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FSMDvsMSMLETF Comparison

ETF 1

FSMD

Fidelity Small-Mid Multifactor ETF

This fund is part of

US Multi-Factor

+0.49%

Full FSMD fund page

VS

ETF 2

MSML

iShares MSCI USA Small-Cap ETF

This fund is part of

US Small Cap

+1.14%

Full MSML fund page

Fidelity Small-Mid Multifactor ETF (FSMD) belongs to the US Multi-Factor segment. iShares MSCI USA Small-Cap ETF (MSML) is part of the US Small Cap segment. Both ETFs have the same top 3 sector exposures: Finance, Technology and Healthcare. FSMD is more expensive with a Total Expense Ratio (TER) of 0.15%, versus 0.04% for MSML. FSMD is up 16.8% year-to-date (YTD) with +$331M in YTD flows. MSML performs worse with 14.2% YTD performance, and -$7M in YTD flows. Run a side-by-side ETF comparison of FSMD and MSML 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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FSMD vs MSML performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 10/29/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	FSMD MSML	+3.01%+2.96%	+2.35%-0.19%	+16.80%+14.20%	+19.26%+16.20%	+73.87%+76.07%	+56.58%+35.58%
Flows	FSMD MSML	-$10M-	+$46M-	+$331M-$7M	+$419M-$10M	+$1.91B-$22M	+$1.98B-$23M

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	FSMD MSML	+11.82%+12.58%	+14.87%+15.51%	+16.95%+19.20%	+18.18%+21.21%
Max drawdown	FSMD MSML	-7.33%-8.77%	-8.28%-9.38%	-22.27%-25.75%	-22.27%-30.04%
Max drawdown duration	FSMD MSML	73d74d	43d65d	289d289d	289d1067d

Trading data

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	FSMD	MSML
Last sale 10/30/2026 at 1:30 PM	$50.25
Previous close 10/29/2026	$50.98
Consolidated volume 10/29/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of September 30, 2026

1-year trailing difference

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	FSMD	MSML
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 10/30/2026 at 1:30 PM

Live

Closed

	FSMD	MSML
Last price	$50.25	–
1D performance	-1.43%	–
AuM	$2.56 B	$279.43 M
E/R	0.15%	0.04%

Characteristics

	FSMD	MSML
Management strategy	Passive	Passive
Provider	Fidelity	iShares
Benchmark	Fidelity Small-Mid Multifactor Index	MSCI Daily TR Gross Small Cap USA Index
N° of holdings	597	1545
Asset class	Equities	-
Trailing 12m distribution yield	Join	Join
Inception date	February 26, 2019	June 28, 2004
ESG	No	No

More FSMD data on Trackinsight

More MSML data on Trackinsight

Exposure

Countries

FSMD

USA

95.73%

Other

4.27%

MSML

USA

96.43%

Other

3.57%

Sectors

FSMD

Finance

24.06%

Technology

16.36%

Healthcare

15.25%

Industrials

13.2%

Other

31.12%

MSML

Finance

24.77%

Technology

15.49%

Healthcare

15.49%

Industrials

12.94%

Other

31.31%

Diversification

FSMD

Total weight of top 15 holdings out of 15

5.83%

MSML

Total weight of top 15 holdings out of 15

4.85%

Top 15 holdings

Data as of September 30, 2026

FSMD

Everpure, Inc.

0.69%

nVent Electric Plc

0.45%

Guardant Health, Inc.

0.44%

Tenet Healthcare Corp.

0.40%

Incyte Corp.

0.38%

TD SYNNEX Corp.

0.37%

Semtech Corp.

0.36%

HF Sinclair Corp.

0.35%

Nutanix, Inc.

0.35%

Revvity, Inc.

0.35%

East West Bancorp, Inc.

0.35%

Loews Corp.

0.34%

Dynatrace, Inc.

0.34%

Reinsurance Group of America, Inc.

0.34%

Zebra Technologies Corp.

0.34%

MSML

Okta, Inc.

0.58%

Atlassian Corp.

0.47%

Guardant Health, Inc.

0.38%

Roku, Inc.

0.33%

Nutanix, Inc.

0.31%

Zebra Technologies Corp.

0.30%

Rubrik, Inc.

0.29%

Best Buy Co., Inc.

0.29%

Revvity, Inc.

0.28%

Dynatrace, Inc.

0.28%

Semtech Corp.

0.28%

Nordson Corp.

0.27%

Bitmine Immersion Technologies, Inc.

0.26%

Reinsurance Group of America, Inc.

0.26%

HF Sinclair Corp.

0.26%

Frequently asked questions about FSMD and MSML

How have the FSMD and MSML ETFs performed in 2026?

As of October 29, 2026, FSMD is up 16.8% year-to-date (YTD), while MSML has returned 14.2%. That puts FSMD better performer ahead so far this year.

Which ETF is attracting more investor money: FSMD or MSML?

Year-to-date, the FSMD ETF saw +$331M in flows, compared to -$7M for MSML.

Which ETF is more volatile: FSMD or MSML?

Over the past year, FSMD had a volatility of 14.87%, while MSML experienced 15.51%.

Which ETF is bigger: FSMD or MSML?

As of October 29, 2026, FSMD holds $2.56 B in assets under management (AUM), while MSML manages $279.43 M.

What sectors do the FSMD and MSML ETFs invest in?

FSMD leans toward sectors like Finance, Technology and Healthcare. Meanwhile, MSML focuses on Finance, Technology and Healthcare.

What are the top holdings of the FSMD ETF and MSML ETF?

FSMD top holdings include Everpure, Inc., nVent Electric Plc and Guardant Health, Inc.. MSML holds in its top three: Okta, Inc., Atlassian Corp. and Guardant Health, Inc..

FSMDvsMSMLETF Comparison

Fidelity Small-Mid Multifactor ETF

iShares MSCI USA Small-Cap ETF

FSMD vs MSML performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the FSMD and MSML ETFs performed in 2026?

As of October 29, 2026, FSMD is up 16.8% year-to-date (YTD), while MSML has returned 14.2%. That puts FSMD better performer ahead so far this year.

Which ETF is attracting more investor money: FSMD or MSML?

Year-to-date, the FSMD ETF saw +$331M in flows, compared to -$7M for MSML.

Which ETF is more volatile: FSMD or MSML?

Over the past year, FSMD had a volatility of 14.87%, while MSML experienced 15.51%.

Which ETF is bigger: FSMD or MSML?

As of October 29, 2026, FSMD holds $2.56 B in assets under management (AUM), while MSML manages $279.43 M.

What sectors do the FSMD and MSML ETFs invest in?

FSMD leans toward sectors like Finance, Technology and Healthcare. Meanwhile, MSML focuses on Finance, Technology and Healthcare.

What are the top holdings of the FSMD ETF and MSML ETF?

FSMD top holdings include Everpure, Inc., nVent Electric Plc and Guardant Health, Inc.. MSML holds in its top three: Okta, Inc., Atlassian Corp. and Guardant Health, Inc..

Which ETF is more diversified: FSMD or MSML?

FSMD holds 597 securities with 5.83% of its assets in the top 15. MSML has 1560 securities and a top 15 weight of 4.85%.

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