PVIVX vs. FESM

Last updated Apr 1, 2026

Compare and contrast key facts about Paradigm Micro-cap Fund (PVIVX) and Fidelity Enhanced Small Cap ETF (FESM).

PVIVX is managed by Paradigm Funds. It was launched on Dec 31, 2007. FESM is an actively managed fund by Fidelity. It was launched on Dec 20, 2007.

Performance

PVIVX vs. FESM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Paradigm Micro-cap Fund (PVIVX) and Fidelity Enhanced Small Cap ETF (FESM). The values are adjusted to include any dividend payments, if applicable.

PVIVX vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PVIVX Paradigm Micro-cap Fund	-1.09%	-4.81%	13.48%	9.95%
FESM Fidelity Enhanced Small Cap ETF	0.82%	17.88%	16.22%	12.19%

Returns By Period

In the year-to-date period, PVIVX achieves a -1.09% return, which is significantly lower than FESM's 0.82% return.

PVIVX

• 1D: -1.90%
• 1M: -11.09%
• YTD: -1.09%
• 6M: -5.57%
• 1Y: 10.38%
• 3Y*: 5.63%
• 5Y*: 1.56%
• 10Y*: 11.35%

FESM

• 1D: 3.29%
• 1M: -4.77%
• YTD: 0.82%
• 6M: 4.42%
• 1Y: 29.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PVIVX vs. FESM - Expense Ratio Comparison

PVIVX has a 1.25% expense ratio, which is higher than FESM's 0.28% expense ratio.

PVIVX

Paradigm Micro-cap Fund

FESM

Fidelity Enhanced Small Cap ETF

Return for Risk

PVIVX vs. FESM — Risk / Return Rank

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

PVIVX

PVIVX Risk / Return Rank: 15
PVIVX Sharpe Ratio Rank: 14
PVIVX Sortino Ratio Rank: 16
PVIVX Omega Ratio Rank: 14
PVIVX Calmar Ratio Rank: 16
PVIVX Martin Ratio Rank: 14

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 76
FESM Omega Ratio Rank: 69
FESM Calmar Ratio Rank: 82
FESM Martin Ratio Rank: 80

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.

PVIVX vs. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Paradigm Micro-cap Fund (PVIVX) 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.

	PVIVX	FESM	Difference
Sharpe ratio Return per unit of total volatility	0.34	1.30	-0.96
Sortino ratio Return per unit of downside risk	0.69	1.87	-1.18
Omega ratio Gain probability vs. loss probability	1.09	1.24	-0.16
Calmar ratio Return relative to maximum drawdown	0.47	2.19	-1.72
Martin ratio Return relative to average drawdown	1.28	8.40	-7.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PVIVX vs. FESM - Sharpe Ratio Comparison

The current PVIVX Sharpe Ratio is 0.34, which is lower than the FESM Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of PVIVX and FESM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PVIVX	FESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	1.30	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.96	-0.94

Correlation

The correlation between PVIVX and FESM is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PVIVX vs. FESM - Dividend Comparison

PVIVX's dividend yield for the trailing twelve months is around 16.11%, more than FESM's 0.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PVIVX Paradigm Micro-cap Fund	16.11%	15.93%	6.40%	0.00%	0.00%	1.11%	5.25%	0.01%	14.09%	6.88%	3.61%	1.32%
FESM Fidelity Enhanced Small Cap ETF	0.63%	0.82%	1.08%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PVIVX vs. FESM - Drawdown Comparison

The maximum PVIVX drawdown since its inception was -95.67%, which is greater than FESM's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for PVIVX and FESM.

Drawdown Indicators

	PVIVX	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-26.93%	-68.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-13.54%	-1.30%
Max Drawdown (5Y) Largest decline over 5 years	-95.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.67%	—	—
Current Drawdown Current decline from peak	-94.57%	-7.23%	-87.34%
Average Drawdown Average peak-to-trough decline	-16.15%	-5.04%	-11.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.44%	3.53%	+1.91%

Volatility

PVIVX vs. FESM - Volatility Comparison

Paradigm Micro-cap Fund (PVIVX) has a higher volatility of 8.39% compared to Fidelity Enhanced Small Cap ETF (FESM) at 7.40%. This indicates that PVIVX's price experiences larger fluctuations and is considered to be riskier than FESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVIVX	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	7.40%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	17.65%	14.26%	+3.39%
Volatility (1Y) Calculated over the trailing 1-year period	29.19%	22.98%	+6.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	887.36%	21.49%	+865.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	627.66%	21.49%	+606.17%