FSMD vs VONV: Grades, Fees and Holdings Compared

Fidelity Small-Mid Multifactor ETF

FSMDANYSE Arca

Vanguard Russell 1000 Value ETF

VONVANasdaq

Overlap

5.5%by weight

Expense ratio

VONV −0.09pt a year

FSMD0.15%VONV0.06%

Avg volume · 30D

VONV 5.0×the volume

FSMD154KVONV774K

5Y return · a year

VONV +2.6pt

FSMD+9.1%VONV+11.7%

FSMD vs VONV Performance

Oct 29, 2021 – Oct 30, 2026

+54.3%FSMD+73.8%VONV

Expense ratio: FSMD 0.15%; VONV 0.06%, better
Fund size: FSMD $2.49B; VONV $23.3B
1Y total return: FSMD +18.1%; VONV +28.5%, better
Yield (12M): FSMD 1.29%; VONV 1.53%, better
Holdings: FSMD 600; VONV 873
Avg volume (30D): FSMD 154K sh; VONV 774K sh, better
NAV per share: FSMD $50.22; VONV $113.44
52W range

ETF.net Grade

Pillar letters and Scores for FSMD, VONV, with each pillar’s weight
Pillar	FSMD	VONV
Cost30% weight	A83	A96Higher
Mission25% weight	A95	A100Higher
Risk15% weight	D39	A86Higher
Tradability15% weight	C52	B60Higher
Holdings10% weight	A86Higher	C49
Durability5% weight	B63	A93Higher

Rank among US Multifactor funds

How we build Categories ›

Same Category. FSMD and VONV are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

VONV ranks 1st and FSMD 16th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 14AIJKiShares S&P Mid-Cap 400 Growth ETFScore 75
Rank 16AFSMDFidelity Small-Mid Multifactor ETFScore 74
Rank 17AQVMLInvesco S&P 500 QVM Multi-factor ETFScore 72

Our read on each fund

ETF.net Research

FSMDAFidelity Small-Mid Multifactor ETF

VONVAVanguard Russell 1000 Value ETF

In short

FSMD Most multifactor ETFs run their screens on the biggest US companies. FSMD points the same four lenses (cheap, high-quality, trending, calmer) at small and mid-cap America, and charges 0.15% a year to do it.

VONV The plain-vanilla value trade, done cheap: about 900 large US value stocks, full replication of the Russell 1000 Value Index, 0.06% a year. No factor cocktail, no premium price tag, and one of the strongest implementations in its factor peer group.

Stated mandate

FSMD Seeks to track, before fees and expenses, the Fidelity Small-Mid Multifactor Index by normally investing at least 80% in its securities. The index covers small- and mid-capitalization U.S. companies selected for attractive valuations, high quality, positive momentum, and lower volatility than the broader market.

VONV The fund seeks to track the Russell 1000 Value Index, representing large-capitalization value stocks in the United States. It uses passive indexing and full replication to remain closely aligned with that benchmark.

Why people hold it

FSMD 0.15% a year, well under the typical fee in the multifactor aisle. Less cost drag means the factor tilt has a smaller hurdle to clear.
Four screens working together (value, quality, momentum, lower volatility) rather than one, so a single factor's cold streak doesn't set the whole portfolio's direction.
Roughly 600 small and mid-cap US names, so any one stock's bad week is a rounding error. Pays quarterly.
The heavyweights of its peer group (VONV, VYM, IUSG) all fish in large caps. FSMD is one of the stronger builds carrying the multifactor idea down the cap ladder.

VONV 0.06% a year, a fraction of the typical fee among factor ETFs. On a rules-based value index there is little room for cleverness, so cost does most of the work.vanguard.com
Full replication, not sampling: it owns the index's roughly 900 names and has stayed tightly aligned with the Russell 1000 Value benchmark since launching in 2010.
Same Russell benchmark as pricier rivals for less: the Goldman MarketBeta version (GVUS) charges 0.12% to track the identical value index.
A multi-billion-dollar fund that trades actively, among the easiest in its group to get in and out of, and it distributes quarterly.

Worth knowing

FSMD Small and mid-caps move harder than large caps in both directions. The low-volatility screen aims to soften that ride, not flatten it.
Fidelity builds the index the fund tracks, so there's no outside benchmark provider setting the rules for what gets in.
Volume is moderate rather than heavy, so spreads can run wider than the household-name small-cap funds, especially in choppy markets.

