FMDE vs IWR
Fidelity Enhanced Mid Cap Core ETF vs iShares Russell Mid-Cap ETF
Which is better, FMDE or IWR?
Nearly the same fund. IWR costs less.
IWR has a lower expense ratio. FMDE led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.98. IWR is less concentrated, with 7.0% of the fund in its ten largest positions against 9.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FMDE | IWR |
|---|---|---|
| Expense Ratio | 0.23% | 0.18%Best |
| AUM | $8.1B | $56.7B |
| Dividend Yield | 1.07% | 1.19% |
| Holdings | 486 | 825 |
| YTD Return | +12.82%Best | +12.13% |
| 1Y Return | +16.39%Best | +14.18% |
| 3Y Return (annualized) | +19.84%Best | +17.55% |
| 5Y Return (annualized) | - | +7.30% |
| Volatility (annualized) | 13.2%Best | 13.3% |
| Max Drawdown | -21.1%Tie | -21.1%Tie |
| $10,000 over 2.9 years | $16,902Best | $15,774 |
| Top 10 Weight | 9.4% | 7.0%Best |
| Fund Family | Fidelity Investments (US) | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Nov 20, 2023 | Jul 17, 2001 |
Volatility and max drawdown, and the $10,000 over 2.9 years row, are measured over the window both funds cover: Nov 20, 2023 to Oct 14, 2026 (2.9 years).
FMDE vs IWR growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.9 years both funds cover.
FMDE vs IWR Performance
Fidelity Enhanced Mid Cap Core ETF (FMDE) is an ETF from Fidelity Investments (US) and iShares Russell Mid-Cap ETF (IWR) is an ETF from iShares by BlackRock (US). Over the past year FMDE returned +16.39% while IWR returned +14.18%. Year to date, FMDE is up 12.82% versus a gain of 12.13% for IWR.
Over three years, FMDE compounded at +19.84% per year against +17.55% for IWR.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IWR has been the more volatile fund, with annualized monthly volatility of 13.3% compared with 13.2% for FMDE. 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 -21.1% for FMDE and -21.1% for IWR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMDE charges 0.23% per year while IWR charges 0.18%. On a $10,000 position that is $23 vs $18 annually, a gap of $5 per year that compounds over a long holding period. On income, FMDE currently yields 1.07% against 1.19% for IWR.
Holdings Overlap
87.6% of FMDE's money is in holdings IWR also owns. 64.3% of IWR's money is in holdings FMDE also owns.
Most of FMDE is already inside IWR. Owning both mostly buys the same companies twice.
416 positions in common, counted across the 482 positions we hold weights for in FMDE and 823 in IWR, against full books of 486 and 825.
What only one of them owns
Our book lists 380 positions for IWR that do not appear in our book for FMDE (33.6% of the fund), and 46 for FMDE that do not appear in IWR (9.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FMDE | Weight in IWR | Difference |
|---|---|---|---|
| MPCMarathon Petroleum Corp | 1.17% | 0.92% | 0.25% |
| NETCloudflare Inc (180 Day Lockup) | 0.65% | 0.84% | 0.19% |
| KEYSKeysight Technologies In | 0.94% | 0.48% | 0.46% |
| ALLAllstate Corp/Thecommon Stock | 0.97% | 0.43% | 0.54% |
| NUENucor Corp. | 0.92% | 0.39% | 0.53% |
| AMEAmetek Inc | 0.89% | 0.42% | 0.47% |
| KMIKinder Morgan Inc | 0.83% | 0.44% | 0.39% |
| HPEHewlett Packard Enterprise. | 0.63% | 0.64% | 0.01% |
| HOODRobinhood Markets Inc - A | 0.63% | 0.64% | 0.01% |
| STTState Street Corporation | 0.91% | 0.35% | 0.56% |
87.6% of FMDE is already inside IWR.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FMDE or IWR?
FMDE has an expense ratio of 0.23% while IWR charges 0.18%. IWR is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, FMDE or IWR?
Over the past year FMDE returned +16.39% vs +14.18% for IWR, so FMDE leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMDE or IWR?
IWR has been the more volatile fund at 13.3% annualized versus 13.2% for FMDE. Worst drawdown: FMDE -21.1% vs IWR -21.1%.
Should I hold both FMDE and IWR?
FMDE and IWR have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FMDE and IWR?
87.6% of FMDE's money is in holdings IWR also owns. 64.3% of IWR's is in holdings FMDE also owns. They hold 416 positions in common, counted across the 482 positions we hold weights for in FMDE and 823 in IWR.
Which pays a higher dividend, FMDE or IWR?
FMDE yields 1.07% while IWR yields 1.19%, so IWR currently pays the higher dividend yield.
Is IWR better than FMDE?
IWR has a lower expense ratio. FMDE led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.98. IWR is less concentrated, with 7.0% of the fund in its ten largest positions against 9.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.