TSPA vs. FSMD

Last updated Jun 14, 2026

TSPA (T. Rowe Price US Equity Research ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. TSPA is actively managed, while FSMD is passively managed. Over the past 5 years, TSPA returned 14.00%/yr vs 10.00%/yr for FSMD. Their correlation of 0.80 suggests significant overlap in exposure. TSPA charges 0.34%/yr vs 0.29%/yr for FSMD.

Performance

TSPA vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price US Equity Research ETF (TSPA) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSPA achieves a 9.54% return, which is significantly lower than FSMD's 17.58% return.

TSPA

• 1D: 0.47%
• 1M: 0.21%
• YTD: 9.54%
• 6M: 10.14%
• 1Y: 25.57%
• 3Y*: 21.63%
• 5Y*: 14.00%
• 10Y*: —

FSMD

• 1D: 1.00%
• 1M: 6.31%
• YTD: 17.58%
• 6M: 15.58%
• 1Y: 29.65%
• 3Y*: 17.46%
• 5Y*: 10.00%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TSPA vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TSPA T. Rowe Price US Equity Research ETF	9.54%	16.44%	26.37%	29.95%	-18.70%	13.26%
FSMD Fidelity Small-Mid Multifactor ETF	17.58%	8.70%	15.18%	17.37%	-11.15%	4.94%

Correlation

The correlation between TSPA and FSMD is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021	0.80

The correlation between TSPA and FSMD has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

TSPA vs. FSMD - Sectors Allocation Comparison

Sectors	TSPA	FSMD
Technology	35.9%	20.5%
Financial Services	12.2%	14.8%
Communication Services	11.3%	2.9%
Consumer Cyclical	10.0%	10.6%
Healthcare	8.6%	11.7%
Industrials	8.0%	20.1%
Consumer Defensive	4.7%	3.1%
Energy	3.6%	4.1%
Utilities	2.4%	2.1%
Basic Materials	1.8%	4.0%
Real Estate	1.7%	6.2%

Return for Risk

TSPA vs. FSMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TSPA

TSPA Risk / Return Rank: 67
TSPA Sharpe Ratio Rank: 67
TSPA Sortino Ratio Rank: 64
TSPA Omega Ratio Rank: 68
TSPA Calmar Ratio Rank: 60
TSPA Martin Ratio Rank: 73

FSMD

FSMD Risk / Return Rank: 66
FSMD Sharpe Ratio Rank: 61
FSMD Sortino Ratio Rank: 64
FSMD Omega Ratio Rank: 58
FSMD Calmar Ratio Rank: 74
FSMD Martin Ratio Rank: 73

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.

TSPA vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) 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.

	TSPA	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.78	+0.14
Sortino ratio: Return per unit of downside risk	2.60	2.58	+0.03
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	2.64	3.30	-0.66
Martin ratio: Return relative to average drawdown	11.98	11.89	+0.09

TSPA vs. FSMD - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 1.91, which is comparable to the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of TSPA 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.

Drawdowns

TSPA vs. FSMD - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for TSPA and FSMD.

Drawdown Indicators

	TSPA	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-40.67%	+15.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-8.44%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-22.16%	+3.12%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-22.16%	-2.56%
Current Drawdown Current decline from peak	-2.25%	0.00%	-2.25%
Average Drawdown Average peak-to-trough decline	-5.47%	-5.98%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.34%	-0.30%

Volatility

TSPA vs. FSMD - Volatility Comparison

The current volatility for T. Rowe Price US Equity Research ETF (TSPA) is 4.52%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 5.14%. This indicates that TSPA experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPA	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	5.14%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	11.85%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	15.69%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	18.55%	-1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	21.43%	-4.40%

TSPA vs. FSMD - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is higher than FSMD's 0.29% expense ratio.

Dividends

TSPA vs. FSMD - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.57%, less than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
TSPA T. Rowe Price US Equity Research ETF	0.57%	0.62%	0.50%	0.41%	1.16%	0.43%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSPA and FSMD in my portfolio?

TSPA and FSMD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSPA or FSMD?

FSMD has higher volatility (5.14%) compared to TSPA (4.52%). In terms of maximum drawdown, TSPA dropped -24.72% vs FSMD's -40.67%.

Which ETF is better, TSPA or FSMD?

On 5-year performance, TSPA leads with 14.00% vs 10.00% for FSMD. On fees, FSMD is cheaper at 0.29% per year. On volatility, TSPA has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPA or FSMD?

Over the 5-year period, TSPA has performed better with a 14.00% return vs 10.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPA or FSMD?

FSMD is cheaper with a 0.29% expense ratio, compared with 0.34% for TSPA.

Which ETF pays a higher dividend yield, TSPA or FSMD?

FSMD has the higher dividend yield at 1.18%, compared with 0.57% for TSPA.

What is the main difference between TSPA and FSMD?

TSPA is categorized as Large Cap Blend Equities, while FSMD is Small Cap Growth Equities. They also come from different issuers: T. Rowe Price and Fidelity. Their fees differ too: 0.34% for TSPA and 0.29% for FSMD.

Which has better risk-adjusted returns?

TSPA currently has the higher Sharpe Ratio (1.91 vs 1.78), 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.