LSAT vs. FDMLX

Last updated Jun 23, 2026

LSAT (Leadershares Alphafactor Tactical Focused ETF) and FDMLX (Fidelity Series Intrinsic Opportunities Fund) are both funds - LSAT is a Money Market fund actively managed by Redwood, while FDMLX is a Mid Cap Value Equities fund managed by Fidelity. Over the past 5 years, LSAT returned 6.45%/yr vs 11.25%/yr for FDMLX. Their correlation of 0.82 suggests significant overlap in exposure. LSAT charges 0.99%/yr vs 0.00%/yr for FDMLX.

Performance

LSAT vs. FDMLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leadershares Alphafactor Tactical Focused ETF (LSAT) and Fidelity Series Intrinsic Opportunities Fund (FDMLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LSAT achieves a 9.79% return, which is significantly lower than FDMLX's 11.95% return.

LSAT

• 1D: -0.23%
• 1M: -0.48%
• YTD: 9.79%
• 6M: 8.01%
• 1Y: 10.52%
• 3Y*: 11.86%
• 5Y*: 6.45%
• 10Y*: —

FDMLX

• 1D: 0.42%
• 1M: 4.11%
• YTD: 11.95%
• 6M: 10.59%
• 1Y: 24.28%
• 3Y*: 16.24%
• 5Y*: 11.25%
• 10Y*: 12.84%

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

LSAT vs. FDMLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LSAT Leadershares Alphafactor Tactical Focused ETF	9.79%	-1.54%	18.16%	13.64%	-12.99%	25.10%	18.71%
FDMLX Fidelity Series Intrinsic Opportunities Fund	11.95%	11.64%	10.76%	19.77%	-3.24%	27.54%	16.16%

Correlation

The correlation between LSAT and FDMLX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 27, 2020	0.82

The correlation between LSAT and FDMLX has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

LSAT vs. FDMLX — Risk / Return Rank

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

LSAT

LSAT Risk / Return Rank: 24
LSAT Sharpe Ratio Rank: 24
LSAT Sortino Ratio Rank: 24
LSAT Omega Ratio Rank: 21
LSAT Calmar Ratio Rank: 28
LSAT Martin Ratio Rank: 24

FDMLX

FDMLX Risk / Return Rank: 43
FDMLX Sharpe Ratio Rank: 40
FDMLX Sortino Ratio Rank: 43
FDMLX Omega Ratio Rank: 37
FDMLX Calmar Ratio Rank: 53
FDMLX Martin Ratio Rank: 43

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.

LSAT vs. FDMLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leadershares Alphafactor Tactical Focused ETF (LSAT) and Fidelity Series Intrinsic Opportunities Fund (FDMLX). 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.

	LSAT	FDMLX	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.71	-0.89
Sortino ratio: Return per unit of downside risk	1.28	2.53	-1.25
Omega ratio: Gain probability vs. loss probability	1.14	1.30	-0.16
Calmar ratio: Return relative to maximum drawdown	1.33	2.67	-1.34
Martin ratio: Return relative to average drawdown	3.12	8.68	-5.56

LSAT vs. FDMLX - Sharpe Ratio Comparison

The current LSAT Sharpe Ratio is 0.82, which is lower than the FDMLX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of LSAT and FDMLX, 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

LSAT vs. FDMLX - Drawdown Comparison

The maximum LSAT drawdown since its inception was -20.48%, smaller than the maximum FDMLX drawdown of -35.03%. Use the drawdown chart below to compare losses from any high point for LSAT and FDMLX.

Drawdown Indicators

	LSAT	FDMLX	Difference
Max Drawdown Largest peak-to-trough decline	-20.48%	-35.03%	+14.55%
Max Drawdown (1Y) Largest decline over 1 year	-7.94%	-9.19%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-18.25%	-23.52%	+5.27%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-23.52%	+3.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.03%	—
Current Drawdown Current decline from peak	-1.96%	-0.83%	-1.13%
Average Drawdown Average peak-to-trough decline	-5.51%	-4.55%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.82%	+0.56%

Volatility

LSAT vs. FDMLX - Volatility Comparison

The current volatility for Leadershares Alphafactor Tactical Focused ETF (LSAT) is 3.34%, while Fidelity Series Intrinsic Opportunities Fund (FDMLX) has a volatility of 3.65%. This indicates that LSAT experiences smaller price fluctuations and is considered to be less risky than FDMLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSAT	FDMLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	3.65%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	9.84%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	14.36%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	21.89%	-5.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	19.21%	-2.46%

LSAT vs. FDMLX - Expense Ratio Comparison

LSAT has a 0.99% expense ratio, which is higher than FDMLX's 0.00% expense ratio.

Dividends

LSAT vs. FDMLX - Dividend Comparison

LSAT's dividend yield for the trailing twelve months is around 1.73%, less than FDMLX's 10.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDMLX Fidelity Series Intrinsic Opportunities Fund	10.39%	11.63%	12.75%	24.60%	65.08%	18.63%	4.18%	4.94%	9.28%	4.53%	1.51%	5.76%
LSAT Leadershares Alphafactor Tactical Focused ETF	1.73%	1.90%	1.31%	1.85%	0.36%	3.44%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LSAT and FDMLX in my portfolio?

LSAT and FDMLX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSAT or FDMLX?

FDMLX has higher volatility (3.65%) compared to LSAT (3.34%). In terms of maximum drawdown, LSAT dropped -20.48% vs FDMLX's -35.03%.

Which has better risk-adjusted returns?

FDMLX currently has the higher Sharpe Ratio (1.71 vs 0.82), 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.