SMLV vs. FSMD

Last updated Jun 14, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, SMLV returned 8.66%/yr vs 10.00%/yr for FSMD. Their correlation of 0.90 suggests significant overlap in exposure. SMLV charges 0.12%/yr vs 0.29%/yr for FSMD.

Performance

SMLV vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SMLV having a 18.33% return and FSMD slightly lower at 17.58%.

SMLV

• 1D: 0.75%
• 1M: 7.88%
• YTD: 18.33%
• 6M: 15.42%
• 1Y: 29.07%
• 3Y*: 16.39%
• 5Y*: 8.66%
• 10Y*: 10.74%

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)

SMLV vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	18.33%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	10.14%
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 SMLV and FSMD is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.90

The correlation between SMLV and FSMD has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

SMLV vs. FSMD - Sectors Allocation Comparison

Sectors	SMLV	FSMD
Financial Services	30.4%	14.8%
Industrials	14.2%	20.1%
Real Estate	12.3%	6.2%
Technology	11.7%	20.5%
Consumer Cyclical	8.9%	10.6%
Healthcare	8.7%	11.7%
Consumer Defensive	4.0%	3.1%
Basic Materials	3.4%	4.0%
Utilities	2.8%	2.1%
Communication Services	2.2%	2.9%
Energy	1.6%	4.1%

Return for Risk

SMLV vs. FSMD — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 63
SMLV Sharpe Ratio Rank: 58
SMLV Sortino Ratio Rank: 58
SMLV Omega Ratio Rank: 58
SMLV Calmar Ratio Rank: 79
SMLV Martin Ratio Rank: 64

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.

SMLV vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) 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.

	SMLV	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.78	-0.08
Sortino ratio: Return per unit of downside risk	2.43	2.58	-0.15
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	3.64	3.30	+0.34
Martin ratio: Return relative to average drawdown	10.07	11.89	-1.81

SMLV vs. FSMD - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.70, which is comparable to the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of SMLV 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

SMLV vs. FSMD - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, roughly equal to the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for SMLV and FSMD.

Drawdown Indicators

	SMLV	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-40.67%	-1.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-8.44%	+1.10%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-22.16%	+1.76%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-22.16%	+1.76%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.45%	-5.98%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.34%	+0.32%

Volatility

SMLV vs. FSMD - Volatility Comparison

The current volatility for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) is 3.80%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 5.14%. This indicates that SMLV experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLV	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	5.14%	-1.34%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	11.85%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	15.69%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	18.55%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.95%	21.43%	-0.48%

SMLV vs. FSMD - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

SMLV vs. FSMD - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.24%, 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%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.24%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both SMLV and FSMD in my portfolio?

SMLV and FSMD have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLV or FSMD?

FSMD has higher volatility (5.14%) compared to SMLV (3.80%). In terms of maximum drawdown, SMLV dropped -42.45% vs FSMD's -40.67%.

Which ETF is better, SMLV or FSMD?

On 5-year performance, FSMD leads with 10.00% vs 8.66% for SMLV. On fees, SMLV is cheaper at 0.12% per year. On volatility, SMLV has been the lower-risk option at 3.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLV or FSMD?

Over the 5-year period, FSMD has performed better with a 10.00% return vs 8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLV or FSMD?

SMLV is cheaper with a 0.12% expense ratio, compared with 0.29% for FSMD.

Which ETF pays a higher dividend yield, SMLV or FSMD?

SMLV has the higher dividend yield at 2.24%, compared with 1.18% for FSMD.

What is the main difference between SMLV and FSMD?

SMLV is categorized as Volatility Hedged Equity, while FSMD is Small Cap Growth Equities. SMLV tracks SSGA US Small Cap Low Volatility Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.12% for SMLV and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.78 vs 1.70), 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.