Fidelity Enhanced Small Cap ETF (FESM) Performance
FESM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +20.0% since Dec 31, 2025
- 1 year
- +22.1% total return
- Since first price
- +84.5% since 2023
FESM trailing returns vs SPY, QQQ, AGG
| Period | FESM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.7% | −0.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.5% | −3.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.6% | +6.1% | +7.8% | +8.4% | −1.5% |
| YTD | +20.0% | +19.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +22.1% | +21.0% | +14.4% | +15.9% | −1.1% |
| Since inceptionNov 20, 2023 | +84.5% | +79.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FESM vs SPY
From Nov 20, 2023: FESM grew to $18,447, SPY to $17,347.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FESM returns by calendar year
2 of 2 full years positive. Best 2025 (+17.9%), worst 2024 (+16.2%). 2026 is year to date.
FESM annual returns table
| Year | FESM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +20.0% | −10.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +17.9% | −23.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +16.2% | −9.6% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FESM largest drawdowns
Now 7.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 2, 2024 | −26.9% | Apr 8, 2025 | Aug 27, 2025 | 4 months | 9 months |
| Jan 22, 2026 | −10.2% | Mar 30, 2026 | Apr 14, 2026 | 2 months | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FESM risk statistics
| Statistic | Since 2023 |
|---|---|
| Annualized return | +24.3% |
| Volatility (annualized) | 19.9% |
| Sharpe ratio | 0.98 |
| Sortino ratio | 1.89 |
| Best month | +14.3% |
| Worst month | −8.9% |
| Best 12 months | +52.6% |
| Worst 12 months | −0.5% |
| Positive months | 62% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FESM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 24 | −0.5% | +18.8% | +52.6% | 96% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
FESM performance overview
Fidelity Enhanced Small Cap ETF (FESM) returned +22.1% over the past year, with distributions reinvested. Since its first recorded price on Nov 20, 2023 it has returned +84.5%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −26.9%, from Dec 2, 2024 to Apr 8, 2025, and it took 5 months to get back to the old high. Volatility has been 19.9% a year.
Related: FESM chart, FESM holdings, FESM dividends, FESM valuation. See the FESM overview for the latest quote and fund facts.
FESM performance FAQ
What is the FESM return over the past year?
FESM returned +22.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 21.0%.
How much would $10,000 invested in FESM be worth?
$10,000 invested in FESM at its first recorded close on November 20, 2023 would be worth about $18,447 on October 23, 2026 with distributions reinvested.
What was the worst year for FESM?
The worst calendar year was 2024, with a total return of +16.2%. The best was 2025 at +17.9%.
What is the biggest drawdown of FESM?
The largest peak-to-trough decline was −26.9% between December 2, 2024 and April 8, 2025. It recovered to the old high on August 27, 2025, 5 months after the bottom.
How volatile is FESM?
Over the past history FESM had an annualized volatility of 19.9% and a Sharpe ratio of 0.98 (excess return over 1–3 month T-bills per unit of risk).