FMDE vs QQQ
Fidelity Enhanced Mid Cap Core ETF vs Invesco QQQ Trust, Series 1
Which is better, FMDE or QQQ?
Mid Cap Blend against Large Cap Growth.
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y and the full window. FMDE is less concentrated, with 9.4% of the fund in its ten largest positions against 46.7%.
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 | QQQ |
|---|---|---|
| Expense Ratio | 0.23% | 0.18%Best |
| AUM | $8.1B | $506.1B |
| Dividend Yield | 1.07% | 0.42% |
| Holdings | 486 | 321 |
| YTD Return | +12.82% | +19.30%Best |
| 1Y Return | +16.39% | +22.47%Best |
| 3Y Return (annualized) | +19.84% | +26.18%Best |
| 5Y Return (annualized) | - | +15.42% |
| Volatility (annualized) | 13.2%Best | 16.7% |
| Max Drawdown | -21.1%Best | -22.8% |
| $10,000 over 2.9 years | $16,902 | $18,976Best |
| Top 10 Weight | 9.4%Best | 46.7% |
| Fund Family | Fidelity Investments (US) | Invesco (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Growth |
| Inception | Nov 20, 2023 | Mar 10, 1999 |
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 QQQ 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 QQQ Performance
Fidelity Enhanced Mid Cap Core ETF (FMDE) is an ETF from Fidelity Investments (US) and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year FMDE returned +16.39% while QQQ returned +22.47%. Year to date, FMDE is up 12.82% versus a gain of 19.30% for QQQ.
Over three years, FMDE compounded at +19.84% per year against +26.18% for QQQ.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 16.7% 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 -22.8% for QQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.57. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FMDE charges 0.23% per year while QQQ 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 0.42% for QQQ.
Holdings Overlap
6.9% of FMDE's money is in holdings QQQ also owns. 8.8% of QQQ's money is in holdings FMDE also owns.
QQQ and FMDE share little of their money.
30 positions in common, counted across the 482 positions we hold weights for in FMDE and 101 in QQQ, against full books of 486 and 321.
What only one of them owns
Our book lists 63 positions for QQQ that do not appear in our book for FMDE (87.5% of the fund), and 372 for FMDE that do not appear in QQQ (88.4%).
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 QQQ | Difference |
|---|---|---|---|
| FTNTFortinet Inc. | 0.42% | 0.55% | 0.13% |
| MRVLMarvell Technology Group Ltd. [Mrvl] | 0.00% | 0.97% | 0.97% |
| WDCWestern Digital Corp Company Guar 11/28 3 | 0.20% | 0.68% | 0.48% |
| ADBEAdobe Inc | 0.43% | 0.40% | 0.03% |
| WBDWarner Bros. Discovery, Inc | 0.50% | 0.32% | 0.18% |
| ABNBAirbnb Inc | 0.46% | 0.28% | 0.18% |
| LITELumentum Holdings Inc | 0.33% | 0.36% | 0.03% |
| DDOGDatadog Inc. Class A | 0.31% | 0.38% | 0.07% |
| PYPLPaypal Holdings Inc | 0.47% | 0.19% | 0.28% |
| GEHCGe Healthcare Technologies Inc | 0.50% | 0.12% | 0.38% |
You are not choosing between two funds in isolation.
Whichever of FMDE and QQQ you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FMDE or QQQ?
FMDE has an expense ratio of 0.23% while QQQ charges 0.18%. QQQ is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, FMDE or QQQ?
Over the past year FMDE returned +16.39% vs +22.47% for QQQ, so QQQ leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMDE or QQQ?
QQQ has been the more volatile fund at 16.7% annualized versus 13.2% for FMDE. Worst drawdown: FMDE -21.1% vs QQQ -22.8%.
Should I hold both FMDE and QQQ?
FMDE and QQQ have a monthly-return correlation of 0.57, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between FMDE and QQQ?
8.8% of QQQ's money is in holdings FMDE also owns. 8.8% of QQQ's is in holdings FMDE also owns. They hold 30 positions in common, counted across the 482 positions we hold weights for in FMDE and 101 in QQQ.
Which pays a higher dividend, FMDE or QQQ?
FMDE yields 1.07% while QQQ yields 0.42%, so FMDE currently pays the higher dividend yield.
Is QQQ better than FMDE?
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y and the full window. FMDE is less concentrated, with 9.4% of the fund in its ten largest positions against 46.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.