SCHM vs TMSL: Differences, Returns & Fees
SCHM and TMSL hold 30% of their weight in the same names, and SCHM returned +17.6% over the year. Net assets: $14.6bn on May 31, 2026 for Schwab U.S. Mid-Cap ETF, and $3.1bn on Oct 20, 2026 for T. Rowe Price Small-Mid Cap ETF.
SCHM costs 0.52 points a year less; their one-year returns differ by 0.7 points.
| SCHM | TMSL | |
|---|---|---|
| Expense ratio | 0.03% | 0.55% |
| Net assets, SCHM as of May 31, 2026 and TMSL as of Oct 20, 2026 | $14.6bn | $3.1bn |
| Total return, 1 year | +17.6% | +16.9% |
| What it tracks | Dow Jones U.S. Mid-Cap Total Stock Market Index | No index, actively managed |
| Holdings in common | 30% | |
| Top ten holdings, share of the fund | 13.3% | 9.8% |
| Below its high | 5.8%, high on Jun 30, 2026 | 8.3%, high on Aug 14, 2026 |
Holdings in common uses holdings dated May 31, 2026 and Jun 30, 2026.
SCHM and TMSL are built for the same job. How do they differ in cost, holdings and results?
- What each follows. SCHM follows Dow Jones U.S. Mid-Cap Total Stock Market Index and TMSL follows No index, actively managed.
- Holdings in common. 30% of the weight is in the same securities (holdings dated May 31, 2026 and Jun 30, 2026).
- Cost. SCHM charges 0.03% of assets a year and TMSL 0.55%, a gap of 0.52 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, SCHM and TMSL hold 30% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jun 30, 2026.
half
30% in common
On the same fields
SCHM and TMSL on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.
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.
About TMSL
TMSL is actively managed and tracks no index. The prospectus expense ratio is 0.55% a year. By its holdings filed for Jun 30, 2026, 15% of the fund by weight is stocks the S&P 500 also holds, across 297 positions, with the top ten at 9.8%. It sat 8.3% below its high of Aug 14, 2026 on Oct 20, 2026.
Over the year to Oct 20, 2026 it returned +16.9% with distributions reinvested, against +15.0% for its benchmark, the Russell 3000 Index.
Questions people ask
- Which returned more over the last year, SCHM or TMSL?
- In the year to Oct 20, 2026, with distributions reinvested, SCHM returned +17.6% and TMSL +16.9%.
- Which is cheaper, SCHM or TMSL?
- SCHM is cheaper, by 0.52 percentage points a year. That is about $52 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, SCHM against TMSL, data as of Oct 20, 2026. https://etfiq.com/compare/any/schm-vs-tmsl
ETFIQ. (Oct 20, 2026). SCHM against TMSL. Retrieved from https://etfiq.com/compare/any/schm-vs-tmsl
[SCHM against TMSL (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/schm-vs-tmsl)
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