TMSLvsSMMDETF Comparison
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T. Rowe Price Small-Mid Cap ETF (TMSL) and iShares Russell 2500 ETF (SMMD) belong to the same industry segment: US Multi-Factor. Both ETFs have the same top 3 sector exposures: Finance, Healthcare and Industrials. TMSL is more expensive with a Total Expense Ratio (TER) of 0.55%, versus 0.23% for SMMD. TMSL is up 16.07% year-to-date (YTD) with +$1.79B in YTD flows. SMMD performs better with 16.72% YTD performance, and +$1.59B in YTD flows. Run a side-by-side ETF comparison of TMSL and SMMD 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 SMMD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/27/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TMSL SMMD | +1.48%+0.92% | -3.23%-3.22% | +16.07%+16.72% | +16.59%+17.02% | +82.20%+77.79% | n/a+38.56% |
| Flows | TMSL SMMD | +$154M+$51M | +$543M+$711M | +$1.79B+$1.59B | +$1.92B+$1.94B | +$2.79B+$2.66B | -+$3.13B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMSL SMMD | +13.60%+12.97% | +17.48%+17.00% | +18.48%+19.18% | n/a+20.89% |
| Max drawdown | TMSL SMMD | -9.77%-9.29% | -10.97%-9.48% | -24.43%-25.55% | n/a-28.20% |
| Max drawdown duration | TMSL SMMD | 72d73d | 46d43d | 283d283d | n/a980d |
Trading data
TMSL | SMMD | |
Last sale 10/29/2026 at 2:41 PM | $42.14 | $87.65 |
| Previous close 10/28/2026 | $41.70 | $86.86 |
| Consolidated volume 10/28/2026 | ||
| 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 | SMMD | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/29/2026 at 2:41 PM
Live
Closed
TMSL | SMMD | |
|---|---|---|
| Last price | $42.14 | $87.65 |
| 1D performance | +1.06% | +0.91% |
| AuM | $3.19 B | $4.16 B |
| E/R | 0.55% | 0.23% |
Characteristics
TMSL | SMMD | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | T. Rowe Price | iShares |
| Benchmark | - | Russell 2500 Index |
| N° of holdings | 287 | 504 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 15, 2023 | July 6, 2017 |
| ESG | No | No |
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Exposure
Countries
TMSL
USA
90.17%
Other
9.83%
SMMD
USA
95.07%
Other
4.93%
Sectors
TMSL
Finance
26.27%
Healthcare
17.1%
Industrials
16.4%
Technology
12.41%
Non-Energy Materi.
7.78%
Other
20.04%
SMMD
Finance
24.58%
Healthcare
15.12%
Industrials
13.67%
Technology
13.37%
Non-Energy Materi.
8.26%
Other
25%
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Diversification
TMSL
Total weight of top 15 holdings out of 15
13.56%
SMMD
Total weight of top 15 holdings out of 15
45.19%
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%
SMMD
US4642876555
40.96%
ATI, Inc.
0.37%
nVent Electric Plc
0.33%
F5, Inc.
0.31%
US Foods Holding Corp.
0.31%
Carpenter Technology Corp.
0.31%
Tenet Healthcare Corp.
0.31%
SoFi Technologies, Inc.
0.31%
Royal Gold, Inc.
0.30%
Coeur Mining, Inc.
0.29%
Affirm Holdings, Inc.
0.28%
Roku, Inc.
0.28%
Packaging Corporation of America
0.28%
Guardant Health, Inc.
0.28%
Woodward, Inc.
0.27%
Frequently asked questions about TMSL and SMMD
How have the TMSL and SMMD ETFs performed in 2026?
As of October 27, 2026, TMSL is up 16.07% year-to-date (YTD), while SMMD has returned 16.72%. That puts SMMD better performer ahead so far this year.
Which ETF is attracting more investor money: TMSL or SMMD?
Year-to-date, the TMSL ETF saw +$1.79B in flows, compared to +$1.59B for SMMD.
Which ETF is more volatile: TMSL or SMMD?
Over the past year, TMSL had a volatility of 17.48%, while SMMD experienced 17%.
Which ETF is bigger: TMSL or SMMD?
As of October 27, 2026, TMSL holds $3.19 B in assets under management (AUM), while SMMD manages $4.16 B.
What sectors do the TMSL and SMMD ETFs invest in?
TMSL leans toward sectors like Finance, Healthcare and Industrials. Meanwhile, SMMD focuses on Finance, Healthcare and Industrials.
What are the top holdings of the TMSL ETF and SMMD ETF?
TMSL top holdings include Tenet Healthcare Corp., Popular, Inc. and Permian Resources Corp.. SMMD holds in its top three: US4642876555, ATI, Inc. and nVent Electric Plc.
Which ETF is more diversified: TMSL or SMMD?
TMSL holds 287 securities with 13.56% of its assets in the top 15. SMMD has 2460 securities and a top 15 weight of 45.19%.
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