RTWP.L vs. FESM

Last updated Apr 1, 2026

Compare and contrast key facts about L&G Russell 2000 US Small Cap UCITS ETF (RTWP.L) and Fidelity Enhanced Small Cap ETF (FESM).

RTWP.L and FESM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RTWP.L is a passively managed fund by Legal & General that tracks the performance of the Russell 2000 TR USD. It was launched on Sep 11, 2008. FESM is an actively managed fund by Fidelity. It was launched on Dec 20, 2007.

Performance

RTWP.L vs. FESM - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Russell 2000 US Small Cap UCITS ETF (RTWP.L) and Fidelity Enhanced Small Cap ETF (FESM). The values are adjusted to include any dividend payments, if applicable.

RTWP.L vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RTWP.L L&G Russell 2000 US Small Cap UCITS ETF	0.92%	3.61%	11.18%	10.48%
FESM Fidelity Enhanced Small Cap ETF	2.74%	9.48%	18.25%	10.19%

Different Trading Currencies

RTWP.L is traded in GBp, while FESM is traded in USD. To make them comparable, the FESM values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, RTWP.L achieves a 0.92% return, which is significantly lower than FESM's 2.74% return.

RTWP.L

• 1D: 0.29%
• 1M: -4.67%
• YTD: 0.92%
• 6M: 3.97%
• 1Y: 18.36%
• 3Y*: 9.26%
• 5Y*: 5.20%
• 10Y*: 10.79%

FESM

• 1D: 2.99%
• 1M: -2.90%
• YTD: 2.74%
• 6M: 6.21%
• 1Y: 26.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RTWP.L vs. FESM - Expense Ratio Comparison

RTWP.L has a 0.30% expense ratio, which is higher than FESM's 0.28% expense ratio.

RTWP.L

L&G Russell 2000 US Small Cap UCITS ETF

FESM

Fidelity Enhanced Small Cap ETF

Return for Risk

RTWP.L vs. FESM — Risk / Return Rank

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

RTWP.L

RTWP.L Risk / Return Rank: 53
RTWP.L Sharpe Ratio Rank: 55
RTWP.L Sortino Ratio Rank: 53
RTWP.L Omega Ratio Rank: 49
RTWP.L Calmar Ratio Rank: 56
RTWP.L Martin Ratio Rank: 52

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.

RTWP.L vs. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Russell 2000 US Small Cap UCITS ETF (RTWP.L) 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.

	RTWP.L	FESM	Difference
Sharpe ratio Return per unit of total volatility	0.97	1.17	-0.20
Sortino ratio Return per unit of downside risk	1.38	1.67	-0.29
Omega ratio Gain probability vs. loss probability	1.18	1.23	-0.04
Calmar ratio Return relative to maximum drawdown	1.40	2.05	-0.66
Martin ratio Return relative to average drawdown	5.00	7.41	-2.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RTWP.L vs. FESM - Sharpe Ratio Comparison

The current RTWP.L Sharpe Ratio is 0.97, which is comparable to the FESM Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of RTWP.L 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

	RTWP.L	FESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	1.17	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.84	-0.19

Correlation

The correlation between RTWP.L and FESM is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

RTWP.L vs. FESM - Dividend Comparison

RTWP.L has not paid dividends to shareholders, while FESM's dividend yield for the trailing twelve months is around 0.63%.

	TTM	2025	2024	2023
RTWP.L L&G Russell 2000 US Small Cap UCITS ETF	0.00%	0.00%	0.00%	0.00%
FESM Fidelity Enhanced Small Cap ETF	0.63%	0.82%	1.08%	0.06%

Drawdowns

RTWP.L vs. FESM - Drawdown Comparison

The maximum RTWP.L drawdown since its inception was -35.32%, which is greater than FESM's maximum drawdown of -28.79%. Use the drawdown chart below to compare losses from any high point for RTWP.L and FESM.

Drawdown Indicators

	RTWP.L	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-35.32%	-26.93%	-8.39%
Max Drawdown (1Y) Largest decline over 1 year	-12.27%	-13.54%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-28.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.32%	—	—
Current Drawdown Current decline from peak	-6.73%	-7.23%	+0.50%
Average Drawdown Average peak-to-trough decline	-7.11%	-5.04%	-2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.53%	-0.11%

Volatility

RTWP.L vs. FESM - Volatility Comparison

The current volatility for L&G Russell 2000 US Small Cap UCITS ETF (RTWP.L) is 5.19%, while Fidelity Enhanced Small Cap ETF (FESM) has a volatility of 6.45%. This indicates that RTWP.L experiences smaller price fluctuations and is considered to be less risky than FESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RTWP.L	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	6.45%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	13.81%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	22.92%	-4.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.32%	21.02%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	21.02%	-0.62%