IJR vs. FSMD

Last updated Jul 15, 2026

IJR (iShares Core S&P Small-Cap ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both Small Cap Blend Equities funds - IJR tracks the S&P SmallCap 600 Index while FSMD tracks the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, IJR returned 7.78%/yr vs 10.57%/yr for FSMD. Their correlation of 0.95 suggests significant overlap in exposure. IJR charges 0.06%/yr vs 0.15%/yr for FSMD.

Performance

IJR vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P Small-Cap ETF (IJR) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IJR achieves a 21.53% return, which is significantly higher than FSMD's 16.85% return.

IJR

• 1D: 0.27%
• 1M: 1.50%
• 6M: 15.44%
• YTD: 21.53%
• 1Y: 30.20%
• 3Y*: 14.56%
• 5Y*: 7.78%
• 10Y*: 10.74%

FSMD

• 1D: 0.43%
• 1M: -0.62%
• 6M: 12.56%
• YTD: 16.85%
• 1Y: 22.87%
• 3Y*: 16.33%
• 5Y*: 10.57%
• 10Y*: —

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

IJR vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IJR iShares Core S&P Small-Cap ETF	21.53%	5.89%	8.63%	16.06%	-16.20%	26.58%	11.28%	5.98%
FSMD Fidelity Small-Mid Multifactor ETF	16.85%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between IJR and FSMD is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.95

The correlation between IJR and FSMD has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

IJR vs. FSMD - Sectors Allocation Comparison

Sectors	IJR	FSMD
Financial Services	17.3%	14.8%
Industrials	15.6%	20.1%
Technology	15.4%	20.5%
Consumer Cyclical	12.8%	10.6%
Healthcare	12.1%	11.7%
Real Estate	7.3%	6.2%
Energy	6.0%	4.1%
Basic Materials	4.5%	4.0%
Consumer Defensive	3.8%	3.1%
Communication Services	3.1%	2.9%
Utilities	1.7%	2.1%

Return for Risk

IJR vs. FSMD — Risk / Return Rank

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

IJR

IJR Risk / Return Rank: 72
IJR Sharpe Ratio Rank: 67
IJR Sortino Ratio Rank: 71
IJR Omega Ratio Rank: 63
IJR Calmar Ratio Rank: 82
IJR Martin Ratio Rank: 78

FSMD

FSMD Risk / Return Rank: 59
FSMD Sharpe Ratio Rank: 53
FSMD Sortino Ratio Rank: 56
FSMD Omega Ratio Rank: 49
FSMD Calmar Ratio Rank: 68
FSMD Martin Ratio Rank: 67

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.

IJR vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Small-Cap ETF (IJR) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

	IJR	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.45	+0.28
Sortino ratio: Return per unit of downside risk	2.56	2.15	+0.41
Omega ratio: Gain probability vs. loss probability	1.30	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	3.49	2.72	+0.77
Martin ratio: Return relative to average drawdown	11.71	9.61	+2.10

IJR vs. FSMD - Sharpe Ratio Comparison

The current IJR Sharpe Ratio is 1.73, which is comparable to the FSMD Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of IJR and FSMD, 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

IJR vs. FSMD - Drawdown Comparison

The maximum IJR drawdown since its inception was -58.15%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for IJR and FSMD.

Drawdown Indicators

	IJR	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-58.15%	-40.67%	-17.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-8.44%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-28.02%	-22.16%	-5.86%
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	-22.16%	-5.86%
Max Drawdown (10Y) Largest decline over 10 years	-44.36%	—	—
Current Drawdown Current decline from peak	-1.98%	-3.12%	+1.14%
Average Drawdown Average peak-to-trough decline	-9.25%	-5.93%	-3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.39%	+0.20%

Volatility

IJR vs. FSMD - Volatility Comparison

The current volatility for iShares Core S&P Small-Cap ETF (IJR) is 3.97%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 4.62%. This indicates that IJR experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IJR	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	4.62%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	12.30%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	15.87%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	18.57%	+2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.85%	21.37%	+1.48%

IJR vs. FSMD - Expense Ratio Comparison

IJR has a 0.06% expense ratio, which is lower than FSMD's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IJR vs. FSMD - Dividend Comparison

IJR's dividend yield for the trailing twelve months is around 1.13%, less than FSMD's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMD Fidelity Small-Mid Multifactor ETF	1.24%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%
IJR iShares Core S&P Small-Cap ETF	1.13%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%

Frequently Asked Questions

Can I hold both IJR and FSMD in my portfolio?

With a correlation of 0.95, IJR and FSMD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IJR or FSMD?

FSMD has higher volatility (4.62%) compared to IJR (3.97%). In terms of maximum drawdown, IJR dropped -58.15% vs FSMD's -40.67%.

Which ETF is better, IJR or FSMD?

On 5-year performance, FSMD leads with 10.57% vs 7.78% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IJR or FSMD?

Over the 5-year period, FSMD has performed better with a 10.57% return vs 7.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IJR or FSMD?

IJR is cheaper with a 0.06% expense ratio, compared with 0.15% for FSMD.

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

FSMD has the higher dividend yield at 1.24%, compared with 1.13% for IJR.

What is the main difference between IJR and FSMD?

IJR tracks S&P SmallCap 600 Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.06% for IJR and 0.15% for FSMD.

Which has better risk-adjusted returns?

IJR currently has the higher Sharpe Ratio (1.73 vs 1.45), 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.