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Data as of Oct 28, 2026.

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FESM vs SPSM: Differences, Returns & Fees

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Over the year to Oct 28, 2026, FESM returned +23.0% to SPSM's +17.6%; 24% of their weight is in the same names.

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Net assets: $6.4bn on Sep 30, 2026 for Fidelity Enhanced Small Cap Core ETF, and $16.0bn on Oct 27, 2026 for State Street SPDR Portfolio S&P 600 Small Cap ETF.

FESM on its own →SPSM on its own →
At a glance
+23.0%
FESM total return, 1 year
+17.6%
SPSM total return, 1 year
0.28%
FESM expense ratio
0.03%
SPSM expense ratio

Pair scorecard

SPSM costs 0.25 points a year less; their one-year returns differ by 5.4 points; SPSM is 2.5 times larger.

FESM vs SPSM: Differences, Returns & Fees
MeasureFESMSPSM
Return
Total return, 1 year+23.0%+17.6%
Drawdown
Below its high5.9%, high on Aug 14, 20266.7%, high on Aug 14, 2026
Benchmark
What it tracksNo index, actively managedS&P SmallCap 600 Index
Cost and size
Expense ratio0.28%0.03%
Net assets, as of Sep 30, 2026$6.4bn$15.7bn
Holdings
Holdings in common24%
Top ten holdings, share of the fund8.0%5.3%

Holdings in common uses holdings dated Jun 30, 2026 and Oct 27, 2026. Method

What they share

24%

By the books each fund has filed, FESM and SPSM hold 24% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Oct 27, 2026.

0 half 100%

half

24% in common

Positions both hold · largest shared weight first FESM SPSM
LIFE TIME GROUP HOLDINGS INC 0.47% 0.48%
FEDERAL SIGNAL CORP 0.42% 0.41%
MAXLINEAR INC 0.96% 0.36%
PLEXUS CORP 0.72% 0.35%
STONEX GROUP INC 0.60% 0.35%
SENSIENT TECHNOLOGIES CORP 0.53% 0.32%
ACI WORLDWIDE INC 0.51% 0.32%
ARCHROCK INC 0.40% 0.32%
OUTFRONT MEDIA INC 0.60% 0.32%
ZURN ELKAY WATER SOLUTIONS CORP 0.32% 0.41%
BALCHEM CORP 0.57% 0.31%
TENABLE HOLDINGS INC 0.76% 0.31%
Only in one fund ↓
Only in FESM
GUARDANT HEALTH INC 1.09%
KULICKE and SOFFA INDUSTRIES INC 0.78%
ENERSYS 0.77%
HEALTHEQUITY INC 0.65%
PHILLIPS EDISON and CO INC 0.64%
AXSOME THERAPEUTICS INC 0.63%
GLACIER BANCORP INC 0.61%
COMMERCIAL METALS CO 0.60%
Only in SPSM
PAYCOM SOFTWARE INC 0.58%
MATCH GROUP INC 0.57%
VIASAT INC 0.56%
RYMAN HOSPITALITY PROPERTIES 0.52%
JACKSON FINANCIAL INC A 0.48%
ELEMENT SOLUTIONS INC 0.46%
RALLIANT CORP 0.44%
CARMAX INC 0.44%
Check overlap with more funds →

Side by side

FESM Fidelity Enhanced Small Cap Core ETF SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF
Where it sits Stock ETF Stock ETF
Issuer Fidelity State Street
What it is Actively managed Tracks an index
Total return, 1 year +23.0% +17.6%
Its benchmark over the same days not measured +17.5% (IJR)
Gap to its benchmark not measured +0.1 pts vs IJR
Expense ratio 0.28% 0.03%
Already in the S&P 500 1.1% 0.0%
Holdings 779 609
Net assets, FESM as of Sep 30, 2026 and SPSM as of Oct 27, 2026 $6.4bn $16.0bn

FESM and SPSM on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
FESM

FESM is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +23.0% with distributions reinvested. The prospectus expense ratio is 0.28% a year. By its holdings filed for Jun 30, 2026, 1% of the fund by weight is stocks the S&P 500 also holds, across 779 positions, with the top ten at 8.0%. It sat 5.9% below its high of Aug 14, 2026 on Oct 28, 2026.

SPSM

SPSM tracks an index. Over the year to Oct 28, 2026 it returned +17.6% with distributions reinvested, against +17.5% for its benchmark, the S&P SmallCap 600 Index. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 609 positions, with the top ten at 5.3%. It sat 6.7% below its high of Aug 14, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, FESM or SPSM?
In the year to Oct 28, 2026, with distributions reinvested, FESM returned +23.0% and SPSM +17.6%.
Which is cheaper, FESM or SPSM?
SPSM is cheaper, by 0.25 percentage points a year. That is about $25 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do FESM and SPSM overlap with the S&P 500?
By their latest filed holdings, 1% of FESM and 0% of SPSM by weight is stocks the S&P 500 already holds.
Other comparisons
FESM vs IWMFESM vs VBFESM vs IJRFESM vs NUSCSPSM vs VTWOSPSM vs VIOGSPSM vs VBIJT vs SPSM
Where to next
FESM on its own →SPSM on its own →Hold both: look the portfolio through →Rankings →FESM dividend history →FESM holdings →SPSM dividend history →SPSM holdings →Standards and sources →
Sources and dates
FESM filings on SEC EDGAR ↗
FESM prospectus with the expense ratio (SEC) ↗
Fidelity website ↗
SPSM filings on SEC EDGAR ↗
SPSM prospectus with the expense ratio (SEC) ↗
State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

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ETFIQ, FESM against SPSM, data as of Oct 28, 2026. https://etfiq.com/compare/any/fesm-vs-spsm

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