Fidelity Small-Mid Factor (FSMD) Performance
FSMD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +14.1% since Dec 31, 2025
- 1 year
- +15.1% total return
- 5 years
- +8.7% a year
- Since first price
- +11.1% a year since 2019
FSMD trailing returns vs SPY, QQQ, AGG
| Period | FSMD total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +0.2% | +0.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.0% | −2.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +3.3% | +2.6% | +7.8% | +8.4% | −1.5% |
| YTD | +14.1% | +12.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +15.1% | +13.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +68.8%+19.1%/yr | +61.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +51.9%+8.7%/yr | +41.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionFeb 28, 2019 | +123.2%+11.1%/yr | +99.6% | — | — | — |
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: FSMD vs SPY
From Feb 28, 2019: FSMD grew to $22,319, SPY to $30,560.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FSMD returns by calendar year
5 of 6 full years positive. Best 2021 (+26.4%), worst 2022 (−11.1%). 2026 is year to date.
FSMD annual returns table
| Year | FSMD | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +14.1% | −8.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +8.7% | −19.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +15.2% | −8.0% | +24.9% | +25.6% | +1.3% |
| 2023 | +17.4% | −12.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −11.1% | −20.3% | −18.2% | −32.6% | −13.0% |
| 2021 | +26.4% | −8.2% | +28.7% | +27.4% | −1.8% |
| 2020 | +8.9% | −40.7% | +18.3% | +48.6% | +7.5% |
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.
FSMD largest drawdowns
Now 6.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2020 | −40.7% | Mar 23, 2020 | Nov 23, 2020 | 33 days | 9 months |
| Nov 25, 2024 | −22.2% | Apr 8, 2025 | Sep 11, 2025 | 4 months | 10 months |
| Nov 16, 2021 | −20.6% | Jun 16, 2022 | Dec 14, 2023 | 7 months | 2.1 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FSMD risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +16.7% | +9.5% | +11.0% |
| Volatility (annualized) | 15.8% | 17.4% | 19.0% |
| Sharpe ratio | 0.78 | 0.40 | 0.51 |
| Sortino ratio | 1.39 | 0.66 | 0.77 |
| Best month | +9.3% | +11.0% | +14.0% |
| Worst month | −7.6% | −8.6% | −20.7% |
| Best 12 months | +36.0% | +36.0% | +75.2% |
| Worst 12 months | +0.7% | −13.0% | −22.2% |
| Positive months | 61% | 55% | 60% |
| Beta vs S&P 500 | 0.96 | 0.94 | — |
| Correlation with S&P 500 | 0.76 | 0.85 | — |
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.
FSMD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 81 | −22.2% | +9.5% | +75.2% | 74% |
| 3-year (a year) | 57 | +4.2% | +10.4% | +21.4% | 100% |
| 5-year (a year) | 33 | +8.1% | +11.4% | +17.4% | 100% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
FSMD performance overview
Fidelity Small-Mid Factor (FSMD) returned +15.1% over the past year and +8.7% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +11.1% a year, turning $10,000 into about $22,319. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −40.7%, from Feb 19, 2020 to Mar 23, 2020, and it took 8 months to get back to the old high. FSMD finished 5 of its 6 full calendar years with a gain; the best year was 2021 (+26.4%) and the worst 2022 (−11.1%). Volatility has been 19.0% a year.
Related: FSMD chart, FSMD holdings, FSMD dividends, FSMD valuation. See the FSMD overview for the latest quote and fund facts.
FSMD performance FAQ
What is the FSMD return over the past year?
FSMD returned +15.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.6%.
What is the average annual return of FSMD?
FSMD has returned +8.7% a year over 5 years, +11.1% a year since February 28, 2019 (total return, distributions reinvested).
How much would $10,000 invested in FSMD be worth?
$10,000 invested in FSMD at its first recorded close on February 28, 2019 would be worth about $22,319 on October 23, 2026 with distributions reinvested.
What was the worst year for FSMD?
The worst calendar year was 2022, with a total return of −11.1%. The best was 2021 at +26.4%.
What is the biggest drawdown of FSMD?
The largest peak-to-trough decline was −40.7% between February 19, 2020 and March 23, 2020. It recovered to the old high on November 23, 2020, 8 months after the bottom.
How volatile is FSMD?
Over the past 3 years FSMD had an annualized volatility of 15.8% and a Sharpe ratio of 0.78 (excess return over 1–3 month T-bills per unit of risk).