SPOT vs. FSMD
SPOT (Spotify Technology S.A.) is a stock, while FSMD (Fidelity Small-Mid Multifactor ETF) is Small Cap Blend Equities fund tracking the Fidelity Small-Mid Multifactor Index. Over the past 5 years, SPOT returned 14.71%/yr vs 10.07%/yr for FSMD. At a 0.33 correlation, their price movements are largely independent.
Performance
SPOT vs. FSMD - Performance Comparison
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Returns By Period
In the year-to-date period, SPOT achieves a -15.22% return, which is significantly lower than FSMD's 15.30% return.
SPOT
- 1D
- 2.97%
- 1M
- 5.18%
- 6M
- -2.41%
- YTD
- -15.22%
- 1Y
- -29.21%
- 3Y*
- 42.06%
- 5Y*
- 14.71%
- 10Y*
- —
- ALL TIME*
- 14.01%
FSMD
- 1D
- -0.47%
- 1M
- -2.04%
- 6M
- 9.94%
- YTD
- 15.30%
- 1Y
- 22.01%
- 3Y*
- 15.26%
- 5Y*
- 10.07%
- 10Y*
- —
- ALL TIME*
- 11.63%
SPOT vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPOT Spotify Technology S.A. | -15.22% | 29.80% | 138.08% | 138.01% | -66.27% | -25.62% | 110.40% | 3.14% |
FSMD Fidelity Small-Mid Multifactor ETF | 15.30% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
Correlation
The correlation between SPOT and FSMD is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.33 |
The correlation between SPOT and FSMD shifts across timeframes, from -0.01 (1 year) to 0.34 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPOT vs. FSMD — Risk / Return Rank
SPOT
FSMD
SPOT vs. FSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Spotify Technology S.A. (SPOT) 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.
| SPOT | FSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.25 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 2.62 | -3.28 |
| Martin ratioReturn relative to average drawdown | -1.10 | 9.08 | -10.18 |
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Drawdowns
SPOT vs. FSMD - Drawdown Comparison
The maximum SPOT drawdown since its inception was -80.51%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for SPOT and FSMD.
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Drawdown Indicators
| SPOT | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.51% | -40.67% | -39.84% |
Max Drawdown (1Y)Largest decline over 1 year | -44.11% | -8.44% | -35.67% |
Max Drawdown (3Y)Largest decline over 3 years | -46.80% | -22.16% | -24.64% |
Max Drawdown (5Y)Largest decline over 5 years | -76.39% | -22.16% | -54.23% |
Current DrawdownCurrent decline from peak | -36.55% | -4.41% | -32.14% |
Average DrawdownAverage peak-to-trough decline | -30.96% | -5.93% | -25.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.55% | 2.43% | +24.12% |
Volatility
SPOT vs. FSMD - Volatility Comparison
Spotify Technology S.A. (SPOT) has a higher volatility of 8.93% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 4.36%. This indicates that SPOT's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPOT | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 4.36% | +4.57% |
Volatility (6M)Calculated over the trailing 6-month period | 37.30% | 12.30% | +25.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.99% | 15.77% | +29.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.60% | 18.53% | +29.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.21% | 21.35% | +25.86% |
Dividends
SPOT vs. FSMD - Dividend Comparison
SPOT has not paid dividends to shareholders, while FSMD's dividend yield for the trailing twelve months is around 1.26%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 1.26% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% |
SPOT Spotify Technology S.A. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPOT and FSMD have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPOT has higher volatility (8.93%) compared to FSMD (4.36%). In terms of maximum drawdown, SPOT dropped -80.51% vs FSMD's -40.67%.
FSMD currently has the higher Sharpe Ratio (1.41 vs -0.65), 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.
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