Data as of Oct 28, 2026.
FFSM vs VB: Differences, Returns & Fees
Over the year to Oct 28, 2026, FFSM returned +14.5% to VB's +14.4%; 14% of their weight is in the same names.
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Net assets on Sep 30, 2026: $1.4bn for Fidelity Fundamental Small-Mid Cap ETF and $76.9bn for Vanguard Morningstar Small-Cap ETF.
Pair scorecard
VB costs 0.40 points a year less; their one-year returns differ by 0.1 points; VB is far larger, $76.9bn against $1.4bn.
| Measure | FFSM | VB |
|---|---|---|
| Return | ||
| Total return, 1 year | +14.5% | +14.4% |
| 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 | Morningstar US Small Cap Index |
| Cost and size | ||
| Expense ratio | 0.43% | 0.03% |
| Net assets, as of Sep 30, 2026 | $1.4bn | $76.9bn |
| Holdings | ||
| Holdings in common | 14% | |
| Top ten holdings, share of the fund | 14.0% | 5.9% |
Holdings in common uses holdings dated Jul 31, 2026 and Sep 30, 2026. Method
Risk and return
Feb 12, 2021 to Oct 23, 2026 · 297 weekly returnsFFSM returned more: +62.1% to +43.2%. FFSM and VB swung about the same: 18.8% and 18.8%. FFSM fell slightly less at its worst: −26.3% to −27.4%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FFSM | VB | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +62.1% | +43.2% | FFSM | Price change plus distributions, reinvested. |
| Annualized | +8.8% | +6.5% | FFSM | Total return as a yearly rate. |
| Price return | +57.0% | +31.8% | FFSM | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 18.8% | 18.8% | Tie | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.9% | 13.1% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −26.3% | −27.4% | FFSM (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.36 | 0.24 | FFSM | Return above Treasury bills per unit of volatility. |
| Sortino | 0.52 | 0.35 | FFSM | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.34 | 0.24 | 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 VB hold 14% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Sep 30, 2026.
half
14% in common
Only in one fund ↓
Side by side
FFSM and VB on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FFSM and VB 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 VB follows Morningstar US Small Cap Index.
- Holdings in common. 14% of the weight is in the same securities (holdings dated Jul 31, 2026 and Sep 30, 2026).
- Number of holdings. FFSM holds 216 positions and VB holds 1303.
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.
VB
VB tracks an index of Small-Cap. Over the year to Oct 28, 2026 it returned +14.4% with distributions reinvested. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer as of Sep 30, 2026, 22% of the fund by weight is stocks the S&P 500 also holds, across 1,303 positions, with the top ten at 5.9%. 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 VB?
- In the year to Oct 28, 2026, with distributions reinvested, FFSM returned +14.5% and VB +14.4%.
- Which is cheaper, FFSM or VB?
- VB is cheaper, by 0.40 percentage points a year. That is about $40 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 VB, data as of Oct 28, 2026. https://etfiq.com/compare/any/ffsm-vs-vb
ETFIQ. (Oct 28, 2026). FFSM against VB. Retrieved from https://etfiq.com/compare/any/ffsm-vs-vb
[FFSM against VB (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ffsm-vs-vb)
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