OASC vs. FESM

Last updated Jun 3, 2026

OASC (OneAscent Enhanced Small and Mid Cap ETF) and FESM (Fidelity Enhanced Small Cap ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past year, OASC returned 39.33% vs 50.92% for FESM. Their correlation of 0.94 suggests significant overlap in exposure. OASC charges 0.69%/yr vs 0.28%/yr for FESM.

Performance

OASC vs. FESM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OneAscent Enhanced Small and Mid Cap ETF (OASC) and Fidelity Enhanced Small Cap ETF (FESM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OASC achieves a 17.25% return, which is significantly lower than FESM's 21.47% return.

OASC

• 1D: 1.02%
• 1M: 4.07%
• YTD: 17.25%
• 6M: 19.23%
• 1Y: 39.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FESM

• 1D: 0.81%
• 1M: 4.43%
• YTD: 21.47%
• 6M: 22.64%
• 1Y: 50.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OASC vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OASC OneAscent Enhanced Small and Mid Cap ETF	17.25%	8.91%	10.35%
FESM Fidelity Enhanced Small Cap ETF	21.47%	17.88%	12.97%

Correlation

The correlation between OASC and FESM is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.94

The correlation between OASC and FESM has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

OASC vs. FESM - Sectors Allocation Comparison

Sectors	OASC	FESM
Technology	25.1%	21.6%
Financial Services	23.4%	14.8%
Healthcare	12.6%	15.7%
Consumer Cyclical	11.5%	7.4%
Industrials	11.3%	19.1%
Basic Materials	5.3%	3.5%
Energy	3.6%	7.2%
Utilities	2.2%	2.0%
Real Estate	2.1%	4.2%
Consumer Defensive	1.6%	1.4%
Communication Services	1.3%	3.1%

Return for Risk

OASC vs. FESM — Risk / Return Rank

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

OASC

OASC Risk / Return Rank: 72
OASC Sharpe Ratio Rank: 64
OASC Sortino Ratio Rank: 66
OASC Omega Ratio Rank: 60
OASC Calmar Ratio Rank: 87
OASC Martin Ratio Rank: 82

FESM

FESM Risk / Return Rank: 82
FESM Sharpe Ratio Rank: 82
FESM Sortino Ratio Rank: 80
FESM Omega Ratio Rank: 74
FESM Calmar Ratio Rank: 87
FESM Martin Ratio Rank: 86

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.

OASC vs. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OneAscent Enhanced Small and Mid Cap ETF (OASC) and Fidelity Enhanced Small Cap ETF (FESM). 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.

	OASC	FESM	Difference
Sharpe ratio Return per unit of total volatility	2.19	2.71	-0.51
Sortino ratio Return per unit of downside risk	3.12	3.61	-0.49
Omega ratio Gain probability vs. loss probability	1.37	1.44	-0.07
Calmar ratio Return relative to maximum drawdown	5.01	5.06	-0.05
Martin ratio Return relative to average drawdown	16.76	18.28	-1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OASC vs. FESM - Sharpe Ratio Comparison

The current OASC Sharpe Ratio is 2.19, which is comparable to the FESM Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of OASC and FESM, 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

	OASC	FESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.71	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	1.33	-0.41

Drawdowns

OASC vs. FESM - Drawdown Comparison

The maximum OASC drawdown since its inception was -27.00%, roughly equal to the maximum FESM drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for OASC and FESM.

Drawdown Indicators

	OASC	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-27.00%	-26.93%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-10.18%	+2.51%
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-6.07%	-4.80%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	2.82%	-0.53%

Volatility

OASC vs. FESM - Volatility Comparison

The current volatility for OneAscent Enhanced Small and Mid Cap ETF (OASC) is 5.11%, while Fidelity Enhanced Small Cap ETF (FESM) has a volatility of 5.38%. This indicates that OASC experiences smaller price fluctuations and is considered to be less risky than FESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OASC	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	5.38%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	12.22%	13.29%	-1.07%
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	18.91%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.96%	21.25%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	21.25%	-0.29%

OASC vs. FESM - Expense Ratio Comparison

OASC has a 0.69% expense ratio, which is higher than FESM's 0.28% expense ratio.

Dividends

OASC vs. FESM - Dividend Comparison

OASC's dividend yield for the trailing twelve months is around 0.46%, less than FESM's 0.53% yield.

Position	TTM	2025	2024	2023
FESM Fidelity Enhanced Small Cap ETF	0.53%	0.82%	1.08%	0.06%
OASC OneAscent Enhanced Small and Mid Cap ETF	0.46%	0.53%	0.46%	0.00%

Frequently Asked Questions

Can I hold both OASC and FESM in my portfolio?

With a correlation of 0.93, OASC and FESM 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, OASC or FESM?

FESM has higher volatility (5.38%) compared to OASC (5.11%). In terms of maximum drawdown, OASC dropped -27.00% vs FESM's -26.93%.

Which ETF is better, OASC or FESM?

On 1-year performance, FESM leads with 50.92% vs 39.33% for OASC. On fees, FESM is cheaper at 0.28% per year. On volatility, OASC has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OASC or FESM?

Over the 1-year period, FESM has performed better with a 50.92% return vs 39.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OASC or FESM?

FESM is cheaper with a 0.28% expense ratio, compared with 0.69% for OASC.

Which ETF pays a higher dividend yield, OASC or FESM?

FESM has the higher dividend yield at 0.53%, compared with 0.46% for OASC.

What is the main difference between OASC and FESM?

They also come from different issuers: Oneascent and Fidelity. Their fees differ too: 0.69% for OASC and 0.28% for FESM.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.71 vs 2.19), 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.