FSMDvsSQLTETF Comparison
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Fidelity Small-Mid Multifactor ETF (FSMD) and iShares MSCI USA Small-Cap Quality Factor ETF (SQLT) belong to the same industry segment: US Multi-Factor. Both ETFs have the same top 3 sector exposures: Industrials, Financials and Information Technology. FSMD is less expensive with a Total Expense Ratio (TER) of 0.15%, versus 0.2% for SQLT. Run a side-by-side ETF comparison of FSMD and SQLT 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 SQLT performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/27/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FSMD SQLT | +11.37%+6.83% | +6.78%n/a | +11.20%n/a | +29.63%n/a | +61.21%n/a | +54.02%n/a |
| Flows | FSMD SQLT | +$37M+$6M | +$197M- | +$233M- | +$510M- | +$1.83B- | +$1.88B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FSMD SQLT | +17.67%n/a | +15.01%n/a | +16.94%n/a | +18.30%n/a |
| Max drawdown | FSMD SQLT | -8.28%n/a | -8.28%n/a | -22.27%n/a | -22.27%n/a |
| Max drawdown duration | FSMD SQLT | 43dn/a | 43dn/a | 289dn/a | 289dn/a |
Trading data
FSMD | SQLT | |
Last sale 4/27/2026 at 1:30 PM | $48.89 | $27.58 |
| Previous close 04/27/2026 | $48.73 | $27.62 |
| Consolidated volume 04/27/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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FSMD | SQLT | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/27/2026 at 1:30 PM
Live
Closed
FSMD | SQLT | |
|---|---|---|
| Last price | $48.89 | $27.58 |
| 1D performance | +0.33% | -0.16% |
| AuM | $2.36 B | $6.62 M |
| E/R | 0.15% | 0.2% |
Characteristics
FSMD | SQLT | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Fidelity | iShares |
| Benchmark | Fidelity Small-Mid Multifactor Index | MSCI USA Small Cap Sector Neutral Quality Index |
| N° of holdings | 560 | 452 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 26, 2019 | March 31, 2026 |
| ESG | No | No |
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Exposure
Countries
FSMD
USA
92.6%
Other
7.4%
SQLT
USA
95.8%
Other
4.2%
Sectors
FSMD
Industrials
19.48%
Financials
14.58%
Information Techn.
13.34%
Health Care
11.29%
Consumer Discreti.
10.19%
Other
31.12%
SQLT
Industrials
16.41%
Financials
15.59%
Information Techn.
14.77%
Health Care
12.28%
Consumer Discreti.
11.62%
Other
29.33%
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Diversification
FSMD
Total weight of top 15 holdings out of 15
9.31%
SQLT
Total weight of top 15 holdings out of 15
12.06%
Top 15 holdings
Data as of March 31, 2026
FSMD
US80004C2008
1.35%
CIENA
0.95%
LUMENTUM HOLDINGS
0.83%
COMFORT SYSTEMS USA
0.78%
US19247G1076
0.65%
GB00BRXH2664
0.62%
TECHNIPFMC PLC
0.54%
EMCOR GROUP
0.54%
TAPESTRY INC
0.51%
CASEYS GENERAL STORES
0.51%
UTD THERAPEUT
0.43%
FLEX LTD
0.43%
CURTISS WRIGHT
0.42%
APA CORPORATION
0.38%
WOODWARD
0.37%
SQLT
ROYAL GOLD
1.27%
NEW YORK TIMES
1.09%
FABRINET
1.02%
WOODWARD
0.87%
BWX TECHNOLOGIES INC
0.82%
CARPENTER TECHNOLOGY
0.81%
NFG
0.78%
EAST WEST BANCORP
0.75%
LINCOLN ELECTRIC HOLDINGS
0.71%
ITT
0.69%
AKAMAI TECHNOLOGIES
0.67%
EVERCORE INC
0.67%
MEDPACE HOLDINGS INC
0.66%
BJS WHOLESALE CLUB HOLDINGS INC
0.63%
US71424F1057
0.63%
Frequently asked questions about FSMD and SQLT
Which ETF is bigger: FSMD or SQLT?
As of April 27, 2026, FSMD holds $2.36 B in assets under management (AUM), while SQLT manages $6.62 M.
What sectors do the FSMD and SQLT ETFs invest in?
FSMD leans toward sectors like Industrials, Financials and Information Technology. Meanwhile, SQLT focuses on Industrials, Financials and Information Technology.
What are the top holdings of the FSMD ETF and SQLT ETF?
FSMD top holdings include US80004C2008, CIENA and LUMENTUM HOLDINGS. SQLT holds in its top three: ROYAL GOLD, NEW YORK TIMES and FABRINET.
Which ETF is more diversified: FSMD or SQLT?
FSMD holds 595 securities with 9.31% of its assets in the top 15. SQLT has 483 securities and a top 15 weight of 12.06%.
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