JPSE vs. FSMD

Last updated Jun 4, 2026

JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both Small Cap Growth Equities funds - JPSE tracks the JPMorgan Diversified Factor US Small Cap Equity Index while FSMD tracks the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, JPSE returned 7.07%/yr vs 9.66%/yr for FSMD. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.29% expense ratio.

Performance

JPSE vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with JPSE having a 15.46% return and FSMD slightly lower at 14.85%.

JPSE

• 1D: -1.03%
• 1M: 0.95%
• YTD: 15.46%
• 6M: 14.54%
• 1Y: 31.79%
• 3Y*: 15.24%
• 5Y*: 7.07%
• 10Y*: —

FSMD

• 1D: -0.08%
• 1M: 3.46%
• YTD: 14.85%
• 6M: 14.81%
• 1Y: 25.71%
• 3Y*: 17.63%
• 5Y*: 9.66%
• 10Y*: —

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

JPSE vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	15.46%	8.77%	8.07%	15.87%	-14.40%	29.31%	12.49%	7.09%
FSMD Fidelity Small-Mid Multifactor ETF	14.85%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between JPSE and FSMD is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 1, 2019	0.95

The correlation between JPSE and FSMD has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

JPSE vs. FSMD - Sectors Allocation Comparison

Sectors	JPSE	FSMD
Technology	14.6%	18.2%
Real Estate	13.1%	6.2%
Industrials	11.7%	20.7%
Financial Services	9.7%	15.4%
Basic Materials	9.6%	3.9%
Healthcare	9.0%	11.6%
Energy	8.9%	4.6%
Consumer Defensive	8.1%	3.3%
Consumer Cyclical	7.9%	11.1%
Utilities	4.8%	2.2%
Communication Services	2.7%	2.8%

Return for Risk

JPSE vs. FSMD — Risk / Return Rank

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

JPSE

JPSE Risk / Return Rank: 66
JPSE Sharpe Ratio Rank: 59
JPSE Sortino Ratio Rank: 61
JPSE Omega Ratio Rank: 56
JPSE Calmar Ratio Rank: 78
JPSE Martin Ratio Rank: 75

FSMD

FSMD Risk / Return Rank: 53
FSMD Sharpe Ratio Rank: 48
FSMD Sortino Ratio Rank: 50
FSMD Omega Ratio Rank: 46
FSMD Calmar Ratio Rank: 61
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.

JPSE vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) 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.

	JPSE	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.69	+0.31
Sortino ratio: Return per unit of downside risk	2.89	2.47	+0.42
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.04
Calmar ratio: Return relative to maximum drawdown	3.99	3.06	+0.93
Martin ratio: Return relative to average drawdown	14.20	11.03	+3.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPSE vs. FSMD - Sharpe Ratio Comparison

The current JPSE Sharpe Ratio is 2.00, which is comparable to the FSMD Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of JPSE 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

	JPSE	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	1.69	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.53	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.55	-0.07

Drawdowns

JPSE vs. FSMD - Drawdown Comparison

The maximum JPSE drawdown since its inception was -43.02%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for JPSE and FSMD.

Drawdown Indicators

	JPSE	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-43.02%	-40.67%	-2.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-8.44%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	-22.16%	-3.33%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-22.16%	-3.40%
Current Drawdown Current decline from peak	-1.37%	-0.08%	-1.29%
Average Drawdown Average peak-to-trough decline	-7.42%	-6.00%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.34%	-0.10%

Volatility

JPSE vs. FSMD - Volatility Comparison

JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 4.52% and 4.45%, 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

	JPSE	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	4.45%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	10.90%	11.37%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	15.26%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	18.48%	+1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	21.42%	+0.40%

JPSE vs. FSMD - Expense Ratio Comparison

Both JPSE and FSMD have an expense ratio of 0.29%.

Dividends

JPSE vs. FSMD - Dividend Comparison

JPSE's dividend yield for the trailing twelve months is around 1.38%, more than FSMD's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FSMD Fidelity Small-Mid Multifactor ETF	1.21%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.38%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%

Frequently Asked Questions

Can I hold both JPSE and FSMD in my portfolio?

With a correlation of 0.93, JPSE 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, JPSE or FSMD?

JPSE has higher volatility (4.52%) compared to FSMD (4.45%). In terms of maximum drawdown, JPSE dropped -43.02% vs FSMD's -40.67%.

Which ETF is better, JPSE or FSMD?

On 5-year performance, FSMD leads with 9.66% vs 7.07% for JPSE. Both ETFs have the same 0.29% expense ratio. 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, JPSE or FSMD?

Over the 5-year period, FSMD has performed better with a 9.66% return vs 7.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPSE or FSMD?

JPSE and FSMD have the same expense ratio: 0.29% per year.

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

JPSE has the higher dividend yield at 1.38%, compared with 1.21% for FSMD.

What is the main difference between JPSE and FSMD?

JPSE tracks JPMorgan Diversified Factor US Small Cap Equity Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: JPMorgan and Fidelity.

Which has better risk-adjusted returns?

JPSE currently has the higher Sharpe Ratio (2.00 vs 1.69), 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.