SQLTvsFSMDETF Comparison
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iShares MSCI USA Small-Cap Quality Factor ETF (SQLT) and Fidelity Small-Mid Multifactor ETF (FSMD) belong to the same industry segment: US Multi-Factor. SQLT's top 3 sector exposures are Finance, Technology and Industrials. In contrast, FSMD's top sector exposures are Finance, Industrials and Technology. SQLT is more expensive with a Total Expense Ratio (TER) of 0.2%, versus 0.15% for FSMD. Run a side-by-side ETF comparison of SQLT 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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SQLT vs FSMD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/10/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SQLT FSMD | -4.11%-3.13% | +2.66%+1.66% | n/a+15.05% | n/a+16.45% | n/a+58.03% | n/a+59.52% |
| Flows | SQLT FSMD | -+$16M | -+$77M | -+$311M | -+$504M | -+$1.89B | -+$1.96B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SQLT FSMD | +12.13%+15.33% | n/a+15.41% | n/a+17.14% | n/a+18.29% |
| Max drawdown | SQLT FSMD | -5.21%-5.57% | n/a-8.28% | n/a-22.27% | n/a-22.27% |
| Max drawdown duration | SQLT FSMD | 25d44d | n/a43d | n/a289d | n/a289d |
Trading data
SQLT | FSMD | |
Last sale 9/11/2026 at 1:30 PM | $28.15 | $50.80 |
| Previous close 09/10/2026 | $28.15 | $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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SQLT | 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
SQLT | FSMD | |
|---|---|---|
| Last price | $28.15 | $50.80 |
| 1D performance | -0.00% | +0.77% |
| AuM | $6.76 M | $2.51 B |
| E/R | 0.2% | 0.15% |
Characteristics
SQLT | FSMD | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | iShares | Fidelity |
| Benchmark | MSCI USA Small Cap Sector Neutral Quality Index | Fidelity Small-Mid Multifactor Index |
| N° of holdings | 491 | 586 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 31, 2026 | February 26, 2019 |
| ESG | No | No |
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Exposure
Countries
SQLT
USA
97.81%
Other
2.19%
FSMD
USA
95.51%
Other
4.49%
Sectors
SQLT
Finance
22.55%
Technology
17.63%
Industrials
14.21%
Healthcare
14.11%
Non-Energy Materi.
9.57%
Other
21.92%
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
SQLT
Total weight of top 15 holdings out of 15
11.74%
FSMD
Total weight of top 15 holdings out of 15
9.86%
Top 15 holdings
Data as of July 31, 2026
SQLT
National Fuel Gas Co.
1.17%
TD SYNNEX Corp.
0.86%
Carpenter Technology Corp.
0.82%
Manhattan Associates, Inc.
0.82%
East West Bancorp, Inc.
0.81%
Woodward, Inc.
0.81%
The New York Times Co.
0.78%
Medpace Holdings, Inc.
0.75%
Royal Gold, Inc.
0.73%
Tenet Healthcare Corp.
0.71%
Lattice Semiconductor Corp.
0.70%
Sterling Infrastructure, Inc.
0.70%
BJ's Wholesale Club Holdings, Inc.
0.69%
Exelixis, Inc.
0.69%
Akamai Technologies, Inc.
0.68%
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 SQLT and FSMD
Which ETF is bigger: SQLT or FSMD?
As of September 10, 2026, SQLT holds $6.76 M in assets under management (AUM), while FSMD manages $2.51 B.
What sectors do the SQLT and FSMD ETFs invest in?
SQLT leans toward sectors like Finance, Technology and Industrials. Meanwhile, FSMD focuses on Finance, Industrials and Technology.
What are the top holdings of the SQLT ETF and FSMD ETF?
SQLT top holdings include National Fuel Gas Co., TD SYNNEX Corp. and Carpenter Technology Corp.. FSMD holds in its top three: Sandisk Corp., Comfort Systems USA, Inc. and Ciena Corp..
Which ETF is more diversified: SQLT or FSMD?
SQLT holds 494 securities with 11.74% of its assets in the top 15. FSMD has 586 securities and a top 15 weight of 9.86%.
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