The takeaway
Fidelity Small-Mid Factor shows a moderate seasonal pattern over 7 years of data — strongest in November (+4.7%) and softest in February (−1.4%).
Right now
In July, the fund has risen 86% of years, averaging +3.7%, about +1.6 pts better than the S&P 500.
The full picture
Fidelity Small-Mid Factor's most dependable month has been November, higher in 6 of 7 years; February has been its least reliable, up just 33% of the time.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
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| 2019 | — | — |
Month by month
The fund's clearest edge over the S&P 500 lands in November (+2.3 pts); it has trailed the market most in March (−4.1 pts).
“vs S&P” is Fidelity Small-Mid Factor’s average for a month minus the S&P 500’s average for that same month — isolating Fidelity Small-Mid Factor’s own seasonal edge from broad market drift.
Reality check
Over the last 5 years, November has closed higher 80% of the time versus 86% across the last 7 years — the pattern is holding.
Figures are the typical (median) November return and how often it rose — the last 5 years versus the last 7(the heatmap’s default window). This verdict stays anchored to that 7-year window even if you zoom the chart, so it never disagrees with the badges above.
In plain English
This is a fund you can almost set a calendar by, and November is the anchor — it has closed higher in 6 of 7 Novembers, the steadiest beat on its year.
The strength looks broad-based rather than freakish: its average (+4.7%) and median (+3.9%) sit close together, so no single blow-out year is flattering the figure. Better still, that strength is the fund's own and not just a buoyant market — November has outpaced the S&P 500 by +2.3 points on average. Few peers keep such company in November — the typical stock clears it just 62% of the time.
It doesn't stand entirely alone — May, July, and December have leaned firm as well, if less emphatically. On the other side of the ledger, February has been the soft spot — the weakest of 3 months that average a loss (−1.4%), and the edge isn't year-round — the fund has trailed the S&P 500 in March, September, and February. Its roughest month on record was a −23.0% March in 2020 — a reminder of how hard even a seasonal name can fall.
Reassuringly, the tendency has held its shape: the recent five years still track the years behind them.
For a fund this dependable in November, the sharper question is the rest of the year — outside its strong stretch, the calendar gives far less to lean on. With a short 7-year record, the signal is best held loosely.
Short answers on the fund's best month (November), its worst (February), and whether it really trades seasonally.
Yes, to a moderate degree. Since 2019 its best month (November, +4.7%) has run well ahead of its worst (February, −1.4%) — the heatmap above shows how steady that gap has been year to year.
November has been the strongest, averaging +4.7% and closing higher in 6 of 7 years since 2019.
It's the weakest, averaging −1.4% — historically a soft spot, though it still varies from year to year.
Explore
These names have the strongest July track records on record — a starting point for comparison.
Before you trade