JMEE vs. FSMD

Last updated Jun 3, 2026

JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - JMEE is a Small Cap Blend Equities fund actively managed by JPMorgan, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. JMEE is actively managed, while FSMD is passively managed. Over the past 3 years, JMEE returned 17.47%/yr vs 17.66%/yr for FSMD. With a 0.98 correlation, they move nearly in lockstep. JMEE charges 0.24%/yr vs 0.29%/yr for FSMD.

Performance

JMEE vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) 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, JMEE achieves a 16.71% return, which is significantly higher than FSMD's 14.94% return.

JMEE

• 1D: 1.02%
• 1M: 3.00%
• YTD: 16.71%
• 6M: 17.77%
• 1Y: 32.96%
• 3Y*: 17.47%
• 5Y*: —
• 10Y*: —

FSMD

• 1D: 0.90%
• 1M: 3.02%
• YTD: 14.94%
• 6M: 15.74%
• 1Y: 26.74%
• 3Y*: 17.66%
• 5Y*: 9.79%
• 10Y*: —

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

JMEE vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	16.71%	7.65%	13.65%	18.12%	1.37%
FSMD Fidelity Small-Mid Multifactor ETF	14.94%	8.70%	15.18%	17.37%	1.87%

Correlation

The correlation between JMEE and FSMD 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 (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 10, 2022	0.98

The correlation between JMEE and FSMD has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

JMEE vs. FSMD - Sectors Allocation Comparison

Sectors	JMEE	FSMD
Industrials	21.3%	20.7%
Financial Services	15.9%	15.4%
Technology	15.8%	18.2%
Consumer Cyclical	12.1%	11.1%
Healthcare	8.8%	11.6%
Real Estate	8.1%	6.2%
Energy	5.5%	4.6%
Basic Materials	4.8%	3.9%
Consumer Defensive	3.9%	3.3%
Utilities	2.2%	2.2%
Communication Services	1.7%	2.8%

Return for Risk

JMEE vs. FSMD — Risk / Return Rank

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

JMEE

JMEE Risk / Return Rank: 66
JMEE Sharpe Ratio Rank: 61
JMEE Sortino Ratio Rank: 62
JMEE Omega Ratio Rank: 58
JMEE Calmar Ratio Rank: 77
JMEE Martin Ratio Rank: 73

FSMD

FSMD Risk / Return Rank: 55
FSMD Sharpe Ratio Rank: 50
FSMD Sortino Ratio Rank: 52
FSMD Omega Ratio Rank: 49
FSMD Calmar Ratio Rank: 63
FSMD Martin Ratio Rank: 62

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.

JMEE vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) 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.

	JMEE	FSMD	Difference
Sharpe ratio Return per unit of total volatility	2.08	1.76	+0.32
Sortino ratio Return per unit of downside risk	2.97	2.55	+0.42
Omega ratio Gain probability vs. loss probability	1.36	1.31	+0.05
Calmar ratio Return relative to maximum drawdown	3.99	3.16	+0.82
Martin ratio Return relative to average drawdown	14.01	11.42	+2.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMEE vs. FSMD - Sharpe Ratio Comparison

The current JMEE Sharpe Ratio is 2.08, which is comparable to the FSMD Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of JMEE 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

	JMEE	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.76	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.55	+0.17

Drawdowns

JMEE vs. FSMD - Drawdown Comparison

The maximum JMEE drawdown since its inception was -25.40%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for JMEE and FSMD.

Drawdown Indicators

	JMEE	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-25.40%	-40.67%	+15.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.24%	-8.44%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-25.40%	-22.16%	-3.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.16%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.39%	-6.01%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	2.34%	0.00%

Volatility

JMEE vs. FSMD - Volatility Comparison

JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 4.48% and 4.50%, 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

	JMEE	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	4.50%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	11.27%	11.39%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	15.26%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.51%	18.48%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	21.43%	-1.92%

JMEE vs. FSMD - Expense Ratio Comparison

JMEE has a 0.24% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

JMEE vs. FSMD - Dividend Comparison

JMEE's dividend yield for the trailing twelve months is around 0.96%, less than FSMD's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.21%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	0.96%	1.13%	0.95%	1.25%	6.63%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMEE and FSMD in my portfolio?

With a correlation of 0.96, JMEE and FSMD 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, JMEE or FSMD?

FSMD has higher volatility (4.50%) compared to JMEE (4.48%). In terms of maximum drawdown, JMEE dropped -25.40% vs FSMD's -40.67%.

Which ETF is better, JMEE or FSMD?

On 3-year performance, FSMD leads with 17.66% vs 17.47% for JMEE. On fees, JMEE is cheaper at 0.24% 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, JMEE or FSMD?

Over the 3-year period, FSMD has performed better with a 17.66% return vs 17.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMEE or FSMD?

JMEE is cheaper with a 0.24% expense ratio, compared with 0.29% for FSMD.

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

FSMD has the higher dividend yield at 1.21%, compared with 0.96% for JMEE.

What is the main difference between JMEE and FSMD?

JMEE is categorized as Small Cap Blend Equities, while FSMD is Small Cap Growth Equities. They also come from different issuers: JPMorgan and Fidelity. Their fees differ too: 0.24% for JMEE and 0.29% for FSMD.

Which has better risk-adjusted returns?

JMEE currently has the higher Sharpe Ratio (2.08 vs 1.76), 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.