RUNN vs. FMDE

Last updated Aug 2, 2026

RUNN (Running Oak Efficient Growth ETF) and FMDE (Fidelity Enhanced Mid Cap Core ETF) are both Mid Cap Blend Equities funds. Both are actively managed. Over the past year, RUNN returned 1.69% vs 21.03% for FMDE. Their correlation of 0.82 means they have usually moved in the same direction. RUNN charges 0.58%/yr vs 0.23%/yr for FMDE.

Performance

RUNN vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Running Oak Efficient Growth ETF (RUNN) and Fidelity Enhanced Mid Cap Core ETF (FMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RUNN achieves a 1.94% return, which is significantly lower than FMDE's 13.63% return.

RUNN

• 1D: 0.13%
• 1M: 2.15%
• 6M: -1.57%
• YTD: 1.94%
• 1Y: 1.69%
• 3Y*: 8.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.45%

FMDE

• 1D: 0.10%
• 1M: 1.81%
• 6M: 12.31%
• YTD: 13.63%
• 1Y: 21.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMDE Fidelity Enhanced Mid Cap Core ETF	$38.47M	$36.07M	$34.28M
RUNN Running Oak Efficient Growth ETF	$6.62M	$3.92M	$2.57M

RUNN vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RUNN Running Oak Efficient Growth ETF	1.94%	2.30%	17.16%	6.59%
FMDE Fidelity Enhanced Mid Cap Core ETF	13.63%	12.19%	21.76%	9.09%

Correlation

The correlation between RUNN and FMDE is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.82

The correlation between RUNN and FMDE shifts across timeframes, from 0.72 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

RUNN vs. FMDE - Sectors Allocation Comparison

Sectors	RUNN	FMDE
Industrials	36.0%	17.1%
Technology	19.6%	20.2%
Healthcare	13.3%	10.1%
Financial Services	12.8%	11.9%
Consumer Cyclical	8.3%	10.6%
Basic Materials	3.7%	5.0%
Communication Services	2.1%	2.2%
Consumer Defensive	-	2.1%
Energy	-	5.0%
Real Estate	-	5.7%
Utilities	-	4.7%

Return for Risk

RUNN vs. FMDE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RUNN

RUNN Risk / Return Rank: 11
RUNN Sharpe Ratio Rank: 12
RUNN Sortino Ratio Rank: 11
RUNN Omega Ratio Rank: 11
RUNN Calmar Ratio Rank: 12
RUNN Martin Ratio Rank: 12

FMDE

FMDE Risk / Return Rank: 65
FMDE Sharpe Ratio Rank: 61
FMDE Sortino Ratio Rank: 61
FMDE Omega Ratio Rank: 58
FMDE Calmar Ratio Rank: 68
FMDE Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RUNN vs. FMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Running Oak Efficient Growth ETF (RUNN) and Fidelity Enhanced Mid Cap Core 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.

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.

	RUNN	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	0.04	1.42	-1.39
Sortino ratio: Return per unit of downside risk	0.16	2.06	-1.91
Omega ratio: Gain probability vs. loss probability	1.02	1.25	-0.23
Calmar ratio: Return relative to maximum drawdown	0.05	2.35	-2.30
Martin ratio: Return relative to average drawdown	0.10	9.29	-9.18

RUNN vs. FMDE - Sharpe Ratio Comparison

The current RUNN Sharpe Ratio is 0.04, which is lower than the FMDE Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of RUNN 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.

Drawdowns

RUNN vs. FMDE - Drawdown Comparison

The maximum RUNN drawdown since its inception was -16.83%, smaller than the maximum FMDE drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for RUNN and FMDE.

Drawdown Indicators

	RUNN	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-16.83%	-21.10%	+4.27%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-8.33%	-2.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	—	—
Current Drawdown Current decline from peak	-3.20%	-0.29%	-2.91%
Average Drawdown Average peak-to-trough decline	-3.68%	-2.52%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	2.10%	+2.80%

Volatility

RUNN vs. FMDE - Volatility Comparison

Running Oak Efficient Growth ETF (RUNN) has a higher volatility of 5.07% compared to Fidelity Enhanced Mid Cap Core ETF (FMDE) at 2.41%. This indicates that RUNN'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

	RUNN	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	2.41%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	10.26%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.65%	13.75%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	15.93%	-2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.90%	15.93%	-2.03%

RUNN vs. FMDE - Expense Ratio Comparison

RUNN has a 0.58% expense ratio, which is higher than FMDE's 0.23% expense ratio.

Dividends

RUNN vs. FMDE - Dividend Comparison

RUNN's dividend yield for the trailing twelve months is around 0.54%, less than FMDE's 1.07% yield.

Position	TTM	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap Core ETF	1.07%	1.23%	1.11%	0.10%
RUNN Running Oak Efficient Growth ETF	0.54%	0.55%	0.39%	0.33%

Frequently Asked Questions

Can I hold both RUNN and FMDE in my portfolio?

RUNN and FMDE have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RUNN or FMDE?

RUNN has higher volatility (5.07%) compared to FMDE (2.41%). In terms of maximum drawdown, RUNN dropped -16.83% vs FMDE's -21.10%.

Which ETF is better, RUNN or FMDE?

On 1-year performance, FMDE leads with 21.03% vs 1.69% for RUNN. On fees, FMDE is cheaper at 0.23% per year. On volatility, FMDE has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RUNN or FMDE?

Over the 1-year period, FMDE has performed better with a 21.03% return vs 1.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RUNN or FMDE?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.58% for RUNN.

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

FMDE has the higher dividend yield at 1.07%, compared with 0.54% for RUNN.

What is the main difference between RUNN and FMDE?

They also come from different issuers: Running Oak and Fidelity. Their fees differ too: 0.58% for RUNN and 0.23% for FMDE.

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.42 vs 0.04), 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.