SIXS vs. FESM

Last updated Jun 25, 2026

SIXS (6 Meridian Small Cap Equity ETF) and FESM (Fidelity Enhanced Small Cap ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past year, SIXS returned 24.81% vs 50.17% for FESM. A 0.77 correlation means they provide meaningful diversification when combined. SIXS charges 1.00%/yr vs 0.28%/yr for FESM.

Performance

SIXS vs. FESM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 6 Meridian Small Cap Equity ETF (SIXS) and Fidelity Enhanced Small Cap ETF (FESM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIXS achieves a 14.06% return, which is significantly lower than FESM's 25.47% return.

SIXS

• 1D: 1.72%
• 1M: 6.04%
• YTD: 14.06%
• 6M: 12.36%
• 1Y: 24.81%
• 3Y*: 13.71%
• 5Y*: 4.95%
• 10Y*: —

FESM

• 1D: 0.70%
• 1M: 5.53%
• YTD: 25.47%
• 6M: 22.61%
• 1Y: 50.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SIXS vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SIXS 6 Meridian Small Cap Equity ETF	14.06%	4.59%	5.85%	9.29%
FESM Fidelity Enhanced Small Cap ETF	25.47%	17.88%	16.22%	12.09%

Correlation

The correlation between SIXS and FESM is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.77

The correlation between SIXS and FESM shifts across timeframes, from 0.66 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

SIXS vs. FESM - Sectors Allocation Comparison

Sectors	SIXS	FESM
Consumer Cyclical	17.0%	7.7%
Consumer Defensive	13.0%	1.1%
Financial Services	12.9%	14.6%
Real Estate	11.7%	3.9%
Healthcare	10.2%	16.1%
Utilities	10.1%	1.8%
Industrials	8.7%	18.5%
Technology	7.6%	23.3%
Basic Materials	4.7%	4.0%
Communication Services	2.3%	3.1%
Energy	1.3%	5.9%

Return for Risk

SIXS vs. FESM — Risk / Return Rank

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

SIXS

SIXS Risk / Return Rank: 66
SIXS Sharpe Ratio Rank: 63
SIXS Sortino Ratio Rank: 67
SIXS Omega Ratio Rank: 58
SIXS Calmar Ratio Rank: 77
SIXS Martin Ratio Rank: 65

FESM

FESM Risk / Return Rank: 87
FESM Sharpe Ratio Rank: 88
FESM Sortino Ratio Rank: 86
FESM Omega Ratio Rank: 80
FESM Calmar Ratio Rank: 90
FESM Martin Ratio Rank: 89

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.

SIXS vs. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 6 Meridian Small Cap Equity ETF (SIXS) 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.

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.

	SIXS	FESM	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.59	-0.77
Sortino ratio: Return per unit of downside risk	2.71	3.45	-0.74
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.11
Calmar ratio: Return relative to maximum drawdown	3.48	4.95	-1.47
Martin ratio: Return relative to average drawdown	10.44	17.83	-7.40

SIXS vs. FESM - Sharpe Ratio Comparison

The current SIXS Sharpe Ratio is 1.82, which is comparable to the FESM Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of SIXS and FESM, 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

SIXS vs. FESM - Drawdown Comparison

The maximum SIXS drawdown since its inception was -27.68%, roughly equal to the maximum FESM drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for SIXS and FESM.

Drawdown Indicators

	SIXS	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-27.68%	-26.93%	-0.75%
Max Drawdown (1Y) Largest decline over 1 year	-7.16%	-10.18%	+3.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.68%	—	—
Current Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-8.87%	-4.70%	-4.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	2.82%	-0.44%

Volatility

SIXS vs. FESM - Volatility Comparison

The current volatility for 6 Meridian Small Cap Equity ETF (SIXS) is 4.10%, while Fidelity Enhanced Small Cap ETF (FESM) has a volatility of 6.36%. This indicates that SIXS 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

	SIXS	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	6.36%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	14.10%	-4.89%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	19.53%	-5.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	21.31%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.62%	21.31%	-1.69%

SIXS vs. FESM - Expense Ratio Comparison

SIXS has a 1.00% expense ratio, which is higher than FESM's 0.28% expense ratio.

Dividends

SIXS vs. FESM - Dividend Comparison

SIXS's dividend yield for the trailing twelve months is around 1.67%, more than FESM's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FESM Fidelity Enhanced Small Cap ETF	0.72%	0.82%	1.08%	0.06%	0.00%	0.00%	0.00%
SIXS 6 Meridian Small Cap Equity ETF	1.67%	1.62%	1.09%	1.60%	1.37%	0.94%	0.45%

Frequently Asked Questions

Can I hold both SIXS and FESM in my portfolio?

SIXS and FESM have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIXS or FESM?

FESM has higher volatility (6.36%) compared to SIXS (4.10%). In terms of maximum drawdown, SIXS dropped -27.68% vs FESM's -26.93%.

Which ETF is better, SIXS or FESM?

On 1-year performance, FESM leads with 50.17% vs 24.81% for SIXS. On fees, FESM is cheaper at 0.28% per year. On volatility, SIXS has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIXS or FESM?

Over the 1-year period, FESM has performed better with a 50.17% return vs 24.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIXS or FESM?

FESM is cheaper with a 0.28% expense ratio, compared with 1.00% for SIXS.

Which ETF pays a higher dividend yield, SIXS or FESM?

SIXS has the higher dividend yield at 1.67%, compared with 0.72% for FESM.

What is the main difference between SIXS and FESM?

They also come from different issuers: Exchange Traded Concepts and Fidelity. Their fees differ too: 1.00% for SIXS and 0.28% for FESM.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.59 vs 1.82), 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.