NIXT vs. FSMD

Last updated Jun 14, 2026

NIXT (Research Affiliates Deletions ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - NIXT is a Mid Cap Value Equities fund tracking the Research Affiliates Deletions Index, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past year, NIXT returned 35.29% vs 29.65% for FSMD. Their correlation of 0.87 suggests significant overlap in exposure. NIXT charges 0.09%/yr vs 0.29%/yr for FSMD.

Performance

NIXT vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Research Affiliates Deletions ETF (NIXT) 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, NIXT achieves a 20.40% return, which is significantly higher than FSMD's 17.58% return.

NIXT

• 1D: 0.85%
• 1M: 4.68%
• YTD: 20.40%
• 6M: 17.28%
• 1Y: 35.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FSMD

• 1D: 1.00%
• 1M: 6.31%
• YTD: 17.58%
• 6M: 15.58%
• 1Y: 29.65%
• 3Y*: 17.46%
• 5Y*: 10.00%
• 10Y*: —

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

NIXT vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NIXT Research Affiliates Deletions ETF	20.40%	4.94%	4.60%
FSMD Fidelity Small-Mid Multifactor ETF	17.58%	8.70%	5.69%

Correlation

The correlation between NIXT and FSMD is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.87

The correlation between NIXT and FSMD has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

Return for Risk

NIXT vs. FSMD — Risk / Return Rank

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

NIXT

NIXT Risk / Return Rank: 54
NIXT Sharpe Ratio Rank: 50
NIXT Sortino Ratio Rank: 51
NIXT Omega Ratio Rank: 45
NIXT Calmar Ratio Rank: 62
NIXT Martin Ratio Rank: 59

FSMD

FSMD Risk / Return Rank: 66
FSMD Sharpe Ratio Rank: 61
FSMD Sortino Ratio Rank: 64
FSMD Omega Ratio Rank: 58
FSMD Calmar Ratio Rank: 74
FSMD Martin Ratio Rank: 73

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.

NIXT vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Research Affiliates Deletions ETF (NIXT) 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.

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.

	NIXT	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.78	-0.26
Sortino ratio: Return per unit of downside risk	2.24	2.58	-0.34
Omega ratio: Gain probability vs. loss probability	1.26	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	2.76	3.30	-0.54
Martin ratio: Return relative to average drawdown	9.35	11.89	-2.54

NIXT vs. FSMD - Sharpe Ratio Comparison

The current NIXT Sharpe Ratio is 1.52, which is comparable to the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of NIXT 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.

Drawdowns

NIXT vs. FSMD - Drawdown Comparison

The maximum NIXT drawdown since its inception was -27.75%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for NIXT and FSMD.

Drawdown Indicators

	NIXT	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-27.75%	-40.67%	+12.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.71%	-8.44%	-3.27%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.16%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.16%	—
Current Drawdown Current decline from peak	-0.62%	0.00%	-0.62%
Average Drawdown Average peak-to-trough decline	-5.89%	-5.98%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.34%	+1.12%

Volatility

NIXT vs. FSMD - Volatility Comparison

Research Affiliates Deletions ETF (NIXT) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 5.32% and 5.14%, 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

	NIXT	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	5.14%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	11.85%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	21.30%	15.69%	+5.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	18.55%	+4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	21.43%	+1.80%

NIXT vs. FSMD - Expense Ratio Comparison

NIXT has a 0.09% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

NIXT vs. FSMD - Dividend Comparison

NIXT's dividend yield for the trailing twelve months is around 1.33%, more than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
NIXT Research Affiliates Deletions ETF	1.33%	1.64%	1.39%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NIXT and FSMD in my portfolio?

NIXT and FSMD have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NIXT or FSMD?

NIXT has higher volatility (5.32%) compared to FSMD (5.14%). In terms of maximum drawdown, NIXT dropped -27.75% vs FSMD's -40.67%.

Which ETF is better, NIXT or FSMD?

On 1-year performance, NIXT leads with 35.29% vs 29.65% for FSMD. On fees, NIXT is cheaper at 0.09% per year. On volatility, FSMD has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NIXT or FSMD?

Over the 1-year period, NIXT has performed better with a 35.29% return vs 29.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NIXT or FSMD?

NIXT is cheaper with a 0.09% expense ratio, compared with 0.29% for FSMD.

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

NIXT has the higher dividend yield at 1.33%, compared with 1.18% for FSMD.

What is the main difference between NIXT and FSMD?

NIXT is categorized as Mid Cap Value Equities, while FSMD is Small Cap Growth Equities. NIXT tracks Research Affiliates Deletions Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: Research Affiliates and Fidelity. Their fees differ too: 0.09% for NIXT and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.78 vs 1.52), 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.