FSMD vs IVV
Fidelity Small-Mid Multifactor ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. FSMD delivered stronger 1-year returns. FSMD offers more diversification with 573 holdings.
Side-by-Side Comparison
| Metric | FSMD | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.03% | |
| AUM | $2.6B | $865.2B | |
| Dividend Yield | 1.20% | 1.09% | |
| Holdings | 601 | 508 | |
| YTD Return | +19.10% | +13.72% | |
| 1Y Return | +24.92% | +21.64% | |
| 3Y Return (annualized) | +17.24% | +21.55% | |
| 5Y Return (annualized) | +10.46% | +13.27% | |
| Volatility (annualized) | 19.1% | 15.1% | |
| Max Drawdown | -40.9% | -56.5% | |
| Fund Family | Fidelity Investments (US) | iShares by BlackRock (US) | |
| Category | Equity | Equity | |
| Inception | Feb 26, 2019 | May 15, 2000 |
FSMD vs IVV Performance
Fidelity Small-Mid Multifactor ETF (FSMD) is a ETF from Fidelity Investments (US) and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year FSMD returned +24.92% while IVV returned +21.64%. Year to date, FSMD is up 19.10% versus a gain of 13.72% for IVV.
Over three years, FSMD compounded at +17.24% per year against +21.55% for IVV; over five years the annualized figures are +10.46% and +13.27% respectively. Across the full 8-year window we track, FSMD has the edge at +11.70% annualized vs +7.04%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FSMD has been the more volatile fund, with annualized monthly volatility of 19.1% compared with 15.1% 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 -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 1.20% against 1.09% for IVV.
Holdings Overlap
FSMD and IVV share 36 holdings out of 1042 unique holdings combined, representing a 1.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $12 per year of difference.
Which performed better, FSMD or IVV?
Over the past year FSMD returned +24.92% vs +21.64% for IVV, so FSMD leads on 1-year performance. Over the longest common window we track (8 years), FSMD annualized +11.70% vs +7.04% for IVV. Past performance does not guarantee future results.
Which is riskier, FSMD or IVV?
FSMD has been the more volatile fund at 19.1% annualized versus 15.1% for IVV. Worst drawdown: FSMD -40.9% vs IVV -56.5%.
Should I hold both FSMD and IVV?
FSMD and IVV have a monthly-return correlation of 0.88, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FSMD and IVV?
FSMD and IVV share 36 common holdings with a 1.4% weight overlap. Combined, they hold 1042 unique securities.
Which pays a higher dividend, FSMD or IVV?
FSMD yields 1.20% while IVV yields 1.09%, so FSMD currently pays the higher dividend yield.
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