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, Industrials and Healthcare. In contrast, SQLT's top sector exposures are Finance, Technology and Industrials. 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 07/28/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TMSL SQLT | -0.99%-0.75% | +8.42%+5.10% | +20.02%n/a | +29.01%n/a | +64.61%n/a | n/an/a |
| Flows | TMSL SQLT | -$127M- | +$703M+$4K | +$1.26B- | +$1.52B- | +$2.31B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMSL SQLT | +18.09%+13.60% | +17.71%n/a | +18.53%n/a | n/an/a |
| Max drawdown | TMSL SQLT | -4.07%-3.86% | -10.97%n/a | -24.43%n/a | n/an/a |
| Max drawdown duration | TMSL SQLT | 19d16d | 46dn/a | 283dn/a | n/an/a |
Trading data
TMSL | SQLT | |
Last sale 7/30/2026 at 1:30 PM | $42.90 | $28.56 |
| Previous close 07/29/2026 | $42.25 | $28.37 |
| Consolidated volume 07/29/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of June 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 7/30/2026 at 1:30 PM
Live
Closed
TMSL | SQLT | |
|---|---|---|
| Last price | $42.90 | $28.56 |
| 1D performance | +1.54% | +0.67% |
| AuM | $2.76 B | $6.82 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 | 291 | 496 |
| 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
89.61%
Other
10.39%
SQLT
USA
97.92%
Other
2.08%
Sectors
TMSL
Finance
22.41%
Industrials
19.12%
Healthcare
16.61%
Technology
14.18%
Non-Energy Materi.
7.62%
Other
20.07%
SQLT
Finance
21.4%
Technology
18.55%
Industrials
15.69%
Healthcare
13.06%
Non-Energy Materi.
9.87%
Other
21.44%
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Diversification
TMSL
Total weight of top 15 holdings out of 15
13.51%
SQLT
Total weight of top 15 holdings out of 15
12.68%
Top 15 holdings
Data as of June 30, 2026
TMSL
Popular, Inc.
1.18%
The Middleby Corp.
1.06%
East West Bancorp, Inc.
1.03%
nVent Electric Plc
1.00%
AXIS Capital Holdings Ltd.
0.96%
Tenet Healthcare Corp.
0.89%
Rambus, Inc.
0.87%
Guardant Health, Inc.
0.83%
Acuity, Inc.
0.83%
MKS, Inc.
0.83%
StandardAero, Inc.
0.82%
Permian Resources Corp.
0.81%
TechnipFMC plc
0.80%
StoneX Group, Inc.
0.80%
BrightSpring Health Services, Inc.
0.80%
SQLT
BlackRock Cash Funds - Treasury
1.14%
National Fuel Gas Co.
1.08%
Sterling Infrastructure, Inc.
0.99%
Carpenter Technology Corp.
0.98%
Woodward, Inc.
0.95%
Onto Innovation, Inc.
0.93%
TD SYNNEX Corp.
0.89%
Lattice Semiconductor Corp.
0.85%
East West Bancorp, Inc.
0.79%
The New York Times Co.
0.70%
Royal Gold, Inc.
0.70%
Akamai Technologies, Inc.
0.69%
Medpace Holdings, Inc.
0.67%
Sanmina Corp.
0.67%
Exelixis, Inc.
0.66%
Frequently asked questions about TMSL and SQLT
Which ETF is bigger: TMSL or SQLT?
As of July 28, 2026, TMSL holds $2.76 B in assets under management (AUM), while SQLT manages $6.82 M.
What sectors do the TMSL and SQLT ETFs invest in?
TMSL leans toward sectors like Finance, Industrials and Healthcare. Meanwhile, SQLT focuses on Finance, Technology and Industrials.
What are the top holdings of the TMSL ETF and SQLT ETF?
TMSL top holdings include Popular, Inc., The Middleby Corp. and East West Bancorp, Inc.. SQLT holds in its top three: BlackRock Cash Funds - Treasury, National Fuel Gas Co. and Sterling Infrastructure, Inc..
Which ETF is more diversified: TMSL or SQLT?
TMSL holds 299 securities with 13.51% of its assets in the top 15. SQLT has 499 securities and a top 15 weight of 12.68%.
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