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FESC vs FESM

First Eagle Small Cap Equity ETF

FESCCNYSE Arca

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Overlap

Expense ratio

FESM −0.27pt a year

FESC0.55%FESM0.28%

Avg volume · 30D

FESM 147.6×the volume

FESC7.15KFESM1.06M

FESC vs FESM Performance

Aug 7, 2026 – Nov 9, 2026

−5.0%FESC−5.1%FESM

Aug 7, 2026 to Nov 9, 2026. FESC −5.0%. FESM −5.1%. Use the arrow keys to read each point.−8%−2%0%Aug 2026Sep 2026Nov 2026
Expense ratio
FESC 0.55%
FESM 0.28%, better
Fund size
FESC $5M
FESM $6.74B
1Y total return
FESC No data
FESM +25.8%
Yield (12M)
FESC No data
FESM 0.86%
Holdings
FESC 178
FESM 895
Avg volume (30D)
FESC 7.15K sh
FESM 1.06M sh, better
NAV per share
FESC $22.41
FESM $45.75
52W range

ETF.net Grade

FESC: Cost 54, Risk 35, Mission not scored, Tradability 43, Holdings 61, Durability 13. FESM: Cost 96, Risk 66, Mission 85, Tradability 91, Holdings 78, Durability 93.
Pillar letters and Scores for FESC, FESM, with each pillar’s weight
PillarFESCFESM
Cost30% weightC54A96Higher
Mission25% weightNot scoredA85
Risk15% weightD35B66Higher
Tradability15% weightC43A91Higher
Holdings10% weightB61A78Higher
Durability5% weightF13A93Higher

Rank among US Active Small-Cap funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FESC and FESM are both graded against the same 39 US Active Small-Cap funds, so their Grades compare head to head.

US Active Small-Cap⁠

Category · 39 funds
See all 39 ›

FESM ranks 2nd and FESC 21st of 39 funds in the US Active Small-Cap Category.

  1. Rank 1AAVSCAvantis U.S. Small Cap Equity ETFScore 88
  2. Rank 2AFESMFidelity Enhanced Small Cap ETFScore 86
  3. Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
  4. Rank 21CAFSMFirst Trust Active Factor Small Cap ETFScore 46
  5. Rank 21CFESCFirst Eagle Small Cap Equity ETFScore 46
  6. Rank 23CSCDVBahl & Gaynor Small Cap Dividend ETFScore 42

Our read on each fund

ETF.net Research

FESCCFirst Eagle Small Cap Equity ETF

FESMAFidelity Enhanced Small Cap ETF

In short

FESC No data

FESM A quant small-cap strategy that has been running since 2007 and moved into an ETF wrapper in 2023 with the same mandate. It nudges the Russell 2000 rather than copying it, and charges far less than the typical active small-cap fund.

Stated mandate

FESC No data

FESM The fund is a diversified U.S. equity strategy focused on small-cap companies. It seeks to outperform its benchmark through a quantitative process that balances risk and return.

Why people hold it

FESC No data

  • FESM Costs 0.28% a year, roughly half the median for active US small-cap ETFs. Cheap fuel for a strategy that only needs to beat its benchmark by a little.
  • The strategy dates to 2007 as a Fidelity mutual fund and kept the same objective when it converted to an ETF in 2023. Long history, newer ticker.fidelity.com
  • A multi-billion-dollar fund that trades actively, so getting in and out tends to be straightforward. One of the stronger builds in the active small-cap group.
  • Spreads across roughly 600 small-cap names, so no single blowup dominates. This is a diversified core sleeve, not a concentrated stock-picker bet.

Worth knowing

FESC No data

  • FESM Small caps are the choppiest corner of the US market, and this fund lives there full time. Expect a bumpier ride than a large-cap core holding.fidelity.com
  • Enhanced index means small tilts around the Russell 2000, not a break from it. Results track close to the index rather than looking dramatically different.fidelity.com
  • Cheap, but not the cheapest in the room: top-rated peers AVSC and AVUV run 0.25% and DUHP 0.20%.

Full FESC profile⁠

Full FESM profile⁠

FESC vs FESM Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FESC vs FESM Cost

Overpaying FESC vs FESM

$5,149

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FESC 0.55%

    $10,904

  • FESM 0.28%

    $5,755

$10,000
30 years

Cost over time

  • FESC 0.55%
  • FESM 0.28%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530FESC $10,904FESM $5,755

Year by year

YearFESCFESMOverpaying
10$988$509$479
20$3,790$1,976$1,814
30$10,904$5,755$5,149

Expense ratio

  • 0.55%FESC
  • 0.28%FESM, cheaper
  • Middle half of US Active Small-Cap funds
  • Median 0.55%

FESM 2nd cheapest of 39 funds

FESC 18th cheapest of 39 funds

FESC vs FESM Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
FESC No data
FESM 0.86%
Payout (12M)
FESC None
FESM $0.39
Last payment
FESC No data
FESM $0.10
Ex-dividend
FESC No data
FESM Sep 18, 2026
Paid on
FESC No data
FESM Sep 22, 2026
Frequency
FESC No data
FESM Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

FESCAll FESC payments⁠

No distribution history available.

FESMQuarterly · 13 paymentsAll FESM payments⁠
One bar per payment. 13 payments from 2023 to 2026 YTD. Nov 14, 2023 $0.11; Dec 28, 2023 $0.02; Mar 15, 2024 $0.07; Jun 21, 2024 $0.05; Sep 20, 2024 $0.07; Dec 20, 2024 $0.16; Mar 21, 2025 $0.16; Jun 20, 2025 $0.01; Sep 19, 2025 $0.05; Dec 19, 2025 $0.08; Mar 20, 2026 $0.09; Jun 18, 2026 $0.11; Sep 18, 2026 $0.10. Use the arrow keys to read each point.$0$0.1020232026YTD

FESC vs FESM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FESC No dataFESM 19.6%since Dec 2023
Return per unit of riskSharpe ratio, 3 years
FESC No dataFESM 0.97since Dec 2023
Worst fallMax drawdown, 5 years
FESC No dataFESM −26.9%since Nov 2023
Market sensitivityBeta, 5 years
FESC 0.14FESM 1.33

FESC and FESM in the news

All news⁠

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