LST vs. FFSM

Last updated Jun 4, 2026

LST (Leuthold Select Industries ETF) and FFSM (Fidelity Fundamental Small-Mid Cap ETF) are both Mid Cap Blend Equities funds. Both are actively managed. Over the past year, LST returned 34.83% vs 38.60% for FFSM. Their correlation of 0.86 suggests significant overlap in exposure. LST charges 0.65%/yr vs 0.43%/yr for FFSM.

Performance

LST vs. FFSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leuthold Select Industries ETF (LST) and Fidelity Fundamental Small-Mid Cap ETF (FFSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LST achieves a 16.81% return, which is significantly lower than FFSM's 18.92% return.

LST

• 1D: -0.18%
• 1M: 7.41%
• YTD: 16.81%
• 6M: 18.46%
• 1Y: 34.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FFSM

• 1D: 0.16%
• 1M: 3.08%
• YTD: 18.92%
• 6M: 18.95%
• 1Y: 38.60%
• 3Y*: 21.43%
• 5Y*: 10.37%
• 10Y*: —

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

LST vs. FFSM - Yearly Performance Comparison

	2026 (YTD)	2025
LST Leuthold Select Industries ETF	16.81%	15.64%
FFSM Fidelity Fundamental Small-Mid Cap ETF	18.92%	7.64%

Correlation

The correlation between LST and FFSM is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.86

The correlation between LST and FFSM has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

Return for Risk

LST vs. FFSM — Risk / Return Rank

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

LST

LST Risk / Return Rank: 73
LST Sharpe Ratio Rank: 76
LST Sortino Ratio Rank: 77
LST Omega Ratio Rank: 73
LST Calmar Ratio Rank: 66
LST Martin Ratio Rank: 72

FFSM

FFSM Risk / Return Rank: 69
FFSM Sharpe Ratio Rank: 64
FFSM Sortino Ratio Rank: 65
FFSM Omega Ratio Rank: 62
FFSM Calmar Ratio Rank: 74
FFSM Martin Ratio Rank: 78

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.

LST vs. FFSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leuthold Select Industries ETF (LST) and Fidelity Fundamental Small-Mid Cap ETF (FFSM). 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.

	LST	FFSM	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.16	+0.28
Sortino ratio: Return per unit of downside risk	3.42	3.04	+0.38
Omega ratio: Gain probability vs. loss probability	1.43	1.38	+0.05
Calmar ratio: Return relative to maximum drawdown	3.23	3.74	-0.51
Martin ratio: Return relative to average drawdown	13.38	15.16	-1.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LST vs. FFSM - Sharpe Ratio Comparison

The current LST Sharpe Ratio is 2.44, which is comparable to the FFSM Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of LST and FFSM, 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

	LST	FFSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	2.16	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.59	+0.79

Drawdowns

LST vs. FFSM - Drawdown Comparison

The maximum LST drawdown since its inception was -19.47%, smaller than the maximum FFSM drawdown of -26.65%. Use the drawdown chart below to compare losses from any high point for LST and FFSM.

Drawdown Indicators

	LST	FFSM	Difference
Max Drawdown Largest peak-to-trough decline	-19.47%	-26.65%	+7.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	-10.37%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.65%	—
Current Drawdown Current decline from peak	-0.18%	-0.57%	+0.39%
Average Drawdown Average peak-to-trough decline	-2.92%	-7.86%	+4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.55%	+0.06%

Volatility

LST vs. FFSM - Volatility Comparison

The current volatility for Leuthold Select Industries ETF (LST) is 4.11%, while Fidelity Fundamental Small-Mid Cap ETF (FFSM) has a volatility of 5.70%. This indicates that LST experiences smaller price fluctuations and is considered to be less risky than FFSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LST	FFSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	5.70%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	11.72%	13.98%	-2.26%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	17.96%	-3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	20.66%	-2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	20.57%	-2.64%

LST vs. FFSM - Expense Ratio Comparison

LST has a 0.65% expense ratio, which is higher than FFSM's 0.43% expense ratio.

Dividends

LST vs. FFSM - Dividend Comparison

LST's dividend yield for the trailing twelve months is around 1.15%, more than FFSM's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.46%	0.56%	0.62%	0.56%	0.58%	0.37%
LST Leuthold Select Industries ETF	1.15%	1.34%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LST and FFSM in my portfolio?

LST and FFSM have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LST or FFSM?

FFSM has higher volatility (5.70%) compared to LST (4.11%). In terms of maximum drawdown, LST dropped -19.47% vs FFSM's -26.65%.

Which ETF is better, LST or FFSM?

On 1-year performance, FFSM leads with 38.60% vs 34.83% for LST. On fees, FFSM is cheaper at 0.43% per year. On volatility, LST has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LST or FFSM?

Over the 1-year period, FFSM has performed better with a 38.60% return vs 34.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LST or FFSM?

FFSM is cheaper with a 0.43% expense ratio, compared with 0.65% for LST.

Which ETF pays a higher dividend yield, LST or FFSM?

LST has the higher dividend yield at 1.15%, compared with 0.46% for FFSM.

What is the main difference between LST and FFSM?

They also come from different issuers: Leuthold Group and Fidelity. Their fees differ too: 0.65% for LST and 0.43% for FFSM.

Which has better risk-adjusted returns?

LST currently has the higher Sharpe Ratio (2.44 vs 2.16), 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.