FMDE vs IWR: Grades, Fees and Holdings Compared

Fidelity Enhanced Mid Cap ETF

FMDECNYSE Arca

iShares Russell Mid-Cap ETF

IWRANYSE Arca

Overlap

44.4%by weight

Expense ratio

IWR −0.05pt a year

FMDE0.23%IWR0.18%

Avg volume · 30D

IWR 2.0×the volume

FMDE914KIWR1.79M

FMDE vs IWR Performance

Oct 31, 2025 – Nov 2, 2026

+17.9%FMDE+16.6%IWR

Expense ratio: FMDE 0.23%; IWR 0.18%, better
Fund size: FMDE $8.09B; IWR $58.1B
1Y total return: FMDE +17.9%, better; IWR +16.6%
Yield (12M): FMDE 1.04%; IWR 1.15%, better
Holdings: FMDE 537; IWR 827
Avg volume (30D): FMDE 914K sh; IWR 1.79M sh, better
NAV per share: FMDE $41.55; IWR $110.06
52W range

ETF.net Grade

Pillar letters and Scores for FMDE, IWR, with each pillar’s weight
Pillar	FMDE	IWR
Cost30% weight	D35	C43Higher
Mission25% weight	Not scored	A100
Risk15% weight	B69	B69
Tradability15% weight	B65	A93Higher
Holdings10% weight	C50	A83Higher
Durability5% weight	B65	A86Higher

Rank among US Mid-Cap funds

How we build Categories ›

Same Category. FMDE and IWR are both graded against the same 13 US Mid-Cap funds, so their Grades compare head to head.

US Mid-Cap⁠

Category · 13 funds

See all 13 ›

IWR ranks 4th and FMDE 10th of 13 funds in the US Mid-Cap Category.

Rank 1AIMCBiShares Morningstar Mid-Cap ETFScore 82
Rank 2ASCHMSchwab U.S. Mid-Cap ETFScore 81
Rank 3AVOVanguard Morningstar Mid-Cap ETFScore 79
Rank 4AIWRiShares Russell Mid-Cap ETFScore 74
Rank 5ABKMCBNY Mellon US Mid Cap Core Equity ETFScore 70
Rank 9CEZMWisdomTree U.S. MidCap FundScore 52
Rank 10CFMDEFidelity Enhanced Mid Cap ETFScore 51
Rank 11CCZAInvesco Zacks Mid-Cap ETFScore 44

Our read on each fund

ETF.net Research

FMDECFidelity Enhanced Mid Cap ETF

IWRAiShares Russell Mid-Cap ETF

In short

FMDE A 2007-vintage Fidelity quant strategy that spent 16 years as a mutual fund, then reorganized into an ETF in 2023 at roughly half the old fee. Same multifactor machinery, aimed at the mid-cap tier.

IWR The Russell mid-cap standard: roughly 800 mid-sized US companies in one ticker, tracked since 2001. Big, heavily traded, and priced a notch above the index-fund floor.

Stated mandate

FMDE The fund seeks to outperform its benchmark through a quantitative investment process that balances risk and return. It uses multifactor statistical models to select companies with desirable fundamental characteristics.

IWR The fund seeks to track an index composed of mid-sized U.S. companies.

Why people hold it

FMDE The record predates the ticker. This strategy launched as a Fidelity Enhanced Index mutual fund in 2007 and was reorganized into an ETF in November 2023 with identical objective, policies and strategy.fidelity.com sec.gov
Costs 0.23% a year, under the typical US multifactor equity fund, and the ETF conversion cut the fee roughly in half versus the mutual fund it replaced.fidelity.com
Most multifactor shelves are stacked with large caps (VONV, VYM, IUSG). This one points valuation, growth and profitability screens at mid caps, holding roughly 300 of the Russell Midcap's ~800 names.sec.gov
It arrived with the mutual fund's assets intact, now a multi-billion-dollar fund that trades actively, which tends to keep spreads narrow for ordinary retail-size orders.

IWR Has tracked the Russell MidCap Index since 2001 and hews to it about as closely as anything in the mid-cap group.ishares.com
Roughly 800 mid-size US names, so no single stock carries the fund.
A multi-billion-dollar fund that trades actively, which tends to keep bid-ask spreads thin for small and large orders alike.
Plain 1940 Act fund paying quarterly distributions. No leverage, no exotic wrapper to babysit.

