VO vs. FMDE

Last updated Jun 9, 2026

VO (Vanguard Mid-Cap ETF) and FMDE (Fidelity Enhanced Mid Cap ETF) are both Mid Cap Blend Equities funds. VO is passively managed, while FMDE is actively managed. Over the past year, VO returned 16.32% vs 17.86% for FMDE. With a 0.96 correlation, they move nearly in lockstep. VO charges 0.03%/yr vs 0.23%/yr for FMDE.

Performance

VO vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap ETF (VO) and Fidelity Enhanced Mid Cap ETF (FMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VO having a 8.60% return and FMDE slightly lower at 8.21%.

VO

• 1D: -0.04%
• 1M: 1.75%
• YTD: 8.60%
• 6M: 8.43%
• 1Y: 16.32%
• 3Y*: 15.78%
• 5Y*: 7.59%
• 10Y*: 11.44%

FMDE

• 1D: -0.18%
• 1M: 1.08%
• YTD: 8.21%
• 6M: 8.53%
• 1Y: 17.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VO vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VO Vanguard Mid-Cap ETF	8.60%	11.62%	15.31%	8.76%
FMDE Fidelity Enhanced Mid Cap ETF	8.21%	12.19%	21.76%	8.91%

Correlation

The correlation between VO and FMDE 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 (All Time) Calculated using the full available price history since Nov 21, 2023	0.96

The correlation between VO and FMDE has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

VO vs. FMDE - Sectors Allocation Comparison

Sectors	VO	FMDE
Technology	18.6%	20.6%
Industrials	17.9%	20.1%
Financial Services	12.8%	12.9%
Consumer Cyclical	8.6%	12.1%
Energy	8.5%	6.4%
Utilities	8.3%	5.0%
Healthcare	7.6%	7.8%
Real Estate	5.4%	5.7%
Consumer Defensive	4.8%	1.7%
Basic Materials	4.2%	3.9%
Communication Services	3.1%	3.8%

Return for Risk

VO vs. FMDE — Risk / Return Rank

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

VO

VO Risk / Return Rank: 43
VO Sharpe Ratio Rank: 41
VO Sortino Ratio Rank: 41
VO Omega Ratio Rank: 38
VO Calmar Ratio Rank: 45
VO Martin Ratio Rank: 50

FMDE

FMDE Risk / Return Rank: 45
FMDE Sharpe Ratio Rank: 41
FMDE Sortino Ratio Rank: 41
FMDE Omega Ratio Rank: 39
FMDE Calmar Ratio Rank: 48
FMDE Martin Ratio Rank: 54

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.

VO vs. FMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) 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.

	VO	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.31	+0.01
Sortino ratio: Return per unit of downside risk	1.89	1.89	0.00
Omega ratio: Gain probability vs. loss probability	1.23	1.23	0.00
Calmar ratio: Return relative to maximum drawdown	2.01	2.15	-0.15
Martin ratio: Return relative to average drawdown	7.62	8.49	-0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VO vs. FMDE - Sharpe Ratio Comparison

The current VO Sharpe Ratio is 1.31, which is comparable to the FMDE Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of VO and FMDE, 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

	VO	FMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.31	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.28	-0.79

Drawdowns

VO vs. FMDE - Drawdown Comparison

The maximum VO drawdown since its inception was -58.87%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for VO and FMDE.

Drawdown Indicators

	VO	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-58.87%	-21.10%	-37.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-8.33%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-19.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.37%	—	—
Current Drawdown Current decline from peak	-2.10%	-2.19%	+0.09%
Average Drawdown Average peak-to-trough decline	-7.86%	-2.64%	-5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.11%	+0.04%

Volatility

VO vs. FMDE - Volatility Comparison

Vanguard Mid-Cap ETF (VO) and Fidelity Enhanced Mid Cap ETF (FMDE) have volatilities of 3.51% and 3.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VO	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	3.52%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	10.03%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	13.75%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	16.15%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	16.15%	+2.81%

VO vs. FMDE - Expense Ratio Comparison

VO has a 0.03% expense ratio, which is lower than FMDE's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VO vs. FMDE - Dividend Comparison

VO's dividend yield for the trailing twelve months is around 1.38%, more than FMDE's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDE Fidelity Enhanced Mid Cap ETF	1.13%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VO Vanguard Mid-Cap ETF	1.38%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both VO and FMDE in my portfolio?

With a correlation of 0.94, VO and FMDE 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, VO or FMDE?

FMDE has higher volatility (3.52%) compared to VO (3.51%). In terms of maximum drawdown, VO dropped -58.87% vs FMDE's -21.10%.

Which ETF is better, VO or FMDE?

On 1-year performance, FMDE leads with 17.86% vs 16.32% for VO. On fees, VO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VO or FMDE?

Over the 1-year period, FMDE has performed better with a 17.86% return vs 16.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VO or FMDE?

VO is cheaper with a 0.03% expense ratio, compared with 0.23% for FMDE.

Which ETF pays a higher dividend yield, VO or FMDE?

VO has the higher dividend yield at 1.38%, compared with 1.13% for FMDE.

What is the main difference between VO and FMDE?

They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.03% for VO and 0.23% for FMDE.

Which has better risk-adjusted returns?

VO currently has the higher Sharpe Ratio (1.31 vs 1.31), 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.