FSMD vs SCHM: Differences, Returns & Fees
FSMD and SCHM hold 51% of their weight in the same names, and SCHM returned +17.6% over the year. Net assets: $2.5bn on Sep 30, 2026 for Fidelity Small-Mid Multifactor ETF, and $14.6bn on May 31, 2026 for Schwab U.S. Mid-Cap ETF.
SCHM costs 0.12 points a year less; their one-year returns differ by 1.8 points.
| FSMD | SCHM | |
|---|---|---|
| Expense ratio | 0.15% | 0.03% |
| Net assets, FSMD as of Sep 30, 2026 and SCHM as of May 31, 2026 | $2.5bn | $14.6bn |
| Total return, 1 year | +15.8% | +17.6% |
| What it tracks | Fidelity Small-Mid Multifactor Index | Dow Jones U.S. Mid-Cap Total Stock Market Index |
| Holdings in common | 51% | |
| Top ten holdings, share of the fund | 8.2% | 13.3% |
| Below its high | 6.2%, high on Aug 17, 2026 | 5.8%, high on Jun 30, 2026 |
Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026.
FSMD and SCHM 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 SCHM follows Dow Jones U.S. Mid-Cap Total Stock Market Index.
- Cost. FSMD charges 0.15% of assets a year and SCHM 0.03%, a gap of 0.12 points.
- Size. FSMD has $2.5bn in net assets and SCHM $14.6bn (net assets, FSMD as of Sep 30, 2026 and SCHM as of May 31, 2026); SCHM is 5.8 times larger.
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 SCHM hold 51% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jul 31, 2026.
half
51% in common
On the same fields
FSMD and SCHM 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 SCHM
SCHM tracks an index. Over the year to Oct 20, 2026 it returned +17.6% with distributions reinvested, against +15.9% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.03% a year. By its holdings filed for May 31, 2026, 30% of the fund by weight is stocks the S&P 500 also holds, across 496 positions, with the top ten at 13.3%. It sat 5.8% below its high of Jun 30, 2026 on Oct 20, 2026.
Questions people ask
- Which returned more over the last year, FSMD or SCHM?
- In the year to Oct 20, 2026, with distributions reinvested, FSMD returned +15.8% and SCHM +17.6%.
- Which is cheaper, FSMD or SCHM?
- SCHM 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 SCHM, data as of Oct 20, 2026. https://etfiq.com/compare/any/fsmd-vs-schm
ETFIQ. (Oct 20, 2026). FSMD against SCHM. Retrieved from https://etfiq.com/compare/any/fsmd-vs-schm
[FSMD against SCHM (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/fsmd-vs-schm)
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