Worth knowing

FMDE Active quant, not index replication. Managers can own names outside the Russell Midcap and tilt weights, so results diverge from the benchmark in both directions.sec.gov
Mid-cap territory brings its own weather: Fidelity's own disclosures note medium-size issuers can be more volatile than larger ones and can perform unlike the broad market.fidelity.com
Distributions land quarterly and fall out of a capital-appreciation mandate, not a yield target.sec.gov

IWR 0.18% a year, versus 0.03% for mid-cap rivals like VO and SCHM. Same aisle, different sticker.
Different yardstick than several rivals: Russell MidCap rather than a Morningstar mid-cap index, so the holdings and the size cutoffs differ.
All equity, all US. Nothing here (bonds, cash, foreign stocks) cushions a domestic stock selloff.

Full FMDE profile⁠

Full IWR profile⁠

FMDE vs IWR Holdings

How FMDE and IWR differ

Overlap by weight

44.4%

Shared holdings make up 86.5% of FMDE and 66.3% of IWR.

Level by level

Holdings441 in both44.4%
Sector11 Sectors93.2%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in FMDE and IWR, widest gap first
Sector	More in FMDEMore in IWR	FMDE	IWR
Technology	FMDE +2.9 points	18.9%	16.0%
Industrials	FMDE +2.3 points	19.2%	16.9%
Consumer Staples	IWR +1.6 points	3.6%	5.2%
Utilities	IWR +1.3 points	4.4%	5.7%
Energy	IWR +1.1 points	6.0%	7.1%
Communication	IWR +1.1 points	1.4%	2.5%
Financials	FMDE +0.8 points	14.7%	13.9%
Consumer Discretionary	FMDE +0.8 points	9.6%	8.8%
Materials	IWR +0.7 points	4.1%	4.8%
Real Estate	IWR +0.6 points	5.8%	6.4%
Health Care	IWR +0.5 points	12.3%	12.8%

Country, concentration and asset class

Country by domicile

Country weights in FMDE and IWR, widest gap first
Country	More in FMDEMore in IWR	FMDE	IWR
United States	FMDE +0.4 points	98.8%	98.4%
Switzerland	FMDE +0.1 points	0.5%	0.4%
United Kingdom	FMDE +0.1 points	0.5%	0.4%
Mexico	IWR +0.2 points	0.0%	0.2%
Canada	IWR +0.2 points	0.0%	0.2%
Ireland	Same weight	0.2%	0.2%
Brazil	IWR +0.1 points	0.0%	0.1%
Australia	IWR +0.1 points	0.0%	0.1%
Other countries (4)	IWR +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

FMDE9.6%
IWR6.5%

Securities held

FMDE534
IWR823

Asset class

FMDE: Equity
IWR: Equity

Holdings

Only in FMDE93
In both441
Only in IWR382

Only in FMDE

93 securities, 13.3% of FMDE by weight

Securities Lending Cf0.84%
Block Inc Class A0.79%
Fiserv Inc0.68%
Allegion PLC0.67%
Carnival Corp Ltd0.65%
Willis Towers Watson PLC0.56%
Adobe Inc0.52%
Bristol-Myers Squibb Co0.50%
Airbnb Inc Class A0.49%
Motorola Solutions Inc0.46%
Trane Technologies PLC0.45%
Commercial Metals Co0.44%
Anglogold Ashanti PLC0.39%
Fortinet Inc0.37%
Bank of New York Mellon Corp0.36%
Oscar Health Inc - Class A0.32%
Regeneron Pharmaceuticals Inc0.31%
Gap Inc0.29%
Progressive Corp Ohio0.29%
Howmet Aerospace Inc0.29%
Flutter Entertainment PLC0.28%
Sempra0.27%
10X Genomics Inc0.25%
General Motors Co0.25%
Becton Dickinson & Co0.23%
Smurfit Westrock PLC0.20%
Qiagen NV (Usa)0.18%
Travelers Companies Inc0.16%
Johnson Controls Internatl PLC0.15%
Comcast Corp Class A0.14%
Western Digital Corp0.11%
Navan Inc A0.11%
Honeywell Intl Inc0.09%
Abercrombie & Fitch Co Class A0.09%
Travere Therapeutics Inc0.09%
Installed Building Prod Inc0.06%
Ust Bills 0% 12/24/260.06%
Ust Bills 0% 01/14/270.06%
Boston Scientific Corp0.06%
Elevance Health Inc0.05%
Roivant Sciences Ltd0.05%
Ust Bills 0% 01/07/270.05%
Doubleverify Holdings Inc0.05%
Healthequity Inc0.05%
Crh Plc(Us)0.05%
Flowers Foods Inc0.04%
Glaukos Corp0.04%
Caretrust Reit Inc0.04%
Cytokinetics Inc0.04%
Ciena Corp0.04%

