TMSLvsSQLTETF Comparison
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T. Rowe Price Small-Mid Cap ETF (TMSL) and iShares MSCI USA Small-Cap Quality Factor ETF (SQLT) belong to the same industry segment: US Multi-Factor. TMSL's top 3 sector exposures are Finance, Healthcare and Industrials. In contrast, SQLT's top sector exposures are Finance, Technology and Healthcare. TMSL is more expensive with a Total Expense Ratio (TER) of 0.55%, versus 0.2% for SQLT. Run a side-by-side ETF comparison of TMSL and SQLT 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 SQLT 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 SQLT | +0.90%+1.78% | -3.78%-0.61% | +15.41%n/a | +15.93%n/a | +79.92%n/a | n/an/a |
| Flows | TMSL SQLT | +$150M- | +$539M- | +$1.78B- | +$1.91B- | +$2.79B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMSL SQLT | +13.65%+10.77% | +17.50%n/a | +18.48%n/a | n/an/a |
| Max drawdown | TMSL SQLT | -9.77%-6.94% | -10.97%n/a | -24.43%n/a | n/an/a |
| Max drawdown duration | TMSL SQLT | 71d72d | 46dn/a | 283dn/a | n/an/a |
Trading data
TMSL | SQLT | |
Last sale 10/28/2026 at 6:35 PM | $41.64 | $28.23 |
| Previous close 10/27/2026 | $41.58 | $28.23 |
| 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 | SQLT | |
|---|---|---|
| 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 6:35 PM
Live
Closed
TMSL | SQLT | |
|---|---|---|
| Last price | $41.64 | $28.23 |
| 1D performance | +0.14% | +0.02% |
| AuM | $3.16 B | $6.78 M |
| E/R | 0.55% | 0.2% |
Characteristics
TMSL | SQLT | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | T. Rowe Price | iShares |
| Benchmark | - | MSCI USA Small Cap Sector Neutral Quality Index |
| N° of holdings | 287 | 487 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 15, 2023 | March 31, 2026 |
| ESG | No | No |
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Exposure
Countries
TMSL
USA
90.17%
Other
9.83%
SQLT
USA
97.96%
Other
2.04%
Sectors
TMSL
Finance
26.27%
Healthcare
17.1%
Industrials
16.4%
Technology
12.41%
Non-Energy Materi.
7.78%
Other
20.04%
SQLT
Finance
22.17%
Technology
18.59%
Healthcare
14.67%
Industrials
13.94%
Non-Energy Materi.
8.98%
Other
21.65%
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Diversification
TMSL
Total weight of top 15 holdings out of 15
13.56%
SQLT
Total weight of top 15 holdings out of 15
11.88%
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%
SQLT
National Fuel Gas Co.
1.19%
Manhattan Associates, Inc.
0.96%
Royal Gold, Inc.
0.94%
TD SYNNEX Corp.
0.87%
East West Bancorp, Inc.
0.79%
Zebra Technologies Corp.
0.78%
Medpace Holdings, Inc.
0.77%
Woodward, Inc.
0.77%
Tenet Healthcare Corp.
0.75%
The New York Times Co.
0.70%
Exelixis, Inc.
0.68%
Onto Innovation, Inc.
0.67%
Jack Henry & Associates, Inc.
0.67%
BlackRock Cash Funds - Treasury
0.67%
Dynatrace, Inc.
0.67%
Frequently asked questions about TMSL and SQLT
Which ETF is bigger: TMSL or SQLT?
As of October 26, 2026, TMSL holds $3.16 B in assets under management (AUM), while SQLT manages $6.78 M.
What sectors do the TMSL and SQLT ETFs invest in?
TMSL leans toward sectors like Finance, Healthcare and Industrials. Meanwhile, SQLT focuses on Finance, Technology and Healthcare.
What are the top holdings of the TMSL ETF and SQLT ETF?
TMSL top holdings include Tenet Healthcare Corp., Popular, Inc. and Permian Resources Corp.. SQLT holds in its top three: National Fuel Gas Co., Manhattan Associates, Inc. and Royal Gold, Inc..
Which ETF is more diversified: TMSL or SQLT?
TMSL holds 287 securities with 13.56% of its assets in the top 15. SQLT has 490 securities and a top 15 weight of 11.88%.
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