FUTY vs. FMAT

Last updated Jul 26, 2026

FUTY (Fidelity MSCI Utilities Index ETF) and FMAT (Fidelity MSCI Materials Index ETF) are both exchange-traded funds - FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index, while FMAT is a Materials fund tracking the MSCI USA IMI Materials Index. Both are passively managed. Over the past 10 years, FUTY returned 9.14%/yr vs 9.59%/yr for FMAT. Their 0.36 correlation means their historical movements had little consistent relationship. Both charge a 0.08% expense ratio.

Performance

FUTY vs. FMAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Utilities Index ETF (FUTY) and Fidelity MSCI Materials Index ETF (FMAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FUTY achieves a 9.25% return, which is significantly lower than FMAT's 9.89% return. Both investments have delivered pretty close results over the past 10 years, with FUTY having a 9.14% annualized return and FMAT not far ahead at 9.59%.

FUTY

• 1D: 0.03%
• 1M: 0.02%
• 6M: 9.19%
• YTD: 9.25%
• 1Y: 12.18%
• 3Y*: 13.84%
• 5Y*: 10.14%
• 10Y*: 9.14%
• ALL TIME*: 10.40%

FMAT

• 1D: 1.24%
• 1M: -2.36%
• 6M: -1.43%
• YTD: 9.89%
• 1Y: 12.30%
• 3Y*: 8.06%
• 5Y*: 6.76%
• 10Y*: 9.59%
• ALL TIME*: 8.57%

*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)
FMAT Fidelity MSCI Materials Index ETF	$2.24M	$4.24M	$3.32M
FUTY Fidelity MSCI Utilities Index ETF	$16.51M	$17.77M	$18.20M

FUTY vs. FMAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUTY Fidelity MSCI Utilities Index ETF	9.25%	16.40%	23.20%	-7.46%	1.12%	17.53%	-0.80%	24.89%	4.36%	12.52%
FMAT Fidelity MSCI Materials Index ETF	9.89%	12.11%	0.47%	13.71%	-11.54%	27.45%	19.57%	23.35%	-17.40%	23.51%

Correlation

The correlation between FUTY and FMAT is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.45
Correlation (10Y) Provides a long-term view across more market conditions.	0.36
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.36

The correlation between FUTY and FMAT shifts across timeframes, from 0.34 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.

FUTY vs. FMAT - Sectors Allocation Comparison

Sectors	FUTY	FMAT
Utilities	99.3%	-
Energy	0.5%	0.4%
Industrials	0.2%	0.1%
Basic Materials	-	90.5%
Communication Services	-	-
Consumer Cyclical	-	8.2%
Consumer Defensive	-	0.1%
Financial Services	-	-
Healthcare	-	0.6%
Real Estate	-	-
Technology	-	0.1%

Return for Risk

FUTY vs. FMAT — Risk / Return Rank

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

FUTY

FUTY Risk / Return Rank: 34
FUTY Sharpe Ratio Rank: 35
FUTY Sortino Ratio Rank: 33
FUTY Omega Ratio Rank: 32
FUTY Calmar Ratio Rank: 40
FUTY Martin Ratio Rank: 32

FMAT

FMAT Risk / Return Rank: 30
FMAT Sharpe Ratio Rank: 30
FMAT Sortino Ratio Rank: 30
FMAT Omega Ratio Rank: 28
FMAT Calmar Ratio Rank: 31
FMAT Martin Ratio Rank: 32

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.

FUTY vs. FMAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Utilities Index ETF (FUTY) and Fidelity MSCI Materials Index ETF (FMAT). 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.

	FUTY	FMAT	Difference
Sharpe ratio: Return per unit of total volatility	0.85	0.73	+0.12
Sortino ratio: Return per unit of downside risk	1.24	1.14	+0.10
Omega ratio: Gain probability vs. loss probability	1.15	1.13	+0.02
Calmar ratio: Return relative to maximum drawdown	1.40	1.01	+0.39
Martin ratio: Return relative to average drawdown	2.92	2.93	-0.01

FUTY vs. FMAT - Sharpe Ratio Comparison

The current FUTY Sharpe Ratio is 0.85, which is comparable to the FMAT Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of FUTY and FMAT, 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

FUTY vs. FMAT - Drawdown Comparison

The maximum FUTY drawdown since its inception was -36.44%, smaller than the maximum FMAT drawdown of -41.11%. Use the drawdown chart below to compare losses from any high point for FUTY and FMAT.

Drawdown Indicators

	FUTY	FMAT	Difference
Max Drawdown Largest peak-to-trough decline	-36.44%	-41.11%	+4.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-13.48%	+4.55%
Max Drawdown (3Y) Largest decline over 3 years	-15.63%	-23.17%	+7.54%
Max Drawdown (5Y) Largest decline over 5 years	-25.11%	-25.40%	+0.29%
Max Drawdown (10Y) Largest decline over 10 years	-36.44%	-41.11%	+4.67%
Current Drawdown Current decline from peak	-1.81%	-6.65%	+4.84%
Average Drawdown Average peak-to-trough decline	-6.01%	-6.87%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	4.65%	-0.36%

Volatility

FUTY vs. FMAT - Volatility Comparison

The current volatility for Fidelity MSCI Utilities Index ETF (FUTY) is 4.51%, while Fidelity MSCI Materials Index ETF (FMAT) has a volatility of 5.20%. This indicates that FUTY experiences smaller price fluctuations and is considered to be less risky than FMAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUTY	FMAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	5.20%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	11.73%	14.82%	-3.09%
Volatility (1Y) Calculated over the trailing 1-year period	14.67%	18.63%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.08%	19.69%	-2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.08%	21.19%	-2.11%

FUTY vs. FMAT - Expense Ratio Comparison

Both FUTY and FMAT have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FUTY vs. FMAT - Dividend Comparison

FUTY's dividend yield for the trailing twelve months is around 2.54%, more than FMAT's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMAT Fidelity MSCI Materials Index ETF	1.44%	1.64%	1.68%	1.71%	2.00%	1.44%	1.73%	1.89%	2.18%	1.53%	1.78%	2.16%
FUTY Fidelity MSCI Utilities Index ETF	2.54%	2.67%	2.96%	3.31%	2.72%	2.70%	3.07%	2.82%	3.11%	3.03%	3.35%	4.33%

Frequently Asked Questions

Can I hold both FUTY and FMAT in my portfolio?

FUTY and FMAT have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUTY or FMAT?

FMAT has higher volatility (5.20%) compared to FUTY (4.51%). In terms of maximum drawdown, FUTY dropped -36.44% vs FMAT's -41.11%.

Which ETF is better, FUTY or FMAT?

On 10-year performance, FMAT leads with 9.59% vs 9.14% for FUTY. Both ETFs have the same 0.08% expense ratio. On volatility, FUTY has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FUTY or FMAT?

Over the 10-year period, FMAT has performed better with a 9.59% return vs 9.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FUTY or FMAT?

FUTY and FMAT have the same expense ratio: 0.08% per year.

Which ETF pays a higher dividend yield, FUTY or FMAT?

FUTY has the higher dividend yield at 2.54%, compared with 1.44% for FMAT.

What is the main difference between FUTY and FMAT?

FUTY is categorized as Utilities Equities, while FMAT is Materials. FUTY tracks MSCI USA IMI Utilities Index, while FMAT tracks MSCI USA IMI Materials Index.

Which has better risk-adjusted returns?

FUTY currently has the higher Sharpe Ratio (0.85 vs 0.73), 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.