TMSLvsFSMDETF Comparison
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T. Rowe Price Small-Mid Cap ETF (TMSL) and Fidelity Small-Mid Multifactor ETF (FSMD) belong to the same industry segment: US Multi-Factor. TMSL's top 3 sector exposures are Finance, Industrials and Healthcare. In contrast, FSMD's top sector exposures are Finance, Technology and Industrials. TMSL is more expensive with a Total Expense Ratio (TER) of 0.55%, versus 0.15% for FSMD. TMSL is up 20.02% year-to-date (YTD) with +$1.26B in YTD flows. FSMD performs worse with 14.12% YTD performance, and +$284M in YTD flows. Run a side-by-side ETF comparison of TMSL 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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TMSL vs FSMD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/28/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TMSL FSMD | -0.99%-4.67% | +8.42%+4.43% | +20.02%+14.12% | +29.01%+19.62% | +64.61%+50.02% | n/a+58.01% |
| Flows | TMSL FSMD | -$127M+$26M | +$703M+$51M | +$1.26B+$284M | +$1.52B+$505M | +$2.31B+$1.87B | -+$1.92B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMSL FSMD | +18.09%+16.34% | +17.71%+15.50% | +18.53%+17.09% | n/a+18.28% |
| Max drawdown | TMSL FSMD | -4.07%-5.57% | -10.97%-8.28% | -24.43%-22.27% | n/a-22.27% |
| Max drawdown duration | TMSL FSMD | 19d29d | 46d43d | 283d289d | n/a289d |
Trading data
TMSL | FSMD | |
Last sale 7/30/2026 at 1:30 PM | $42.90 | $50.80 |
| Previous close 07/29/2026 | $42.25 | $50.02 |
| Consolidated volume 07/29/2026 | ||
| 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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TMSL
is actively managed and doesn’t replicate an indexTMSL | 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 7/30/2026 at 1:30 PM
Live
Closed
TMSL | FSMD | |
|---|---|---|
| Last price | $42.90 | $50.80 |
| 1D performance | +1.54% | +1.56% |
| AuM | $2.76 B | $2.47 B |
| E/R | 0.55% | 0.15% |
Characteristics
TMSL | FSMD | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | T. Rowe Price | Fidelity |
| Benchmark | - | Fidelity Small-Mid Multifactor Index |
| N° of holdings | 291 | 589 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 15, 2023 | February 26, 2019 |
| ESG | No | No |
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Exposure
Countries
TMSL
USA
89.61%
Other
10.39%
FSMD
USA
95.61%
Other
4.39%
Sectors
TMSL
Finance
22.41%
Industrials
19.12%
Healthcare
16.61%
Technology
14.18%
Non-Energy Materi.
7.62%
Other
20.07%
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
TMSL
Total weight of top 15 holdings out of 15
13.51%
FSMD
Total weight of top 15 holdings out of 15
12.43%
Top 15 holdings
Data as of June 30, 2026
TMSL
Popular, Inc.
1.18%
The Middleby Corp.
1.06%
East West Bancorp, Inc.
1.03%
nVent Electric Plc
1.00%
AXIS Capital Holdings Ltd.
0.96%
Tenet Healthcare Corp.
0.89%
Rambus, Inc.
0.87%
Guardant Health, Inc.
0.83%
Acuity, Inc.
0.83%
MKS, Inc.
0.83%
StandardAero, Inc.
0.82%
Permian Resources Corp.
0.81%
TechnipFMC plc
0.80%
StoneX Group, Inc.
0.80%
BrightSpring Health Services, Inc.
0.80%
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 TMSL and FSMD
How have the TMSL and FSMD ETFs performed in 2026?
As of July 28, 2026, TMSL is up 20.02% year-to-date (YTD), while FSMD has returned 14.12%. That puts TMSL better performer ahead so far this year.
Which ETF is attracting more investor money: TMSL or FSMD?
Year-to-date, the TMSL ETF saw +$1.26B in flows, compared to +$284M for FSMD.
Which ETF is more volatile: TMSL or FSMD?
Over the past year, TMSL had a volatility of 17.71%, while FSMD experienced 15.5%.
Which ETF is bigger: TMSL or FSMD?
As of July 28, 2026, TMSL holds $2.76 B in assets under management (AUM), while FSMD manages $2.47 B.
What sectors do the TMSL and FSMD ETFs invest in?
TMSL leans toward sectors like Finance, Industrials and Healthcare. Meanwhile, FSMD focuses on Finance, Technology and Industrials.
What are the top holdings of the TMSL ETF and FSMD ETF?
TMSL top holdings include Popular, Inc., The Middleby Corp. and East West Bancorp, Inc.. FSMD holds in its top three: Sandisk Corp., Ciena Corp. and Comfort Systems USA, Inc..
Which ETF is more diversified: TMSL or FSMD?
TMSL holds 299 securities with 13.51% of its assets in the top 15. FSMD has 590 securities and a top 15 weight of 12.43%.
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