IWR vs. FMDE

Last updated Jun 5, 2026

IWR (iShares Russell Midcap ETF) and FMDE (Fidelity Enhanced Mid Cap ETF) are both exchange-traded funds - IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index, while FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity. IWR is passively managed, while FMDE is actively managed. Over the past year, IWR returned 22.54% vs 21.18% for FMDE. With a 0.97 correlation, they move nearly in lockstep. IWR charges 0.19%/yr vs 0.23%/yr for FMDE.

Performance

IWR vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Midcap ETF (IWR) and Fidelity Enhanced Mid Cap ETF (FMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWR achieves a 13.02% return, which is significantly higher than FMDE's 10.64% return.

IWR

• 1D: 0.52%
• 1M: 3.28%
• YTD: 13.02%
• 6M: 12.45%
• 1Y: 22.54%
• 3Y*: 17.59%
• 5Y*: 8.11%
• 10Y*: 11.55%

FMDE

• 1D: 0.22%
• 1M: 3.45%
• YTD: 10.64%
• 6M: 10.59%
• 1Y: 21.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWR vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IWR iShares Russell Midcap ETF	13.02%	10.37%	15.21%	9.42%
FMDE Fidelity Enhanced Mid Cap ETF	10.64%	12.19%	21.76%	8.91%

Correlation

The correlation between IWR and FMDE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.97

The correlation between IWR and FMDE has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

IWR vs. FMDE - Sectors Allocation Comparison

Sectors	IWR	FMDE
Industrials	18.4%	20.1%
Technology	17.2%	20.6%
Financial Services	12.5%	12.9%
Consumer Cyclical	11.2%	12.1%
Healthcare	8.7%	7.8%
Energy	7.2%	6.4%
Real Estate	7.0%	5.7%
Utilities	6.1%	5.0%
Basic Materials	4.3%	3.9%
Consumer Defensive	4.1%	1.7%
Communication Services	3.4%	3.8%

Return for Risk

IWR vs. FMDE — Risk / Return Rank

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

IWR

IWR Risk / Return Rank: 53
IWR Sharpe Ratio Rank: 50
IWR Sortino Ratio Rank: 51
IWR Omega Ratio Rank: 48
IWR Calmar Ratio Rank: 57
IWR Martin Ratio Rank: 61

FMDE

FMDE Risk / Return Rank: 49
FMDE Sharpe Ratio Rank: 46
FMDE Sortino Ratio Rank: 46
FMDE Omega Ratio Rank: 44
FMDE Calmar Ratio Rank: 53
FMDE Martin Ratio Rank: 58

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.

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 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.

	IWR	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.57	+0.13
Sortino ratio: Return per unit of downside risk	2.44	2.25	+0.19
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.77	2.55	+0.22
Martin ratio: Return relative to average drawdown	10.70	10.11	+0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWR vs. FMDE - Sharpe Ratio Comparison

The current IWR Sharpe Ratio is 1.69, which is comparable to the FMDE Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of IWR and FMDE, 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

	IWR	FMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.57	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.36	-0.86

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.

Drawdown Indicators

	IWR	FMDE	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.80%	-2.64%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	2.10%	+0.01%

Volatility

IWR vs. FMDE - Volatility Comparison

iShares Russell Midcap ETF (IWR) and Fidelity Enhanced Mid Cap ETF (FMDE) have volatilities of 3.16% and 3.16%, 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.

Volatility by Period

	IWR	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	3.16%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	9.81%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	13.36%	13.59%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	16.12%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	16.12%	+3.24%

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 1.14%, more than FMDE's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDE Fidelity Enhanced Mid Cap ETF	1.10%	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	1.14%	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

Can I hold both IWR and FMDE in my portfolio?

With a correlation of 0.96, 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.

Which is riskier, IWR or FMDE?

FMDE has higher volatility (3.16%) compared to IWR (3.16%). In terms of maximum drawdown, IWR dropped -58.78% vs FMDE's -21.10%.

Which ETF is better, IWR or FMDE?

On 1-year performance, IWR leads with 22.54% vs 21.18% for FMDE. 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.

Which ETF has performed better, IWR or FMDE?

Over the 1-year period, IWR has performed better with a 22.54% return vs 21.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWR or FMDE?

IWR is cheaper with a 0.19% expense ratio, compared with 0.23% for FMDE.

Which ETF pays a higher dividend yield, IWR or FMDE?

IWR has the higher dividend yield at 1.14%, compared with 1.10% for FMDE.

What is the main difference between IWR and FMDE?

IWR is categorized as Mid Cap Growth Equities, while FMDE is Mid Cap Blend Equities. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.19% for IWR and 0.23% for FMDE.

Which has better risk-adjusted returns?

IWR currently has the higher Sharpe Ratio (1.69 vs 1.57), 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.