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SMLF vs. FSMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLF vs. FSMD

Last updated Aug 2, 2026
Documentation

SMLF (iShares U.S. Small-Cap Equity Factor ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both Small Cap Blend Equities funds - SMLF tracks the STOXX U.S. Small-Cap Equity Factor Index while FSMD tracks the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, SMLF returned 10.96%/yr vs 9.94%/yr for FSMD. Their 0.96 correlation means they have historically moved very closely together. Both charge a 0.15% expense ratio.

Performance

SMLF vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Small-Cap Equity Factor 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

The year-to-date returns for both investments are quite close, with SMLF having a 15.73% return and FSMD slightly higher at 15.80%.

SMLF

1D
-0.34%
1M
-2.11%
6M
11.39%
YTD
15.73%
1Y
27.75%
3Y*
16.57%
5Y*
10.96%
10Y*
12.07%
ALL TIME*
11.32%

FSMD

1D
-0.12%
1M
-1.72%
6M
11.82%
YTD
15.80%
1Y
24.59%
3Y*
15.14%
5Y*
9.94%
10Y*
—
ALL TIME*
11.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FSMD

Fidelity Small-Mid Multifactor ETF
$4.61M$5.11M$5.82M

SMLF

iShares U.S. Small-Cap Equity Factor ETF
$11.55M$13.63M$14.55M

SMLF vs. FSMD - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
SMLF
iShares U.S. Small-Cap Equity Factor ETF		15.73%12.30%16.33%19.99%-12.19%26.53%8.38%5.35%
FSMD
Fidelity Small-Mid Multifactor ETF		15.80%8.70%15.18%17.37%-11.15%26.40%8.94%8.81%

Correlation

The correlation between SMLF and FSMD is 0.93, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.93

Correlation (3Y)
Balances recent behavior with more history.

0.95

Correlation (5Y)
Shows whether the relationship held over a longer 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 0.93 to 0.96 - a consistent structural relationship.

SMLF vs. FSMD - Sectors Allocation Comparison

Sectors
SMLF
FSMD

Technology

19.2%
20.9%

Industrials

18.9%
20.3%

Healthcare

14.4%
12.2%

Financial Services

14.1%
15.2%

Consumer Cyclical

11.7%
10.6%

Real Estate

5.7%
6.1%

Basic Materials

4.2%
3.5%

Energy

3.9%
3.7%

Communication Services

2.9%
2.8%

Consumer Defensive

2.9%
2.9%

Utilities

2.0%
1.9%

Technology

SMLF
19.2%
FSMD
20.9%

Industrials

SMLF
18.9%
FSMD
20.3%

Healthcare

SMLF
14.4%
FSMD
12.2%

Financial Services

SMLF
14.1%
FSMD
15.2%

Consumer Cyclical

SMLF
11.7%
FSMD
10.6%

Real Estate

SMLF
5.7%
FSMD
6.1%

Basic Materials

SMLF
4.2%
FSMD
3.5%

Energy

SMLF
3.9%
FSMD
3.7%

Communication Services

SMLF
2.9%
FSMD
2.8%

Consumer Defensive

SMLF
2.9%
FSMD
2.9%

Utilities

SMLF
2.0%
FSMD
1.9%

Compare stocks, funds, or ETFs

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

iShares U.S. Small-Cap Equity Factor 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 historical risk-adjusted metric ranks over the past 12 months.
SMLF
SMLF Risk / Return Rank: 7070
Overall Rank
SMLF Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 6666
Sortino Ratio Rank
SMLF Omega Ratio Rank: 6060
Omega Ratio Rank
SMLF Calmar Ratio Rank: 8282
Calmar Ratio Rank
SMLF Martin Ratio Rank: 7979
Martin Ratio Rank
FSMD
FSMD Risk / Return Rank: 6868
Overall Rank
FSMD Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
FSMD Sortino Ratio Rank: 6666
Sortino Ratio Rank
FSMD Omega Ratio Rank: 6060
Omega Ratio Rank
FSMD Calmar Ratio Rank: 7777
Calmar Ratio Rank
FSMD Martin Ratio Rank: 7474
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMLF vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Small-Cap Equity Factor 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
1.49
1.44

+0.05

Sortino ratioReturn per unit of downside risk
2.16
2.16

-0.01

Omega ratioGain probability vs. loss probability

1.26

1.26

0.00

Calmar ratioReturn relative to maximum drawdown

3.00

2.71

+0.29

Martin ratioReturn relative to average drawdown

10.03

9.08

+0.95

SMLF vs. FSMD - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.49, which is comparable to the FSMD Sharpe Ratio of 1.44. 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

-3.26%

-3.99%

+0.73%

Average Drawdown

Average peak-to-trough decline

-6.53%

-5.92%

-0.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.60%

2.52%

+0.08%

Volatility

SMLF vs. FSMD - Volatility Comparison

iShares U.S. Small-Cap Equity Factor ETF (SMLF) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 4.00% and 4.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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

4.00%

4.05%

-0.05%

Volatility (6M)

Calculated over the trailing 6-month period

12.80%

12.33%

+0.47%

Volatility (1Y)

Calculated over the trailing 1-year period

17.54%

15.87%

+1.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.01%

18.54%

+2.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.76%

21.32%

+0.44%

SMLF vs. FSMD - Expense Ratio Comparison

Both SMLF and FSMD have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SMLF vs. FSMD - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.02%, less than FSMD's 1.25% yield.

PositionTTM20252024202320222021202020192018201720162015
FSMD
Fidelity Small-Mid Multifactor ETF		1.25%1.33%1.29%1.37%1.54%1.18%1.32%1.37%0.00%0.00%0.00%0.00%
SMLF
iShares U.S. Small-Cap Equity Factor ETF		1.02%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 0.93, 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.

FSMD has higher volatility (4.05%) compared to SMLF (4.00%). In terms of maximum drawdown, SMLF dropped -41.89% vs FSMD's -40.67%.

On 5-year performance, SMLF leads with 10.96% vs 9.94% for FSMD. Both ETFs have the same 0.15% expense ratio. Their volatility is very similar. 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 10.96% return vs 9.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMLF and FSMD have the same expense ratio: 0.15% per year.

FSMD has the higher dividend yield at 1.25%, compared with 1.02% for SMLF.

SMLF tracks STOXX U.S. Small-Cap Equity Factor Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: iShares and Fidelity.

SMLF currently has the higher Sharpe Ratio (1.49 vs 1.44), 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.

Portfolio Optimizer

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