IWR vs. FMDE
IWR (iShares Russell Midcap ETF) and FMDE (Fidelity Enhanced Mid Cap Core ETF) are both Mid Cap Blend Equities funds. IWR is passively managed, while FMDE is actively managed. Over the past year, IWR returned 20.25% vs 21.03% for FMDE. Their 0.97 correlation means they have historically moved very closely together. IWR charges 0.19%/yr vs 0.23%/yr for FMDE.
Performance
IWR vs. FMDE - Performance Comparison
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Returns By Period
In the year-to-date period, IWR achieves a 14.55% return, which is significantly higher than FMDE's 13.63% return.
IWR
- 1D
- -0.28%
- 1M
- -0.59%
- 6M
- 11.19%
- YTD
- 14.55%
- 1Y
- 20.25%
- 3Y*
- 14.75%
- 5Y*
- 8.04%
- 10Y*
- 11.43%
- ALL TIME*
- 9.95%
FMDE
- 1D
- 0.10%
- 1M
- 1.81%
- 6M
- 12.31%
- YTD
- 13.63%
- 1Y
- 21.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 21.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.47M | $36.07M | $34.28M | |
| $186.41M | $266.84M | $222.00M |
IWR vs. FMDE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IWR iShares Russell Midcap ETF | 14.55% | 10.37% | 15.21% | 9.90% |
FMDE Fidelity Enhanced Mid Cap Core ETF | 13.63% | 12.19% | 21.76% | 9.09% |
Correlation
The correlation between IWR and FMDE is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023 | 0.97 |
The correlation between IWR and FMDE has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
IWR vs. FMDE - Sectors Allocation Comparison
Sectors
IWR
FMDE
Technology
Industrials
Financial Services
Healthcare
Consumer Cyclical
Real Estate
Utilities
Energy
Consumer Defensive
Basic Materials
Communication Services
Technology
IWR
FMDE
Industrials
IWR
FMDE
Financial Services
IWR
FMDE
Healthcare
IWR
FMDE
Consumer Cyclical
IWR
FMDE
Real Estate
IWR
FMDE
Utilities
IWR
FMDE
Energy
IWR
FMDE
Consumer Defensive
IWR
FMDE
Basic Materials
IWR
FMDE
Communication Services
IWR
FMDE
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Return for Risk
IWR vs. FMDE — Risk / Return Rank
IWR
FMDE
IWR vs. FMDE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) and Fidelity Enhanced Mid Cap Core 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.
| IWR | FMDE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.35 | -0.07 |
| Martin ratioReturn relative to average drawdown | 8.85 | 9.29 | -0.43 |
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Drawdowns
IWR vs. FMDE - Drawdown Comparison
The maximum IWR drawdown since its inception was -58.78%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for IWR and FMDE.
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Drawdown Indicators
| IWR | FMDE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.78% | -21.10% | -37.68% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -8.33% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -21.09% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.59% | — | — |
Current DrawdownCurrent decline from peak | -0.93% | -0.29% | -0.64% |
Average DrawdownAverage peak-to-trough decline | -7.76% | -2.52% | -5.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 2.10% | 0.00% |
Volatility
IWR vs. FMDE - Volatility Comparison
iShares Russell Midcap ETF (IWR) and Fidelity Enhanced Mid Cap Core ETF (FMDE) have volatilities of 2.48% and 2.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWR | FMDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 2.41% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 10.17% | 10.26% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.67% | 13.75% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 15.93% | +2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.31% | 15.93% | +3.38% |
IWR vs. FMDE - Expense Ratio Comparison
IWR 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
IWR vs. FMDE - Dividend Comparison
IWR's dividend yield for the trailing twelve months is around 1.16%, more than FMDE's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMDE Fidelity Enhanced Mid Cap Core ETF | 1.07% | 1.23% | 1.11% | 0.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IWR iShares Russell Midcap ETF | 1.16% | 1.29% | 1.27% | 1.43% | 1.59% | 1.04% | 1.28% | 1.43% | 1.98% | 1.52% | 1.72% | 1.59% |
Frequently Asked Questions
With a correlation of 0.97, IWR and FMDE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IWR has higher volatility (2.48%) compared to FMDE (2.41%). In terms of maximum drawdown, IWR dropped -58.78% vs FMDE's -21.10%.
On 1-year performance, FMDE leads with 21.03% vs 20.25% for IWR. On fees, IWR is cheaper at 0.19% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FMDE has performed better with a 21.03% return vs 20.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWR is cheaper with a 0.19% expense ratio, compared with 0.23% for FMDE.
IWR has the higher dividend yield at 1.16%, compared with 1.07% for FMDE.
They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.19% for IWR and 0.23% for FMDE.
FMDE currently has the higher Sharpe Ratio (1.42 vs 1.36), 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.
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