FSMDX vs. DIVO

Last updated Jun 13, 2026

FSMDX (Fidelity Mid Cap Index Fund) and DIVO (Amplify CWP Enhanced Dividend Income ETF) are both funds - FSMDX is a Mid Cap Blend Equities fund tracking the Russell Midcap Index, while DIVO is a Derivative Income fund actively managed by Amplify. FSMDX is passively managed, while DIVO is actively managed. Over the past 5 years, FSMDX returned 8.00%/yr vs 10.91%/yr for DIVO. A 0.76 correlation means they provide meaningful diversification when combined. FSMDX charges 0.03%/yr vs 0.56%/yr for DIVO.

Performance

FSMDX vs. DIVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mid Cap Index Fund (FSMDX) and Amplify CWP Enhanced Dividend Income ETF (DIVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMDX achieves a 12.29% return, which is significantly higher than DIVO's 6.43% return.

FSMDX

• 1D: 2.24%
• 1M: 2.90%
• YTD: 12.29%
• 6M: 11.02%
• 1Y: 20.88%
• 3Y*: 16.72%
• 5Y*: 8.00%
• 10Y*: 11.76%

DIVO

• 1D: 0.72%
• 1M: 2.59%
• YTD: 6.43%
• 6M: 5.62%
• 1Y: 18.49%
• 3Y*: 15.47%
• 5Y*: 10.91%
• 10Y*: —

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

FSMDX vs. DIVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMDX Fidelity Mid Cap Index Fund	12.29%	10.58%	15.55%	17.20%	-17.27%	22.56%	17.13%	30.53%	-9.38%	18.04%
DIVO Amplify CWP Enhanced Dividend Income ETF	6.43%	17.40%	16.22%	6.95%	-1.46%	22.87%	12.40%	24.90%	-3.18%	21.41%

Correlation

The correlation between FSMDX and DIVO 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	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 14, 2016	0.76

The correlation between FSMDX and DIVO has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

FSMDX vs. DIVO — Risk / Return Rank

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

FSMDX

FSMDX Risk / Return Rank: 52
FSMDX Sharpe Ratio Rank: 44
FSMDX Sortino Ratio Rank: 45
FSMDX Omega Ratio Rank: 40
FSMDX Calmar Ratio Rank: 68
FSMDX Martin Ratio Rank: 64

DIVO

DIVO Risk / Return Rank: 72
DIVO Sharpe Ratio Rank: 72
DIVO Sortino Ratio Rank: 78
DIVO Omega Ratio Rank: 69
DIVO Calmar Ratio Rank: 71
DIVO Martin Ratio Rank: 70

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.

FSMDX vs. DIVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Index Fund (FSMDX) and Amplify CWP Enhanced Dividend Income ETF (DIVO). 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.

	FSMDX	DIVO	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.02	-0.49
Sortino ratio: Return per unit of downside risk	2.20	2.99	-0.79
Omega ratio: Gain probability vs. loss probability	1.27	1.35	-0.09
Calmar ratio: Return relative to maximum drawdown	2.58	3.12	-0.54
Martin ratio: Return relative to average drawdown	9.88	11.23	-1.35

FSMDX vs. DIVO - Sharpe Ratio Comparison

The current FSMDX Sharpe Ratio is 1.53, which is comparable to the DIVO Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of FSMDX and DIVO, 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

FSMDX vs. DIVO - Drawdown Comparison

The maximum FSMDX drawdown since its inception was -40.35%, which is greater than DIVO's maximum drawdown of -30.04%. Use the drawdown chart below to compare losses from any high point for FSMDX and DIVO.

Drawdown Indicators

	FSMDX	DIVO	Difference
Max Drawdown Largest peak-to-trough decline	-40.35%	-30.04%	-10.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-5.95%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-20.92%	-12.12%	-8.80%
Max Drawdown (5Y) Largest decline over 5 years	-26.07%	-13.72%	-12.35%
Max Drawdown (10Y) Largest decline over 10 years	-40.35%	—	—
Current Drawdown Current decline from peak	-0.67%	-0.19%	-0.48%
Average Drawdown Average peak-to-trough decline	-4.95%	-2.61%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.65%	+0.48%

Volatility

FSMDX vs. DIVO - Volatility Comparison

Fidelity Mid Cap Index Fund (FSMDX) has a higher volatility of 4.48% compared to Amplify CWP Enhanced Dividend Income ETF (DIVO) at 2.71%. This indicates that FSMDX's price experiences larger fluctuations and is considered to be riskier than DIVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMDX	DIVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	2.71%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	7.13%	+3.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.80%	9.20%	+4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.32%	11.97%	+6.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.34%	14.83%	+4.51%

FSMDX vs. DIVO - Expense Ratio Comparison

FSMDX has a 0.03% expense ratio, which is lower than DIVO's 0.56% expense ratio.

Dividends

FSMDX vs. DIVO - Dividend Comparison

FSMDX's dividend yield for the trailing twelve months is around 0.98%, less than DIVO's 6.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIVO Amplify CWP Enhanced Dividend Income ETF	6.36%	6.44%	4.70%	4.67%	4.76%	4.79%	4.91%	8.16%	5.27%	3.83%	0.00%	0.00%
FSMDX Fidelity Mid Cap Index Fund	0.98%	1.10%	2.46%	1.39%	2.07%	3.35%	2.34%	2.86%	2.21%	2.17%	2.23%	2.84%

Frequently Asked Questions

Can I hold both FSMDX and DIVO in my portfolio?

FSMDX and DIVO 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, FSMDX or DIVO?

FSMDX has higher volatility (4.48%) compared to DIVO (2.71%). In terms of maximum drawdown, FSMDX dropped -40.35% vs DIVO's -30.04%.

Which has better risk-adjusted returns?

DIVO currently has the higher Sharpe Ratio (2.02 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.