TSME vs. FFSM

Last updated Jun 25, 2026

TSME (Thrivent Small-Mid Cap ESG ETF) and FFSM (Fidelity Fundamental Small-Mid Cap ETF) are both Mid Cap Blend Equities funds. Both are actively managed. Over the past 3 years, TSME returned 22.69%/yr vs 22.39%/yr for FFSM. With a 0.95 correlation, they move nearly in lockstep. TSME charges 0.65%/yr vs 0.43%/yr for FFSM.

Performance

TSME vs. FFSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Small-Mid Cap ESG ETF (TSME) and Fidelity Fundamental Small-Mid Cap ETF (FFSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TSME having a 21.43% return and FFSM slightly higher at 22.47%.

TSME

• 1D: 0.90%
• 1M: 8.50%
• YTD: 21.43%
• 6M: 18.90%
• 1Y: 36.72%
• 3Y*: 22.69%
• 5Y*: —
• 10Y*: —

FFSM

• 1D: 0.64%
• 1M: 5.51%
• YTD: 22.47%
• 6M: 19.44%
• 1Y: 39.96%
• 3Y*: 22.39%
• 5Y*: 10.98%
• 10Y*: —

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

TSME vs. FFSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSME Thrivent Small-Mid Cap ESG ETF	21.43%	13.79%	18.98%	17.82%	2.90%
FFSM Fidelity Fundamental Small-Mid Cap ETF	22.47%	14.89%	14.38%	17.30%	3.19%

Correlation

The correlation between TSME and FFSM is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 5, 2022	0.95

The correlation between TSME and FFSM has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

TSME vs. FFSM - Sectors Allocation Comparison

Sectors	TSME	FFSM
Industrials	27.7%	29.5%
Technology	23.4%	14.0%
Consumer Cyclical	16.4%	12.2%
Healthcare	9.5%	9.1%
Financial Services	8.6%	22.7%
Basic Materials	6.2%	6.2%
Consumer Defensive	4.3%	2.3%
Utilities	2.2%	1.8%
Energy	1.6%	2.2%
Communication Services	-	-
Real Estate	-	0.0%

Return for Risk

TSME vs. FFSM — Risk / Return Rank

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

TSME

TSME Risk / Return Rank: 56
TSME Sharpe Ratio Rank: 56
TSME Sortino Ratio Rank: 57
TSME Omega Ratio Rank: 53
TSME Calmar Ratio Rank: 58
TSME Martin Ratio Rank: 55

FFSM

FFSM Risk / Return Rank: 78
FFSM Sharpe Ratio Rank: 76
FFSM Sortino Ratio Rank: 76
FFSM Omega Ratio Rank: 71
FFSM Calmar Ratio Rank: 81
FFSM Martin Ratio Rank: 85

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.

TSME vs. FFSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Small-Mid Cap ESG ETF (TSME) 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.

	TSME	FFSM	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.16	-0.47
Sortino ratio: Return per unit of downside risk	2.40	3.01	-0.62
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.51	3.87	-1.36
Martin ratio: Return relative to average drawdown	8.56	15.58	-7.02

TSME vs. FFSM - Sharpe Ratio Comparison

The current TSME Sharpe Ratio is 1.69, which is comparable to the FFSM Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of TSME 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

TSME vs. FFSM - Drawdown Comparison

The maximum TSME drawdown since its inception was -26.59%, roughly equal to the maximum FFSM drawdown of -26.65%. Use the drawdown chart below to compare losses from any high point for TSME and FFSM.

Drawdown Indicators

	TSME	FFSM	Difference
Max Drawdown Largest peak-to-trough decline	-26.59%	-26.65%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.72%	-10.37%	-4.35%
Max Drawdown (3Y) Largest decline over 3 years	-26.59%	-24.78%	-1.81%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.65%	—
Current Drawdown Current decline from peak	-1.21%	-0.87%	-0.34%
Average Drawdown Average peak-to-trough decline	-5.12%	-7.78%	+2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	2.57%	+1.73%

Volatility

TSME vs. FFSM - Volatility Comparison

Thrivent Small-Mid Cap ESG ETF (TSME) has a higher volatility of 7.73% compared to Fidelity Fundamental Small-Mid Cap ETF (FFSM) at 6.37%. This indicates that TSME's price experiences larger fluctuations and is considered to be riskier than FFSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSME	FFSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.73%	6.37%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	17.98%	14.65%	+3.33%
Volatility (1Y) Calculated over the trailing 1-year period	21.90%	18.63%	+3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.81%	20.76%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.81%	20.61%	+1.20%

TSME vs. FFSM - Expense Ratio Comparison

TSME has a 0.65% expense ratio, which is higher than FFSM's 0.43% expense ratio.

Dividends

TSME vs. FFSM - Dividend Comparison

TSME's dividend yield for the trailing twelve months is around 0.14%, less than FFSM's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.43%	0.56%	0.62%	0.56%	0.58%	0.37%
TSME Thrivent Small-Mid Cap ESG ETF	0.14%	0.17%	0.38%	0.53%	0.16%	0.00%

Frequently Asked Questions

Can I hold both TSME and FFSM in my portfolio?

With a correlation of 0.91, TSME 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, TSME or FFSM?

TSME has higher volatility (7.73%) compared to FFSM (6.37%). In terms of maximum drawdown, TSME dropped -26.59% vs FFSM's -26.65%.

Which ETF is better, TSME or FFSM?

On 3-year performance, TSME leads with 22.69% vs 22.39% for FFSM. On fees, FFSM is cheaper at 0.43% per year. On volatility, FFSM has been the lower-risk option at 6.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSME or FFSM?

Over the 3-year period, TSME has performed better with a 22.69% return vs 22.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSME or FFSM?

FFSM is cheaper with a 0.43% expense ratio, compared with 0.65% for TSME.

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

FFSM has the higher dividend yield at 0.43%, compared with 0.14% for TSME.

What is the main difference between TSME and FFSM?

They also come from different issuers: Thrivent and Fidelity. Their fees differ too: 0.65% for TSME and 0.43% for FFSM.

Which has better risk-adjusted returns?

FFSM currently has the higher Sharpe Ratio (2.16 vs 1.69), 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.