SPMD vs. FFSM

Last updated Jun 26, 2026

SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and FFSM (Fidelity Fundamental Small-Mid Cap ETF) are both Mid Cap Blend Equities funds. SPMD is passively managed, while FFSM is actively managed. Over the past 5 years, SPMD returned 8.62%/yr vs 11.30%/yr for FFSM. With a 0.97 correlation, they move nearly in lockstep. SPMD charges 0.03%/yr vs 0.43%/yr for FFSM.

Performance

SPMD vs. FFSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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, SPMD achieves a 16.40% return, which is significantly lower than FFSM's 24.27% return.

SPMD

• 1D: 0.92%
• 1M: 2.65%
• YTD: 16.40%
• 6M: 14.10%
• 1Y: 26.87%
• 3Y*: 16.40%
• 5Y*: 8.62%
• 10Y*: 12.43%

FFSM

• 1D: 1.47%
• 1M: 5.22%
• YTD: 24.27%
• 6M: 21.19%
• 1Y: 43.07%
• 3Y*: 22.71%
• 5Y*: 11.30%
• 10Y*: —

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

SPMD vs. FFSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	16.40%	7.44%	13.91%	16.48%	-13.13%	18.88%
FFSM Fidelity Fundamental Small-Mid Cap ETF	24.27%	14.89%	14.38%	17.30%	-16.35%	20.44%

Correlation

The correlation between SPMD and FFSM is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.97

The correlation between SPMD and FFSM has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

SPMD vs. FFSM — Risk / Return Rank

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

SPMD

SPMD Risk / Return Rank: 63
SPMD Sharpe Ratio Rank: 59
SPMD Sortino Ratio Rank: 61
SPMD Omega Ratio Rank: 55
SPMD Calmar Ratio Rank: 70
SPMD Martin Ratio Rank: 70

FFSM

FFSM Risk / Return Rank: 84
FFSM Sharpe Ratio Rank: 83
FFSM Sortino Ratio Rank: 83
FFSM Omega Ratio Rank: 78
FFSM Calmar Ratio Rank: 86
FFSM Martin Ratio Rank: 88

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.

SPMD vs. FFSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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.

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.

	SPMD	FFSM	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.32	-0.62
Sortino ratio: Return per unit of downside risk	2.47	3.21	-0.74
Omega ratio: Gain probability vs. loss probability	1.30	1.40	-0.10
Calmar ratio: Return relative to maximum drawdown	3.05	4.17	-1.13
Martin ratio: Return relative to average drawdown	11.17	16.79	-5.62

SPMD vs. FFSM - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 1.70, which is comparable to the FFSM Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of SPMD 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.

Drawdowns

SPMD vs. FFSM - Drawdown Comparison

The maximum SPMD drawdown since its inception was -57.62%, which is greater than FFSM's maximum drawdown of -26.65%. Use the drawdown chart below to compare losses from any high point for SPMD and FFSM.

Drawdown Indicators

	SPMD	FFSM	Difference
Max Drawdown Largest peak-to-trough decline	-57.62%	-26.65%	-30.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-10.37%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-24.08%	-24.78%	+0.70%
Max Drawdown (5Y) Largest decline over 5 years	-24.08%	-26.65%	+2.57%
Max Drawdown (10Y) Largest decline over 10 years	-41.86%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.10%	-7.78%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.57%	-0.16%

Volatility

SPMD vs. FFSM - Volatility Comparison

The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 4.53%, while Fidelity Fundamental Small-Mid Cap ETF (FFSM) has a volatility of 6.31%. This indicates that SPMD 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

	SPMD	FFSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	6.31%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	11.78%	14.69%	-2.91%
Volatility (1Y) Calculated over the trailing 1-year period	15.88%	18.64%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	20.77%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	20.61%	+0.57%

SPMD vs. FFSM - Expense Ratio Comparison

SPMD has a 0.03% expense ratio, which is lower than FFSM's 0.43% expense ratio.

Dividends

SPMD vs. FFSM - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.21%, more than FFSM's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.43%	0.56%	0.62%	0.56%	0.58%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	1.21%	1.39%	1.42%	1.47%	1.64%	1.24%	1.30%	1.57%	1.85%	1.97%	2.13%	5.33%

Frequently Asked Questions

Can I hold both SPMD and FFSM in my portfolio?

With a correlation of 0.94, SPMD and FFSM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPMD or FFSM?

FFSM has higher volatility (6.31%) compared to SPMD (4.53%). In terms of maximum drawdown, SPMD dropped -57.62% vs FFSM's -26.65%.

Which ETF is better, SPMD or FFSM?

On 5-year performance, FFSM leads with 11.30% vs 8.62% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMD or FFSM?

Over the 5-year period, FFSM has performed better with a 11.30% return vs 8.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMD or FFSM?

SPMD is cheaper with a 0.03% expense ratio, compared with 0.43% for FFSM.

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

SPMD has the higher dividend yield at 1.21%, compared with 0.43% for FFSM.

What is the main difference between SPMD and FFSM?

They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.03% for SPMD and 0.43% for FFSM.

Which has better risk-adjusted returns?

FFSM currently has the higher Sharpe Ratio (2.32 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.