VONV One screen, one style. Value only, with no quality or momentum overlay, so the ride follows the value side of the market wherever it goes.vanguard.com
This is the entire value bucket, not a best-ideas portfolio. About 900 holdings means results hug the large-cap value category rather than stray from it.
Cheaper exists nearby: Vanguard's VYM charges 0.04%, but it screens for dividend yield, a different portfolio than a Russell value index.

Full FSMD profile⁠

Full VONV profile⁠

FSMD vs VONV Holdings

How FSMD and VONV differ

Overlap by weight

5.5%

Shared holdings make up 52.1% of FSMD and 5.5% of VONV.

Level by level

Holdings236 in both5.5%
Sector11 Sectors86.5%
Countryby domicile99.0%
Asset classEquity100%

Sector

Sector weights in FSMD and VONV, widest gap first
Sector	More in FSMDMore in VONV	FSMD	VONV
Industrials	FSMD +7.8 points	17.3%	9.5%
Technology	VONV +5.3 points	16.6%	21.9%
Consumer Staples	VONV +4.2 points	3.0%	7.2%
Real Estate	FSMD +3.2 points	6.7%	3.5%
Health Care	FSMD +2.3 points	15.7%	13.4%
Energy	VONV +1.6 points	4.6%	6.2%
Financials	VONV +1.0 points	16.9%	17.9%
Utilities	VONV +1.0 points	2.4%	3.4%
Materials	FSMD +0.1 points	3.4%	3.3%
Communication	VONV +0.1 points	3.3%	3.4%
Consumer Discretionary	VONV +0.1 points	10.3%	10.4%

Country, concentration and asset class

Country by domicile

Country weights in FSMD and VONV, widest gap first
Country	More in FSMDMore in VONV	FSMD	VONV
United States	VONV +1.0 points	99.0%	100.0%
Other countries (5)	FSMD +1.0 points	1.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FSMD4.5%
VONV29.8%

Securities held

FSMD596
VONV871

Asset class

FSMD: Equity
VONV: Equity

Holdings

Only in FSMD360
In both236
Only in VONV635

Only in FSMD

360 securities, 48.5% of FSMD by weight

Securities Lending Cf0.67%
Halozyme Therapeutics Inc0.34%
Viking Holdings Ltd0.31%
Gartner Inc0.31%
Medpace Holdings Inc0.31%
Manhattan Associates Inc0.30%
Allegion PLC0.29%
Godaddy Inc Class A0.29%
Twist Bioscience Corp0.28%
10X Genomics Inc0.28%
Semtech Corp0.27%
Lattice Semiconductor Corp0.26%
Penumbra Inc0.26%
Sm Energy Co0.25%
Abercrombie & Fitch Co Class A0.24%
Jackson Financial Inc0.23%
Fabrinet0.23%
Umb Financial Corp0.23%
Viasat Inc0.23%
Brinker International Inc0.22%
Murphy Usa Inc0.22%
Qualys Inc0.21%
Brightspring Hlth Services Inc0.21%
Rambus Inc0.21%
Autoliv Inc0.21%
Sterling Infrastructure Inc0.20%
Interdigital Inc0.20%
Commvault Systems Inc0.20%
Cnh Industrial NV A0.20%
Krystal Biotech Inc0.20%
Healthequity Inc0.20%
Rollins Inc0.20%
Pbf Energy Inc Class A0.20%
Moog Inc Class A0.20%
Zeta Global Holdings Corp0.20%
Murphy Oil Corp0.19%
Valley Natl Bancorp0.19%
United Bankshares Inc. W Va.0.19%
Tenable Holdings Inc0.19%
Box Inc Class A0.19%
Firstcash Holdings Inc0.19%
Haemonetics Corp Mass0.19%
Black Hills Corp0.19%
Essent Group Ltd0.19%
Caretrust Reit Inc0.19%
Selective Insurance Group Inc0.18%
Alkermes PLC0.18%
Corcept Therapeutics Inc0.18%
Digitalocean Holdings Inc0.18%
Victory Capital Hldgs Inc Class A0.18%

