IWP vs. FSMD

Last updated Jun 9, 2026

IWP (iShares Russell Mid-Cap Growth ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, IWP returned 5.99%/yr vs 9.34%/yr for FSMD. Their correlation of 0.81 suggests significant overlap in exposure. IWP charges 0.23%/yr vs 0.29%/yr for FSMD.

Performance

IWP vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Growth ETF (IWP) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWP achieves a 1.66% return, which is significantly lower than FSMD's 13.60% return.

IWP

• 1D: -0.06%
• 1M: 1.28%
• YTD: 1.66%
• 6M: 0.18%
• 1Y: 2.82%
• 3Y*: 15.01%
• 5Y*: 5.99%
• 10Y*: 12.22%

FSMD

• 1D: 0.40%
• 1M: 0.04%
• YTD: 13.60%
• 6M: 13.89%
• 1Y: 23.49%
• 3Y*: 16.61%
• 5Y*: 9.34%
• 10Y*: —

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

IWP vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IWP iShares Russell Mid-Cap Growth ETF	1.66%	8.45%	21.86%	25.70%	-26.90%	12.60%	35.25%	14.55%
FSMD Fidelity Small-Mid Multifactor ETF	13.60%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between IWP and FSMD is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 1, 2019	0.81

The correlation between IWP and FSMD has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

IWP vs. FSMD - Sectors Allocation Comparison

Sectors	IWP	FSMD
Industrials	24.2%	20.7%
Consumer Cyclical	21.1%	11.1%
Technology	20.0%	18.2%
Healthcare	13.5%	11.6%
Financial Services	6.9%	15.4%
Communication Services	4.2%	2.8%
Energy	3.8%	4.6%
Utilities	2.9%	2.2%
Consumer Defensive	1.5%	3.3%
Real Estate	1.4%	6.2%
Basic Materials	0.4%	3.9%

Return for Risk

IWP vs. FSMD — Risk / Return Rank

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

IWP

IWP Risk / Return Rank: 12
IWP Sharpe Ratio Rank: 12
IWP Sortino Ratio Rank: 12
IWP Omega Ratio Rank: 11
IWP Calmar Ratio Rank: 12
IWP Martin Ratio Rank: 12

FSMD

FSMD Risk / Return Rank: 54
FSMD Sharpe Ratio Rank: 50
FSMD Sortino Ratio Rank: 51
FSMD Omega Ratio Rank: 47
FSMD Calmar Ratio Rank: 62
FSMD 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.

IWP vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Growth ETF (IWP) 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.

	IWP	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	0.17	1.53	-1.37
Sortino ratio: Return per unit of downside risk	0.36	2.24	-1.89
Omega ratio: Gain probability vs. loss probability	1.04	1.27	-0.23
Calmar ratio: Return relative to maximum drawdown	0.19	2.80	-2.61
Martin ratio: Return relative to average drawdown	0.56	10.05	-9.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWP vs. FSMD - Sharpe Ratio Comparison

The current IWP Sharpe Ratio is 0.17, which is lower than the FSMD Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of IWP and FSMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IWP	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	1.53	-1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.51	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.54	-0.12

Drawdowns

IWP vs. FSMD - Drawdown Comparison

The maximum IWP drawdown since its inception was -56.92%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for IWP and FSMD.

Drawdown Indicators

	IWP	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-56.92%	-40.67%	-16.25%
Max Drawdown (1Y) Largest decline over 1 year	-14.79%	-8.44%	-6.35%
Max Drawdown (3Y) Largest decline over 3 years	-25.20%	-22.16%	-3.04%
Max Drawdown (5Y) Largest decline over 5 years	-38.62%	-22.16%	-16.46%
Max Drawdown (10Y) Largest decline over 10 years	-38.62%	—	—
Current Drawdown Current decline from peak	-4.08%	-1.60%	-2.48%
Average Drawdown Average peak-to-trough decline	-9.68%	-6.00%	-3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	2.34%	+2.74%

Volatility

IWP vs. FSMD - Volatility Comparison

iShares Russell Mid-Cap Growth ETF (IWP) has a higher volatility of 4.62% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 4.25%. This indicates that IWP'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.

Volatility by Period

	IWP	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	4.25%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	12.93%	11.55%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.71%	15.40%	+1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.34%	18.50%	+3.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.70%	21.42%	+0.28%

IWP vs. FSMD - Expense Ratio Comparison

IWP has a 0.23% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

IWP vs. FSMD - Dividend Comparison

IWP's dividend yield for the trailing twelve months is around 0.33%, less than FSMD's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMD Fidelity Small-Mid Multifactor ETF	1.22%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%
IWP iShares Russell Mid-Cap Growth ETF	0.33%	0.37%	0.40%	0.54%	0.77%	0.30%	0.38%	0.59%	1.02%	0.78%	1.16%	0.98%

Frequently Asked Questions

Can I hold both IWP and FSMD in my portfolio?

IWP and FSMD have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWP or FSMD?

IWP has higher volatility (4.62%) compared to FSMD (4.25%). In terms of maximum drawdown, IWP dropped -56.92% vs FSMD's -40.67%.

Which ETF is better, IWP or FSMD?

On 5-year performance, FSMD leads with 9.34% vs 5.99% for IWP. On fees, IWP is cheaper at 0.23% per year. On volatility, FSMD has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWP or FSMD?

Over the 5-year period, FSMD has performed better with a 9.34% return vs 5.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWP or FSMD?

IWP is cheaper with a 0.23% expense ratio, compared with 0.29% for FSMD.

Which ETF pays a higher dividend yield, IWP or FSMD?

FSMD has the higher dividend yield at 1.22%, compared with 0.33% for IWP.

What is the main difference between IWP and FSMD?

IWP is categorized as Mid Cap Growth Equities, while FSMD is Small Cap Growth Equities. IWP tracks Russell Midcap Growth Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.23% for IWP and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.53 vs 0.17), 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.