Data as of Oct 28, 2026.
FFSM vs NUSC: Differences, Returns & Fees
Over the year to Oct 28, 2026, FFSM returned +14.5% to NUSC's +12.2%; 18% of their weight is in the same names.
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Net assets: $1.4bn on Sep 30, 2026 for Fidelity Fundamental Small-Mid Cap ETF, and $1.3bn on Jul 31, 2026 for Nuveen ESG Small-Cap ETF.
Pair scorecard
NUSC costs 0.12 points a year less; their one-year returns differ by 2.3 points.
| Measure | FFSM | NUSC |
|---|---|---|
| Return | ||
| Total return, 1 year | +14.5% | +12.2% |
| Drawdown | ||
| Below its high | 11.3%, high on Aug 17, 2026 | 5.7%, high on Aug 14, 2026 |
| Benchmark | ||
| What it tracks | No index, actively managed | Nuveen ESG USA Small-Cap Index |
| Cost and size | ||
| Expense ratio | 0.43% | 0.31% |
| Net assets, FFSM as of Sep 30, 2026 and NUSC as of Jul 31, 2026 | $1.4bn | $1.3bn |
| Holdings | ||
| Holdings in common | 18% | |
| Top ten holdings, share of the fund | 14.0% | 10.2% |
Holdings in common uses holdings dated Jul 31, 2026. Method
Risk and return
Feb 12, 2021 to Oct 23, 2026 · 297 weekly returnsFFSM returned more: +62.1% to +27.8%. FFSM swung slightly less: 18.8% to 19.3%. FFSM fell slightly less at its worst: −26.3% to −27.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FFSM | NUSC | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +62.1% | +27.8% | FFSM | Price change plus distributions, reinvested. |
| Annualized | +8.8% | +4.4% | FFSM | Total return as a yearly rate. |
| Price return | +57.0% | +13.9% | FFSM | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 18.8% | 19.3% | FFSM (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.9% | 13.5% | FFSM (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −26.3% | −27.6% | FFSM (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.36 | 0.14 | FFSM | Return above Treasury bills per unit of volatility. |
| Sortino | 0.52 | 0.20 | FFSM | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.34 | 0.16 | FFSM | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 297 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, FFSM and NUSC hold 18% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026.
half
18% in common
Only in one fund ↓
Side by side
FFSM and NUSC on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FFSM and NUSC are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FFSM follows No index, actively managed and NUSC follows Nuveen ESG USA Small-Cap Index.
- Holdings in common. 18% of the weight is in the same securities (holdings dated Jul 31, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 FFSM returned +14.5% and NUSC +12.2% with distributions reinvested, a gap of 2.3 points.
Data as of Oct 28, 2026.
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FFSM
FFSM is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +14.5% with distributions reinvested. The prospectus expense ratio is 0.43% a year. By its holdings filed for Jul 31, 2026, 9% of the fund by weight is stocks the S&P 500 also holds, across 216 positions, with the top ten at 14.0%. It sat 11.3% below its high of Aug 17, 2026 on Oct 28, 2026.
NUSC
NUSC tracks an index. Over the year to Oct 28, 2026 it returned +12.2% with distributions reinvested, against +13.6% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.31% a year. By its holdings filed for Jul 31, 2026, 6% of the fund by weight is stocks the S&P 500 also holds, across 405 positions, with the top ten at 10.2%. It sat 5.7% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, FFSM or NUSC?
- In the year to Oct 28, 2026, with distributions reinvested, FFSM returned +14.5% and NUSC +12.2%.
- Which is cheaper, FFSM or NUSC?
- NUSC is cheaper, by 0.12 percentage points a year. That is about $12 on $10,000 held for a year. Fees come from each fund's prospectus.
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, FFSM against NUSC, data as of Oct 28, 2026. https://etfiq.com/compare/any/ffsm-vs-nusc
ETFIQ. (Oct 28, 2026). FFSM against NUSC. Retrieved from https://etfiq.com/compare/any/ffsm-vs-nusc
[FFSM against NUSC (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ffsm-vs-nusc)
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