Only in IWR

382 securities, 33.5% of IWR by weight

Royal Caribbean Group0.57%
Simon Property Group Reit Inc0.51%
Oneok0.44%
Becton Dickinson0.40%
Realty Income Reit0.39%
Xcel Energy Inc0.36%
Fifth Third Bancorp0.36%
Vivmark Residential0.34%
Roper Technologies0.34%
American International Group0.32%
Diamondback Energy0.32%
Yum Brands0.31%
Prudential Financial Inc0.30%
Anglogold Ashanti PLC0.30%
Block Class A0.29%
Everpure Inc Class A0.29%
Coherent0.29%
Crown Castle Inc0.28%
Cbre Group Class A0.28%
Public Service Enterprise Group0.27%
Carnival Corp Ltd0.27%
Kimberly Clark0.26%
Iron Mountain Inc0.25%
Sunbelt Rentals Holdings Inc0.25%
Steel Dynamics Inc0.25%
Mettler Toledo0.25%
Martin Marietta Materials0.24%
Extra Space Storage Reit0.23%
Flex Ltd0.23%
Coinbase Global Class A0.23%
Teledyne Technologies0.22%
Willis Towers Watson0.22%
Labcorp Holdings0.22%
American Water Works0.21%
Live Nation Entertainment0.21%
Jabil0.21%
Dte Energy0.21%
Quest Diagnostics Inc0.20%
Royalty Pharma PLC Class A0.20%
Dover0.20%
Ulta Beauty Inc0.20%
Estee Lauder Inc Class A0.20%
Ppg Industries0.20%
Fiserv Inc0.19%
Expeditors International of Washin0.19%
Firstenergy Corp0.19%
Ares Management Class A0.18%
Darden Restaurants Inc0.18%
Restaurants Brands International0.18%
United Therapeutics0.18%

Weight gaps

The 100 widest of 441 Holdings in both funds.

