FESM vs SCDV: Grades, Fees and Holdings Compared

Fidelity Enhanced Small Cap ETF

FESMANYSE Arca

Bahl & Gaynor Small Cap Dividend ETF

SCDVCNYSE Arca

Overlap

2.5%by weight

Expense ratio

FESM −0.42pt a year

FESM0.28%SCDV0.70%

Avg volume · 30D

FESM 112.7×the volume

FESM1.02MSCDV9.04K

FESM vs SCDV Performance

Oct 31, 2025 – Oct 30, 2026

+23.4%FESM+7.6%SCDV

Expense ratio: FESM 0.28%, better; SCDV 0.70%
Fund size: FESM $6.41B; SCDV $151M
1Y total return: FESM +23.4%, better; SCDV +7.6%
Yield (12M): FESM 0.86%, better; SCDV 0.42%
Holdings: FESM 892; SCDV 36
Avg volume (30D): FESM 1.02M sh, better; SCDV 9.04K sh
NAV per share: FESM $45.47; SCDV $26.54
52W range

ETF.net Grade

Pillar letters and Scores for FESM, SCDV, with each pillar’s weight
Pillar	FESM	SCDV
Cost30% weight	A96Higher	D33
Mission25% weight	A85	Not scored
Risk15% weight	C54Higher	C43
Tradability15% weight	A93Higher	B67
Holdings10% weight	A82Higher	D28
Durability5% weight	A93Higher	C52

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. FESM and SCDV 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 SCDV 24th of 39 funds in the US Active Small-Cap Category.

Rank 1AAVSCAvantis U.S. Small Cap Equity ETFScore 88
Rank 2AFESMFidelity Enhanced Small Cap ETFScore 85
Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
Rank 23CFESCFirst Eagle Small Cap Equity ETFScore 44
Rank 24CSCDVBahl & Gaynor Small Cap Dividend ETFScore 42
Rank 25CCSMDCongress SMID Growth ETFScore 41

Our read on each fund

ETF.net Research

FESMAFidelity Enhanced Small Cap ETF

SCDVCBahl & Gaynor Small Cap Dividend ETF

In short

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.

SCDV No data

Stated mandate

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.

SCDV No data

Why people hold it

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.

SCDV No data

Worth knowing

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%.

SCDV No data

Full FESM profile⁠

Full SCDV profile⁠

FESM vs SCDV Holdings

How FESM and SCDV differ

Overlap by weight

2.5%

Shared holdings make up 30.6% of SCDV and 2.5% of FESM.

Level by level

Holdings9 in both2.5%
Sector11 Sectors81.6%
Countryby domicile92.9%
Asset classEquity100%

Sector

Sector weights in FESM and SCDV, widest gap first
Sector	More in FESMMore in SCDV	FESM	SCDV
Industrials	SCDV +12.6 points	14.4%	27.0%
Financials	FESM +6.6 points	19.2%	12.6%
Energy	FESM +4.2 points	6.2%	2.0%
Technology	FESM +3.3 points	15.8%	12.5%
Health Care	FESM +2.4 points	21.4%	19.0%
Real Estate	SCDV +2.2 points	4.0%	6.2%
Consumer Staples	SCDV +1.8 points	1.2%	3.0%
Utilities	SCDV +1.8 points	1.7%	3.5%
Communication	FESM +0.8 points	3.0%	2.1%
Materials	FESM +0.8 points	4.8%	4.0%
Consumer Discretionary	FESM +0.2 points	8.3%	8.1%

Country, concentration and asset class

Country by domicile

Country weights in FESM and SCDV, widest gap first
Country	More in FESMMore in SCDV	FESM	SCDV
United States	FESM +6.7 points	99.4%	92.7%
China	SCDV +3.7 points	0.0%	3.7%
Canada	SCDV +3.4 points	0.2%	3.6%
Other countries (4)	FESM +0.4 points	0.4%	0.0%

