RYJ vs. FFSM

Last updated Jun 4, 2026

RYJ (Invesco Raymond James SB-1 Equity ETF) and FFSM (Fidelity Fundamental Small-Mid Cap ETF) are both Mid Cap Blend Equities funds. RYJ is passively managed, while FFSM is actively managed. Over the past 5 years, RYJ returned 7.15%/yr vs 10.37%/yr for FFSM. Their correlation of 0.89 suggests significant overlap in exposure. RYJ charges 0.40%/yr vs 0.43%/yr for FFSM.

Performance

RYJ vs. FFSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Raymond James SB-1 Equity ETF (RYJ) and Fidelity Fundamental Small-Mid Cap ETF (FFSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYJ achieves a 10.96% return, which is significantly lower than FFSM's 18.92% return.

RYJ

• 1D: -0.23%
• 1M: 7.67%
• YTD: 10.96%
• 6M: 11.41%
• 1Y: 17.80%
• 3Y*: 15.43%
• 5Y*: 7.15%
• 10Y*: 10.35%

FFSM

• 1D: 0.16%
• 1M: 3.08%
• YTD: 18.92%
• 6M: 18.95%
• 1Y: 38.60%
• 3Y*: 21.43%
• 5Y*: 10.37%
• 10Y*: —

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

RYJ vs. FFSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RYJ Invesco Raymond James SB-1 Equity ETF	10.96%	8.89%	13.28%	15.65%	-13.17%	14.71%
FFSM Fidelity Fundamental Small-Mid Cap ETF	18.92%	14.89%	14.38%	17.30%	-16.35%	19.77%

Correlation

The correlation between RYJ and FFSM is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.89

The correlation between RYJ and FFSM shifts across timeframes, from 0.75 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

RYJ vs. FFSM - Sectors Allocation Comparison

Sectors	RYJ	FFSM
Consumer Defensive	23.3%	2.3%
Industrials	20.7%	29.5%
Utilities	12.5%	1.8%
Consumer Cyclical	12.2%	12.2%
Technology	9.8%	14.0%
Communication Services	7.7%	-
Healthcare	5.8%	9.1%
Energy	4.1%	2.2%
Basic Materials	4.0%	6.2%
Financial Services	-	22.7%
Real Estate	-	0.0%

Return for Risk

RYJ vs. FFSM — Risk / Return Rank

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

RYJ

RYJ Risk / Return Rank: 37
RYJ Sharpe Ratio Rank: 37
RYJ Sortino Ratio Rank: 39
RYJ Omega Ratio Rank: 34
RYJ Calmar Ratio Rank: 36
RYJ Martin Ratio Rank: 39

FFSM

FFSM Risk / Return Rank: 69
FFSM Sharpe Ratio Rank: 64
FFSM Sortino Ratio Rank: 65
FFSM Omega Ratio Rank: 62
FFSM Calmar Ratio Rank: 74
FFSM Martin Ratio Rank: 78

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.

RYJ vs. FFSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Raymond James SB-1 Equity ETF (RYJ) and Fidelity Fundamental Small-Mid Cap ETF (FFSM). 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.

	RYJ	FFSM	Difference
Sharpe ratio Return per unit of total volatility	1.31	2.16	-0.85
Sortino ratio Return per unit of downside risk	2.01	3.04	-1.03
Omega ratio Gain probability vs. loss probability	1.23	1.38	-0.15
Calmar ratio Return relative to maximum drawdown	1.79	3.74	-1.95
Martin ratio Return relative to average drawdown	6.12	15.16	-9.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYJ vs. FFSM - Sharpe Ratio Comparison

The current RYJ Sharpe Ratio is 1.31, which is lower than the FFSM Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of RYJ and FFSM, 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

	RYJ	FFSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	2.16	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.50	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.59	-0.25

Drawdowns

RYJ vs. FFSM - Drawdown Comparison

The maximum RYJ drawdown since its inception was -60.74%, which is greater than FFSM's maximum drawdown of -26.65%. Use the drawdown chart below to compare losses from any high point for RYJ and FFSM.

Drawdown Indicators

	RYJ	FFSM	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-26.65%	-34.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-10.37%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-24.78%	+7.88%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-26.65%	+2.34%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	—	—
Current Drawdown Current decline from peak	-0.23%	-0.57%	+0.34%
Average Drawdown Average peak-to-trough decline	-10.27%	-7.86%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.55%	+0.37%

Volatility

RYJ vs. FFSM - Volatility Comparison

The current volatility for Invesco Raymond James SB-1 Equity ETF (RYJ) is 4.27%, while Fidelity Fundamental Small-Mid Cap ETF (FFSM) has a volatility of 5.70%. This indicates that RYJ experiences smaller price fluctuations and is considered to be less risky than FFSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYJ	FFSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	5.70%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	13.98%	-4.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.62%	17.96%	-4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	20.66%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	20.57%	+1.07%

RYJ vs. FFSM - Expense Ratio Comparison

RYJ has a 0.40% expense ratio, which is lower than FFSM's 0.43% expense ratio.

Dividends

RYJ vs. FFSM - Dividend Comparison

RYJ's dividend yield for the trailing twelve months is around 1.57%, more than FFSM's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.46%	0.56%	0.62%	0.56%	0.58%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RYJ Invesco Raymond James SB-1 Equity ETF	1.57%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%

Frequently Asked Questions

Can I hold both RYJ and FFSM in my portfolio?

RYJ and FFSM have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYJ or FFSM?

FFSM has higher volatility (5.70%) compared to RYJ (4.27%). In terms of maximum drawdown, RYJ dropped -60.74% vs FFSM's -26.65%.

Which ETF is better, RYJ or FFSM?

On 5-year performance, FFSM leads with 10.37% vs 7.15% for RYJ. On fees, RYJ is cheaper at 0.40% per year. On volatility, RYJ has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RYJ or FFSM?

Over the 5-year period, FFSM has performed better with a 10.37% return vs 7.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RYJ or FFSM?

RYJ is cheaper with a 0.40% expense ratio, compared with 0.43% for FFSM.

Which ETF pays a higher dividend yield, RYJ or FFSM?

RYJ has the higher dividend yield at 1.57%, compared with 0.46% for FFSM.

What is the main difference between RYJ and FFSM?

They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.40% for RYJ and 0.43% for FFSM.

Which has better risk-adjusted returns?

FFSM currently has the higher Sharpe Ratio (2.16 vs 1.31), 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.