SPHB vs. FMDE

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco S&P 500® High Beta ETF (SPHB) and Fidelity Enhanced Mid Cap ETF (FMDE).

SPHB and FMDE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPHB is a passively managed fund by Invesco that tracks the performance of the S&P 500 High Beta Index. It was launched on May 5, 2011. FMDE is an actively managed fund by Fidelity. It was launched on Dec 20, 2007.

Performance

SPHB vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® High Beta ETF (SPHB) and Fidelity Enhanced Mid Cap ETF (FMDE). The values are adjusted to include any dividend payments, if applicable.

SPHB vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPHB Invesco S&P 500® High Beta ETF	0.38%	32.87%	8.48%	13.89%
FMDE Fidelity Enhanced Mid Cap ETF	0.13%	12.19%	21.76%	8.91%

Returns By Period

In the year-to-date period, SPHB achieves a 0.38% return, which is significantly higher than FMDE's 0.13% return.

SPHB

• 1D: 1.06%
• 1M: -4.33%
• YTD: 0.38%
• 6M: 5.68%
• 1Y: 49.93%
• 3Y*: 19.70%
• 5Y*: 11.49%
• 10Y*: 16.61%

FMDE

• 1D: 1.00%
• 1M: -4.31%
• YTD: 0.13%
• 6M: 1.18%
• 1Y: 16.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPHB vs. FMDE - Expense Ratio Comparison

SPHB has a 0.25% expense ratio, which is higher than FMDE's 0.23% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

SPHB

Invesco S&P 500® High Beta ETF

FMDE

Fidelity Enhanced Mid Cap ETF

Return for Risk

SPHB vs. FMDE — Risk / Return Rank

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

SPHB

SPHB Risk / Return Rank: 87
SPHB Sharpe Ratio Rank: 83
SPHB Sortino Ratio Rank: 84
SPHB Omega Ratio Rank: 83
SPHB Calmar Ratio Rank: 90
SPHB Martin Ratio Rank: 93

FMDE

FMDE Risk / Return Rank: 49
FMDE Sharpe Ratio Rank: 46
FMDE Sortino Ratio Rank: 47
FMDE Omega Ratio Rank: 46
FMDE Calmar Ratio Rank: 47
FMDE Martin Ratio Rank: 59

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.

SPHB vs. FMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Beta ETF (SPHB) and Fidelity Enhanced Mid Cap 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.

	SPHB	FMDE	Difference
Sharpe ratio Return per unit of total volatility	1.68	0.88	+0.80
Sortino ratio Return per unit of downside risk	2.31	1.34	+0.98
Omega ratio Gain probability vs. loss probability	1.34	1.19	+0.15
Calmar ratio Return relative to maximum drawdown	3.16	1.29	+1.87
Martin ratio Return relative to average drawdown	14.27	6.09	+8.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHB vs. FMDE - Sharpe Ratio Comparison

The current SPHB Sharpe Ratio is 1.68, which is higher than the FMDE Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of SPHB and FMDE, 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

	SPHB	FMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	0.88	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.13	-0.67

Correlation

The correlation between SPHB and FMDE is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPHB vs. FMDE - Dividend Comparison

SPHB's dividend yield for the trailing twelve months is around 0.67%, less than FMDE's 1.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHB Invesco S&P 500® High Beta ETF	0.67%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%
FMDE Fidelity Enhanced Mid Cap ETF	1.22%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPHB vs. FMDE - Drawdown Comparison

The maximum SPHB drawdown since its inception was -46.84%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for SPHB and FMDE.

Drawdown Indicators

	SPHB	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-21.10%	-25.74%
Max Drawdown (1Y) Largest decline over 1 year	-16.08%	-13.43%	-2.65%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	—	—
Current Drawdown Current decline from peak	-6.04%	-4.79%	-1.25%
Average Drawdown Average peak-to-trough decline	-8.59%	-2.76%	-5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	2.85%	+0.71%

Volatility

SPHB vs. FMDE - Volatility Comparison

Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 8.80% compared to Fidelity Enhanced Mid Cap ETF (FMDE) at 5.55%. This indicates that SPHB'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

	SPHB	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	5.55%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	17.65%	10.74%	+6.91%
Volatility (1Y) Calculated over the trailing 1-year period	29.95%	18.86%	+11.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.27%	16.38%	+10.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.41%	16.38%	+12.03%