Data as of Oct 28, 2026.
FFSM vs SMLF: Differences, Returns & Fees
Over the year to Oct 28, 2026, FFSM returned +14.5% to SMLF's +14.8%; 15% 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 $4.2bn on Oct 27, 2026 for iShares U.S. Small-Cap Equity Factor ETF.
Pair scorecard
SMLF costs 0.28 points a year less; their one-year returns differ by 0.3 points; SMLF is 2.9 times larger.
| Measure | FFSM | SMLF |
|---|---|---|
| Return | ||
| Total return, 1 year | +14.5% | +14.8% |
| Drawdown | ||
| Below its high | 11.3%, high on Aug 17, 2026 | 5.2%, high on Aug 14, 2026 |
| Benchmark | ||
| What it tracks | No index, actively managed | STOXX U.S. Small-Cap Equity Factor Index |
| Cost and size | ||
| Expense ratio | 0.43% | 0.15% |
| Net assets, as of Sep 30, 2026 | $1.4bn | $4.0bn |
| Holdings | ||
| Holdings in common | 15% | |
| Top ten holdings, share of the fund | 14.0% | 6.4% |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method
Risk and return
Feb 12, 2021 to Oct 23, 2026 · 297 weekly returnsSMLF returned more: +73.2% to +62.1%. FFSM swung slightly less: 18.8% to 19.5%. SMLF fell slightly less at its worst: −23.9% to −26.3%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FFSM | SMLF | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +62.1% | +73.2% | SMLF | Price change plus distributions, reinvested. |
| Annualized | +8.8% | +10.1% | SMLF | Total return as a yearly rate. |
| Price return | +57.0% | +61.5% | SMLF (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 18.8% | 19.5% | FFSM (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.9% | 13.3% | FFSM (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −26.3% | −23.9% | SMLF (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.36 | 0.41 | SMLF | Return above Treasury bills per unit of volatility. |
| Sortino | 0.52 | 0.61 | SMLF | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.34 | 0.42 | SMLF | 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 SMLF hold 15% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.
half
15% in common
Only in one fund ↓
Side by side
FFSM and SMLF on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FFSM and SMLF 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 SMLF follows STOXX U.S. Small-Cap Equity Factor Index.
- Holdings in common. 15% of the weight is in the same securities (holdings dated Jul 31, 2026 and Oct 27, 2026).
- Number of holdings. FFSM holds 216 positions and SMLF holds 962.
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.
SMLF
SMLF tracks an index. Over the year to Oct 28, 2026 it returned +14.8% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 11% of the fund by weight is stocks the S&P 500 also holds, across 962 positions, with the top ten at 6.4%. It sat 5.2% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, FFSM or SMLF?
- In the year to Oct 28, 2026, with distributions reinvested, FFSM returned +14.5% and SMLF +14.8%.
- Which is cheaper, FFSM or SMLF?
- SMLF is cheaper, by 0.28 percentage points a year. That is about $28 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 SMLF, data as of Oct 28, 2026. https://etfiq.com/compare/any/ffsm-vs-smlf
ETFIQ. (Oct 28, 2026). FFSM against SMLF. Retrieved from https://etfiq.com/compare/any/ffsm-vs-smlf
[FFSM against SMLF (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ffsm-vs-smlf)
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