ISMD vs. FESM

Last updated Apr 2, 2026

Compare and contrast key facts about Inspire Small/Mid Cap Impact ETF (ISMD) and Fidelity Enhanced Small Cap ETF (FESM).

ISMD and FESM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ISMD is a passively managed fund by Inspire that tracks the performance of the Inspire Small/Mid Cap Impact Equal Weight Index. It was launched on Feb 28, 2017. FESM is an actively managed fund by Fidelity. It was launched on Dec 20, 2007.

Performance

ISMD vs. FESM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Inspire Small/Mid Cap Impact ETF (ISMD) and Fidelity Enhanced Small Cap ETF (FESM). The values are adjusted to include any dividend payments, if applicable.

ISMD vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISMD Inspire Small/Mid Cap Impact ETF	4.62%	4.14%	9.53%	12.40%
FESM Fidelity Enhanced Small Cap ETF	1.59%	17.88%	16.22%	12.19%

Returns By Period

In the year-to-date period, ISMD achieves a 4.62% return, which is significantly higher than FESM's 1.59% return.

ISMD

• 1D: 0.70%
• 1M: -4.06%
• YTD: 4.62%
• 6M: 4.26%
• 1Y: 19.45%
• 3Y*: 10.42%
• 5Y*: 5.29%
• 10Y*: —

FESM

• 1D: 0.76%
• 1M: -4.92%
• YTD: 1.59%
• 6M: 5.19%
• 1Y: 30.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISMD vs. FESM - Expense Ratio Comparison

ISMD has a 0.57% expense ratio, which is higher than FESM's 0.28% expense ratio.

ISMD

Inspire Small/Mid Cap Impact ETF

FESM

Fidelity Enhanced Small Cap ETF

Return for Risk

ISMD vs. FESM — Risk / Return Rank

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

ISMD

ISMD Risk / Return Rank: 47
ISMD Sharpe Ratio Rank: 46
ISMD Sortino Ratio Rank: 48
ISMD Omega Ratio Rank: 42
ISMD Calmar Ratio Rank: 50
ISMD Martin Ratio Rank: 48

FESM

FESM Risk / Return Rank: 73
FESM Sharpe Ratio Rank: 72
FESM Sortino Ratio Rank: 73
FESM Omega Ratio Rank: 66
FESM Calmar Ratio Rank: 79
FESM Martin Ratio Rank: 77

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.

ISMD vs. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Inspire Small/Mid Cap Impact ETF (ISMD) and Fidelity Enhanced Small Cap ETF (FESM). 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.

	ISMD	FESM	Difference
Sharpe ratio Return per unit of total volatility	0.89	1.34	-0.45
Sortino ratio Return per unit of downside risk	1.37	1.91	-0.54
Omega ratio Gain probability vs. loss probability	1.17	1.25	-0.08
Calmar ratio Return relative to maximum drawdown	1.39	2.27	-0.88
Martin ratio Return relative to average drawdown	4.87	8.66	-3.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISMD vs. FESM - Sharpe Ratio Comparison

The current ISMD Sharpe Ratio is 0.89, which is lower than the FESM Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of ISMD and FESM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ISMD	FESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	1.34	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.98	-0.65

Correlation

The correlation between ISMD and FESM is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ISMD vs. FESM - Dividend Comparison

ISMD's dividend yield for the trailing twelve months is around 1.10%, more than FESM's 0.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISMD Inspire Small/Mid Cap Impact ETF	1.10%	1.21%	1.24%	1.17%	1.28%	9.35%	0.99%	0.88%	1.35%	2.02%
FESM Fidelity Enhanced Small Cap ETF	0.63%	0.82%	1.08%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ISMD vs. FESM - Drawdown Comparison

The maximum ISMD drawdown since its inception was -44.60%, which is greater than FESM's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for ISMD and FESM.

Drawdown Indicators

	ISMD	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-44.60%	-26.93%	-17.67%
Max Drawdown (1Y) Largest decline over 1 year	-13.93%	-13.54%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	—	—
Current Drawdown Current decline from peak	-5.79%	-6.52%	+0.73%
Average Drawdown Average peak-to-trough decline	-8.31%	-5.04%	-3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	3.55%	+0.42%

Volatility

ISMD vs. FESM - Volatility Comparison

The current volatility for Inspire Small/Mid Cap Impact ETF (ISMD) is 6.74%, while Fidelity Enhanced Small Cap ETF (FESM) has a volatility of 7.30%. This indicates that ISMD experiences smaller price fluctuations and is considered to be less risky than FESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISMD	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	7.30%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	13.56%	14.27%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	21.95%	22.99%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.89%	21.48%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.85%	21.48%	+2.37%