FSMD vs MLRG: Differences, Returns & Fees
FSMD and MLRG hold 1% of their weight in the same names. Net assets: $2.5bn on Sep 30, 2026 for Fidelity Small-Mid Multifactor ETF, and $1.3bn on Oct 20, 2026 for iShares MSCI USA ETF.
MLRG costs 0.12 points a year less; their one-year returns differ by 0.3 points; FSMD is 1.9 times larger.
| FSMD | MLRG | |
|---|---|---|
| Expense ratio | 0.15% | 0.03% |
| Net assets, as of Sep 30, 2026 | $2.5bn | $1.3bn |
| Total return, 1 year | +15.8% | +15.5% |
| What it tracks | Fidelity Small-Mid Multifactor Index | MSCI USA Index |
| Holdings in common | 1% | |
| Top ten holdings, share of the fund | 8.2% | 37.8% |
| Below its high | 6.2%, high on Aug 17, 2026 | |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 19, 2026.
FSMD and MLRG are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FSMD follows Fidelity Small-Mid Multifactor Index and MLRG follows MSCI USA Index.
- Holdings in common. 1% of the weight is in the same securities (holdings dated Jul 31, 2026 and Oct 19, 2026).
- Cost. FSMD charges 0.15% of assets a year and MLRG 0.03%, a gap of 0.12 points.
Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.
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What they hold in common
By the books each fund has filed, FSMD and MLRG hold 1% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 19, 2026.
half
1% in common
On the same fields
FSMD and MLRG on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.
About FSMD
FSMD tracks an index. Over the year to Oct 20, 2026 it returned +15.8% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings filed for Jul 31, 2026, 15% of the fund by weight is stocks the S&P 500 also holds, across 586 positions, with the top ten at 8.2%. It sat 6.2% below its high of Aug 17, 2026 on Oct 20, 2026.
About MLRG
MLRG tracks an index. Over the year to Oct 20, 2026 it returned +15.5% with distributions reinvested, against +15.4% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer for Oct 19, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 515 positions, with the top ten at 37.8%.
Questions people ask
- Which returned more over the last year, FSMD or MLRG?
- In the year to Oct 20, 2026, with distributions reinvested, FSMD returned +15.8% and MLRG +15.5%.
- Which is cheaper, FSMD or MLRG?
- MLRG 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.
ETFIQ links to the documents behind every figure; a link is not an endorsement. 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, FSMD against MLRG, data as of Oct 20, 2026. https://etfiq.com/compare/any/fsmd-vs-mlrg
ETFIQ. (Oct 20, 2026). FSMD against MLRG. Retrieved from https://etfiq.com/compare/any/fsmd-vs-mlrg
[FSMD against MLRG (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/fsmd-vs-mlrg)
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