ONEO vs. FMDE

Last updated Jun 25, 2026

ONEO (SPDR Russell 1000 Momentum Focus ETF) and FMDE (Fidelity Enhanced Mid Cap ETF) are both exchange-traded funds - ONEO is a Momentum fund tracking the Russell 1000 Momentum Focused Factor Index, while FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity. ONEO is passively managed, while FMDE is actively managed. Over the past year, ONEO returned 25.56% vs 18.57% for FMDE. With a 0.96 correlation, they move nearly in lockstep. ONEO charges 0.20%/yr vs 0.23%/yr for FMDE.

Performance

ONEO vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Momentum Focus ETF (ONEO) and Fidelity Enhanced Mid Cap ETF (FMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEO achieves a 17.68% return, which is significantly higher than FMDE's 10.87% return.

ONEO

• 1D: 0.28%
• 1M: 3.11%
• YTD: 17.68%
• 6M: 15.75%
• 1Y: 25.56%
• 3Y*: 18.68%
• 5Y*: 10.49%
• 10Y*: 12.20%

FMDE

• 1D: 0.50%
• 1M: 2.62%
• YTD: 10.87%
• 6M: 9.34%
• 1Y: 18.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONEO vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ONEO SPDR Russell 1000 Momentum Focus ETF	17.68%	10.61%	15.01%	8.52%
FMDE Fidelity Enhanced Mid Cap ETF	10.87%	12.19%	21.76%	9.09%

Correlation

The correlation between ONEO and FMDE is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.96

The correlation between ONEO and FMDE has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

ONEO vs. FMDE - Sectors Allocation Comparison

Sectors	ONEO	FMDE
Technology	25.6%	23.3%
Industrials	17.1%	19.8%
Consumer Cyclical	11.3%	12.0%
Healthcare	9.4%	7.6%
Financial Services	8.8%	12.1%
Energy	6.5%	5.7%
Utilities	5.4%	4.6%
Consumer Defensive	5.0%	1.5%
Basic Materials	4.7%	4.3%
Communication Services	3.5%	4.1%
Real Estate	2.8%	5.1%

Return for Risk

ONEO vs. FMDE — Risk / Return Rank

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

ONEO

ONEO Risk / Return Rank: 71
ONEO Sharpe Ratio Rank: 67
ONEO Sortino Ratio Rank: 68
ONEO Omega Ratio Rank: 63
ONEO Calmar Ratio Rank: 76
ONEO Martin Ratio Rank: 79

FMDE

FMDE Risk / Return Rank: 46
FMDE Sharpe Ratio Rank: 42
FMDE Sortino Ratio Rank: 41
FMDE Omega Ratio Rank: 39
FMDE Calmar Ratio Rank: 51
FMDE Martin Ratio Rank: 56

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.

ONEO vs. FMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Momentum Focus ETF (ONEO) and Fidelity Enhanced Mid Cap ETF (FMDE). 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.

	ONEO	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.34	+0.58
Sortino ratio: Return per unit of downside risk	2.75	1.94	+0.81
Omega ratio: Gain probability vs. loss probability	1.34	1.23	+0.10
Calmar ratio: Return relative to maximum drawdown	3.48	2.24	+1.24
Martin ratio: Return relative to average drawdown	13.64	8.78	+4.86

ONEO vs. FMDE - Sharpe Ratio Comparison

The current ONEO Sharpe Ratio is 1.92, which is higher than the FMDE Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of ONEO and FMDE, 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

ONEO vs. FMDE - Drawdown Comparison

The maximum ONEO drawdown since its inception was -40.86%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for ONEO and FMDE.

Drawdown Indicators

	ONEO	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-40.86%	-21.10%	-19.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-8.33%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.86%	—	—
Current Drawdown Current decline from peak	-1.12%	-0.88%	-0.24%
Average Drawdown Average peak-to-trough decline	-4.97%	-2.61%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	2.12%	-0.24%

Volatility

ONEO vs. FMDE - Volatility Comparison

SPDR Russell 1000 Momentum Focus ETF (ONEO) has a higher volatility of 4.87% compared to Fidelity Enhanced Mid Cap ETF (FMDE) at 4.54%. This indicates that ONEO's price experiences larger fluctuations and is considered to be riskier than FMDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONEO	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	4.54%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	10.51%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	13.36%	14.01%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	16.16%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	16.16%	+2.53%

ONEO vs. FMDE - Expense Ratio Comparison

ONEO has a 0.20% expense ratio, which is lower than FMDE's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ONEO vs. FMDE - Dividend Comparison

ONEO's dividend yield for the trailing twelve months is around 1.19%, more than FMDE's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDE Fidelity Enhanced Mid Cap ETF	1.09%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ONEO SPDR Russell 1000 Momentum Focus ETF	1.19%	1.29%	1.30%	1.56%	1.73%	1.19%	1.28%	1.64%	1.72%	7.69%	1.82%	0.17%

Frequently Asked Questions

Can I hold both ONEO and FMDE in my portfolio?

With a correlation of 0.94, ONEO and FMDE 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, ONEO or FMDE?

ONEO has higher volatility (4.87%) compared to FMDE (4.54%). In terms of maximum drawdown, ONEO dropped -40.86% vs FMDE's -21.10%.

Which ETF is better, ONEO or FMDE?

On 1-year performance, ONEO leads with 25.56% vs 18.57% for FMDE. On fees, ONEO is cheaper at 0.20% per year. On volatility, FMDE has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEO or FMDE?

Over the 1-year period, ONEO has performed better with a 25.56% return vs 18.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEO or FMDE?

ONEO is cheaper with a 0.20% expense ratio, compared with 0.23% for FMDE.

Which ETF pays a higher dividend yield, ONEO or FMDE?

ONEO has the higher dividend yield at 1.19%, compared with 1.09% for FMDE.

What is the main difference between ONEO and FMDE?

ONEO is categorized as Momentum, while FMDE is Mid Cap Blend Equities. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.20% for ONEO and 0.23% for FMDE.

Which has better risk-adjusted returns?

ONEO currently has the higher Sharpe Ratio (1.92 vs 1.34), 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.