MADE vs. FIDU

Last updated Jun 24, 2026

MADE (iShares U.S. Manufacturing ETF) and FIDU (Fidelity MSCI Industrials Index ETF) are both Industrials Equities funds - MADE tracks the S&P U.S. Manufacturing Select Index while FIDU tracks the MSCI USA IMI Industrials Index. Both are passively managed. Over the past year, MADE returned 48.76% vs 28.52% for FIDU. Their correlation of 0.94 suggests significant overlap in exposure. MADE charges 0.40%/yr vs 0.08%/yr for FIDU.

Performance

MADE vs. FIDU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Manufacturing ETF (MADE) and Fidelity MSCI Industrials Index ETF (FIDU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MADE achieves a 22.67% return, which is significantly higher than FIDU's 17.16% return.

MADE

• 1D: -3.41%
• 1M: 3.48%
• YTD: 22.67%
• 6M: 20.43%
• 1Y: 48.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIDU

• 1D: -2.11%
• 1M: 3.50%
• YTD: 17.16%
• 6M: 15.32%
• 1Y: 28.52%
• 3Y*: 22.24%
• 5Y*: 13.69%
• 10Y*: 14.77%

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

MADE vs. FIDU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MADE iShares U.S. Manufacturing ETF	22.67%	27.34%	0.08%
FIDU Fidelity MSCI Industrials Index ETF	17.16%	18.61%	3.92%

Correlation

The correlation between MADE and FIDU is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.94

The correlation between MADE and FIDU has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

MADE vs. FIDU - Sectors Allocation Comparison

Sectors	MADE	FIDU
Industrials	74.7%	90.3%
Technology	16.3%	4.0%
Consumer Cyclical	7.3%	1.0%
Energy	1.3%	0.1%
Utilities	0.1%	4.1%
Basic Materials	-	0.1%
Communication Services	-	0.0%
Consumer Defensive	-	-
Financial Services	-	0.0%
Healthcare	-	0.0%
Real Estate	-	0.0%

Return for Risk

MADE vs. FIDU — Risk / Return Rank

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

MADE

MADE Risk / Return Rank: 75
MADE Sharpe Ratio Rank: 77
MADE Sortino Ratio Rank: 72
MADE Omega Ratio Rank: 69
MADE Calmar Ratio Rank: 76
MADE Martin Ratio Rank: 83

FIDU

FIDU Risk / Return Rank: 50
FIDU Sharpe Ratio Rank: 50
FIDU Sortino Ratio Rank: 50
FIDU Omega Ratio Rank: 45
FIDU Calmar Ratio Rank: 49
FIDU Martin Ratio Rank: 57

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.

MADE vs. FIDU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Manufacturing ETF (MADE) and Fidelity MSCI Industrials Index ETF (FIDU). 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.

	MADE	FIDU	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.65	+0.60
Sortino ratio: Return per unit of downside risk	2.94	2.35	+0.60
Omega ratio: Gain probability vs. loss probability	1.37	1.28	+0.09
Calmar ratio: Return relative to maximum drawdown	3.65	2.34	+1.31
Martin ratio: Return relative to average drawdown	15.69	9.63	+6.06

MADE vs. FIDU - Sharpe Ratio Comparison

The current MADE Sharpe Ratio is 2.25, which is higher than the FIDU Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of MADE and FIDU, 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

MADE vs. FIDU - Drawdown Comparison

The maximum MADE drawdown since its inception was -23.79%, smaller than the maximum FIDU drawdown of -42.31%. Use the drawdown chart below to compare losses from any high point for MADE and FIDU.

Drawdown Indicators

	MADE	FIDU	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-42.31%	+18.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-12.23%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.52%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.31%	—
Current Drawdown Current decline from peak	-3.41%	-2.11%	-1.30%
Average Drawdown Average peak-to-trough decline	-3.89%	-4.79%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.97%	+0.15%

Volatility

MADE vs. FIDU - Volatility Comparison

iShares U.S. Manufacturing ETF (MADE) has a higher volatility of 9.15% compared to Fidelity MSCI Industrials Index ETF (FIDU) at 6.54%. This indicates that MADE's price experiences larger fluctuations and is considered to be riskier than FIDU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MADE	FIDU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.15%	6.54%	+2.61%
Volatility (6M) Calculated over the trailing 6-month period	18.29%	14.32%	+3.97%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	17.40%	+4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.77%	18.40%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.77%	20.34%	+2.43%

MADE vs. FIDU - Expense Ratio Comparison

MADE has a 0.40% expense ratio, which is higher than FIDU's 0.08% expense ratio.

Dividends

MADE vs. FIDU - Dividend Comparison

MADE's dividend yield for the trailing twelve months is around 0.63%, less than FIDU's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIDU Fidelity MSCI Industrials Index ETF	0.94%	1.02%	1.42%	1.42%	1.48%	1.12%	1.28%	1.73%	1.99%	1.60%	1.63%	1.98%
MADE iShares U.S. Manufacturing ETF	0.63%	0.89%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MADE and FIDU in my portfolio?

With a correlation of 0.92, MADE and FIDU 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, MADE or FIDU?

MADE has higher volatility (9.15%) compared to FIDU (6.54%). In terms of maximum drawdown, MADE dropped -23.79% vs FIDU's -42.31%.

Which ETF is better, MADE or FIDU?

On 1-year performance, MADE leads with 48.76% vs 28.52% for FIDU. On fees, FIDU is cheaper at 0.08% per year. On volatility, FIDU has been the lower-risk option at 6.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MADE or FIDU?

Over the 1-year period, MADE has performed better with a 48.76% return vs 28.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MADE or FIDU?

FIDU is cheaper with a 0.08% expense ratio, compared with 0.40% for MADE.

Which ETF pays a higher dividend yield, MADE or FIDU?

FIDU has the higher dividend yield at 0.94%, compared with 0.63% for MADE.

What is the main difference between MADE and FIDU?

MADE tracks S&P U.S. Manufacturing Select Index, while FIDU tracks MSCI USA IMI Industrials Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.40% for MADE and 0.08% for FIDU.

Which has better risk-adjusted returns?

MADE currently has the higher Sharpe Ratio (2.25 vs 1.65), 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.