FSMD vs VFLO: Differences, Returns & Fees
FSMD and VFLO hold 4% of their weight in the same names, and VFLO returned +47.4% over the year. Net assets: $2.5bn on Sep 30, 2026 for Fidelity Small-Mid Multifactor ETF, and $7.8bn on Jun 30, 2026 for VictoryShares Free Cash Flow ETF.
FSMD costs 0.24 points a year less; their one-year returns differ by 31.6 points.
| FSMD | VFLO | |
|---|---|---|
| Expense ratio | 0.15% | 0.39% |
| Net assets, FSMD as of Sep 30, 2026 and VFLO as of Jun 30, 2026 | $2.5bn | $7.8bn |
| Total return, 1 year | +15.8% | +47.4% |
| What it tracks | Fidelity Small-Mid Multifactor Index | Victory U.S. Large Cap Free Cash Flow Index |
| Holdings in common | 4% | |
| Top ten holdings, share of the fund | 8.2% | 30.8% |
| Below its high | 6.2%, high on Aug 17, 2026 | |
Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026.
FSMD and VFLO 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 VFLO follows Victory U.S. Large Cap Free Cash Flow Index.
- Holdings in common. 4% of the weight is in the same securities (holdings dated Jul 31, 2026 and Jun 30, 2026).
- One-year total return. Over 1 year to Oct 20, 2026 FSMD returned +15.8% and VFLO +47.4% with distributions reinvested, a gap of 31.6 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 VFLO hold 4% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.
half
4% in common
On the same fields
FSMD and VFLO 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 VFLO
VFLO tracks an index. Over the year to Oct 20, 2026 it returned +47.4% with distributions reinvested. The prospectus expense ratio is 0.39% a year. By its holdings filed for Jun 30, 2026, 84% of the fund by weight is stocks the S&P 500 also holds, across 50 positions, with the top ten at 30.8%.
Questions people ask
- Which returned more over the last year, FSMD or VFLO?
- In the year to Oct 20, 2026, with distributions reinvested, FSMD returned +15.8% and VFLO +47.4%.
- Which is cheaper, FSMD or VFLO?
- FSMD is cheaper, by 0.24 percentage points a year. That is about $24 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 VFLO, data as of Oct 20, 2026. https://etfiq.com/compare/any/fsmd-vs-vflo
ETFIQ. (Oct 20, 2026). FSMD against VFLO. Retrieved from https://etfiq.com/compare/any/fsmd-vs-vflo
[FSMD against VFLO (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/fsmd-vs-vflo)
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