Fidelity Small-Mid Multifactor ETF (FSMD) belongs to the Small Cap Blend Equities category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FSMD. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FSMD
FSMD charges 0.15% annually. There are 10 ETFs in the Small Cap Blend Equities category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| State Street SPDR Portfolio S&P 600 Small Cap ETF | 0.03% | 17.00B | Jul 2013 | FSMD vs SPSM | |
| Vanguard Small-Cap ETF | 0.03% | 188.20B | Jan 2004 | FSMD vs VB | |
| iShares Morningstar Small-Cap ETF | 0.04% | 282.21M | Jun 2004 | FSMD vs ISCB | |
| Schwab U.S. Small-Cap ETF | 0.04% | 22.23B | Nov 2009 | FSMD vs SCHA | |
| Vanguard Russell 2000 ETF | 0.06% | 18.60B | Sep 2010 | FSMD vs VTWO |
Best Risk-Adjusted Alternatives to FSMD
FSMD has a PortfoliosLab risk / return rank of 68. There are 52 ETFs in the Small Cap Blend Equities category with higher risk-adjusted ranks, going as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| ProShares Russell 2000 Dynamic Daily Buffer ETF | 96 | — | Jun 2025 | FSMD vs RB | |
| First Trust Small Cap Core AlphaDEX Fund | 94 | 1.37B | May 2007 | FSMD vs FYX | |
| Hartford Multifactor Small Cap ETF | 92 | 61.48M | Mar 2015 | FSMD vs ROSC | |
| Victoryshares Small Cap Free Cash Flow ETF | 92 | 684.65M | Dec 2023 | FSMD vs SFLO | |
| Avantis US Small Cap Equity ETF | 91 | 3.05B | Jan 2022 | FSMD vs AVSC |
Top Performing FSMD Alternatives (YTD)
FSMD is at 15.80% YTD. There are 48 ETFs in the Small Cap Blend Equities category with higher YTD returns, going as high as 48.69%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Direxion Daily Small Cap Bull 3X Shares | 48.69% | 1.35B | Nov 2008 | FSMD vs TNA | |
| Victoryshares Small Cap Free Cash Flow ETF | 27.87% | 684.65M | Dec 2023 | FSMD vs SFLO | |
| Inspire Small/Mid Cap Impact ETF | 27.66% | 334.88M | Feb 2017 | FSMD vs ISMD | |
| Allspring SMID Core ETF | 27.10% | 78.82M | Jul 2025 | FSMD vs ASCE | |
| First Trust Small Cap Core AlphaDEX Fund | 25.97% | 1.37B | May 2007 | FSMD vs FYX |
Lowest Volatility Alternatives to FSMD
FSMD has 15.87% 1-year volatility. There are 20 ETFs in the Small Cap Blend Equities category with lower 1-year volatility, going as low as 6.55%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| ProShares Russell 2000 Dynamic Daily Buffer ETF | 6.55% | — | Jun 2025 | FSMD vs RB | |
| iShares MSCI USA Small-Cap Min Vol Factor ETF | 9.75% | 288.96M | Sep 2016 | FSMD vs SMMV | |
| Global X Russell 2000 Covered Call ETF | 10.67% | 1.37B | Apr 2019 | FSMD vs RYLD | |
| First Trust Horizon Managed Volatility Small/Mid E... | 10.73% | 35.21M | Apr 2020 | FSMD vs HSMV | |
| CresAlta Small & Mid-Cap ETF | 11.65% | 88.99M | May 2026 | FSMD vs CVSM |
Lowest Drawdown Alternatives to FSMD
FSMD has a 1-year max drawdown of -8.44%. There are 16 ETFs in the Small Cap Blend Equities category with shallower 1-year drawdowns, going as shallow as -2.09%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| ProShares Russell 2000 Dynamic Daily Buffer ETF | -2.09% | — | Jun 2025 | FSMD vs RB | |
| Global X Russell 2000 Covered Call ETF | -6.29% | 1.37B | Apr 2019 | FSMD vs RYLD | |
| Hypatia Women CEO ETF | -6.96% | 5.55M | Jan 2023 | FSMD vs WCEO | |
| iShares MSCI USA Small-Cap Min Vol Factor ETF | -7.02% | 288.96M | Sep 2016 | FSMD vs SMMV | |
| 6 Meridian Small Cap Equity ETF | -7.16% | 106.31M | May 2020 | FSMD vs SIXS |
Other ETFs from Fidelity
The 10 most viewed Fidelity ETFs shown here include FTEC, FDVV, FBTC and span 7 categories. AUM among these funds goes as high as $27B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Fidelity MSCI Information Technology Index ETF | Technology Equities | 52 | 20.47% | 20.96B | Oct 2013 | FSMD vs FTEC | |
| Fidelity High Dividend ETF | Large Cap Blend Equities, Dividend | 78 | 12.19% | 9.74B | Sep 2016 | FSMD vs FDVV | |
| Fidelity Wise Origin Bitcoin Fund | Cryptocurrency | 1 | -28.23% | 10.22B | Jan 2024 | FSMD vs FBTC | |
| Fidelity Total Bond ETF | Intermediate Core-Plus Bond | 30 | -0.33% | 26.62B | Oct 2014 | FSMD vs FBND | |
| Fidelity Nasdaq Composite Index ETF | Large Cap Growth Equities | 47 | 10.15% | 10.69B | Sep 2003 | FSMD vs ONEQ | |
| Fidelity Blue Chip Growth ETF | Large Cap Growth Equities | 37 | 9.01% | 6.97B | Jun 2020 | FSMD vs FBCG | |
| Fidelity Enhanced Large Cap Core ETF | Large Cap Blend Equities | 77 | 12.07% | 7.88B | Apr 2007 | FSMD vs FELC | |
| Fidelity MSCI Utilities Index ETF | Utilities Equities | 21 | 4.79% | 2.35B | Oct 2013 | FSMD vs FUTY | |
| Fidelity Ethereum Fund | Cryptocurrency | 3 | -37.25% | 750.93M | Jul 2024 | FSMD vs FETH | |
| Fidelity Enhanced Large Cap Growth ETF | Large Cap Growth Equities | 27 | 2.21% | 5.65B | Nov 2023 | FSMD vs FELG |
Often Compared With FSMD
Investors most often compare FSMD with FXAIX, SMLF, IJR. These 20 comparison targets span 8 categories, based on PortfoliosLab usage data.
Compare FSMD with Any Fund or Stock
Compare FSMD with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FSMD with funds that move differently
Fidelity Small-Mid Multifactor ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FSMD.
Explore FSMD Diversifiers