Only in VONV

635 securities, 94.3% of VONV by weight

Amazon.com Inc6.09%
Apple Inc6.07%
Microsoft Corp5.24%
Berkshire Hathaway Inc2.55%
JPMorgan Chase & Co2.43%
ExxonMobil Holdings Corp1.84%
Johnson & Johnson1.75%
Intel Corp1.51%
AbbVie Inc1.17%
Cisco Systems Inc1.17%
Walmart Inc1.15%
Chevron Corp1.04%
Merck & Co Inc0.99%
Procter & Gamble Co/The0.93%
UnitedHealth Group Inc0.91%
Bank of America Corp0.91%
Philip Morris International Inc0.82%
Coca-Cola Co/The0.81%
Meta Platforms Inc0.80%
Thermo Fisher Scientific Inc0.69%
RTX Corp0.69%
Goldman Sachs Group Inc/The0.67%
Wells Fargo & Co0.67%
Costco Wholesale Corp0.63%
Linde PLC0.60%
Morgan Stanley0.58%
International Business Machines Corp0.57%
QUALCOMM Inc0.53%
Verizon Communications Inc0.53%
Gilead Sciences Inc0.51%
Salesforce Inc0.50%
Walt Disney Co/The0.50%
Citigroup Inc0.50%
Analog Devices Inc0.49%
Abbott Laboratories0.47%
Welltower Inc0.46%
Deere & Co0.46%
McDonald's Corp0.45%
AT&T Inc0.45%
Pfizer Inc0.45%
Blackrock Inc0.44%
NextEra Energy Inc0.43%
ConocoPhillips0.42%
PepsiCo Inc0.42%
Union Pacific Corp0.41%
Charles Schwab Corp/The0.41%
Dell Technologies Inc0.39%
Eaton Corp PLC0.39%
Danaher Corp0.39%
Vertex Pharmaceuticals Inc0.37%

Weight gaps

The 100 widest of 236 Holdings in both funds.

