FEMV vs HWSM: Grades, Fees and Holdings Compared

Fidelity Enhanced Mid Cap Value ETF

FEMVANYSE Arca

Hotchkis & Wiley SMID Cap Diversified Value Fund

HWSMCNasdaq

Overlap

10.2%by weight

Expense ratio

FEMV −0.32pt a year

FEMV0.23%HWSM0.55%

Avg volume · 30D

FEMV 10.0×the volume

FEMV1.5KHWSM150

FEMV vs HWSM Performance

Jul 31, 2026 – Nov 2, 2026

+2.4%FEMV+3.3%HWSM

Expense ratio: FEMV 0.23%, better; HWSM 0.55%
Fund size: FEMV $7M; HWSM $3M
1Y total return: FEMV No data; HWSM +24.2%
Holdings: FEMV 270; HWSM 173
Avg volume (30D): FEMV 1.5K sh, better; HWSM 150 sh
NAV per share: FEMV $27.59; HWSM $31.96
52W range

ETF.net Grade

Pillar letters and Scores for FEMV, HWSM, with each pillar’s weight
Pillar	FEMV	HWSM
Cost30% weight	A97Higher	C54
Mission25% weight	Not scored	Not scored
Risk15% weight	A93Higher	B65
Tradability15% weight	C47Higher	C40
Holdings10% weight	A82Higher	B67
Durability5% weight	D35Higher	F15

Rank among US Active Small/Mid-Cap funds

How we build Categories ›

Same Category. FEMV and HWSM are both graded against the same 47 US Active Small/Mid-Cap funds, so their Grades compare head to head.

US Active Small/Mid-Cap⁠

Category · 47 funds

See all 47 ›

FEMV ranks 2nd and HWSM 31st of 47 funds in the US Active Small/Mid-Cap Category.

Rank 1AAVMCAvantis U.S. Mid Cap Equity ETFScore 89
Rank 2AFEMVFidelity Enhanced Mid Cap Value ETFScore 79
Rank 3ADFMCU.S. Micro Cap Portfolio ETFScore 76
Rank 31CHSMVFirst Trust Horizon Managed Volatility Small/Mid ETFScore 40
Rank 31CHWSMHotchkis & Wiley SMID Cap Diversified Value FundScore 40
Rank 33DNBSMNeuberger Berman Small-Mid Cap ETFScore 39

Our read on each fund

ETF.net Research

FEMVAFidelity Enhanced Mid Cap Value ETF

HWSMCHotchkis & Wiley SMID Cap Diversified Value Fund

In short

FEMV Active mid-cap value, priced like an index fund. FEMV hunts capital appreciation in the Russell Midcap Value corner of the US market for 0.23% a year, a fraction of the typical active US equity ETF fee.

HWSM No data

Stated mandate

FEMV The fund seeks capital appreciation and targets the U.S. mid-cap value segment of the equity market.

HWSM No data

Why people hold it

FEMV 0.23% a year, well under the going rate for active US equity ETFs. At that price, cost stops being the argument against going active.
The mandate is stated plainly: US mid-cap value, measured against the Russell Midcap Value index, aiming at capital appreciation. Little guesswork about what you own.fidelity.com
The portfolio mix and risk profile screen well against other active US stock ETFs, with no leverage, derivatives quirks or unusual wrapper features flagged in the structure.
Part of Fidelity's Enhanced lineup, whose large-cap sibling FELC (0.18%) ranks among the strongest active US equity funds in the peer group.

HWSM No data

Worth knowing

FEMV Launched in 2026, so there is no long record to lean on and the risk read rests on a short history.
A small asset base and thin trading volume are the trade-off for being early. Spreads can run wider than at a mega-fund, especially in fast markets.
Distributions land once or twice a year, not monthly. This is a growth-of-capital mandate, not an income schedule.

HWSM No data

Full FEMV profile⁠

Full HWSM profile⁠

FEMV vs HWSM Holdings

How FEMV and HWSM differ

Overlap by weight

10.2%

Shared holdings make up 21.6% of HWSM and 10.9% of FEMV.

Level by level

Holdings32 in both10.2%
Countryby domicile97.7%
Asset classEquity100%

Sector

No Sector split for FEMV.

