Fidelity Enhanced Mid Cap ETF (FMDE) Performance
FMDE total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +14.8% since Dec 31, 2025
- 1 year
- +16.4% total return
- Since first price
- +70.8% since 2023
FMDE trailing returns vs SPY, QQQ, AGG
| Period | FMDE total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.4% | +1.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +2.9% | +2.6% | +3.2% | +1.9% | −0.4% |
| 6 months | +8.9% | +8.3% | +7.8% | +8.4% | −1.5% |
| YTD | +14.8% | +13.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +16.4% | +15.1% | +14.4% | +15.9% | −1.1% |
| Since inceptionNov 20, 2023 | +70.8% | +65.1% | — | — | — |
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: FMDE vs SPY
From Nov 20, 2023: FMDE grew to $17,082, SPY to $17,347.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FMDE returns by calendar year
2 of 2 full years positive. Best 2024 (+21.8%), worst 2025 (+12.2%). 2026 is year to date.
FMDE annual returns table
| Year | FMDE | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +14.8% | −8.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +12.2% | −19.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +21.8% | −7.0% | +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.
FMDE largest drawdowns
Now 3.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 4, 2024 | −21.1% | Apr 8, 2025 | Jul 22, 2025 | 4 months | 8 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FMDE risk statistics
| Statistic | Since 2023 |
|---|---|
| Annualized return | +19.1% |
| Volatility (annualized) | 13.4% |
| Sharpe ratio | 1.06 |
| Sortino ratio | 1.79 |
| Best month | +9.3% |
| Worst month | −6.6% |
| Best 12 months | +39.9% |
| Worst 12 months | +3.9% |
| Positive months | 76% |
| 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.
FMDE rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 24 | +3.9% | +15.6% | +39.9% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
FMDE performance overview
Fidelity Enhanced Mid Cap ETF (FMDE) returned +16.4% over the past year, with distributions reinvested. Since its first recorded price on Nov 20, 2023 it has returned +70.8%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −21.1%, from Dec 4, 2024 to Apr 8, 2025, and it took 3 months to get back to the old high. Volatility has been 13.4% a year.
Related: FMDE chart, FMDE holdings, FMDE dividends, FMDE valuation. See the FMDE overview for the latest quote and fund facts.
FMDE performance FAQ
What is the FMDE return over the past year?
FMDE returned +16.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 15.1%.
How much would $10,000 invested in FMDE be worth?
$10,000 invested in FMDE at its first recorded close on November 20, 2023 would be worth about $17,082 on October 23, 2026 with distributions reinvested.
What was the worst year for FMDE?
The worst calendar year was 2025, with a total return of +12.2%. The best was 2024 at +21.8%.
What is the biggest drawdown of FMDE?
The largest peak-to-trough decline was −21.1% between December 4, 2024 and April 8, 2025. It recovered to the old high on July 22, 2025, 3 months after the bottom.
How volatile is FMDE?
Over the past history FMDE had an annualized volatility of 13.4% and a Sharpe ratio of 1.06 (excess return over 1–3 month T-bills per unit of risk).