Holding weights in FSMD and VONV, widest gap first
Holding	More in FSMDMore in VONV	FSMD	VONV
Everpure Inc-AP	FSMD +0.72 points	0.74%	0.02%
Guardant Health IncGH	FSMD +0.43 points	0.44%	<0.01%
Tenet Healthcare CorpTHC	FSMD +0.36 points	0.42%	0.06%
Permian Resources Corp Class APR	FSMD +0.35 points	0.39%	0.04%
Apa CorpAPA	FSMD +0.34 points	0.38%	0.04%
Revvity IncRVTY	FSMD +0.33 points	0.38%	0.05%
Charles River Labs Intl IncCRL	FSMD +0.33 points	0.37%	0.04%
Hasbro IncHAS	FSMD +0.32 points	0.35%	0.03%
Nvent Electric PLCNVT	FSMD +0.33 points	0.37%	0.04%
Dynatrace IncDT	FSMD +0.31 points	0.35%	0.04%
Hf Sinclair CorpDINO	FSMD +0.31 points	0.36%	0.04%
Loews CorpL	FSMD +0.31 points	0.36%	0.05%
East West Bancorp IncEWBC	FSMD +0.31 points	0.36%	0.05%
Reinsurance Group of AmericaRGA	FSMD +0.31 points	0.35%	0.04%
Exelixis IncEXEL	FSMD +0.31 points	0.34%	0.03%
Nutanix Inc Class ANTNX	FSMD +0.31 points	0.36%	0.05%
Docusign IncDOCU	FSMD +0.31 points	0.34%	0.03%
Incyte CorpINCY	FSMD +0.30 points	0.36%	0.06%
Ralph Lauren CorpRL	FSMD +0.30 points	0.31%	0.01%
Td Synnex CorpSNX	FSMD +0.30 points	0.35%	0.05%
Zebra Technologies Corp Class AZBRA	FSMD +0.29 points	0.34%	0.05%
Range Resources CorpRRC	FSMD +0.28 points	0.30%	0.02%
Neurocrine Biosciences IncNBIX	FSMD +0.27 points	0.28%	<0.01%
Host Hotels & Resorts IncHST	FSMD +0.28 points	0.32%	0.04%
News Corp New Class ANWSA	FSMD +0.27 points	0.30%	0.03%
Kimco Realty CorporationKIM	FSMD +0.27 points	0.31%	0.04%
Five Below IncFIVE	FSMD +0.27 points	0.29%	0.02%
Gen Digital IncGEN	FSMD +0.27 points	0.30%	0.03%
Renaissancere Hldgs LtdRNR	FSMD +0.27 points	0.31%	0.04%
Api Group CorpAPG	FSMD +0.27 points	0.31%	0.04%
Jm Smucker Co/TheSJM	FSMD +0.27 points	0.30%	0.03%
Assurant IncAIZ	FSMD +0.26 points	0.30%	0.04%
Wesco International IncWCC	FSMD +0.26 points	0.31%	0.05%
AramarkARMK	FSMD +0.26 points	0.30%	0.04%
Itt IncITT	FSMD +0.26 points	0.31%	0.05%
Skyworks Solutions IncSWKS	FSMD +0.26 points	0.30%	0.04%
Nordson CorpNDSN	FSMD +0.26 points	0.31%	0.05%
Coca Cola Consolidated IncCOKE	FSMD +0.25 points	0.28%	0.03%
Maplebear IncCART	FSMD +0.25 points	0.26%	<0.01%
Unum GroupUNM	FSMD +0.25 points	0.29%	0.04%
Stanley Black & Decker IncSWK	FSMD +0.25 points	0.29%	0.04%
Lincoln Electric Hldgs IncLECO	FSMD +0.25 points	0.28%	0.03%
Pinnacle West Capital CorpPNW	FSMD +0.25 points	0.28%	0.03%
Toll Brothers IncTOL	FSMD +0.25 points	0.28%	0.03%
Antero Res CorpAR	FSMD +0.24 points	0.27%	0.03%
Lamar Advertising Co Class ALAMR	FSMD +0.24 points	0.27%	0.03%
Clean Harbors IncCLH	FSMD +0.23 points	0.27%	0.04%
Caci International IncCACI	FSMD +0.23 points	0.27%	0.04%
Rbc Bearings IncRBC	FSMD +0.23 points	0.27%	0.04%
Encompass Health CorpEHC	FSMD +0.24 points	0.27%	0.03%
Omega Healthcare Investors IncOHI	FSMD +0.23 points	0.27%	0.04%
Texas Roadhouse IncTXRH	FSMD +0.23 points	0.25%	0.02%
Crown Holdings IncCCK	FSMD +0.23 points	0.26%	0.03%
Dt Midstream IncDTM	FSMD +0.24 points	0.27%	0.03%
Henry (Jack) & Associates IncJKHY	FSMD +0.23 points	0.26%	0.03%
New York Times Co Class ANYT	FSMD +0.23 points	0.26%	0.03%
Tko Group Holdings IncTKO	FSMD +0.23 points	0.25%	0.02%
Affiliated Managers Grp IncAMG	FSMD +0.22 points	0.25%	0.03%
American Finl Group Inc OhioAFG	FSMD +0.23 points	0.25%	0.02%
Globe Life IncGL	FSMD +0.22 points	0.26%	0.04%
Bwx Technologies IncBWXT	FSMD +0.23 points	0.23%	<0.01%
Rpm International IncRPM	FSMD +0.23 points	0.26%	0.03%
Match Group IncMTCH	FSMD +0.22 points	0.25%	0.03%
Mks IncMKSI	FSMD +0.23 points	0.27%	0.04%
Ally Financial IncALLY	FSMD +0.22 points	0.25%	0.03%
First Horizon CorpFHN	FSMD +0.22 points	0.25%	0.03%
Solventum CorpSOLV	FSMD +0.22 points	0.26%	0.04%
Healthpeak Properties IncDOC	FSMD +0.22 points	0.26%	0.04%
Oge Energy CorpOGE	FSMD +0.21 points	0.24%	0.03%
Southstate Bank CorpSSB	FSMD +0.21 points	0.24%	0.03%
Regency Centers Corp ReitREG	FSMD +0.21 points	0.25%	0.04%
Medline IncMDLN	FSMD +0.22 points	0.26%	0.04%
Wintrust Financial CorpWTFC	FSMD +0.21 points	0.24%	0.03%
Jazz Pharma PLCJAZZ	FSMD +0.21 points	0.25%	0.04%
Elanco Animal Health IncELAN	FSMD +0.21 points	0.24%	0.03%
Bio Techne CorpTECH	FSMD +0.21 points	0.24%	0.03%
RepligenRGEN	FSMD +0.21 points	0.24%	0.03%
Baxter Intl IncBAX	FSMD +0.21 points	0.24%	0.03%
Ensign Group IncENSG	FSMD +0.20 points	0.23%	0.03%
Popular IncBPOP	FSMD +0.21 points	0.23%	0.02%
Arrow Electronics IncARW	FSMD +0.21 points	0.24%	0.03%
Zions BancorpZION	FSMD +0.20 points	0.23%	0.03%
Columbia Banking Systems IncCOLB	FSMD +0.21 points	0.23%	0.02%
Huntington Ingalls Industr IncHII	FSMD +0.20 points	0.23%	0.03%
Molina Healthcare IncMOH	FSMD +0.20 points	0.23%	0.03%
Chord Energy CorpCHRD	FSMD +0.20 points	0.22%	0.02%
Sei Inv CorpSEIC	FSMD +0.20 points	0.23%	0.03%
Hyatt Hotels Corp Class AH	FSMD +0.20 points	0.20%	<0.01%
Service Corp International IncSCI	FSMD +0.20 points	0.23%	0.03%
Biomarin Pharmaceutical IncBMRN	FSMD +0.20 points	0.23%	0.03%
Equity Lifestyle Pptys IncELS	FSMD +0.20 points	0.23%	0.03%
Stifel Financial CorpSF	FSMD +0.20 points	0.23%	0.03%
Eastgroup Pptys IncEGP	FSMD +0.20 points	0.23%	0.03%
Epam Systems IncEPAM	FSMD +0.19 points	0.21%	0.02%
Paycom Software IncPAYC	FSMD +0.20 points	0.22%	0.02%
Voya Financial IncVOYA	FSMD +0.20 points	0.22%	0.02%
Borgwarner IncBWA	FSMD +0.20 points	0.23%	0.03%
Hanover Insurance Group IncTHG	FSMD +0.20 points	0.22%	0.02%
Crocs IncCROX	FSMD +0.19 points	0.21%	0.02%
Universal Health Svcs Inc Class BUHS	FSMD +0.20 points	0.22%	0.02%

