IUS vs. FMDE

Last updated Jun 24, 2026

IUS (Invesco RAFI Strategic US ETF) and FMDE (Fidelity Enhanced Mid Cap ETF) are both exchange-traded funds - IUS is a Large Cap Blend Equities fund tracking the Invesco Strategic US Index, while FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity. IUS is passively managed, while FMDE is actively managed. Over the past year, IUS returned 30.78% vs 19.98% for FMDE. Their correlation of 0.87 suggests significant overlap in exposure. IUS charges 0.19%/yr vs 0.23%/yr for FMDE.

Performance

IUS vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco RAFI Strategic US ETF (IUS) and Fidelity Enhanced Mid Cap ETF (FMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IUS achieves a 14.43% return, which is significantly higher than FMDE's 10.32% return.

IUS

• 1D: -0.02%
• 1M: 0.18%
• YTD: 14.43%
• 6M: 13.98%
• 1Y: 30.78%
• 3Y*: 19.91%
• 5Y*: 13.73%
• 10Y*: —

FMDE

• 1D: -1.02%
• 1M: 2.10%
• YTD: 10.32%
• 6M: 9.12%
• 1Y: 19.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IUS vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IUS Invesco RAFI Strategic US ETF	14.43%	16.94%	16.51%	6.09%
FMDE Fidelity Enhanced Mid Cap ETF	10.32%	12.19%	21.76%	9.09%

Correlation

The correlation between IUS and FMDE is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.87

The correlation between IUS and FMDE has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

IUS vs. FMDE - Sectors Allocation Comparison

Sectors	IUS	FMDE
Technology	26.7%	23.3%
Communication Services	13.0%	4.1%
Healthcare	12.6%	7.6%
Consumer Cyclical	10.4%	12.0%
Industrials	9.7%	19.8%
Energy	9.4%	5.7%
Consumer Defensive	6.9%	1.5%
Financial Services	6.8%	12.1%
Basic Materials	3.2%	4.3%
Utilities	1.0%	4.6%
Real Estate	0.4%	5.1%

Return for Risk

IUS vs. FMDE — Risk / Return Rank

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

IUS

IUS Risk / Return Rank: 90
IUS Sharpe Ratio Rank: 90
IUS Sortino Ratio Rank: 90
IUS Omega Ratio Rank: 88
IUS Calmar Ratio Rank: 89
IUS Martin Ratio Rank: 91

FMDE

FMDE Risk / Return Rank: 46
FMDE Sharpe Ratio Rank: 43
FMDE Sortino Ratio Rank: 42
FMDE Omega Ratio Rank: 40
FMDE Calmar Ratio Rank: 51
FMDE Martin Ratio Rank: 56

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.

IUS vs. FMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI Strategic US ETF (IUS) and Fidelity Enhanced Mid Cap ETF (FMDE). 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.

	IUS	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	2.89	1.43	+1.46
Sortino ratio: Return per unit of downside risk	3.95	2.07	+1.88
Omega ratio: Gain probability vs. loss probability	1.53	1.25	+0.27
Calmar ratio: Return relative to maximum drawdown	5.03	2.41	+2.62
Martin ratio: Return relative to average drawdown	20.93	9.44	+11.50

IUS vs. FMDE - Sharpe Ratio Comparison

The current IUS Sharpe Ratio is 2.89, which is higher than the FMDE Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of IUS and FMDE, 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

IUS vs. FMDE - Drawdown Comparison

The maximum IUS drawdown since its inception was -34.67%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for IUS and FMDE.

Drawdown Indicators

	IUS	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-34.67%	-21.10%	-13.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-8.33%	+2.18%
Max Drawdown (3Y) Largest decline over 3 years	-15.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.72%	—	—
Current Drawdown Current decline from peak	-1.76%	-1.37%	-0.39%
Average Drawdown Average peak-to-trough decline	-3.85%	-2.61%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	2.12%	-0.65%

Volatility

IUS vs. FMDE - Volatility Comparison

The current volatility for Invesco RAFI Strategic US ETF (IUS) is 3.84%, while Fidelity Enhanced Mid Cap ETF (FMDE) has a volatility of 4.64%. This indicates that IUS experiences smaller price fluctuations and is considered to be less risky than FMDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUS	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	4.64%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	10.52%	-2.49%
Volatility (1Y) Calculated over the trailing 1-year period	10.69%	14.03%	-3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	16.17%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	16.17%	+1.85%

IUS vs. FMDE - Expense Ratio Comparison

IUS has a 0.19% expense ratio, which is lower than FMDE's 0.23% 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

IUS vs. FMDE - Dividend Comparison

IUS's dividend yield for the trailing twelve months is around 1.30%, more than FMDE's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FMDE Fidelity Enhanced Mid Cap ETF	1.10%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%
IUS Invesco RAFI Strategic US ETF	1.30%	1.48%	1.52%	1.72%	1.78%	1.46%	1.74%	1.77%	0.73%

Frequently Asked Questions

Can I hold both IUS and FMDE in my portfolio?

IUS and FMDE 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, IUS or FMDE?

FMDE has higher volatility (4.64%) compared to IUS (3.84%). In terms of maximum drawdown, IUS dropped -34.67% vs FMDE's -21.10%.

Which ETF is better, IUS or FMDE?

On 1-year performance, IUS leads with 30.78% vs 19.98% for FMDE. On fees, IUS is cheaper at 0.19% per year. On volatility, IUS has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IUS or FMDE?

Over the 1-year period, IUS has performed better with a 30.78% return vs 19.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IUS or FMDE?

IUS is cheaper with a 0.19% expense ratio, compared with 0.23% for FMDE.

Which ETF pays a higher dividend yield, IUS or FMDE?

IUS has the higher dividend yield at 1.30%, compared with 1.10% for FMDE.

What is the main difference between IUS and FMDE?

IUS is categorized as Large Cap Blend Equities, while FMDE is Mid Cap Blend Equities. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.19% for IUS and 0.23% for FMDE.

Which has better risk-adjusted returns?

IUS currently has the higher Sharpe Ratio (2.89 vs 1.43), 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.