FSMD vs VFMO: Differences, Returns & Fees
FSMD and VFMO hold 25% of their weight in the same names, and FSMD returned +15.8% over the year. Net assets on Sep 30, 2026: $2.5bn for Fidelity Small-Mid Multifactor ETF and $1.9bn for Vanguard U.S. Momentum Factor ETF.
VFMO costs 0.02 points a year less; their one-year returns differ by 2.6 points; FSMD is 1.3 times larger.
| FSMD | VFMO | |
|---|---|---|
| Expense ratio | 0.15% | 0.13% |
| Net assets, as of Sep 30, 2026 | $2.5bn | $1.9bn |
| Total return, 1 year | +15.8% | +13.2% |
| What it tracks | Fidelity Small-Mid Multifactor Index | No index, actively managed |
| Holdings in common | 25% | |
| Top ten holdings, share of the fund | 8.2% | 9.5% |
| Below its high | 6.2%, high on Aug 17, 2026 | 11.5%, high on Jun 30, 2026 |
Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026.
FSMD and VFMO 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 VFMO follows No index, actively managed.
- Holdings in common. 25% of the weight is in the same securities (holdings dated Jul 31, 2026 and May 31, 2026).
- One-year total return. Over 1 year to Oct 20, 2026 FSMD returned +15.8% and VFMO +13.2% with distributions reinvested, a gap of 2.6 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 VFMO hold 25% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jul 31, 2026.
half
25% in common
On the same fields
FSMD and VFMO 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 VFMO
VFMO is actively managed and tracks no index. The prospectus expense ratio is 0.13% a year. By its holdings filed for May 31, 2026, 43% of the fund by weight is stocks the S&P 500 also holds, across 704 positions, with the top ten at 9.5%. It sat 11.5% below its high of Jun 30, 2026 on Oct 20, 2026.
Over the year to Oct 20, 2026 it returned +13.2% with distributions reinvested, against +15.0% for its benchmark, the Russell 3000 Index.
Questions people ask
- Which returned more over the last year, FSMD or VFMO?
- In the year to Oct 20, 2026, with distributions reinvested, FSMD returned +15.8% and VFMO +13.2%.
- Which is cheaper, FSMD or VFMO?
- VFMO is cheaper, by 0.02 percentage points a year. That is about $2 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 VFMO, data as of Oct 20, 2026. https://etfiq.com/compare/any/fsmd-vs-vfmo
ETFIQ. (Oct 20, 2026). FSMD against VFMO. Retrieved from https://etfiq.com/compare/any/fsmd-vs-vfmo
[FSMD against VFMO (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/fsmd-vs-vfmo)
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