IUS vs. FMDE

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco RAFI Strategic US ETF (IUS) and Fidelity Enhanced Mid Cap ETF (FMDE).

IUS and FMDE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IUS is a passively managed fund by Invesco that tracks the performance of the Invesco Strategic US Index. It was launched on Sep 12, 2018. FMDE is an actively managed fund by Fidelity. It was launched on Dec 20, 2007.

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.

IUS vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IUS Invesco RAFI Strategic US ETF	1.70%	16.94%	16.51%	5.47%
FMDE Fidelity Enhanced Mid Cap ETF	-0.86%	12.19%	21.76%	8.91%

Returns By Period

In the year-to-date period, IUS achieves a 1.70% return, which is significantly higher than FMDE's -0.86% return.

IUS

• 1D: 2.05%
• 1M: -4.04%
• YTD: 1.70%
• 6M: 5.68%
• 1Y: 19.15%
• 3Y*: 16.68%
• 5Y*: 12.26%
• 10Y*: —

FMDE

• 1D: 2.83%
• 1M: -5.24%
• YTD: -0.86%
• 6M: 0.06%
• 1Y: 16.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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%.

FMDE

Fidelity Enhanced Mid Cap ETF

IUS

Invesco RAFI Strategic US ETF

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: 73
IUS Sharpe Ratio Rank: 70
IUS Sortino Ratio Rank: 72
IUS Omega Ratio Rank: 75
IUS Calmar Ratio Rank: 69
IUS Martin Ratio Rank: 80

FMDE

FMDE Risk / Return Rank: 53
FMDE Sharpe Ratio Rank: 50
FMDE Sortino Ratio Rank: 51
FMDE Omega Ratio Rank: 50
FMDE Calmar Ratio Rank: 51
FMDE Martin Ratio Rank: 61

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.

	IUS	FMDE	Difference
Sharpe ratio Return per unit of total volatility	1.20	0.86	+0.34
Sortino ratio Return per unit of downside risk	1.76	1.32	+0.44
Omega ratio Gain probability vs. loss probability	1.27	1.18	+0.09
Calmar ratio Return relative to maximum drawdown	1.69	1.22	+0.48
Martin ratio Return relative to average drawdown	8.46	5.77	+2.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUS vs. FMDE - Sharpe Ratio Comparison

The current IUS Sharpe Ratio is 1.20, which is higher than the FMDE Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of IUS and FMDE, 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

	IUS	FMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	0.86	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.10	-0.35

Correlation

The correlation between IUS and FMDE is 0.88, 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

IUS vs. FMDE - Dividend Comparison

IUS's dividend yield for the trailing twelve months is around 1.46%, more than FMDE's 1.23% yield.

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

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	-11.91%	-13.43%	+1.52%
Max Drawdown (5Y) Largest decline over 5 years	-18.72%	—	—
Current Drawdown Current decline from peak	-4.22%	-5.73%	+1.51%
Average Drawdown Average peak-to-trough decline	-3.94%	-2.76%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	2.83%	-0.44%

Volatility

IUS vs. FMDE - Volatility Comparison

The current volatility for Invesco RAFI Strategic US ETF (IUS) is 4.10%, while Fidelity Enhanced Mid Cap ETF (FMDE) has a volatility of 5.56%. 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	4.10%	5.56%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	8.09%	10.70%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	16.07%	18.84%	-2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.09%	16.38%	-1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	16.38%	+1.81%