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SMLF vs. FSMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLF vs. FSMD

Last updated Jun 23, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, SMLF returned 11.57%/yr vs 10.79%/yr for FSMD. With a 0.96 correlation, they move nearly in lockstep. SMLF charges 0.30%/yr vs 0.29%/yr for FSMD.

Performance

SMLF vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMLF achieves a 17.27% return, which is significantly lower than FSMD's 18.77% return.

SMLF

1D
0.39%
1M
4.30%
YTD
17.27%
6M
14.40%
1Y
34.32%
3Y*
20.78%
5Y*
11.57%
10Y*
12.77%

FSMD

1D
0.91%
1M
5.08%
YTD
18.77%
6M
16.11%
1Y
30.47%
3Y*
18.87%
5Y*
10.79%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMLF vs. FSMD - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		17.27%12.30%16.33%19.99%-12.19%26.53%8.38%5.35%
FSMD
Fidelity Small-Mid Multifactor ETF		18.77%8.70%15.18%17.37%-11.15%26.40%8.94%8.81%

Correlation

The correlation between SMLF and FSMD is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Feb 28, 2019

0.96

The correlation between SMLF and FSMD has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

SMLF vs. FSMD - Sectors Allocation Comparison

Sectors
SMLF
FSMD

Industrials

19.5%
20.1%

Technology

19.1%
20.5%

Financial Services

14.3%
14.8%

Healthcare

12.9%
11.7%

Consumer Cyclical

11.4%
10.6%

Real Estate

5.6%
6.2%

Basic Materials

4.5%
4.0%

Energy

4.3%
4.1%

Consumer Defensive

3.3%
3.1%

Communication Services

3.2%
2.9%

Utilities

2.0%
2.1%

Industrials

SMLF
19.5%
FSMD
20.1%

Technology

SMLF
19.1%
FSMD
20.5%

Financial Services

SMLF
14.3%
FSMD
14.8%

Healthcare

SMLF
12.9%
FSMD
11.7%

Consumer Cyclical

SMLF
11.4%
FSMD
10.6%

Real Estate

SMLF
5.6%
FSMD
6.2%

Basic Materials

SMLF
4.5%
FSMD
4.0%

Energy

SMLF
4.3%
FSMD
4.1%

Consumer Defensive

SMLF
3.3%
FSMD
3.1%

Communication Services

SMLF
3.2%
FSMD
2.9%

Utilities

SMLF
2.0%
FSMD
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Small-Cap Multifactor ETF

Fidelity Small-Mid Multifactor ETF

Often compared with SMLF:
SMLF vs. SMLVSMLF vs. IWMSMLF vs. SMMVSMLF vs. VBRSMLF vs. GSSCSMLF vs. FZIPXSMLF vs. FSSNX
Often compared with FSMD:
FSMD vs. FXAIXFSMD vs. IJRFSMD vs. RWJFSMD vs. BFGFXFSMD vs. FLRGFSMD vs. FSOPXFSMD vs. VTSIX

Return for Risk

SMLF vs. FSMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMLF
SMLF Risk / Return Rank: 6666
Overall Rank
SMLF Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 6060
Sortino Ratio Rank
SMLF Omega Ratio Rank: 5555
Omega Ratio Rank
SMLF Calmar Ratio Rank: 7979
Calmar Ratio Rank
SMLF Martin Ratio Rank: 7474
Martin Ratio Rank
FSMD
FSMD Risk / Return Rank: 6565
Overall Rank
FSMD Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
FSMD Sortino Ratio Rank: 6262
Sortino Ratio Rank
FSMD Omega Ratio Rank: 5757
Omega Ratio Rank
FSMD Calmar Ratio Rank: 7474
Calmar Ratio Rank
FSMD Martin Ratio Rank: 7272
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMLF vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Fidelity Small-Mid Multifactor ETF (FSMD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

SMLFFSMDDifference
Sharpe ratioReturn per unit of total volatility
1.96
1.95

+0.01

Sortino ratioReturn per unit of downside risk
2.72
2.81

-0.09

Omega ratioGain probability vs. loss probability

1.33

1.34

-0.01

Calmar ratioReturn relative to maximum drawdown

3.96

3.63

+0.33

Martin ratioReturn relative to average drawdown

13.58

13.05

+0.53

SMLF vs. FSMD - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.96, which is comparable to the FSMD Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of SMLF and FSMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SMLF vs. FSMD - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, roughly equal to the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for SMLF and FSMD.

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Drawdown Indicators

SMLFFSMDDifference

Max Drawdown

Largest peak-to-trough decline

-41.89%

-40.67%

-1.22%

Max Drawdown (1Y)

Largest decline over 1 year

-8.71%

-8.44%

-0.27%

Max Drawdown (3Y)

Largest decline over 3 years

-26.28%

-22.16%

-4.12%

Max Drawdown (5Y)

Largest decline over 5 years

-26.28%

-22.16%

-4.12%

Max Drawdown (10Y)

Largest decline over 10 years

-41.89%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.58%

-5.97%

-0.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

2.34%

+0.19%

Volatility

SMLF vs. FSMD - Volatility Comparison

iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a higher volatility of 5.25% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 4.86%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMLFFSMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.25%

4.86%

+0.39%

Volatility (6M)

Calculated over the trailing 6-month period

12.90%

11.92%

+0.98%

Volatility (1Y)

Calculated over the trailing 1-year period

17.62%

15.73%

+1.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

18.53%

+2.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.82%

21.41%

+0.41%

SMLF vs. FSMD - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is higher than FSMD's 0.29% expense ratio.

Dividends

SMLF vs. FSMD - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.01%, less than FSMD's 1.22% yield.

PositionTTM20252024202320222021202020192018201720162015
FSMD
Fidelity Small-Mid Multifactor ETF		1.22%1.33%1.29%1.37%1.54%1.18%1.32%1.37%0.00%0.00%0.00%0.00%
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		1.01%1.14%1.33%1.13%1.23%1.07%1.33%1.39%1.17%0.93%0.78%0.79%

Frequently Asked Questions

With a correlation of 0.94, SMLF and FSMD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

SMLF has higher volatility (5.25%) compared to FSMD (4.86%). In terms of maximum drawdown, SMLF dropped -41.89% vs FSMD's -40.67%.

On 5-year performance, SMLF leads with 11.57% vs 10.79% for FSMD. On fees, FSMD is cheaper at 0.29% per year. On volatility, FSMD has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SMLF has performed better with a 11.57% return vs 10.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FSMD is cheaper with a 0.29% expense ratio, compared with 0.30% for SMLF.

FSMD has the higher dividend yield at 1.22%, compared with 1.01% for SMLF.

SMLF is categorized as Small Cap Blend Equities, while FSMD is Small Cap Growth Equities. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.30% for SMLF and 0.29% for FSMD.

SMLF currently has the higher Sharpe Ratio (1.96 vs 1.95), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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