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VBvsFSMDETF Comparison

ETF 1

VB

Vanguard Morningstar Small-Cap ETF

This fund is part of

US Small Cap

-1.5%

Full VB fund page

VS

ETF 2

FSMD

Fidelity Small-Mid Multifactor ETF

This fund is part of

US Multi-Factor

-1.46%

Full FSMD fund page

Vanguard Morningstar Small-Cap ETF (VB) belongs to the US Small Cap segment. Fidelity Small-Mid Multifactor ETF (FSMD) is part of the US Multi-Factor segment. VB's top 3 sector exposures are Finance, Technology and Industrials. In contrast, FSMD's top sector exposures are Finance, Technology and Healthcare. VB is less expensive with a Total Expense Ratio (TER) of 0.03%, versus 0.15% for FSMD. VB is up 13.69% year-to-date (YTD) with +$1.04B in YTD flows. FSMD performs better with 15.14% YTD performance, and +$306M in YTD flows. Run a side-by-side ETF comparison of VB 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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VB vs FSMD performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 10/30/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	VB FSMD	+2.06%+2.04%	-1.54%-0.70%	+13.69%+15.14%	+16.24%+18.34%	+71.62%+71.40%	+33.42%+51.49%
Flows	VB FSMD	+$259M-$40M	+$289M+$21M	+$1.04B+$306M	+$924M+$390M	+$9.64B+$1.88B	+$12.88B+$1.95B

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	VB FSMD	+12.99%+11.74%	+15.74%+14.93%	+18.52%+16.96%	+20.51%+18.18%
Max drawdown	VB FSMD	-7.96%-7.33%	-8.96%-8.28%	-25.25%-22.27%	-28.14%-22.27%
Max drawdown duration	VB FSMD	75d74d	48d43d	296d289d	980d289d

Trading data

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	VB	FSMD
Last sale 11/2/2026 at 2:30 PM	$291.80	$50.35
Previous close 10/30/2026	$290.05	$50.25
Consolidated volume 10/30/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of October 30, 2026

1-year trailing difference

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	VB	FSMD
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 11/2/2026 at 2:30 PM

Live

Closed

	VB	FSMD
Last price	$291.80	$50.35
1D performance	+0.60%	+0.20%
AuM	$78.71 B	$2.50 B
E/R	0.03%	0.15%

Characteristics

	VB	FSMD
Management strategy	Passive	Passive
Provider	Vanguard	Fidelity
Benchmark	CRSP U.S. Small Cap Index	Fidelity Small-Mid Multifactor Index
N° of holdings	1283	597
Asset class	Equities	Equities
Trailing 12m distribution yield	Join	Join
Inception date	January 26, 2004	February 26, 2019
ESG	No	No

More VB data on Trackinsight

More FSMD data on Trackinsight

Exposure

Countries

VB

USA

94.65%

Other

5.35%

FSMD

USA

95.73%

Other

4.27%

Sectors

VB

Finance

20.82%

Technology

15.58%

Industrials

14.58%

Healthcare

13.96%

Non-Energy Materi.

8.1%

Other

26.96%

FSMD

Finance

24.06%

Technology

16.36%

Healthcare

15.25%

Industrials

13.2%

Other

31.12%

Diversification

VB

Total weight of top 15 holdings out of 15

6.62%

FSMD

Total weight of top 15 holdings out of 15

5.83%

Top 15 holdings

Data as of September 30, 2026

VB

Natera, Inc.

0.72%

Twilio, Inc.

0.57%

Revolution Medicines, Inc.

0.53%

Illumina, Inc.

0.52%

Everpure, Inc.

0.52%

Okta, Inc.

0.44%

Moderna, Inc.

0.44%

EMCOR Group, Inc.

0.42%

Credo Technology Group Holding Ltd.

0.42%

Jabil, Inc.

0.38%

Williams-Sonoma, Inc.

0.34%

TechnipFMC plc

0.34%

Atmos Energy Corp.

0.33%

nVent Electric Plc

0.33%

ATI, Inc.

0.33%

FSMD

Everpure, Inc.

0.69%

nVent Electric Plc

0.45%

Guardant Health, Inc.

0.44%

Tenet Healthcare Corp.

0.40%

Incyte Corp.

0.38%

TD SYNNEX Corp.

0.37%

Semtech Corp.

0.36%

HF Sinclair Corp.

0.35%

Nutanix, Inc.

0.35%

Revvity, Inc.

0.35%

East West Bancorp, Inc.

0.35%

Loews Corp.

0.34%

Dynatrace, Inc.

0.34%

Reinsurance Group of America, Inc.

0.34%

Zebra Technologies Corp.

0.34%

Frequently asked questions about VB and FSMD

How have the VB and FSMD ETFs performed in 2026?

As of October 30, 2026, VB is up 13.69% year-to-date (YTD), while FSMD has returned 15.14%. That puts FSMD better performer ahead so far this year.

Which ETF is attracting more investor money: VB or FSMD?

Year-to-date, the VB ETF saw +$1.04B in flows, compared to +$306M for FSMD.

Which ETF is more volatile: VB or FSMD?

Over the past year, VB had a volatility of 15.74%, while FSMD experienced 14.93%.

Which ETF is bigger: VB or FSMD?

As of October 30, 2026, VB holds $78.71 B in assets under management (AUM), while FSMD manages $2.50 B.

What sectors do the VB and FSMD ETFs invest in?

VB leans toward sectors like Finance, Technology and Industrials. Meanwhile, FSMD focuses on Finance, Technology and Healthcare.

What are the top holdings of the VB ETF and FSMD ETF?

VB top holdings include Natera, Inc., Twilio, Inc. and Revolution Medicines, Inc.. FSMD holds in its top three: Everpure, Inc., nVent Electric Plc and Guardant Health, Inc..

Which ETF is more diversified: VB or FSMD?

VB holds 1297 securities with 6.62% of its assets in the top 15. FSMD has 597 securities and a top 15 weight of 5.83%.

Small Cap ETFs Among the Week’s Top Performers

July 3, 2023

VB

VBvsFSMDETF Comparison

Vanguard Morningstar Small-Cap ETF

Fidelity Small-Mid Multifactor ETF

VB vs FSMD performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the VB and FSMD ETFs performed in 2026?

As of October 30, 2026, VB is up 13.69% year-to-date (YTD), while FSMD has returned 15.14%. That puts FSMD better performer ahead so far this year.

Which ETF is attracting more investor money: VB or FSMD?

Year-to-date, the VB ETF saw +$1.04B in flows, compared to +$306M for FSMD.

Which ETF is more volatile: VB or FSMD?

Over the past year, VB had a volatility of 15.74%, while FSMD experienced 14.93%.

Which ETF is bigger: VB or FSMD?

As of October 30, 2026, VB holds $78.71 B in assets under management (AUM), while FSMD manages $2.50 B.

What sectors do the VB and FSMD ETFs invest in?

VB leans toward sectors like Finance, Technology and Industrials. Meanwhile, FSMD focuses on Finance, Technology and Healthcare.

What are the top holdings of the VB ETF and FSMD ETF?

VB top holdings include Natera, Inc., Twilio, Inc. and Revolution Medicines, Inc.. FSMD holds in its top three: Everpure, Inc., nVent Electric Plc and Guardant Health, Inc..

Which ETF is more diversified: VB or FSMD?

VB holds 1297 securities with 6.62% of its assets in the top 15. FSMD has 597 securities and a top 15 weight of 5.83%.

Small Cap ETFs Among the Week’s Top Performers

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