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. Both ETFs have the same top 3 sector exposures: Finance, Technology and Industrials. 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 07/24/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SQLT FSMD | +0.06%-1.33% | +2.92%+4.89% | n/a+16.25% | n/a+22.37% | n/a+53.97% | n/a+62.97% |
| Flows | SQLT FSMD | -+$26M | +$4K+$56M | -+$284M | -+$513M | -+$1.87B | -+$1.92B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SQLT FSMD | +13.63%+16.18% | n/a+15.41% | n/a+17.05% | n/a+18.27% |
| Max drawdown | SQLT FSMD | -3.86%-4.61% | n/a-8.28% | n/a-22.27% | n/a-22.27% |
| Max drawdown duration | SQLT FSMD | 16d24d | n/a43d | n/a289d | n/a289d |
Trading data
SQLT | FSMD | |
Last sale 7/24/2026 at 1:46 PM | $28.20 | $50.92 |
| Previous close 07/24/2026 | $28.20 | $51.02 |
| Consolidated volume 07/24/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of June 30, 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 7/24/2026 at 1:46 PM
Live
Closed
SQLT | FSMD | |
|---|---|---|
| Last price | $28.20 | $50.92 |
| 1D performance | +0.01% | -0.21% |
| AuM | $6.81 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 | 496 | 589 |
| 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
97.92%
Other
2.08%
FSMD
USA
95.61%
Other
4.39%
Sectors
SQLT
Finance
21.4%
Technology
18.55%
Industrials
15.69%
Healthcare
13.06%
Non-Energy Materi.
9.87%
Other
21.44%
FSMD
Finance
22.27%
Technology
18.93%
Industrials
16.61%
Healthcare
11.95%
Non-Energy Materi.
7.74%
Other
22.51%
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Diversification
SQLT
Total weight of top 15 holdings out of 15
12.68%
FSMD
Total weight of top 15 holdings out of 15
12.43%
Top 15 holdings
Data as of June 30, 2026
SQLT
BlackRock Cash Funds - Treasury
1.14%
National Fuel Gas Co.
1.08%
Sterling Infrastructure, Inc.
0.99%
Carpenter Technology Corp.
0.98%
Woodward, Inc.
0.95%
Onto Innovation, Inc.
0.93%
TD SYNNEX Corp.
0.89%
Lattice Semiconductor Corp.
0.85%
East West Bancorp, Inc.
0.79%
The New York Times Co.
0.70%
Royal Gold, Inc.
0.70%
Akamai Technologies, Inc.
0.69%
Medpace Holdings, Inc.
0.67%
Sanmina Corp.
0.67%
Exelixis, Inc.
0.66%
FSMD
Sandisk Corp.
3.85%
Ciena Corp.
0.95%
Comfort Systems USA, Inc.
0.92%
Coherent Corp.
0.85%
Lumentum Holdings, Inc.
0.83%
Flex Ltd.
0.82%
Revolution Medicines, Inc.
0.55%
EMCOR Group, Inc.
0.52%
Anglogold Ashanti Plc
0.48%
Casey's General Stores, Inc.
0.48%
Carpenter Technology Corp.
0.46%
Tapestry, Inc.
0.46%
Sterling Infrastructure, Inc.
0.43%
MKS, Inc.
0.42%
Curtiss-Wright Corp.
0.42%
Frequently asked questions about SQLT and FSMD
Which ETF is bigger: SQLT or FSMD?
As of July 24, 2026, SQLT holds $6.81 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, Technology and Industrials.
What are the top holdings of the SQLT ETF and FSMD ETF?
SQLT top holdings include BlackRock Cash Funds - Treasury, National Fuel Gas Co. and Sterling Infrastructure, Inc.. FSMD holds in its top three: Sandisk Corp., Ciena Corp. and Comfort Systems USA, Inc..
Which ETF is more diversified: SQLT or FSMD?
SQLT holds 499 securities with 12.68% of its assets in the top 15. FSMD has 590 securities and a top 15 weight of 12.43%.
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