Fidelity Fundamental Small-Mid Cap ETF (FFSM) is a ETF from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FFSM returned +36.82% while SPY returned +22.80%. Year to date, FFSM is up 20.92% versus a gain of 13.10% for SPY.

Over three years, FFSM compounded at +19.14% per year against +20.98% for SPY; over five years the annualized figures are +10.77% and +13.20% respectively. Across the full 6-year window we track, FFSM has the edge at +12.31% annualized vs +8.83%. Past performance does not guarantee future results.

FFSM has been the more volatile fund, with annualized monthly volatility of 18.8% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.

The deepest peak-to-trough decline in our data was -26.6% for FFSM and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.

The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.

FFSM charges 0.43% per year while SPY charges 0.09%. On a $10,000 position that is $43 vs $9 annually, a gap of $34 per year that compounds over a long holding period. On income, FFSM currently yields 0.43% against 1.01% for SPY.