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, Healthcare and Industrials. In contrast, FSMD's top sector exposures are Finance, Healthcare and Technology. TMSL is more expensive with a Total Expense Ratio (TER) of 0.55%, versus 0.15% for FSMD. TMSL is up 15.41% year-to-date (YTD) with +$1.78B in YTD flows. FSMD performs worse with 15.34% YTD performance, and +$331M 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 10/26/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TMSL FSMD | +0.90%+1.55% | -3.78%-0.82% | +15.41%+15.34% | +15.93%+15.71% | +79.92%+72.70% | n/a+56.82% |
| Flows | TMSL FSMD | +$150M-$10M | +$539M+$46M | +$1.78B+$331M | +$1.91B+$423M | +$2.79B+$1.91B | -+$1.98B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMSL FSMD | +13.65%+12.10% | +17.50%+14.90% | +18.48%+16.95% | n/a+18.19% |
| Max drawdown | TMSL FSMD | -9.77%-7.33% | -10.97%-8.28% | -24.43%-22.27% | n/a-22.27% |
| Max drawdown duration | TMSL FSMD | 71d71d | 46d43d | 283d289d | n/a289d |
Trading data
TMSL | FSMD | |
Last sale 10/28/2026 at 1:30 PM | $41.68 | $50.36 |
| Previous close 10/27/2026 | $41.58 | $50.26 |
| Consolidated volume 10/27/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 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 10/28/2026 at 1:30 PM
Live
Closed
TMSL | FSMD | |
|---|---|---|
| Last price | $41.68 | $50.36 |
| 1D performance | +0.24% | +0.20% |
| AuM | $3.16 B | $2.53 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 | 287 | 599 |
| 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
90.17%
Other
9.83%
FSMD
USA
95.78%
Other
4.22%
Sectors
TMSL
Finance
26.27%
Healthcare
17.1%
Industrials
16.4%
Technology
12.41%
Non-Energy Materi.
7.78%
Other
20.04%
FSMD
Finance
24.45%
Healthcare
15.28%
Technology
15.22%
Industrials
13.1%
Other
31.94%
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Diversification
TMSL
Total weight of top 15 holdings out of 15
13.56%
FSMD
Total weight of top 15 holdings out of 15
5.35%
Top 15 holdings
Data as of August 31, 2026
TMSL
Tenet Healthcare Corp.
1.15%
Popular, Inc.
1.15%
Permian Resources Corp.
1.02%
TechnipFMC plc
0.93%
AXIS Capital Holdings Ltd.
0.91%
nVent Electric Plc
0.90%
Corpay, Inc.
0.90%
East West Bancorp, Inc.
0.89%
Guardant Health, Inc.
0.89%
Marex Group Ltd.
0.89%
InterDigital, Inc.
0.83%
Reliance, Inc.
0.82%
TD SYNNEX Corp.
0.78%
Acuity, Inc.
0.75%
Samsara, Inc.
0.75%
FSMD
Everpure, Inc.
0.50%
Tenet Healthcare Corp.
0.40%
nVent Electric Plc
0.39%
Guardant Health, Inc.
0.38%
Incyte Corp.
0.37%
Nutanix, Inc.
0.35%
Permian Resources Corp.
0.35%
Loews Corp.
0.34%
East West Bancorp, Inc.
0.34%
TD SYNNEX Corp.
0.34%
Gen Digital, Inc.
0.33%
Reinsurance Group of America, Inc.
0.32%
HF Sinclair Corp.
0.32%
MKS, Inc.
0.31%
Zebra Technologies Corp.
0.31%
Frequently asked questions about TMSL and FSMD
How have the TMSL and FSMD ETFs performed in 2026?
As of October 26, 2026, TMSL is up 15.41% year-to-date (YTD), while FSMD has returned 15.34%. 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 +$1.78B in flows, compared to +$331M for FSMD.
Which ETF is more volatile: TMSL or FSMD?
Over the past year, TMSL had a volatility of 17.5%, while FSMD experienced 14.9%.
Which ETF is bigger: TMSL or FSMD?
As of October 26, 2026, TMSL holds $3.16 B in assets under management (AUM), while FSMD manages $2.53 B.
What sectors do the TMSL and FSMD ETFs invest in?
TMSL leans toward sectors like Finance, Healthcare and Industrials. Meanwhile, FSMD focuses on Finance, Healthcare and Technology.
What are the top holdings of the TMSL ETF and FSMD ETF?
TMSL top holdings include Tenet Healthcare Corp., Popular, Inc. and Permian Resources Corp.. FSMD holds in its top three: Everpure, Inc., Tenet Healthcare Corp. and nVent Electric Plc.
Which ETF is more diversified: TMSL or FSMD?
TMSL holds 287 securities with 13.56% of its assets in the top 15. FSMD has 599 securities and a top 15 weight of 5.35%.
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