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TMSLvsFSMDETF Comparison

ETF 1

TMSL

T. Rowe Price Small-Mid Cap ETF

This fund is part of

US Multi-Factor

+0.13%

Full TMSL fund page

VS

ETF 2

FSMD

Fidelity Small-Mid Multifactor ETF

This fund is part of

US Multi-Factor

+0.13%

Full FSMD fund page

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 Industrials, Information Technology and Financials. In contrast, FSMD's top sector exposures are Industrials, Financials and Information Technology. TMSL is more expensive with a Total Expense Ratio (TER) of 0.55%, versus 0.15% for FSMD. TMSL is up 12.49% year-to-date (YTD) with +$606M in YTD flows. FSMD performs worse with 11.66% YTD performance, and +$233M 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

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 05/01/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	TMSL FSMD	+9.08%+8.58%	+5.68%+6.87%	+12.49%+11.66%	+35.84%+29.22%	n/a+60.25%	n/a+54.84%
Flows	TMSL FSMD	+$244M+$23M	+$443M+$179M	+$606M+$233M	+$932M+$472M	-+$1.83B	-+$1.88B

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	TMSL FSMD	+22.32%+18.13%	+17.11%+15.14%	n/a+16.96%	n/a+18.32%
Max drawdown	TMSL FSMD	-10.97%-8.28%	-10.97%-8.28%	n/a-22.27%	n/a-22.27%
Max drawdown duration	TMSL FSMD	46d43d	46d43d	n/a289d	n/a289d

Trading data

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	TMSL	FSMD
Last sale 5/1/2026 at 1:30 PM	$40.33	$49.05
Previous close 05/01/2026	$40.10	$48.87
Consolidated volume 05/01/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of April 30, 2026

1-year trailing difference

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TMSL

is actively managed and doesn’t replicate an index

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	TMSL	FSMD
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 5/1/2026 at 1:30 PM

Live

Closed

	TMSL	FSMD
Last price	$40.33	$49.05
1D performance	+0.57%	+0.37%
AuM	$1.96 B	$2.37 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	226	560
Asset class	-	Equities
Trailing 12m distribution yield	Join	Join
Inception date	June 15, 2023	February 26, 2019
ESG	No	No

More TMSL data on Trackinsight

More FSMD data on Trackinsight

Exposure

Countries

TMSL

USA

75.38%

Other

24.62%

FSMD

USA

92.6%

Other

7.4%

Sectors

TMSL

Industrials

17.55%

Information Techn.

14.87%

Financials

13.73%

Health Care

10.01%

Consumer Discreti.

8.74%

Other

35.1%

FSMD

Industrials

19.48%

Financials

14.58%

Information Techn.

13.34%

Health Care

11.29%

Consumer Discreti.

10.19%

Other

31.12%

Diversification

TMSL

Total weight of top 15 holdings out of 15

14.28%

FSMD

Total weight of top 15 holdings out of 15

9.31%

Top 15 holdings

Data as of March 31, 2026

TMSL

TECHNIPFMC PLC

1.20%

TENET HEALTHCARE

1.12%

POPULAR

1.11%

US71424F1057

1.05%

TELEDYNE TECH

1.03%

API GROUP CORP

1.00%

MIDDLEBY

0.94%

AXIS CAPITAL HOLDINGS

0.89%

CIENA

0.89%

FABRINET

0.87%

TEXTRON

0.85%

MKS INSTRUMENTS

0.84%

EAST WEST BANCORP

0.84%

NVENT ELECTRIC PLC

0.83%

US2199481068

0.82%

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%

Frequently asked questions about TMSL and FSMD

How have the TMSL and FSMD ETFs performed in 2026?

As of May 1, 2026, TMSL is up 12.49% year-to-date (YTD), while FSMD has returned 11.66%. 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 +$606M in flows, compared to +$233M for FSMD.

Which ETF is more volatile: TMSL or FSMD?

Over the past year, TMSL had a volatility of 17.11%, while FSMD experienced 15.14%.

Which ETF is bigger: TMSL or FSMD?

As of May 1, 2026, TMSL holds $1.96 B in assets under management (AUM), while FSMD manages $2.37 B.

What sectors do the TMSL and FSMD ETFs invest in?

TMSL leans toward sectors like Industrials, Information Technology and Financials. Meanwhile, FSMD focuses on Industrials, Financials and Information Technology.

TMSLvsFSMDETF Comparison

T. Rowe Price Small-Mid Cap ETF

Fidelity Small-Mid Multifactor ETF

TMSL vs FSMD performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the TMSL and FSMD ETFs performed in 2026?

As of May 1, 2026, TMSL is up 12.49% year-to-date (YTD), while FSMD has returned 11.66%. 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 +$606M in flows, compared to +$233M for FSMD.

Which ETF is more volatile: TMSL or FSMD?

Over the past year, TMSL had a volatility of 17.11%, while FSMD experienced 15.14%.

Which ETF is bigger: TMSL or FSMD?

As of May 1, 2026, TMSL holds $1.96 B in assets under management (AUM), while FSMD manages $2.37 B.

What sectors do the TMSL and FSMD ETFs invest in?

TMSL leans toward sectors like Industrials, Information Technology and Financials. Meanwhile, FSMD focuses on Industrials, Financials and Information Technology.

What are the top holdings of the TMSL ETF and FSMD ETF?

TMSL top holdings include TECHNIPFMC PLC, TENET HEALTHCARE and POPULAR. FSMD holds in its top three: US80004C2008, CIENA and LUMENTUM HOLDINGS.

Which ETF is more diversified: TMSL or FSMD?

TMSL holds 231 securities with 14.28% of its assets in the top 15. FSMD has 595 securities and a top 15 weight of 9.31%.

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