IWY vs. FSMD

Last updated Jun 16, 2026

IWY (iShares Russell Top 200 Growth ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 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, IWY returned 15.67%/yr vs 10.41%/yr for FSMD. A 0.65 correlation means they provide meaningful diversification when combined. IWY charges 0.20%/yr vs 0.29%/yr for FSMD.

Performance

IWY vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Growth ETF (IWY) 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, IWY achieves a 5.40% return, which is significantly lower than FSMD's 18.15% return.

IWY

• 1D: 2.34%
• 1M: -0.22%
• YTD: 5.40%
• 6M: 6.65%
• 1Y: 24.23%
• 3Y*: 23.50%
• 5Y*: 15.67%
• 10Y*: 19.59%

FSMD

• 1D: 0.48%
• 1M: 6.83%
• YTD: 18.15%
• 6M: 16.30%
• 1Y: 30.28%
• 3Y*: 17.72%
• 5Y*: 10.41%
• 10Y*: —

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

IWY vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IWY iShares Russell Top 200 Growth ETF	5.40%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	21.89%
FSMD Fidelity Small-Mid Multifactor ETF	18.15%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between IWY and FSMD is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.65

The correlation between IWY and FSMD shifts across timeframes, from 0.50 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

IWY vs. FSMD - Sectors Allocation Comparison

Sectors	IWY	FSMD
Technology	56.8%	20.5%
Communication Services	12.7%	2.9%
Consumer Cyclical	10.4%	10.6%
Healthcare	6.9%	11.7%
Financial Services	5.3%	14.8%
Industrials	3.2%	20.1%
Consumer Defensive	2.8%	3.1%
Utilities	0.9%	2.1%
Real Estate	0.4%	6.2%
Basic Materials	0.3%	4.0%
Energy	0.0%	4.1%

Return for Risk

IWY vs. FSMD — Risk / Return Rank

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

IWY

IWY Risk / Return Rank: 41
IWY Sharpe Ratio Rank: 48
IWY Sortino Ratio Rank: 46
IWY Omega Ratio Rank: 45
IWY Calmar Ratio Rank: 33
IWY Martin Ratio Rank: 34

FSMD

FSMD Risk / Return Rank: 69
FSMD Sharpe Ratio Rank: 65
FSMD Sortino Ratio Rank: 68
FSMD Omega Ratio Rank: 62
FSMD Calmar Ratio Rank: 77
FSMD Martin Ratio Rank: 75

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.

IWY vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Growth ETF (IWY) 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.

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.

	IWY	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.95	-0.44
Sortino ratio: Return per unit of downside risk	2.07	2.80	-0.73
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	1.46	3.61	-2.14
Martin ratio: Return relative to average drawdown	4.70	12.98	-8.28

IWY vs. FSMD - Sharpe Ratio Comparison

The current IWY Sharpe Ratio is 1.51, which is comparable to the FSMD Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of IWY 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.

Drawdowns

IWY vs. FSMD - Drawdown Comparison

The maximum IWY drawdown since its inception was -32.68%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for IWY and FSMD.

Drawdown Indicators

	IWY	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-32.68%	-40.67%	+7.99%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-8.44%	-8.19%
Max Drawdown (3Y) Largest decline over 3 years	-23.22%	-22.16%	-1.06%
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	-22.16%	-10.52%
Max Drawdown (10Y) Largest decline over 10 years	-32.68%	—	—
Current Drawdown Current decline from peak	-3.47%	0.00%	-3.47%
Average Drawdown Average peak-to-trough decline	-4.75%	-5.98%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	2.34%	+2.83%

Volatility

IWY vs. FSMD - Volatility Comparison

iShares Russell Top 200 Growth ETF (IWY) has a higher volatility of 5.68% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 5.15%. This indicates that IWY'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

	IWY	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	5.15%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	11.81%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	15.64%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	18.55%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	21.42%	-0.39%

IWY vs. FSMD - Expense Ratio Comparison

IWY has a 0.20% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

IWY vs. FSMD - Dividend Comparison

IWY's dividend yield for the trailing twelve months is around 0.43%, less than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%
IWY iShares Russell Top 200 Growth ETF	0.43%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%

Frequently Asked Questions

Can I hold both IWY and FSMD in my portfolio?

IWY and FSMD have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWY or FSMD?

IWY has higher volatility (5.68%) compared to FSMD (5.15%). In terms of maximum drawdown, IWY dropped -32.68% vs FSMD's -40.67%.

Which ETF is better, IWY or FSMD?

On 5-year performance, IWY leads with 15.67% vs 10.41% for FSMD. On fees, IWY is cheaper at 0.20% per year. On volatility, FSMD has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWY or FSMD?

Over the 5-year period, IWY has performed better with a 15.67% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWY or FSMD?

IWY is cheaper with a 0.20% expense ratio, compared with 0.29% for FSMD.

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

FSMD has the higher dividend yield at 1.18%, compared with 0.43% for IWY.

What is the main difference between IWY and FSMD?

IWY is categorized as Large Cap Growth Equities, while FSMD is Small Cap Growth Equities. IWY tracks Russell Top 200 Growth Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.20% for IWY and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.95 vs 1.51), 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.