PSC vs. FMDE

Last updated Jun 4, 2026

PSC (Principal U.S. Small Cap Multi-Factor ETF) and FMDE (Fidelity Enhanced Mid Cap ETF) are both exchange-traded funds - PSC is a Small Cap Blend Equities fund tracking the Nasdaq US Small Cap Select Leaders TR Index, while FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity. PSC is passively managed, while FMDE is actively managed. Over the past year, PSC returned 27.15% vs 20.62% for FMDE. Their correlation of 0.90 suggests significant overlap in exposure. PSC charges 0.38%/yr vs 0.23%/yr for FMDE.

Performance

PSC vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal U.S. Small Cap Multi-Factor ETF (PSC) 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, PSC achieves a 13.84% return, which is significantly higher than FMDE's 10.39% return.

PSC

• 1D: -0.94%
• 1M: 3.79%
• YTD: 13.84%
• 6M: 13.56%
• 1Y: 27.15%
• 3Y*: 18.36%
• 5Y*: 8.06%
• 10Y*: —

FMDE

• 1D: -0.20%
• 1M: 4.14%
• YTD: 10.39%
• 6M: 10.80%
• 1Y: 20.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSC vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSC Principal U.S. Small Cap Multi-Factor ETF	13.84%	13.41%	12.38%	10.85%
FMDE Fidelity Enhanced Mid Cap ETF	10.39%	12.19%	21.76%	8.91%

Correlation

The correlation between PSC and FMDE is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.90

The correlation between PSC and FMDE has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

PSC vs. FMDE - Sectors Allocation Comparison

Sectors	PSC	FMDE
Technology	20.3%	20.6%
Industrials	17.7%	20.1%
Financial Services	16.5%	12.9%
Healthcare	15.3%	7.8%
Consumer Cyclical	8.1%	12.1%
Energy	6.0%	6.4%
Real Estate	4.6%	5.7%
Basic Materials	4.2%	3.9%
Utilities	2.9%	5.0%
Consumer Defensive	2.3%	1.7%
Communication Services	2.2%	3.8%

Return for Risk

PSC vs. FMDE — Risk / Return Rank

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

PSC

PSC Risk / Return Rank: 46
PSC Sharpe Ratio Rank: 41
PSC Sortino Ratio Rank: 42
PSC Omega Ratio Rank: 38
PSC Calmar Ratio Rank: 55
PSC Martin Ratio Rank: 55

FMDE

FMDE Risk / Return Rank: 46
FMDE Sharpe Ratio Rank: 43
FMDE Sortino Ratio Rank: 43
FMDE Omega Ratio Rank: 41
FMDE Calmar Ratio Rank: 50
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.

PSC vs. FMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal U.S. Small Cap Multi-Factor ETF (PSC) 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.

	PSC	FMDE	Difference
Sharpe ratio Return per unit of total volatility	1.46	1.52	-0.06
Sortino ratio Return per unit of downside risk	2.14	2.20	-0.06
Omega ratio Gain probability vs. loss probability	1.25	1.27	-0.01
Calmar ratio Return relative to maximum drawdown	2.74	2.49	+0.25
Martin ratio Return relative to average drawdown	9.55	9.84	-0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSC vs. FMDE - Sharpe Ratio Comparison

The current PSC Sharpe Ratio is 1.46, which is comparable to the FMDE Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of PSC 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.

Sharpe Ratios by Period

	PSC	FMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.52	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.35	-0.85

Drawdowns

PSC vs. FMDE - Drawdown Comparison

The maximum PSC drawdown since its inception was -46.69%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for PSC and FMDE.

Drawdown Indicators

	PSC	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-46.69%	-21.10%	-25.59%
Max Drawdown (1Y) Largest decline over 1 year	-9.95%	-8.33%	-1.62%
Max Drawdown (3Y) Largest decline over 3 years	-23.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	—	—
Current Drawdown Current decline from peak	-0.94%	-0.20%	-0.74%
Average Drawdown Average peak-to-trough decline	-8.28%	-2.65%	-5.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.10%	+0.75%

Volatility

PSC vs. FMDE - Volatility Comparison

Principal U.S. Small Cap Multi-Factor ETF (PSC) has a higher volatility of 4.93% compared to Fidelity Enhanced Mid Cap ETF (FMDE) at 3.24%. This indicates that PSC'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

	PSC	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	3.24%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	9.82%	+2.95%
Volatility (1Y) Calculated over the trailing 1-year period	18.65%	13.61%	+5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.99%	16.13%	+4.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	16.13%	+7.17%

PSC vs. FMDE - Expense Ratio Comparison

PSC has a 0.38% expense ratio, which is higher than FMDE's 0.23% expense ratio.

Dividends

PSC vs. FMDE - Dividend Comparison

PSC's dividend yield for the trailing twelve months is around 0.58%, less than FMDE's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FMDE Fidelity Enhanced Mid Cap ETF	1.10%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSC Principal U.S. Small Cap Multi-Factor ETF	0.58%	0.67%	0.75%	0.73%	1.92%	1.45%	1.25%	1.47%	1.30%	0.95%	0.35%

Frequently Asked Questions

Can I hold both PSC and FMDE in my portfolio?

PSC and FMDE have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSC or FMDE?

PSC has higher volatility (4.93%) compared to FMDE (3.24%). In terms of maximum drawdown, PSC dropped -46.69% vs FMDE's -21.10%.

Which ETF is better, PSC or FMDE?

On 1-year performance, PSC leads with 27.15% vs 20.62% for FMDE. On fees, FMDE is cheaper at 0.23% per year. On volatility, FMDE has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSC or FMDE?

Over the 1-year period, PSC has performed better with a 27.15% return vs 20.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSC or FMDE?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.38% for PSC.

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

FMDE has the higher dividend yield at 1.10%, compared with 0.58% for PSC.

What is the main difference between PSC and FMDE?

PSC is categorized as Small Cap Blend Equities, while FMDE is Mid Cap Blend Equities. They also come from different issuers: Principal and Fidelity. Their fees differ too: 0.38% for PSC and 0.23% for FMDE.

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.52 vs 1.46), 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.