FSMD vs IVV
Fidelity Small-Mid Multifactor ETF vs iShares Core S&P 500 ETF
Which is better, FSMD or IVV?
Mid Cap Growth against Large Cap Blend.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. FSMD is less concentrated, with 3.8% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FSMD | IVV |
|---|---|---|
| Expense Ratio | 0.15% | 0.03%Best |
| AUM | $2.5B | $876.4B |
| Dividend Yield | 1.24% | 1.06% |
| Holdings | 601 | 508 |
| YTD Return | +12.31% | +12.98%Best |
| 1Y Return | +14.06% | +16.69%Best |
| 3Y Return (annualized) | +16.88% | +23.02%Best |
| 5Y Return (annualized) | +9.37% | +13.61%Best |
| Volatility (annualized) | 19.0% | 16.4%Best |
| Max Drawdown | -40.9% | -33.9%Best |
| $10,000 over 5 years | $15,649 | $18,927Best |
| Top 10 Weight | 3.8%Best | 37.8% |
| Fund Family | Fidelity Investments (US) | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Feb 26, 2019 | May 15, 2000 |
Volatility and max drawdown are measured over the window both funds cover: Feb 28, 2019 to Sep 28, 2026 (7.6 years).
FSMD vs IVV growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 7.6 years both funds cover.
FSMD vs IVV Performance
Fidelity Small-Mid Multifactor ETF (FSMD) is an ETF from Fidelity Investments (US) and iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US). Over the past year FSMD returned +14.06% while IVV returned +16.69%. Year to date, FSMD is up 12.31% versus a gain of 12.98% for IVV.
Over three years, FSMD compounded at +16.88% per year against +23.02% for IVV; over five years the annualized figures are +9.37% and +13.61% respectively. Across the full 8-year window we track, IVV has the edge at +15.44% annualized vs +10.63%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FSMD has been the more volatile fund, with annualized monthly volatility of 19.0% compared with 16.4% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -40.9% for FSMD and -33.9% for IVV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FSMD charges 0.15% per year while IVV charges 0.03%. On a $10,000 position that is $15 vs $3 annually, a gap of $12 per year that compounds over a long holding period. On income, FSMD currently yields 1.24% against 1.06% for IVV.
Holdings Overlap
10.2% of FSMD's money is in holdings IVV also owns. 0.8% of IVV's money is in holdings FSMD also owns.
FSMD and IVV share little of their money.
39 positions in common, counted across the 583 positions we hold weights for in FSMD and 490 in IVV, against full books of 601 and 508.
What only one of them owns
Our book lists 443 positions for IVV that do not appear in our book for FSMD (97.8% of the fund), and 530 for FSMD that do not appear in IVV (85.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FSMD | Weight in IVV | Difference |
|---|---|---|---|
| INCYIncyte Corp. | 0.39% | 0.03% | 0.36% |
| LLoews Corp | 0.35% | 0.03% | 0.32% |
| GENGen Digital Inc | 0.33% | 0.03% | 0.30% |
| ZBRAZebra Technologies Corp | 0.31% | 0.03% | 0.28% |
| NWSANews Corp A | 0.31% | 0.02% | 0.29% |
| KIMKimco Realty Corp. | 0.30% | 0.02% | 0.28% |
| SJMJ M Smucker Co/The | 0.30% | 0.02% | 0.28% |
| NDSNNordson Corp | 0.29% | 0.03% | 0.26% |
| RVTYRevvity Inc | 0.29% | 0.02% | 0.27% |
| AIZAssurant, Inc. | 0.29% | 0.02% | 0.27% |
You are not choosing between two funds in isolation.
Whichever of FSMD and IVV you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FSMD or IVV?
FSMD has an expense ratio of 0.15% while IVV charges 0.03%. IVV is the cheaper option, by $12 a year on a $10,000 investment.
Which performed better, FSMD or IVV?
Over the past year FSMD returned +14.06% vs +16.69% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (8 years), FSMD annualized +10.63% vs +15.44% for IVV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FSMD or IVV?
FSMD has been the more volatile fund at 19.0% annualized versus 16.4% for IVV. Worst drawdown: FSMD -40.9% vs IVV -33.9%.
Should I hold both FSMD and IVV?
FSMD and IVV have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between FSMD and IVV?
10.2% of FSMD's money is in holdings IVV also owns. 0.8% of IVV's is in holdings FSMD also owns. They hold 39 positions in common, counted across the 583 positions we hold weights for in FSMD and 490 in IVV.
Which pays a higher dividend, FSMD or IVV?
FSMD yields 1.24% while IVV yields 1.06%, so FSMD currently pays the higher dividend yield.
Is IVV better than FSMD?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. FSMD is less concentrated, with 3.8% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.