moved in the same direction. FSMD charges 0.15%/yr vs 0.85%/yr for WCEO.

Performance

FSMD vs. WCEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) and Hypatia Women CEO ETF (WCEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FSMD having a 15.80% return and WCEO slightly higher at 16.37%.

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%

WCEO

• 1D: -0.59%
• 1M: -0.42%
• 6M: 12.51%
• YTD: 16.37%
• 1Y: 28.54%
• 3Y*: 12.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSMD Fidelity Small-Mid Multifactor ETF	$4.61M	$5.11M	$5.82M
WCEO Hypatia Women CEO ETF	$45.46K	$44.28K	$46.96K

FSMD vs. WCEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FSMD Fidelity Small-Mid Multifactor ETF	15.80%	8.70%	15.18%	14.95%
WCEO Hypatia Women CEO ETF	16.37%	9.77%	8.28%	10.51%

Correlation

The correlation between FSMD and WCEO is 0.84, 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.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (All Time) Calculated using the full available price history since Jan 9, 2023	0.92

The correlation between FSMD and WCEO has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

FSMD vs. WCEO - Sectors Allocation Comparison

Sectors	FSMD	WCEO
Technology	20.9%	16.2%
Industrials	20.3%	15.1%
Financial Services	15.2%	18.4%
Healthcare	12.2%	12.0%
Consumer Cyclical	10.6%	13.4%
Real Estate	6.1%	6.5%
Energy	3.7%	4.5%
Basic Materials	3.5%	4.2%
Consumer Defensive	2.9%	4.1%
Communication Services	2.8%	3.3%
Utilities	1.9%	1.9%

Return for Risk

FSMD vs. WCEO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSMD

FSMD Risk / Return Rank: 68
FSMD Sharpe Ratio Rank: 62
FSMD Sortino Ratio Rank: 66
FSMD Omega Ratio Rank: 60
FSMD Calmar Ratio Rank: 77
FSMD Martin Ratio Rank: 74

WCEO

WCEO Risk / Return Rank: 83
WCEO Sharpe Ratio Rank: 80
WCEO Sortino Ratio Rank: 84
WCEO Omega Ratio Rank: 77
WCEO Calmar Ratio Rank: 90
WCEO Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSMD vs. WCEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) and Hypatia Women CEO ETF (WCEO). 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	WCEO	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.83	-0.39
Sortino ratio: Return per unit of downside risk	2.16	2.76	-0.60
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	2.71	3.89	-1.17
Martin ratio: Return relative to average drawdown	9.08	12.51	-3.43

FSMD vs. WCEO - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.44, which is comparable to the WCEO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of FSMD and WCEO, 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. WCEO - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, which is greater than WCEO's maximum drawdown of -25.88%. Use the drawdown chart below to compare losses from any high point for FSMD and WCEO.

Drawdown Indicators

	FSMD	WCEO	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	-25.88%	-14.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-6.96%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	-25.88%	+3.72%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	—	—
Current Drawdown Current decline from peak	-3.99%	-1.38%	-2.61%
Average Drawdown Average peak-to-trough decline	-5.92%	-5.29%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.16%	+0.36%

Volatility

FSMD vs. WCEO - Volatility Comparison

Fidelity Small-Mid Multifactor ETF (FSMD) has a higher volatility of 4.05% compared to Hypatia Women CEO ETF (WCEO) at 3.23%. This indicates that FSMD's price experiences larger fluctuations and is considered to be riskier than WCEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMD	WCEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	3.23%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	10.16%	+2.17%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	14.81%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	17.90%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.32%	17.90%	+3.42%

FSMD vs. WCEO - Expense Ratio Comparison

FSMD has a 0.15% expense ratio, which is lower than WCEO's 0.85% expense ratio.

Dividends

FSMD vs. WCEO - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.25%, more than WCEO's 0.55% 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%
WCEO Hypatia Women CEO ETF	0.55%	0.64%	0.88%	0.93%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMD and WCEO in my portfolio?

FSMD and WCEO have a correlation of 0.84, 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 WCEO?

FSMD has higher volatility (4.05%) compared to WCEO (3.23%). In terms of maximum drawdown, FSMD dropped -40.67% vs WCEO's -25.88%.

Which ETF is better, FSMD or WCEO?

On 3-year performance, FSMD leads with 15.14% vs 12.79% for WCEO. On fees, FSMD is cheaper at 0.15% per year. On volatility, WCEO has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSMD or WCEO?

Over the 3-year period, FSMD has performed better with a 15.14% return vs 12.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSMD or WCEO?

FSMD is cheaper with a 0.15% expense ratio, compared with 0.85% for WCEO.

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

FSMD has the higher dividend yield at 1.25%, compared with 0.55% for WCEO.

What is the main difference between FSMD and WCEO?

They also come from different issuers: Fidelity and Hypatia. Their fees differ too: 0.15% for FSMD and 0.85% for WCEO.

Which has better risk-adjusted returns?

WCEO currently has the higher Sharpe Ratio (1.83 vs 1.44), 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.