Country, concentration and asset class

Country by domicile

Country weights in FEMV and HWSM, widest gap first
Country	More in FEMVMore in HWSM	FEMV	HWSM
United States	FEMV +1.4 points	98.9%	97.5%
Sweden	HWSM +1.1 points	0.0%	1.1%
Canada	HWSM +1.0 points	0.0%	1.0%
United Kingdom	FEMV +0.6 points	0.6%	0.0%
Other countries (3)	Same weight	0.4%	0.4%

Concentration

Weight in the 10 largest Holdings

FEMV10.4%
HWSM14.8%

Securities held

FEMV267
HWSM173

Asset class

FEMV: Equity
HWSM: Equity

Holdings

Only in FEMV235
In both32
Only in HWSM141

Only in FEMV

235 securities, 88.5% of FEMV by weight

Allstate Corporation1.19%
Marathon Petroleum Corp1.12%
Nucor Corp1.11%
Kinder Morgan Inc1.06%
L3HARRIS Technologies Inc1.04%
Phillips 661.01%
Ametek Inc New1.00%
Occidental Petroleum Corp0.97%
Ford Motor Co0.96%
Consolidated Edison Inc0.95%
Hewlett Packard Enterprise Co0.94%
Digital Realty Trust Inc0.94%
Iqvia Holdings Inc0.94%
Westinghouse Air Brake Tec Crp0.93%
Agilent Technologies Inc0.92%
Ebay Inc0.91%
State Street Corp0.90%
Cboe Global Markets Inc0.89%
Block Inc Class A0.87%
Ventas Inc Reit0.85%
Vylor Inc0.83%
Illumina Inc0.80%
Atmos Energy Corp0.78%
Willis Towers Watson PLC0.78%
Northern Trust Corp0.77%
Reliance Inc0.75%
Vici Pptys Inc0.73%
Veeva Sys Inc Class A0.73%
Adt Inc0.72%
Allegion PLC0.72%
Veralto Corp0.71%
Baker Hughes Co0.70%
Pultegroup Inc0.70%
Sysco Corp0.70%
Citizens Financial Group Inc0.69%
Docusign Inc0.67%
Halliburton Co0.67%
Tradeweb Markets Inc A0.67%
Tenet Healthcare Corp0.65%
Keysight Technologies Inc0.64%
Technipfmc PLC0.63%
Dupont De Nemours Inc0.63%
Loews Corp0.62%
American Finl Group Inc Ohio0.62%
Wesco International Inc0.62%
Td Synnex Corp0.61%
Qnity Electronics Inc0.61%
Toro Co0.61%
PG&E Corp0.61%
Dollar Tree Inc0.61%

Only in HWSM

141 securities, 78.4% of HWSM by weight

PPG Industries Inc1.69%
APA Corp1.55%
Dominion Energy Inc1.52%
F5 Inc1.27%
First American Government Obligations Fund 12/01/20311.25%
Arch Capital Group Ltd1.09%
First Citizens BancShares Inc/NC1.05%
Telefonaktiebolaget LM Ericsson1.05%
Eversource Energy0.98%
Magna International Inc0.98%
Synchrony Financial0.97%
Corebridge Financial Inc0.97%
Western Alliance Bancorp0.95%
National Fuel Gas Co0.93%
Franklin Templeton Inc0.92%
Fluor Corp0.82%
Pool Corp0.74%
FTI Consulting Inc0.72%
Churchill Downs Inc0.71%
Fortive Corp0.70%
Stanley Black & Decker Inc0.68%
Black Hills Corp0.67%
Fortune Brands Innovations Inc0.67%
Mattel Inc0.66%
Markel Group Inc0.65%
Vontier Corp0.65%
Constellation Brands Inc0.65%
Brunswick Corp/DE0.65%
A O Smith Corp0.65%
Everest Group Ltd0.64%
Ovintiv Inc0.64%
Reinsurance Group of America Inc0.64%
White Mountains Insurance Group Ltd0.63%
Booz Allen Hamilton Holding Corp0.63%
Workiva Inc0.63%
Federated Hermes Inc0.63%
Wpp PLC0.61%
Axalta Coating Systems Ltd0.61%
FirstEnergy Corp0.61%
Omnicom Group Inc0.60%
Radian Group Inc0.60%
Concentra Group Holdings Parent Inc0.60%
UFP Industries Inc0.60%
BXP Inc0.60%
Associated Banc-Corp0.59%
Essent Group Ltd0.59%
Aptiv PLC0.58%
Brink's Co/The0.58%
Ingredion Inc0.58%
LivaNova PLC0.57%

Weight gaps

All 32 Holdings in both funds, largest gap first.

