QGRO vs. FSMD

Last updated Jun 9, 2026

QGRO (American Century STOXX U.S. Quality Growth ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - QGRO is a Large Cap Growth Equities fund tracking the iSTOXX American Century USA Quality Growth (USD)(GR), while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, QGRO returned 11.72%/yr vs 9.34%/yr for FSMD. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.29% expense ratio.

Performance

QGRO vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century STOXX U.S. Quality Growth ETF (QGRO) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QGRO achieves a 0.09% return, which is significantly lower than FSMD's 13.60% return.

QGRO

• 1D: 0.54%
• 1M: 1.74%
• YTD: 0.09%
• 6M: 0.15%
• 1Y: 7.17%
• 3Y*: 20.35%
• 5Y*: 11.72%
• 10Y*: —

FSMD

• 1D: 0.40%
• 1M: 0.04%
• YTD: 13.60%
• 6M: 13.89%
• 1Y: 23.49%
• 3Y*: 16.61%
• 5Y*: 9.34%
• 10Y*: —

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

QGRO vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QGRO American Century STOXX U.S. Quality Growth ETF	0.09%	15.18%	31.42%	32.42%	-24.54%	24.57%	37.99%	13.70%
FSMD Fidelity Small-Mid Multifactor ETF	13.60%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between QGRO and FSMD is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Mar 1, 2019	0.77

The correlation between QGRO and FSMD has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

QGRO vs. FSMD - Sectors Allocation Comparison

Sectors	QGRO	FSMD
Technology	37.1%	18.2%
Industrials	13.6%	20.7%
Healthcare	12.7%	11.6%
Consumer Cyclical	12.0%	11.1%
Communication Services	11.0%	2.8%
Financial Services	5.9%	15.4%
Consumer Defensive	3.8%	3.3%
Energy	1.8%	4.6%
Utilities	0.9%	2.2%
Real Estate	0.9%	6.2%
Basic Materials	0.3%	3.9%

Return for Risk

QGRO vs. FSMD — Risk / Return Rank

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

QGRO

QGRO Risk / Return Rank: 17
QGRO Sharpe Ratio Rank: 17
QGRO Sortino Ratio Rank: 17
QGRO Omega Ratio Rank: 16
QGRO Calmar Ratio Rank: 16
QGRO Martin Ratio Rank: 18

FSMD

FSMD Risk / Return Rank: 54
FSMD Sharpe Ratio Rank: 50
FSMD Sortino Ratio Rank: 51
FSMD Omega Ratio Rank: 47
FSMD Calmar Ratio Rank: 62
FSMD Martin Ratio Rank: 61

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.

QGRO vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century STOXX U.S. Quality Growth ETF (QGRO) 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.

	QGRO	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	0.46	1.53	-1.07
Sortino ratio: Return per unit of downside risk	0.74	2.24	-1.50
Omega ratio: Gain probability vs. loss probability	1.09	1.27	-0.18
Calmar ratio: Return relative to maximum drawdown	0.53	2.80	-2.27
Martin ratio: Return relative to average drawdown	1.78	10.05	-8.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QGRO vs. FSMD - Sharpe Ratio Comparison

The current QGRO Sharpe Ratio is 0.46, which is lower than the FSMD Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of QGRO and FSMD, 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

	QGRO	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	1.53	-1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.51	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.54	+0.11

Drawdowns

QGRO vs. FSMD - Drawdown Comparison

The maximum QGRO drawdown since its inception was -32.56%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for QGRO and FSMD.

Drawdown Indicators

	QGRO	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-32.56%	-40.67%	+8.11%
Max Drawdown (1Y) Largest decline over 1 year	-13.54%	-8.44%	-5.10%
Max Drawdown (3Y) Largest decline over 3 years	-23.82%	-22.16%	-1.66%
Max Drawdown (5Y) Largest decline over 5 years	-31.86%	-22.16%	-9.70%
Current Drawdown Current decline from peak	-2.71%	-1.60%	-1.11%
Average Drawdown Average peak-to-trough decline	-7.67%	-6.00%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	2.34%	+1.70%

Volatility

QGRO vs. FSMD - Volatility Comparison

American Century STOXX U.S. Quality Growth ETF (QGRO) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 4.33% and 4.25%, 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.

Volatility by Period

	QGRO	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.25%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	12.03%	11.55%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	15.40%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	18.50%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.93%	21.42%	+1.51%

QGRO vs. FSMD - Expense Ratio Comparison

Both QGRO and FSMD have an expense ratio of 0.29%.

Dividends

QGRO vs. FSMD - Dividend Comparison

QGRO's dividend yield for the trailing twelve months is around 0.20%, less than FSMD's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FSMD Fidelity Small-Mid Multifactor ETF	1.22%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%
QGRO American Century STOXX U.S. Quality Growth ETF	0.20%	0.25%	0.25%	0.41%	0.46%	0.31%	0.22%	0.38%	0.13%

Frequently Asked Questions

Can I hold both QGRO and FSMD in my portfolio?

QGRO and FSMD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QGRO or FSMD?

QGRO has higher volatility (4.33%) compared to FSMD (4.25%). In terms of maximum drawdown, QGRO dropped -32.56% vs FSMD's -40.67%.

Which ETF is better, QGRO or FSMD?

On 5-year performance, QGRO leads with 11.72% vs 9.34% for FSMD. Both ETFs have the same 0.29% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QGRO or FSMD?

Over the 5-year period, QGRO has performed better with a 11.72% return vs 9.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QGRO or FSMD?

QGRO and FSMD have the same expense ratio: 0.29% per year.

Which ETF pays a higher dividend yield, QGRO or FSMD?

FSMD has the higher dividend yield at 1.22%, compared with 0.20% for QGRO.

What is the main difference between QGRO and FSMD?

QGRO is categorized as Large Cap Growth Equities, while FSMD is Small Cap Growth Equities. QGRO tracks iSTOXX American Century USA Quality Growth (USD)(GR), while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: American Century and Fidelity.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.53 vs 0.46), 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.