IVOG vs. FSMD
Compare and contrast key facts about Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and Fidelity Small-Mid Multifactor ETF (FSMD).
IVOG and FSMD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IVOG is a passively managed fund by Vanguard that tracks the performance of the S&P MidCap 400 Growth Index. It was launched on Sep 7, 2010. FSMD is a passively managed fund by Fidelity that tracks the performance of the Fidelity Small-Mid Multifactor Index. It was launched on Feb 26, 2019. Both IVOG and FSMD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
IVOG vs. FSMD - Performance Comparison
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IVOG vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 5.26% | 7.34% | 15.62% | 17.36% | -19.08% | 18.85% | 22.60% | 10.38% |
FSMD Fidelity Small-Mid Multifactor ETF | 2.86% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
Returns By Period
In the year-to-date period, IVOG achieves a 5.26% return, which is significantly higher than FSMD's 2.86% return.
IVOG
- 1D
- 1.20%
- 1M
- -5.49%
- YTD
- 5.26%
- 6M
- 6.38%
- 1Y
- 22.16%
- 3Y*
- 13.47%
- 5Y*
- 5.99%
- 10Y*
- 10.63%
FSMD
- 1D
- 1.12%
- 1M
- -4.17%
- YTD
- 2.86%
- 6M
- 3.53%
- 1Y
- 16.98%
- 3Y*
- 13.49%
- 5Y*
- 8.08%
- 10Y*
- —
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IVOG vs. FSMD - Expense Ratio Comparison
IVOG has a 0.15% expense ratio, which is lower than FSMD's 0.29% expense ratio.
Return for Risk
IVOG vs. FSMD — Risk / Return Rank
IVOG
FSMD
IVOG vs. FSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) 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.
| IVOG | FSMD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.00 | 0.85 | +0.15 |
Sortino ratioReturn per unit of downside risk | 1.55 | 1.33 | +0.21 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.18 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.35 | +0.35 |
Martin ratioReturn relative to average drawdown | 7.36 | 5.66 | +1.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IVOG | FSMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.00 | 0.85 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.44 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.48 | +0.12 |
Correlation
The correlation between IVOG and FSMD is 0.94, 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
IVOG vs. FSMD - Dividend Comparison
IVOG's dividend yield for the trailing twelve months is around 0.61%, less than FSMD's 1.35% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.61% | 0.64% | 0.79% | 1.15% | 1.05% | 0.47% | 0.74% | 1.17% | 1.01% | 0.93% | 1.11% | 1.04% |
FSMD Fidelity Small-Mid Multifactor ETF | 1.35% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
IVOG vs. FSMD - Drawdown Comparison
The maximum IVOG drawdown since its inception was -39.32%, roughly equal to the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for IVOG and FSMD.
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Drawdown Indicators
| IVOG | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.32% | -40.67% | +1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -13.76% | -12.63% | -1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -29.31% | -22.16% | -7.15% |
Max Drawdown (10Y)Largest decline over 10 years | -39.32% | — | — |
Current DrawdownCurrent decline from peak | -5.49% | -4.60% | -0.89% |
Average DrawdownAverage peak-to-trough decline | -5.93% | -6.12% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 3.02% | +0.16% |
Volatility
IVOG vs. FSMD - Volatility Comparison
Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) has a higher volatility of 7.64% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 6.62%. This indicates that IVOG's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOG | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.64% | 6.62% | +1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 13.33% | 11.37% | +1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.33% | 20.08% | +2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 18.43% | +2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.52% | 21.54% | -1.02% |