RCL vs. FSMD

Last updated Jun 13, 2026

RCL (Royal Caribbean Cruises Ltd.) is a stock, while FSMD (Fidelity Small-Mid Multifactor ETF) is Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Over the past 5 years, RCL returned 27.43%/yr vs 10.00%/yr for FSMD. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

RCL vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royal Caribbean Cruises Ltd. (RCL) 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, RCL achieves a 6.66% return, which is significantly lower than FSMD's 17.58% return.

RCL

• 1D: 2.23%
• 1M: 13.68%
• YTD: 6.66%
• 6M: 7.04%
• 1Y: 16.02%
• 3Y*: 46.74%
• 5Y*: 27.43%
• 10Y*: 16.48%

FSMD

• 1D: 1.00%
• 1M: 6.31%
• YTD: 17.58%
• 6M: 15.58%
• 1Y: 29.65%
• 3Y*: 17.46%
• 5Y*: 10.00%
• 10Y*: —

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

RCL vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RCL Royal Caribbean Cruises Ltd.	6.66%	22.46%	78.98%	161.97%	-35.72%	2.96%	-43.50%	15.52%
FSMD Fidelity Small-Mid Multifactor ETF	17.58%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between RCL and FSMD is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.56

The correlation between RCL and FSMD has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.

Return for Risk

RCL vs. FSMD — Risk / Return Rank

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

RCL

RCL Risk / Return Rank: 51
RCL Sharpe Ratio Rank: 53
RCL Sortino Ratio Rank: 51
RCL Omega Ratio Rank: 48
RCL Calmar Ratio Rank: 52
RCL Martin Ratio Rank: 50

FSMD

FSMD Risk / Return Rank: 66
FSMD Sharpe Ratio Rank: 61
FSMD Sortino Ratio Rank: 64
FSMD Omega Ratio Rank: 58
FSMD Calmar Ratio Rank: 74
FSMD Martin Ratio Rank: 73

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.

RCL vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royal Caribbean Cruises Ltd. (RCL) 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.

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.

	RCL	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	0.27	1.78	-1.50
Sortino ratio: Return per unit of downside risk	0.77	2.58	-1.80
Omega ratio: Gain probability vs. loss probability	1.09	1.31	-0.22
Calmar ratio: Return relative to maximum drawdown	0.39	3.30	-2.91
Martin ratio: Return relative to average drawdown	0.66	11.89	-11.22

RCL vs. FSMD - Sharpe Ratio Comparison

The current RCL Sharpe Ratio is 0.27, which is lower than the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of RCL 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.

Drawdowns

RCL vs. FSMD - Drawdown Comparison

The maximum RCL drawdown since its inception was -89.49%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for RCL and FSMD.

Drawdown Indicators

	RCL	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-89.49%	-40.67%	-48.82%
Max Drawdown (1Y) Largest decline over 1 year	-32.36%	-8.44%	-23.92%
Max Drawdown (3Y) Largest decline over 3 years	-35.02%	-22.16%	-12.86%
Max Drawdown (5Y) Largest decline over 5 years	-67.64%	-22.16%	-45.48%
Max Drawdown (10Y) Largest decline over 10 years	-83.30%	—	—
Current Drawdown Current decline from peak	-18.16%	0.00%	-18.16%
Average Drawdown Average peak-to-trough decline	-27.76%	-5.98%	-21.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.15%	2.34%	+16.81%

Volatility

RCL vs. FSMD - Volatility Comparison

Royal Caribbean Cruises Ltd. (RCL) has a higher volatility of 14.15% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 5.14%. This indicates that RCL's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RCL	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.15%	5.14%	+9.01%
Volatility (6M) Calculated over the trailing 6-month period	38.00%	11.85%	+26.15%
Volatility (1Y) Calculated over the trailing 1-year period	46.50%	15.69%	+30.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.52%	18.55%	+29.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.35%	21.43%	+31.92%

Dividends

RCL vs. FSMD - Dividend Comparison

RCL's dividend yield for the trailing twelve months is around 1.70%, more than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%
RCL Royal Caribbean Cruises Ltd.	1.70%	1.25%	0.41%	0.00%	0.00%	0.00%	1.04%	2.22%	2.66%	1.81%	2.08%	1.33%

Frequently Asked Questions

Can I hold both RCL and FSMD in my portfolio?

RCL and FSMD have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RCL or FSMD?

RCL has higher volatility (14.15%) compared to FSMD (5.14%). In terms of maximum drawdown, RCL dropped -89.49% vs FSMD's -40.67%.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.78 vs 0.27), 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.