Holding weights in FMDE and IWR, widest gap first
Holding	More in FMDEMore in IWR	FMDE	IWR
L3HARRIS Technologies IncLHX	FMDE +0.58 points	0.96%	0.38%
Maplebear IncCART	FMDE +0.58 points	0.64%	0.06%
Allstate CorporationALL	FMDE +0.56 points	1.05%	0.49%
Ppl CorporationPPL	FMDE +0.54 points	0.74%	0.20%
Occidental Petroleum CorpOXY	FMDE +0.53 points	0.87%	0.34%
Phillips 66PSX	IWR +0.53 points	0.30%	0.83%
Lamar Advertising Co Class ALAMR	FMDE +0.52 points	0.62%	0.10%
Nucor CorpNUE	FMDE +0.53 points	0.97%	0.44%
Docusign IncDOCU	FMDE +0.52 points	0.64%	0.12%
Assurant IncAIZ	FMDE +0.52 points	0.62%	0.10%
Vici Pptys IncVICI	FMDE +0.52 points	0.71%	0.19%
Expedia IncEXPE	FMDE +0.51 points	0.75%	0.24%
Veralto CorpVLTO	FMDE +0.51 points	0.71%	0.20%
Lyft IncLYFT	FMDE +0.51 points	0.55%	0.04%
Five Below IncFIVE	FMDE +0.50 points	0.60%	0.10%
Gaming and Leisure Proprti IncGLPI	FMDE +0.50 points	0.58%	0.08%
Sysco CorpSYY	FMDE +0.49 points	0.78%	0.29%
Crane CoCR	FMDE +0.49 points	0.56%	0.07%
Incyte CorpINCY	FMDE +0.49 points	0.64%	0.15%
Wesco International IncWCC	FMDE +0.48 points	0.60%	0.12%
Ametek Inc NewAME	FMDE +0.48 points	0.88%	0.40%
Northern Trust CorpNTRS	FMDE +0.48 points	0.70%	0.22%
Ford Motor CoF	FMDE +0.47 points	0.82%	0.35%
State Street CorpSTT	FMDE +0.47 points	0.80%	0.33%
Exelixis IncEXEL	FMDE +0.45 points	0.58%	0.13%
Cirrus Logic IncCRUS	FMDE +0.45 points	0.49%	0.04%
Pultegroup IncPHM	FMDE +0.45 points	0.62%	0.17%
Ventas Inc ReitVTR	FMDE +0.44 points	0.76%	0.32%
Adt IncADT	FMDE +0.44 points	0.48%	0.04%
Unity Software IncU	FMDE +0.43 points	0.53%	0.10%
Technipfmc PLCFTI	FMDE +0.43 points	0.63%	0.20%
Humana IncHUM	FMDE +0.43 points	0.79%	0.36%
Keysight Technologies IncKEYS	FMDE +0.43 points	0.81%	0.38%
Sensata Technologies Hldg PLCST	FMDE +0.42 points	0.46%	0.04%
Ally Financial IncALLY	FMDE +0.42 points	0.49%	0.07%
Netapp IncNTAP	FMDE +0.41 points	0.70%	0.29%
Targa Resources CorpTRGP	IWR +0.41 points	0.08%	0.49%
United Rentals IncURI	IWR +0.38 points	0.15%	0.53%
Chime Financial IncCHYM	FMDE +0.39 points	0.44%	0.05%
Td Synnex CorpSNX	FMDE +0.39 points	0.52%	0.13%
Zions BancorpZION	FMDE +0.38 points	0.45%	0.07%
Guardant Health IncGH	FMDE +0.38 points	0.55%	0.17%
Edwards Lifesciences CorpEW	IWR +0.37 points	<0.01%	0.38%
Mongodb Inc Class AMDB	FMDE +0.38 points	0.58%	0.20%
Avnet IncAVT	FMDE +0.37 points	0.42%	0.05%
Tradeweb Markets Inc ATW	FMDE +0.36 points	0.46%	0.10%
Itt IncITT	FMDE +0.36 points	0.49%	0.13%
Delta Air IncDAL	IWR +0.36 points	<0.01%	0.36%
Ge Healthcare Technologies IncGEHC	FMDE +0.36 points	0.61%	0.25%
Marathon Petroleum CorpMPC	FMDE +0.35 points	1.31%	0.96%
Littelfuse IncLFUS	FMDE +0.35 points	0.42%	0.07%
Regency Centers Corp ReitREG	FMDE +0.35 points	0.45%	0.10%
Toll Brothers IncTOL	FMDE +0.34 points	0.44%	0.10%
Illumina IncILMN	FMDE +0.34 points	0.60%	0.26%
Waters CorpWAT	IWR +0.33 points	<0.01%	0.33%
Hubspot IncHUBS	FMDE +0.33 points	0.42%	0.09%
Gates Industrial Corp LtdGTES	FMDE +0.33 points	0.37%	0.04%
Atmos Energy CorpATO	FMDE +0.33 points	0.54%	0.21%
Biomarin Pharmaceutical IncBMRN	FMDE +0.32 points	0.40%	0.08%
Dupont De Nemours IncDD	FMDE +0.32 points	0.46%	0.14%
Consolidated Edison IncED	FMDE +0.32 points	0.63%	0.31%
Cboe Global Markets IncCBOE	FMDE +0.31 points	0.57%	0.26%
Curtiss Wright CorporationCW	FMDE +0.31 points	0.44%	0.13%
Moderna IncMRNA	IWR +0.30 points	0.29%	0.59%
Hf Sinclair CorpDINO	FMDE +0.30 points	0.43%	0.13%
Ferguson Enterprises IncFERG	IWR +0.29 points	0.04%	0.33%
Brixmor Ppty Group IncBRX	FMDE +0.29 points	0.36%	0.07%
Etsy IncETSY	FMDE +0.29 points	0.35%	0.06%
Autodesk IncADSK	IWR +0.29 points	0.10%	0.39%
Idexx Labs IncIDXX	IWR +0.29 points	0.03%	0.32%
Cardinal Health IncCAH	FMDE +0.28 points	0.71%	0.43%
Comfort Systems Usa IncFIX	FMDE +0.29 points	0.60%	0.31%
Pinnacle Financial Partners InPNFP	FMDE +0.28 points	0.39%	0.11%
Devon Energy CorpDVN	IWR +0.28 points	0.15%	0.43%
Antero Midstream CorpAM	FMDE +0.28 points	0.33%	0.05%
Millrose Properties IncMRP	FMDE +0.28 points	0.31%	0.03%
Wec Energy Group IncWEC	IWR +0.28 points	0.00%	0.28%
Biogen IncBIIB	IWR +0.27 points	0.00%	0.27%
Kroger CoKR	IWR +0.27 points	0.00%	0.27%
Msc Industrial Direct Co Class AMSM	FMDE +0.27 points	0.31%	0.04%
Archer Daniels Midland CoADM	IWR +0.27 points	0.00%	0.27%
Vulcan Materials CoVMC	IWR +0.27 points	<0.01%	0.27%
Qnity Electronics IncQ	FMDE +0.26 points	0.44%	0.18%
Kinder Morgan IncKMI	FMDE +0.26 points	0.74%	0.48%
Dow IncDOW	FMDE +0.26 points	0.44%	0.18%
Expand Energy CorpEXE	FMDE +0.26 points	0.41%	0.15%
Arch Capital Group LtdACGL	IWR +0.26 points	0.00%	0.26%
Godaddy Inc Class AGDDY	FMDE +0.26 points	0.37%	0.11%
Centene CorpCNC	FMDE +0.25 points	0.50%	0.25%
Take-Two Interactv Softwr IncTTWO	IWR +0.25 points	<0.01%	0.26%
AecomACM	FMDE +0.25 points	0.31%	0.06%
Gamestop Corp Class AGME	FMDE +0.25 points	0.32%	0.07%
Workday Inc Class AWDAY	IWR +0.24 points	0.04%	0.28%
Resmed IncRMD	IWR +0.24 points	0.00%	0.24%
Loews CorpL	FMDE +0.24 points	0.38%	0.14%
Zoom Communications Inc Class AZM	FMDE +0.24 points	0.43%	0.19%
Xpo IncXPO	FMDE +0.24 points	0.40%	0.16%
American Homes 4 Rent Class AAMH	FMDE +0.24 points	0.32%	0.08%
Eqt CorporationEQT	IWR +0.23 points	<0.01%	0.24%
Teradyne IncTER	IWR +0.23 points	0.08%	0.31%

