TMSLvsMSSMETF Comparison
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T. Rowe Price Small-Mid Cap ETF (TMSL) and Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) belong to the same industry segment: US Multi-Factor. TMSL's top 3 sector exposures are Finance, Healthcare and Industrials. In contrast, MSSM's top sector exposures are Finance, Technology and Healthcare. TMSL is less expensive with a Total Expense Ratio (TER) of 0.55%, versus 0.89% for MSSM. TMSL is up 15.41% year-to-date (YTD) with +$1.78B in YTD flows. MSSM performs worse with 14.55% YTD performance, and -$79M in YTD flows. Run a side-by-side ETF comparison of TMSL and MSSM 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 MSSM 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 MSSM | +0.90%+1.58% | -3.78%-3.01% | +15.41%+14.55% | +15.93%+14.13% | +79.92%n/a | n/an/a |
| Flows | TMSL MSSM | +$150M- | +$539M+$6M | +$1.78B-$79M | +$1.91B-$64M | +$2.79B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMSL MSSM | +13.65%+13.29% | +17.50%+16.99% | +18.48%n/a | n/an/a |
| Max drawdown | TMSL MSSM | -9.77%-9.43% | -10.97%-9.62% | -24.43%n/a | n/an/a |
| Max drawdown duration | TMSL MSSM | 71d72d | 46d46d | 283dn/a | n/an/a |
Trading data
TMSL | MSSM | |
Last sale 10/28/2026 at 1:30 PM | $41.68 | $57.82 |
| Previous close 10/27/2026 | $41.58 | $57.97 |
| Consolidated volume 10/27/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/28/2026 at 1:30 PM
Live
Closed
TMSL | MSSM | |
|---|---|---|
| Last price | $41.68 | $57.82 |
| 1D performance | +0.24% | -0.26% |
| AuM | $3.16 B | $697.81 M |
| E/R | 0.55% | 0.89% |
Characteristics
TMSL | MSSM | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | T. Rowe Price | Morgan Stanley |
| Benchmark | - | - |
| N° of holdings | 287 | 1802 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 15, 2023 | December 9, 2024 |
| ESG | No | No |
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Exposure
Countries
TMSL
USA
90.17%
Other
9.83%
MSSM
USA
90.5%
Other
9.5%
Sectors
TMSL
Finance
26.27%
Healthcare
17.1%
Industrials
16.4%
Technology
12.41%
Non-Energy Materi.
7.78%
Other
20.04%
MSSM
Finance
20.95%
Technology
15.86%
Healthcare
15.63%
Industrials
13.05%
Other
34.51%
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Diversification
TMSL
Total weight of top 15 holdings out of 15
13.56%
MSSM
Total weight of top 15 holdings out of 15
8.68%
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%
MSSM
Ascendis Pharma A/S
0.89%
Dynatrace, Inc.
0.82%
TechnipFMC plc
0.67%
ViaSat, Inc.
0.63%
KBR, Inc.
0.63%
Regal Rexnord Corp.
0.53%
Avient Corp.
0.52%
IMAX Corp.
0.52%
Sprouts Farmers Market, Inc.
0.52%
Veeco Instruments, Inc.
0.51%
Brinker International, Inc.
0.50%
Plexus Corp.
0.50%
Haemonetics Corp.
0.49%
Life Time Group Holdings, Inc.
0.49%
Texas Capital Bancshares, Inc.
0.47%
Frequently asked questions about TMSL and MSSM
How have the TMSL and MSSM ETFs performed in 2026?
As of October 26, 2026, TMSL is up 15.41% year-to-date (YTD), while MSSM has returned 14.55%. That puts TMSL better performer ahead so far this year.
Which ETF is attracting more investor money: TMSL or MSSM?
Year-to-date, the TMSL ETF saw +$1.78B in flows, compared to -$79M for MSSM.
Which ETF is more volatile: TMSL or MSSM?
Over the past year, TMSL had a volatility of 17.5%, while MSSM experienced 16.99%.
Which ETF is bigger: TMSL or MSSM?
As of October 26, 2026, TMSL holds $3.16 B in assets under management (AUM), while MSSM manages $697.81 M.
What sectors do the TMSL and MSSM ETFs invest in?
TMSL leans toward sectors like Finance, Healthcare and Industrials. Meanwhile, MSSM focuses on Finance, Technology and Healthcare.
What are the top holdings of the TMSL ETF and MSSM ETF?
TMSL top holdings include Tenet Healthcare Corp., Popular, Inc. and Permian Resources Corp.. MSSM holds in its top three: Ascendis Pharma A/S, Dynatrace, Inc. and TechnipFMC plc.
Which ETF is more diversified: TMSL or MSSM?
TMSL holds 287 securities with 13.56% of its assets in the top 15. MSSM has 1815 securities and a top 15 weight of 8.68%.
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