IWO vs. FSMD
Compare and contrast key facts about iShares Russell 2000 Growth ETF (IWO) and Fidelity Small-Mid Multifactor ETF (FSMD).
IWO and FSMD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWO is a passively managed fund by iShares that tracks the performance of the Russell 2000 Growth Index. It was launched on Jul 24, 2000. 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 IWO 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
IWO vs. FSMD - Performance Comparison
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IWO vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IWO iShares Russell 2000 Growth ETF | -2.82% | 12.90% | 15.04% | 18.51% | -26.27% | 2.54% | 34.68% | 8.17% |
FSMD Fidelity Small-Mid Multifactor ETF | 1.72% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
Returns By Period
In the year-to-date period, IWO achieves a -2.82% return, which is significantly lower than FSMD's 1.72% return.
IWO
- 1D
- 4.25%
- 1M
- -6.37%
- YTD
- -2.82%
- 6M
- -1.70%
- 1Y
- 23.40%
- 3Y*
- 12.18%
- 5Y*
- 1.22%
- 10Y*
- 9.67%
FSMD
- 1D
- 3.04%
- 1M
- -4.67%
- YTD
- 1.72%
- 6M
- 2.29%
- 1Y
- 15.81%
- 3Y*
- 13.07%
- 5Y*
- 7.84%
- 10Y*
- —
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IWO vs. FSMD - Expense Ratio Comparison
IWO has a 0.24% expense ratio, which is lower than FSMD's 0.29% expense ratio.
Return for Risk
IWO vs. FSMD — Risk / Return Rank
IWO
FSMD
IWO vs. FSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Growth ETF (IWO) 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.
| IWO | FSMD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | 0.79 | +0.14 |
Sortino ratioReturn per unit of downside risk | 1.44 | 1.26 | +0.19 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.51 | 1.33 | +0.17 |
Martin ratioReturn relative to average drawdown | 5.11 | 5.61 | -0.50 |
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
| IWO | FSMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 0.79 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.43 | -0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.47 | -0.22 |
Correlation
The correlation between IWO and FSMD is 0.90, 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
IWO vs. FSMD - Dividend Comparison
IWO's dividend yield for the trailing twelve months is around 0.48%, less than FSMD's 1.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWO iShares Russell 2000 Growth ETF | 0.48% | 0.56% | 0.80% | 0.73% | 0.73% | 0.32% | 0.44% | 0.71% | 0.76% | 0.73% | 0.97% | 0.89% |
FSMD Fidelity Small-Mid Multifactor ETF | 1.37% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
IWO vs. FSMD - Drawdown Comparison
The maximum IWO drawdown since its inception was -60.11%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for IWO and FSMD.
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Drawdown Indicators
| IWO | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.11% | -40.67% | -19.44% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -12.63% | -2.24% |
Max Drawdown (5Y)Largest decline over 5 years | -40.51% | -22.16% | -18.35% |
Max Drawdown (10Y)Largest decline over 10 years | -42.02% | — | — |
Current DrawdownCurrent decline from peak | -11.25% | -5.65% | -5.60% |
Average DrawdownAverage peak-to-trough decline | -16.80% | -6.12% | -10.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.39% | 3.01% | +1.38% |
Volatility
IWO vs. FSMD - Volatility Comparison
iShares Russell 2000 Growth ETF (IWO) has a higher volatility of 8.73% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 6.73%. This indicates that IWO'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
| IWO | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.73% | 6.73% | +2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 16.53% | 11.32% | +5.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.23% | 20.07% | +5.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.47% | 18.43% | +6.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.06% | 21.54% | +2.52% |