Concentration

Weight in the 10 largest Holdings

FESM9.7%
SCDV47.9%

Securities held

FESM889
SCDV36

Asset class

FESM: Equity
SCDV: Equity

Holdings

Only in FESM880
In both9
Only in SCDV27

Only in FESM

880 securities, 99.3% of FESM by weight

Securities Lending Cf2.80%
Glaukos Corp1.02%
Commercial Metals Co0.75%
Fluor Corp0.73%
Oscar Health Inc - Class A0.72%
Outfront Media Inc0.72%
Abercrombie & Fitch Co Class A0.71%
Enersys Inc0.69%
Healthequity Inc0.69%
Griffon Corp0.67%
Plexus Corp0.65%
Openlane Inc0.64%
Kulicke & Soffa Industries Inc0.63%
Phillips Edison & Co0.62%
Maxlinear Inc0.59%
Ceco Environmental Corp0.59%
Aci Worldwide Inc0.58%
Materion Corp0.58%
Sonos Inc0.57%
Payoneer Global Inc0.57%
Wsfs Financial Corp0.57%
Delek Us Holdings Inc0.56%
Brightspring Hlth Services Inc0.56%
Guardant Health Inc0.55%
Home Bancshares Inc0.55%
Encore Cap Group Inc0.53%
Tutor Perini Corp0.53%
Navan Inc A0.53%
Hci Group Inc0.53%
Harmony Biosciences Hldgs Inc0.52%
Clear Secure Inc0.52%
Atricure Inc0.52%
Aar Corp0.51%
Skywest Inc0.49%
Insight Enterprises Inc0.49%
Option Care Health Inc0.49%
Workiva Inc0.49%
Kodiak Gas Services Inc0.49%
Cushman & Wakefield Ltd0.49%
Wesbanco Inc0.48%
Commvault Systems Inc0.48%
Adaptive Biotechnologies Corp0.48%
Extreme Networks Inc0.47%
Skyward Specialty Ins Grp Inc0.46%
Polaris Inc0.46%
Glacier Bancorp Inc0.45%
Wisdomtree Inc0.44%
Twist Bioscience Corp0.44%
Life Time Group Holdings Inc0.43%
Callaway Golf Company0.42%

Only in SCDV

27 securities, 69.4% of SCDV by weight

Chemed Corp5.77%
Victory Capital Holdings Inc4.56%
Enpro Inc3.91%
Silicon Motion Technology Corp3.72%
Gildan Activewear Inc3.60%
Reinsurance Group of America Inc3.42%
Evercore Inc3.42%
Entegris Inc3.33%
Texas Roadhouse Inc3.21%
Littelfuse Inc3.15%
Tetra Tech Inc2.93%
Chesapeake Utilities Corp2.59%
Badger Meter Inc2.46%
MSA Safety Inc2.42%
BWX Technologies Inc2.25%
Armstrong World Industries Inc2.04%
DT Midstream Inc2.04%
Encompass Health Corp1.98%
US Physical Therapy Inc1.92%
Moog Inc1.63%
Curtiss-Wright Corp1.63%
PriceSmart Inc1.55%
Terreno Realty Corp1.37%
Interparfums Inc1.34%
New York Times Co/The1.26%
AptarGroup Inc1.19%
Winmark Corp0.77%

Weight gaps

All 9 Holdings in both funds, largest gap first.

Holding weights in FESM and SCDV, widest gap first
Holding	More in FESMMore in SCDV	FESM	SCDV
Ensign Group IncENSG	SCDV +9.70 points	0.04%	9.74%
American Healthcare Reit IncAHR	SCDV +4.89 points	0.00%	4.89%
Federal Signal CorpFSS	SCDV +4.80 points	0.09%	4.89%
Applied Industrial Tech IncAIT	SCDV +2.85 points	0.21%	3.06%
Balchem CorpBCPC	SCDV +1.78 points	0.58%	2.36%
First Financial BancorpFFBC	SCDV +1.71 points	0.05%	1.76%
Sensient Technologies CorpSXT	SCDV +1.58 points	0.52%	2.10%
Southwest Gas Holdings IncSWX	SCDV +0.78 points	0.31%	1.09%
Installed Building Prod IncIBP	FESM +0.05 points	0.71%	0.66%

All 632 FESM holdings⁠All 36 SCDV 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.

FESM vs SCDV Cost

Overpaying SCDV vs FESM

$7,851

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

FESM 0.28%
$5,755
SCDV 0.70%
$13,606

Amount$10,000

Years30 years

Cost over time

FESM 0.28%
SCDV 0.70%
Overpaying

Year by year

Year	FESM	SCDV	Overpaying
10	$509	$1,250	$741
20	$1,976	$4,760	$2,784
30	$5,755	$13,606	$7,851

Expense ratio

0.28%FESM, cheaper
0.70%SCDV

FESM0.28%SCDV0.70%

0.25%2.20%

Middle half of US Active Small-Cap funds
Median 0.55%

FESM 2nd cheapest of 39 funds

SCDV 26th cheapest of 39 funds

FESM vs SCDV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FESM 0.86%, better; SCDV 0.42%
Payout (12M): FESM $0.39; SCDV $0.11
Last payment: FESM $0.10; SCDV $0.008
Ex-dividend: FESM Sep 18, 2026; SCDV Oct 29, 2026
Paid on: FESM Sep 22, 2026; SCDV Pays Nov 2, 2026
Frequency: FESM Quarterly; SCDV Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FESMQuarterly · 13 paymentsAll FESM payments⁠

SCDVMonthly · 23 paymentsAll SCDV payments⁠

FESM vs SCDV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FESM 19.6%since Dec 2023SCDV 14.4%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: FESM 0.97since Dec 2023SCDV 0.25since Jan 2025
Worst fallMax drawdown, 5 years: FESM −26.9%since Nov 2023SCDV −22.8%since Dec 2024
Market sensitivityBeta, 5 years: FESM 1.34SCDV 0.72; Market = 1

FESM and SCDV in the news

All news⁠

Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026FESM

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FESM vs SCDV

In short

Stated mandate

Why people hold it

Worth knowing

How FESM and SCDV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in SCDV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart

How FESM and SCDV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FESM

Only in SCDV

Weight gaps