NUSC vs. FSMD
NUSC (Nuveen ESG Small-Cap ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both Small Cap Growth Equities funds - NUSC tracks the MSCI TIAA ESG USA Small Cap while FSMD tracks the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, NUSC returned 4.68%/yr vs 9.66%/yr for FSMD. With a 0.96 correlation, they move nearly in lockstep. NUSC charges 0.30%/yr vs 0.29%/yr for FSMD.
Performance
NUSC vs. FSMD - Performance Comparison
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Returns By Period
In the year-to-date period, NUSC achieves a 12.88% return, which is significantly lower than FSMD's 14.85% return.
NUSC
- 1D
- -0.57%
- 1M
- 3.77%
- YTD
- 12.88%
- 6M
- 12.74%
- 1Y
- 27.41%
- 3Y*
- 13.27%
- 5Y*
- 4.68%
- 10Y*
- —
FSMD
- 1D
- -0.08%
- 1M
- 3.46%
- YTD
- 14.85%
- 6M
- 14.81%
- 1Y
- 25.71%
- 3Y*
- 17.63%
- 5Y*
- 9.66%
- 10Y*
- —
NUSC vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NUSC Nuveen ESG Small-Cap ETF | 12.88% | 7.72% | 8.29% | 15.72% | -17.73% | 17.51% | 23.69% | 8.56% |
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 NUSC and FSMD is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2019 | 0.96 |
The correlation between NUSC and FSMD has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
NUSC vs. FSMD — Risk / Return Rank
NUSC
FSMD
NUSC vs. FSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Small-Cap ETF (NUSC) 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.
| NUSC | FSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.30 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 3.06 | -0.34 |
| Martin ratioReturn relative to average drawdown | 9.81 | 11.03 | -1.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NUSC | FSMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.61 | 1.69 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.53 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.55 | -0.11 |
Drawdowns
NUSC vs. FSMD - Drawdown Comparison
The maximum NUSC drawdown since its inception was -41.49%, roughly equal to the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for NUSC and FSMD.
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Drawdown Indicators
| NUSC | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.49% | -40.67% | -0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -10.10% | -8.44% | -1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -26.95% | -22.16% | -4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -28.85% | -22.16% | -6.69% |
Current DrawdownCurrent decline from peak | -0.57% | -0.08% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -6.00% | -2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 2.34% | +0.46% |
Volatility
NUSC vs. FSMD - Volatility Comparison
Nuveen ESG Small-Cap ETF (NUSC) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 4.50% 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.
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Volatility by Period
| NUSC | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 4.45% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 12.17% | 11.37% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.11% | 15.26% | +1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.15% | 18.48% | +2.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.36% | 21.42% | +0.94% |
NUSC vs. FSMD - Expense Ratio Comparison
NUSC has a 0.30% expense ratio, which is higher than FSMD's 0.29% expense ratio.
Dividends
NUSC vs. FSMD - Dividend Comparison
NUSC's dividend yield for the trailing twelve months is around 0.93%, less than FSMD's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
NUSC Nuveen ESG Small-Cap ETF | 0.93% | 1.05% | 1.15% | 1.11% | 1.16% | 7.06% | 0.52% | 0.90% | 3.95% | 0.94% |
Frequently Asked Questions
With a correlation of 0.95, NUSC 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.
NUSC has higher volatility (4.50%) compared to FSMD (4.45%). In terms of maximum drawdown, NUSC dropped -41.49% vs FSMD's -40.67%.
On 5-year performance, FSMD leads with 9.66% vs 4.68% for NUSC. On fees, FSMD is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FSMD has performed better with a 9.66% return vs 4.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FSMD is cheaper with a 0.29% expense ratio, compared with 0.30% for NUSC.
FSMD has the higher dividend yield at 1.21%, compared with 0.93% for NUSC.
NUSC tracks MSCI TIAA ESG USA Small Cap, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: Nuveen and Fidelity. Their fees differ too: 0.30% for NUSC and 0.29% for FSMD.
FSMD currently has the higher Sharpe Ratio (1.69 vs 1.61), 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.
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