Holding weights in FEMV and HWSM, widest gap first
Holding	More in FEMVMore in HWSM	FEMV	HWSM
Workday Inc Class AWDAY	HWSM +1.76 points	0.24%	2.00%
Ge Healthcare Technologies IncGEHC	HWSM +1.17 points	0.91%	2.08%
American International GroupAIG	HWSM +1.09 points	0.19%	1.28%
Host Hotels & Resorts IncHST	HWSM +0.75 points	0.37%	1.12%
Jm Smucker Co/TheSJM	HWSM +0.54 points	0.07%	0.61%
Molson Coors Beverage Co BTAP	HWSM +0.49 points	0.15%	0.64%
Equitable Holdings IncEQH	HWSM +0.49 points	0.08%	0.57%
Hartford Insurance Grp Inc/TheHIG	FEMV +0.46 points	0.84%	0.38%
Ally Financial IncALLY	HWSM +0.43 points	0.47%	0.90%
Labcorp Holdings IncLH	HWSM +0.41 points	0.25%	0.66%
Avnet IncAVT	HWSM +0.40 points	0.14%	0.54%
Paycom Software IncPAYC	HWSM +0.39 points	0.07%	0.46%
Amdocs LtdDOX	HWSM +0.39 points	0.18%	0.57%
Marketaxess Hldgs IncMKTX	HWSM +0.34 points	0.06%	0.40%
Robert Half IncRHI	HWSM +0.32 points	0.14%	0.46%
Whirlpool CorpWHR	HWSM +0.30 points	0.06%	0.36%
Kraft Heinz CoKHC	HWSM +0.30 points	0.29%	0.59%
Conagra Brands IncCAG	HWSM +0.29 points	0.08%	0.37%
Genpact LtdG	HWSM +0.28 points	0.15%	0.43%
Cognizant Tech Solutions Class ACTSH	HWSM +0.24 points	0.35%	0.59%
Landstar System IncLSTR	HWSM +0.20 points	0.13%	0.33%
Fidelity Natl Inform Svcs IncFIS	HWSM +0.17 points	0.44%	0.61%
Ppl CorporationPPL	FEMV +0.15 points	0.77%	0.62%
Msc Industrial Direct Co Class AMSM	HWSM +0.13 points	0.25%	0.38%
Exelon CorpEXC	HWSM +0.13 points	0.49%	0.62%
Sensata Technologies Hldg PLCST	HWSM +0.12 points	0.44%	0.56%
Aptargroup IncATR	HWSM +0.11 points	0.58%	0.69%
Humana IncHUM	FEMV +0.07 points	0.67%	0.60%
Zions BancorpZION	HWSM +0.04 points	0.56%	0.60%
Popular IncBPOP	HWSM +0.03 points	0.35%	0.38%
Fiserv IncFI	HWSM +0.01 points	0.57%	0.58%
Centene CorpCNC	FEMV +0.01 points	0.58%	0.57%

All FEMV holdings⁠All HWSM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FEMV vs HWSM Cost

Overpaying HWSM vs FEMV

$6,145

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FEMV 0.23%
$4,759
HWSM 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

FEMV 0.23%
HWSM 0.55%
Overpaying

Year by year

Year	FEMV	HWSM	Overpaying
10	$419	$988	$569
20	$1,630	$3,790	$2,160
30	$4,759	$10,904	$6,145

Expense ratio

0.23%FEMV, cheaper
0.55%HWSM

FEMV0.23%HWSM0.55%

0.18%1.10%

Middle half of US Active Small/Mid-Cap funds
Median 0.55%

FEMV 2nd cheapest of 47 funds

HWSM 20th cheapest of 47 funds

FEMV vs HWSM Dividends

Last 12 months to Nov 2, 2026

Last payment: FEMV $0.09; HWSM $0.36
Ex-dividend: FEMV Sep 18, 2026; HWSM Dec 3, 2025
Paid on: FEMV Sep 22, 2026; HWSM Dec 4, 2025
Frequency: FEMV Quarterly; HWSM Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

FEMVQuarterly · 2 paymentsAll FEMV payments⁠

HWSMIrregular · 1 paymentAll HWSM payments⁠

FEMV vs HWSM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FEMV No dataHWSM 14.1%since Apr 2025
Return per unit of riskSharpe ratio, 3 years: FEMV No dataHWSM 1.01since Apr 2025
Worst fallMax drawdown, 5 years: FEMV No dataHWSM −15.7%since Mar 2025
Market sensitivityBeta, 5 years: FEMV −0.05HWSM 0.57; Market = 1

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