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Data as of Oct 28, 2026.

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FFSM vs FNX: Differences, Returns & Fees

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Over the year to Oct 28, 2026, FFSM returned +14.5% to FNX's +12.4%; 17% of their weight is in the same names.

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Net assets: $1.4bn on Sep 30, 2026 for Fidelity Fundamental Small-Mid Cap ETF, and $1.4bn on Oct 27, 2026 for First Trust Mid Cap Core AlphaDEX Fund.

FFSM on its own →FNX on its own →
At a glance
+14.5%
FFSM total return, 1 year
+12.4%
FNX total return, 1 year
0.43%
FFSM expense ratio
0.62%
FNX expense ratio

Pair scorecard

FFSM costs 0.19 points a year less; their one-year returns differ by 2.1 points.

FFSM vs FNX: Differences, Returns & Fees
MeasureFFSMFNX
Return
Total return, 1 year+14.5%+12.4%
Drawdown
Below its high11.3%, high on Aug 17, 20264.9%, high on Aug 14, 2026
Benchmark
What it tracksNo index, actively managedNasdaq AlphaDEX Mid Cap Core Index
Cost and size
Expense ratio0.43%0.62%
Net assets, FFSM as of Sep 30, 2026 and FNX as of Oct 27, 2026$1.4bn$1.4bn
Holdings
Holdings in common17%
Top ten holdings, share of the fund14.0%4.4%

Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method

Risk and return

Feb 12, 2021 to Oct 23, 2026 · 297 weekly returns
FFSM FNX
Return
Total return edge FFSM (slight) +62.1% +59.0%
Annualized edge FFSM (slight) +8.8% +8.5%
Price return edge FFSM +57.0% +49.3%
Risk
Volatility edge Tie 18.8% 18.6%
Max drawdown edge FNX (slight) −26.3% −24.1%
Risk-adjusted
Sharpe edge FFSM (slight) 0.36 0.34
Sortino edge FFSM (slight) 0.52 0.50
Calmar edge FNX (slight) 0.34 0.35
Reading

FFSM returned slightly more: +62.1% to +59.0%. FFSM and FNX swung about the same: 18.8% and 18.6%. FNX fell slightly less at its worst: −24.1% to −26.3%.

Full scorecard

9 measures, with how each is measured Open ↓
Risk and return: FFSM vs FNX: Differences, Returns & Fees
MeasureFFSMFNXEdgeHow it is measured
Return
Total return+62.1%+59.0%FFSM (slight)Price change plus distributions, reinvested.
Annualized+8.8%+8.5%FFSM (slight)Total return as a yearly rate.
Price return+57.0%+49.3%FFSMPrice change alone, distributions left out.
Risk
Volatility18.8%18.6%TieSpread of weekly returns, annualized. Lower is steadier.
Downside deviation12.9%12.9%TieLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−26.3%−24.1%FNX (slight)Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe0.360.34FFSM (slight)Return above Treasury bills per unit of volatility.
Sortino0.520.50FFSM (slight)Return above Treasury bills per unit of downside deviation.
Calmar0.340.35FNX (slight)Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 297 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

17%

By the books each fund has filed, FFSM and FNX hold 17% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.

0 half 100%

half

17% in common

Positions both hold · largest shared weight first FFSM FNX
ANTERO RESOURCES CORPORATION 0.80% 0.45%
GENPACT LTD 0.57% 0.43%
CHORD ENERGY CORP 0.80% 0.41%
SOUTHWEST GAS HOLDINGS INC 0.55% 0.41%
AXIS CAPITAL HOLDINGS LTD 0.56% 0.39%
UGI CORP 0.59% 0.39%
FIRST AMERICAN FINANCIAL CORP 0.44% 0.38%
CHEESECAKE FACTORY (THE) 1.19% 0.37%
COMMERCIAL METALS CO 0.37% 0.37%
UNIVERSAL HEALTH SERVICES INC 0.49% 0.36%
BRINKER INTERNATIONAL INC 0.36% 0.36%
CHARLES RIVER LABORATORIES INTERNATIONAL INC 0.40% 0.35%
Only in one fund ↓
Only in FFSM
ATI INC 1.57%
TD SYNNEX CORP 1.52%
JONES LANG LASALLE INC 1.45%
PERFORMANCE FOOD GROUP CO 1.38%
CARPENTER TECHNOLOGY CORP 1.31%
ITT INC 1.20%
EAGLE MATLS INC 1.19%
TECHNIPFMC PLC 1.17%
Only in FNX
Range Resources Corporation 0.54%
APA Corporation 0.44%
CNX Resources Corporation 0.44%
EPAM Systems, Inc. 0.44%
Amentum Holdings, Inc. 0.43%
Qualys, Inc. 0.43%
Halozyme Therapeutics, Inc. 0.42%
Hinge Health, Inc. (Class A) 0.42%
Check overlap with more funds →

