DFATvsFSMDETF Comparison
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Dimensional US Targeted Value ETF (DFAT) and Fidelity Small-Mid Multifactor ETF (FSMD) belong to the same industry segment: US Multi-Factor. DFAT's top 3 sector exposures are Finance, Industrials and Consumer Cyclicals. In contrast, FSMD's top sector exposures are Finance, Industrials and Technology. DFAT is more expensive with a Total Expense Ratio (TER) of 0.28%, versus 0.15% for FSMD. DFAT is up 18.95% year-to-date (YTD) with +$231M in YTD flows. FSMD performs worse with 15.05% YTD performance, and +$311M in YTD flows. Run a side-by-side ETF comparison of DFAT and FSMD below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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DFAT vs FSMD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/09/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFAT FSMD | -2.10%-3.13% | +3.57%+1.66% | +18.95%+15.05% | +21.75%+16.45% | +57.35%+58.03% | +69.91%+59.52% |
| Flows | DFAT FSMD | +$36M+$16M | +$36M+$77M | +$231M+$311M | +$369M+$504M | +$1.44B+$1.89B | +$3.39B+$1.96B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFAT FSMD | +11.34%+15.33% | +15.03%+15.41% | +19.71%+17.14% | +21.09%+18.29% |
| Max drawdown | DFAT FSMD | -3.35%-5.57% | -9.68%-8.28% | -26.29%-22.27% | -26.29%-22.27% |
| Max drawdown duration | DFAT FSMD | 24d44d | 65d43d | 379d289d | 379d289d |
Trading data
DFAT | FSMD | |
Last sale 9/11/2026 at 1:30 PM | $70.42 | $50.80 |
| Previous close 09/10/2026 | $70.02 | $50.41 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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DFAT
is actively managed and doesn’t replicate an indexDFAT | FSMD | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
DFAT | FSMD | |
|---|---|---|
| Last price | $70.42 | $50.80 |
| 1D performance | +0.57% | +0.77% |
| AuM | $14.42 B | $2.51 B |
| E/R | 0.28% | 0.15% |
Characteristics
DFAT | FSMD | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Dimensional | Fidelity |
| Benchmark | - | Fidelity Small-Mid Multifactor Index |
| N° of holdings | 1178 | 586 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 14, 2021 | February 26, 2019 |
| ESG | No | No |
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Exposure
Countries
DFAT
USA
92.98%
Other
7.02%
FSMD
USA
95.51%
Other
4.49%
Sectors
DFAT
Finance
30.47%
Industrials
11.43%
Consumer Cyclical.
11.29%
Energy
10.92%
Consumer Non-Cycl.
8.43%
Non-Energy Materi.
8.23%
Other
19.23%
FSMD
Finance
23.71%
Industrials
16.08%
Technology
15.89%
Healthcare
12.78%
Non-Energy Materi.
7.81%
Other
23.74%
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Diversification
DFAT
Total weight of top 15 holdings out of 15
9.47%
FSMD
Total weight of top 15 holdings out of 15
9.86%
Top 15 holdings
Data as of July 31, 2026
DFAT
Permian Resources Corp.
0.79%
Ovintiv, Inc.
0.79%
HF Sinclair Corp.
0.73%
Ball Corp.
0.69%
Performance Food Group Co.
0.65%
APA Corp.
0.63%
Toll Brothers, Inc.
0.63%
CNH Industrial NV
0.63%
BorgWarner, Inc.
0.62%
The J. M. Smucker Co.
0.61%
Ally Financial, Inc.
0.57%
Arrow Electronics, Inc.
0.54%
First Horizon Corp. (Tennessee)
0.54%
WESCO International, Inc.
0.53%
Invesco Ltd.
0.52%
FSMD
Sandisk Corp.
2.09%
Comfort Systems USA, Inc.
0.83%
Ciena Corp.
0.72%
Lumentum Holdings, Inc.
0.69%
Flex Ltd.
0.65%
Revolution Medicines, Inc.
0.58%
Coherent Corp.
0.56%
Casey's General Stores, Inc.
0.54%
Tapestry, Inc.
0.49%
Anglogold Ashanti Plc
0.48%
TechnipFMC plc
0.48%
EMCOR Group, Inc.
0.47%
Carpenter Technology Corp.
0.45%
Curtiss-Wright Corp.
0.42%
Tenet Healthcare Corp.
0.41%
Frequently asked questions about DFAT and FSMD
How have the DFAT and FSMD ETFs performed in 2026?
As of September 9, 2026, DFAT is up 18.95% year-to-date (YTD), while FSMD has returned 15.05%. That puts DFAT better performer ahead so far this year.
Which ETF is attracting more investor money: DFAT or FSMD?
Year-to-date, the DFAT ETF saw +$231M in flows, compared to +$311M for FSMD.
Which ETF is more volatile: DFAT or FSMD?
Over the past year, DFAT had a volatility of 15.03%, while FSMD experienced 15.41%.
Which ETF is bigger: DFAT or FSMD?
As of September 9, 2026, DFAT holds $14.42 B in assets under management (AUM), while FSMD manages $2.51 B.
What sectors do the DFAT and FSMD ETFs invest in?
DFAT leans toward sectors like Finance, Industrials and Consumer Cyclicals. Meanwhile, FSMD focuses on Finance, Industrials and Technology.
What are the top holdings of the DFAT ETF and FSMD ETF?
DFAT top holdings include Permian Resources Corp., Ovintiv, Inc. and HF Sinclair Corp.. FSMD holds in its top three: Sandisk Corp., Comfort Systems USA, Inc. and Ciena Corp..
Which ETF is more diversified: DFAT or FSMD?
DFAT holds 1203 securities with 9.47% of its assets in the top 15. FSMD has 586 securities and a top 15 weight of 9.86%.
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