Fidelity Fundamental Small-Mid Cap ETF (FFSM) Performance
FFSM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.5% since Dec 31, 2025
- 1 year
- +13.9% total return
- 5 years
- +7.2% a year
- Since first price
- +9.6% a year since 2021
FFSM trailing returns vs SPY, QQQ, AGG
| Period | FFSM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −2.9% | −2.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −9.2% | −9.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −4.9% | −5.1% | +7.8% | +8.4% | −1.5% |
| YTD | +9.5% | +9.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +13.9% | +13.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +71.0%+19.6%/yr | +68.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +41.4%+7.2%/yr | +37.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionFeb 4, 2021 | +69.0%+9.6%/yr | +63.7% | — | — | — |
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: FFSM vs SPY
From Feb 4, 2021: FFSM grew to $16,904, SPY to $21,246.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FFSM returns by calendar year
3 of 4 full years positive. Best 2023 (+17.3%), worst 2022 (−16.3%). 2026 is year to date.
FFSM annual returns table
| Year | FFSM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.5% | −13.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +14.9% | −23.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +14.4% | −9.2% | +24.9% | +25.6% | +1.3% |
| 2023 | +17.3% | −13.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −16.3% | −25.3% | −18.2% | −32.6% | −13.0% |
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.
FFSM largest drawdowns
Now 12.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 9, 2021 | −26.7% | Sep 26, 2022 | Feb 23, 2024 | 11 months | 2.3 years |
| Nov 25, 2024 | −24.8% | Apr 8, 2025 | Sep 5, 2025 | 4 months | 9 months |
| Aug 17, 2026 | −13.0% | Oct 14, 2026 | not yet | 58 days | 2 months so far |
| Feb 25, 2026 | −10.4% | Mar 30, 2026 | Apr 13, 2026 | 33 days | 47 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FFSM risk statistics
| Statistic | 3 years | 5 years | Since 2021 |
|---|---|---|---|
| Annualized return | +17.8% | +8.7% | +9.3% |
| Volatility (annualized) | 18.2% | 19.8% | 18.9% |
| Sharpe ratio | 0.76 | 0.34 | 0.40 |
| Sortino ratio | 1.28 | 0.53 | 0.62 |
| Best month | +11.1% | +11.1% | +11.1% |
| Worst month | −8.3% | −11.0% | −11.0% |
| Best 12 months | +44.9% | +44.9% | +44.9% |
| Worst 12 months | −3.1% | −19.8% | −19.8% |
| Positive months | 64% | 55% | 57% |
| Beta vs S&P 500 | 1.11 | 1.06 | — |
| Correlation with S&P 500 | 0.76 | 0.84 | — |
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.
FFSM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 57 | −19.8% | +8.9% | +44.9% | 72% |
| 3-year (a year) | 33 | +3.2% | +10.4% | +22.5% | 100% |
| 5-year (a year) | 9 | +7.4% | +9.9% | +11.6% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
FFSM performance overview
Fidelity Fundamental Small-Mid Cap ETF (FFSM) returned +13.9% over the past year and +7.2% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned +9.6% a year, turning $10,000 into about $16,904. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −26.7%, from Nov 9, 2021 to Sep 26, 2022, and it took 1.4 years to get back to the old high. FFSM finished 3 of its 4 full calendar years with a gain; the best year was 2023 (+17.3%) and the worst 2022 (−16.3%). Volatility has been 18.9% a year.
Related: FFSM chart, FFSM holdings, FFSM dividends, FFSM valuation. See the FFSM overview for the latest quote and fund facts.
FFSM performance FAQ
What is the FFSM return over the past year?
FFSM returned +13.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.3%.
What is the average annual return of FFSM?
FFSM has returned +7.2% a year over 5 years, +9.6% a year since February 4, 2021 (total return, distributions reinvested).
How much would $10,000 invested in FFSM be worth?
$10,000 invested in FFSM at its first recorded close on February 4, 2021 would be worth about $16,904 on October 23, 2026 with distributions reinvested.
What was the worst year for FFSM?
The worst calendar year was 2022, with a total return of −16.3%. The best was 2023 at +17.3%.
What is the biggest drawdown of FFSM?
The largest peak-to-trough decline was −26.7% between November 9, 2021 and September 26, 2022. It recovered to the old high on February 23, 2024, 1.4 years after the bottom.
How volatile is FFSM?
Over the past 3 years FFSM had an annualized volatility of 18.2% and a Sharpe ratio of 0.76 (excess return over 1–3 month T-bills per unit of risk).