All 602 FSMD holdings⁠All 872 VONV 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.

FSMD vs VONV Cost

Overpaying FSMD vs VONV

$1,867

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

FSMD 0.15%
$3,137
VONV 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

FSMD 0.15%
VONV 0.06%
Overpaying

Year by year

Year	FSMD	VONV	Overpaying
10	$274	$110	$164
20	$1,071	$432	$639
30	$3,137	$1,270	$1,867

Expense ratio

0.15%FSMD
0.06%VONV, cheaper

VONV0.06%FSMD0.15%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

VONV 4th cheapest of 99 funds

FSMD 13th cheapest of 99 funds

FSMD vs VONV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FSMD 1.29%; VONV 1.53%, better
Payout (12M): FSMD $0.65; VONV $1.74
Last payment: FSMD $0.19; VONV $0.42
Ex-dividend: FSMD Sep 18, 2026; VONV Sep 23, 2026
Paid on: FSMD Sep 22, 2026; VONV Sep 25, 2026
Frequency: FSMD Quarterly; VONV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FSMDQuarterly · 31 paymentsAll FSMD payments⁠

VONVQuarterly · 39 paymentsAll VONV payments⁠

FSMD vs VONV Risk

Fall from peak · 5 years

FSMD
VONV

Risk facts

VolatilityStd dev, 3 years: FSMD 15.4%VONV 12.1%, better
Return per unit of riskSharpe ratio, 3 years: FSMD 0.94VONV 1.43, better
Worst fallMax drawdown, 5 years: FSMD −22.2%VONV −18.9%, better
Market sensitivityBeta, 5 years: FSMD 0.95VONV 0.85; Market = 1

FSMD and VONV in the news

All news⁠

Category Review
US multifactor funds ran 30 points apart
Updated Oct 23, 2026FSMDVONV
Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026VONV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VONV
New ETFs
PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million
Sep 8, 2026FSMD

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FSMD vs VONV

In short

Stated mandate

Why people hold it