Side by side

FFSM Fidelity Fundamental Small-Mid Cap ETF FNX First Trust Mid Cap Core AlphaDEX Fund
Where it sits Stock ETF Stock ETF
Issuer Fidelity First Trust
What it is Actively managed Tracks an index
Total return, 1 year +14.5% +12.4%
Its benchmark over the same days not measured +13.3% (IWV)
Gap to its benchmark not measured −0.9 pts vs IWV
Expense ratio 0.43% 0.62%
Already in the S&P 500 8.9% 8.2%
Holdings 216 451
Net assets, FFSM as of Sep 30, 2026 and FNX as of Oct 27, 2026 $1.4bn $1.4bn

FFSM and FNX on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-F776B80ADE

FFSM and FNX are built for the same job. How do they differ in cost, holdings and results?

  1. What each follows. FFSM follows No index, actively managed and FNX follows Nasdaq AlphaDEX Mid Cap Core Index.
  2. Holdings in common. 17% of the weight is in the same securities (holdings dated Jul 31, 2026 and Oct 27, 2026).
  3. One-year total return. Over 1 year to Oct 28, 2026 FFSM returned +14.5% and FNX +12.4% with distributions reinvested, a gap of 2.1 points.

Data as of Oct 28, 2026.

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About each fund
FFSM

FFSM is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +14.5% with distributions reinvested. The prospectus expense ratio is 0.43% a year. By its holdings filed for Jul 31, 2026, 9% of the fund by weight is stocks the S&P 500 also holds, across 216 positions, with the top ten at 14.0%. It sat 11.3% below its high of Aug 17, 2026 on Oct 28, 2026.

FNX

Over the year to Oct 28, 2026 it returned +12.4% with distributions reinvested, against +13.3% for its benchmark, the Russell 3000 Index.

FNX tracks an index. The prospectus expense ratio is 0.62% a year. By its holdings published by its issuer for Oct 27, 2026, 8% of the fund by weight is stocks the S&P 500 also holds, across 451 positions, with the top ten at 4.4%. It sat 4.9% below its high of Aug 14, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, FFSM or FNX?
In the year to Oct 28, 2026, with distributions reinvested, FFSM returned +14.5% and FNX +12.4%.
Which is cheaper, FFSM or FNX?
FFSM is cheaper, by 0.19 percentage points a year. That is about $19 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do FFSM and FNX overlap with the S&P 500?
By their latest filed holdings, 9% of FFSM and 8% of FNX by weight is stocks the S&P 500 already holds.
Other comparisons
FFSM vs IWCFFSM vs GSSCFFSM vs VIOGFFSM vs IWMFNX vs RSSLFNX vs FYXFNX vs FYCFNX vs NUSC
Where to next
FFSM on its own →FNX on its own →Hold both: look the portfolio through →Rankings →FFSM dividend history →FFSM holdings →FNX dividend history →FNX holdings →Standards and sources →
Sources and dates
FFSM filings on SEC EDGAR ↗
FFSM prospectus with the expense ratio (SEC) ↗
Fidelity website ↗
FNX filings on SEC EDGAR ↗
FNX prospectus with the expense ratio (SEC) ↗
First Trust page for FNX ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, FFSM against FNX, data as of Oct 28, 2026. https://etfiq.com/compare/any/ffsm-vs-fnx

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.