FSMD vs VO: Differences, Returns & Fees
FSMD and VO hold 3% 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 $103.4bn for Vanguard Morningstar Mid-Cap ETF.
VO costs 0.12 points a year less; their one-year returns differ by 3.4 points; VO is far larger, $103.4bn against $2.5bn.
| FSMD | VO | |
|---|---|---|
| Expense ratio | 0.15% | 0.03% |
| Net assets, as of Sep 30, 2026 | $2.5bn | $103.4bn |
| Total return, 1 year | +15.8% | +12.4% |
| What it tracks | Fidelity Small-Mid Multifactor Index | Morningstar US Mid Cap Index (formerly CRSP US Mid Cap Index) |
| Holdings in common | 3% | |
| Top ten holdings, share of the fund | 8.2% | 9.7% |
| Below its high | 6.2%, high on Aug 17, 2026 | 3.8%, high on Aug 14, 2026 |
Holdings in common uses holdings dated Jul 31, 2026 and Sep 30, 2026.
FSMD and VO 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 VO follows Morningstar US Mid Cap Index (formerly CRSP US Mid Cap Index).
- Holdings in common. 3% of the weight is in the same securities (holdings dated Jul 31, 2026 and Sep 30, 2026).
- One-year total return. Over 1 year to Oct 20, 2026 FSMD returned +15.8% and VO +12.4% with distributions reinvested, a gap of 3.4 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 VO hold 3% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Sep 30, 2026.
half
3% in common
On the same fields
FSMD and VO 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 VO
VO tracks an index of Mid-Cap. Over the year to Oct 20, 2026 it returned +12.4% with distributions reinvested. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer as of Sep 30, 2026, 91% of the fund by weight is stocks the S&P 500 also holds, across 273 positions, with the top ten at 9.7%. It sat 3.8% below its high of Aug 14, 2026 on Oct 20, 2026.
Questions people ask
- Which returned more over the last year, FSMD or VO?
- In the year to Oct 20, 2026, with distributions reinvested, FSMD returned +15.8% and VO +12.4%.
- Which is cheaper, FSMD or VO?
- VO 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.
Cite this pageCitation, APA and Markdown
ETFIQ, FSMD against VO, data as of Oct 20, 2026. https://etfiq.com/compare/any/fsmd-vs-vo
ETFIQ. (Oct 20, 2026). FSMD against VO. Retrieved from https://etfiq.com/compare/any/fsmd-vs-vo
[FSMD against VO (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/fsmd-vs-vo)
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