NBSMvsFSMDETF Comparison
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Neuberger Berman Small-Mid Cap ETF (NBSM) and Fidelity Small-Mid Multifactor ETF (FSMD) belong to the same industry segment: US Multi-Factor. NBSM's top 3 sector exposures are Finance, Industrials and Healthcare. In contrast, FSMD's top sector exposures are Finance, Technology and Healthcare. NBSM is more expensive with a Total Expense Ratio (TER) of 0.75%, versus 0.15% for FSMD. NBSM is up 15.69% year-to-date (YTD) with -$110M in YTD flows. FSMD performs worse with 15.57% YTD performance, and +$306M in YTD flows. Run a side-by-side ETF comparison of NBSM 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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NBSM vs FSMD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 11/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | NBSM FSMD | +5.22%+0.57% | +0.77%-1.72% | +15.69%+15.57% | +16.91%+18.35% | n/a+66.53% | n/a+52.14% |
| Flows | NBSM FSMD | +$708K-$40M | -$3M+$21M | -$110M+$306M | -$93M+$385M | -+$1.88B | -+$1.95B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NBSM FSMD | +11.00%+11.43% | +13.94%+14.96% | n/a+16.95% | n/a+18.18% |
| Max drawdown | NBSM FSMD | -7.55%-7.33% | -10.22%-8.28% | n/a-22.27% | n/a-22.27% |
| Max drawdown duration | NBSM FSMD | 78d77d | 126d43d | n/a289d | n/a289d |
Trading data
NBSM | FSMD | |
Last sale 11/2/2026 at 2:30 PM | $29.18 | $50.35 |
| Previous close 11/02/2026 | $28.73 | $50.25 |
| Consolidated volume 11/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 30, 2026
1-year trailing difference
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NBSM
is actively managed and doesn’t replicate an indexNBSM | 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 11/2/2026 at 2:30 PM
Live
Closed
NBSM | FSMD | |
|---|---|---|
| Last price | $29.18 | $50.35 |
| 1D performance | +1.55% | +0.20% |
| AuM | $115.11 M | $2.51 B |
| E/R | 0.75% | 0.15% |
Characteristics
NBSM | FSMD | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Neuberger Berman | Fidelity |
| Benchmark | - | Fidelity Small-Mid Multifactor Index |
| N° of holdings | 68 | 597 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 21, 2024 | February 26, 2019 |
| ESG | Yes | No |
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Exposure
Countries
NBSM
USA
91.96%
Other
8.04%
FSMD
USA
95.73%
Other
4.27%
Sectors
NBSM
Finance
22.16%
Industrials
16.34%
Healthcare
13.06%
Technology
10.75%
Non-Energy Materi.
8.57%
Other
29.11%
FSMD
Finance
24.06%
Technology
16.36%
Healthcare
15.25%
Industrials
13.2%
Other
31.12%
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Diversification
NBSM
Total weight of top 15 holdings out of 15
31.64%
FSMD
Total weight of top 15 holdings out of 15
5.83%
Top 15 holdings
Data as of September 30, 2026
NBSM
White Mountains Insurance Group Ltd.
2.68%
Revvity, Inc.
2.65%
Haemonetics Corp.
2.25%
Gates Industrial Corp. Ltd.
2.16%
Kirby Corp.
2.16%
MKS, Inc.
2.14%
UGI Corp.
2.10%
Hagerty, Inc.
2.04%
Ryan Specialty Holdings, Inc.
2.01%
Tidewater, Inc.
1.98%
Tyler Technologies, Inc.
1.95%
UMB Financial Corp.
1.93%
SPS Commerce, Inc.
1.90%
Community Financial System, Inc.
1.90%
Littelfuse, Inc.
1.81%
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%
Frequently asked questions about NBSM and FSMD
How have the NBSM and FSMD ETFs performed in 2026?
As of November 2, 2026, NBSM is up 15.69% year-to-date (YTD), while FSMD has returned 15.57%. That puts NBSM better performer ahead so far this year.
Which ETF is attracting more investor money: NBSM or FSMD?
Year-to-date, the NBSM ETF saw -$110M in flows, compared to +$306M for FSMD.
Which ETF is more volatile: NBSM or FSMD?
Over the past year, NBSM had a volatility of 13.94%, while FSMD experienced 14.96%.
Which ETF is bigger: NBSM or FSMD?
As of November 2, 2026, NBSM holds $115.11 M in assets under management (AUM), while FSMD manages $2.51 B.
What sectors do the NBSM and FSMD ETFs invest in?
NBSM leans toward sectors like Finance, Industrials and Healthcare. Meanwhile, FSMD focuses on Finance, Technology and Healthcare.
What are the top holdings of the NBSM ETF and FSMD ETF?
NBSM top holdings include White Mountains Insurance Group Ltd., Revvity, Inc. and Haemonetics Corp.. FSMD holds in its top three: Everpure, Inc., nVent Electric Plc and Guardant Health, Inc..
Which ETF is more diversified: NBSM or FSMD?
NBSM holds 68 securities with 31.64% of its assets in the top 15. FSMD has 597 securities and a top 15 weight of 5.83%.
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