All 316 FMDE holdings⁠All 823 IWR 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.

FMDE vs IWR Cost

Overpaying FMDE vs IWR

$1,010

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

FMDE 0.23%
$4,759
IWR 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FMDE 0.23%
IWR 0.18%
Overpaying

Year by year

Year	FMDE	IWR	Overpaying
10	$419	$328	$91
20	$1,630	$1,281	$349
30	$4,759	$3,749	$1,010

Expense ratio

0.23%FMDE
0.18%IWR, cheaper

IWR0.18%FMDE0.23%

0.03%0.79%

Middle half of US Mid-Cap funds
Median 0.15%

IWR 8th cheapest of 13 funds

FMDE 9th cheapest of 13 funds

FMDE vs IWR Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FMDE 1.04%; IWR 1.15%, better
Payout (12M): FMDE $0.43; IWR $1.27
Last payment: FMDE $0.12; IWR $0.33
Ex-dividend: FMDE Sep 18, 2026; IWR Sep 15, 2026
Paid on: FMDE Sep 22, 2026; IWR Sep 18, 2026
Frequency: FMDE Quarterly; IWR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FMDEQuarterly · 19 paymentsAll FMDE payments⁠

IWRQuarterly · 36 paymentsAll IWR payments⁠

FMDE vs IWR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FMDE 13.2%since Dec 2023IWR 14.1%
Return per unit of riskSharpe ratio, 3 years: FMDE 1.10since Dec 2023IWR 1.08
Worst fallMax drawdown, 5 years: FMDE −21.1%since Nov 2023IWR −26.2%
Market sensitivityBeta, 5 years: FMDE 0.91IWR 1.01; Market = 1

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