TXN vs. FSMD

Last updated Jun 9, 2026

TXN (Texas Instruments Incorporated) is a stock, while FSMD (Fidelity Small-Mid Multifactor ETF) is Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Over the past 5 years, TXN returned 12.46%/yr vs 9.34%/yr for FSMD. A 0.62 correlation means they provide meaningful diversification when combined.

Performance

TXN vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Instruments Incorporated (TXN) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TXN achieves a 69.63% return, which is significantly higher than FSMD's 13.60% return.

TXN

• 1D: 2.05%
• 1M: 1.08%
• YTD: 69.63%
• 6M: 62.64%
• 1Y: 55.42%
• 3Y*: 23.02%
• 5Y*: 12.46%
• 10Y*: 19.97%

FSMD

• 1D: 0.40%
• 1M: 0.04%
• YTD: 13.60%
• 6M: 13.89%
• 1Y: 23.49%
• 3Y*: 16.61%
• 5Y*: 9.34%
• 10Y*: —

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

TXN vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TXN Texas Instruments Incorporated	69.63%	-4.47%	13.14%	6.41%	-9.86%	17.53%	31.70%	23.73%
FSMD Fidelity Small-Mid Multifactor ETF	13.60%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between TXN and FSMD is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Mar 1, 2019	0.62

The correlation between TXN and FSMD has been stable across timeframes, ranging from 0.52 to 0.62 - a consistent structural relationship.

Return for Risk

TXN vs. FSMD — Risk / Return Rank

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

TXN

TXN Risk / Return Rank: 77
TXN Sharpe Ratio Rank: 81
TXN Sortino Ratio Rank: 79
TXN Omega Ratio Rank: 81
TXN Calmar Ratio Rank: 74
TXN Martin Ratio Rank: 72

FSMD

FSMD Risk / Return Rank: 54
FSMD Sharpe Ratio Rank: 50
FSMD Sortino Ratio Rank: 51
FSMD Omega Ratio Rank: 47
FSMD Calmar Ratio Rank: 62
FSMD Martin Ratio Rank: 61

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.

TXN vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Instruments Incorporated (TXN) 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.

	TXN	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.53	-0.14
Sortino ratio: Return per unit of downside risk	2.19	2.24	-0.05
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	1.88	2.80	-0.91
Martin ratio: Return relative to average drawdown	3.94	10.05	-6.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TXN vs. FSMD - Sharpe Ratio Comparison

The current TXN Sharpe Ratio is 1.40, which is comparable to the FSMD Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of TXN 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.

Sharpe Ratios by Period

	TXN	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.53	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.51	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.54	-0.24

Drawdowns

TXN vs. FSMD - Drawdown Comparison

The maximum TXN drawdown since its inception was -85.81%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for TXN and FSMD.

Drawdown Indicators

	TXN	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-85.81%	-40.67%	-45.14%
Max Drawdown (1Y) Largest decline over 1 year	-29.57%	-8.44%	-21.13%
Max Drawdown (3Y) Largest decline over 3 years	-33.41%	-22.16%	-11.25%
Max Drawdown (5Y) Largest decline over 5 years	-33.41%	-22.16%	-11.25%
Max Drawdown (10Y) Largest decline over 10 years	-33.41%	—	—
Current Drawdown Current decline from peak	-10.46%	-1.60%	-8.86%
Average Drawdown Average peak-to-trough decline	-34.79%	-6.00%	-28.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.11%	2.34%	+11.77%

Volatility

TXN vs. FSMD - Volatility Comparison

Texas Instruments Incorporated (TXN) has a higher volatility of 13.93% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 4.25%. This indicates that TXN'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.

Volatility by Period

	TXN	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.93%	4.25%	+9.68%
Volatility (6M) Calculated over the trailing 6-month period	30.98%	11.55%	+19.43%
Volatility (1Y) Calculated over the trailing 1-year period	39.96%	15.40%	+24.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.33%	18.50%	+13.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.13%	21.42%	+9.71%

Dividends

TXN vs. FSMD - Dividend Comparison

TXN's dividend yield for the trailing twelve months is around 1.93%, more than FSMD's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMD Fidelity Small-Mid Multifactor ETF	1.22%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%
TXN Texas Instruments Incorporated	1.93%	3.17%	2.81%	2.94%	2.84%	2.23%	2.27%	2.50%	2.78%	2.03%	2.25%	2.55%

Frequently Asked Questions

Can I hold both TXN and FSMD in my portfolio?

TXN and FSMD have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TXN or FSMD?

TXN has higher volatility (13.93%) compared to FSMD (4.25%). In terms of maximum drawdown, TXN dropped -85.81% vs FSMD's -40.67%.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.53 vs 1.40), 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.