SMMD vs VTWO: Grades, Fees and Holdings Compared

iShares Russell 2500 ETF

SMMDACboe

Vanguard Russell 2000 ETF

VTWOANasdaq

Overlap

40.6%by weight

Expense ratio

VTWO −0.09pt a year

SMMD0.15%VTWO0.06%

Avg volume · 30D

VTWO 4.5×the volume

SMMD324KVTWO1.45M

5Y return · a year

SMMD +1.1pt

SMMD+6.7%VTWO+5.6%

SMMD vs VTWO Performance

Oct 29, 2021 – Oct 30, 2026

+38.3%SMMD+31.3%VTWO

Expense ratio: SMMD 0.15%; VTWO 0.06%, better
Fund size: SMMD $4.18B; VTWO $17.3B
1Y total return: SMMD +18.1%, better; VTWO +14.8%
Yield (12M): SMMD 1.15%; VTWO 1.20%, better
Holdings: SMMD 2484; VTWO 2000
Avg volume (30D): SMMD 324K sh; VTWO 1.45M sh, better
NAV per share: SMMD $86.44; VTWO $112.88
52W range

ETF.net Grade

Pillar letters and Scores for SMMD, VTWO, with each pillar’s weight
Pillar	SMMD	VTWO
Cost30% weight	B56	A75Higher
Mission25% weight	A100	A100
Risk15% weight	B60Higher	D34
Tradability15% weight	C53	C54Higher
Holdings10% weight	A80Higher	A70
Durability5% weight	B58	A83Higher

Rank among US Small-Cap funds

How we build Categories ›

Same Category. SMMD and VTWO are both graded against the same 16 US Small-Cap funds, so their Grades compare head to head.

US Small-Cap⁠

Category · 16 funds

See all 16 ›

VTWO ranks 4th and SMMD 5th of 16 funds in the US Small-Cap Category.

Rank 1ASCHASchwab U.S. Small-Cap ETFScore 81
Rank 2AVBVanguard Morningstar Small-Cap ETFScore 77
Rank 3ABKSEBNY Mellon US Small Cap Core Equity ETFScore 72
Rank 4AVTWOVanguard Russell 2000 ETFScore 71
Rank 5ASMMDiShares Russell 2500 ETFScore 69
Rank 6BIWMiShares Russell 2000 ETFScore 68

Our read on each fund

ETF.net Research

SMMDAiShares Russell 2500 ETF

VTWOAVanguard Russell 2000 ETF

In short

SMMD Most small-cap funds stop at the Russell 2000. SMMD keeps going, tracking the Russell 2500: that index plus the 500 smallest mid-caps from the Russell 1000. The whole small-to-mid band in one ticker.

VTWO The Russell 2000 is the small-cap benchmark every headline quotes. VTWO is Vanguard's cheap seat on it: about 2,000 small US companies for 0.06% a year, a fraction of the fee on the best-known fund tracking the same index.

Stated mandate

SMMD The fund tracks the Russell 2500 Index, an index representing small- to mid-capitalization U.S. equities.

VTWO The fund invests in stocks in the Russell 2000 Index and seeks to closely track that index's return, representing small-cap U.S. stock exposure.

Why people hold it

SMMD The Russell 2500 is the Russell 2000 plus the 500 smallest mid-caps from the Russell 1000, so you get the small-to-mid handoff without stitching two funds together.lseg.com
Plain index beta: cap-weighted, reconstituted annually by FTSE Russell, no screens or factor tilts. One mandate since the 2017 launch, and what it holds matches what it says.lseg.com
0.15% net of a waiver through July 31, 2027 (0.23% gross), which sits near the category median rather than at the premium end.
A multi-billion-dollar iShares fund that pays quarterly, so this is a long-standing shelf product rather than a thin niche launch.

VTWO Same index, smaller toll. VTWO charges 0.06% while IWM, the other big Russell 2000 tracker, charges 0.19%. The small-cap category median is 0.25%.vanguard.com
Holds roughly 2,000 stocks, the whole small-cap benchmark rather than a trimmed slice. A multi-billion-dollar fund, actively traded, running since 2010 and paying quarterly.
Tracking has been about as tight as this corner of the market gets, one of the closest index-replication records among US small-cap funds.

Worth knowing

SMMD Cost is the trade-off: the cheapest small-cap index peers charge far less (SCHA and VB at 0.03%), and the fee steps up toward 0.23% if the waiver lapses after July 31, 2027.
Not a pure small-cap sleeve. Those 500 mid-caps overlap with any mid-cap fund you already own, so the two can double up.lseg.com
Moderately traded rather than one of the category's volume giants, which can show up as wider spreads on larger orders.

VTWO Small-cap stocks swing harder than large caps, and this fund stays fully invested in them through the rough stretches.vanguard.com
Cheaper exists on the shelf: VB and SCHA run 0.03%, though they follow different small-cap indexes with different membership rules.
The Russell 2000 rebuilds its membership on a published schedule (June, plus a December rebalance from 2026), which packs index-driven trading into those dates.lseg.com

Full SMMD profile⁠

Full VTWO profile⁠

SMMD vs VTWO Holdings

How SMMD and VTWO differ

Overlap by weight

40.6%

Shared holdings make up 96.9% of VTWO and 40.7% of SMMD.

Level by level

Holdings1,955 in both40.6%
Sector11 Sectors91.9%
Countryby domicile98.3%
Asset classEquity100%

Sector

Sector weights in SMMD and VTWO, widest gap first
Sector	More in SMMDMore in VTWO	SMMD	VTWO
Health Care	VTWO +5.2 points	15.6%	20.8%
Industrials	SMMD +4.4 points	18.1%	13.7%
Financials	VTWO +1.6 points	16.5%	18.1%
Consumer Discretionary	SMMD +1.5 points	10.0%	8.5%
Energy	VTWO +1.2 points	5.0%	6.2%
Consumer Staples	SMMD +0.8 points	3.4%	2.6%
Real Estate	SMMD +0.5 points	6.8%	6.3%
Communication	SMMD +0.4 points	2.6%	2.2%
Materials	SMMD +0.2 points	5.0%	4.8%
Utilities	SMMD +0.2 points	2.9%	2.7%
Technology	VTWO +0.1 points	14.1%	14.2%

Country, concentration and asset class

Country by domicile

Country weights in SMMD and VTWO, widest gap first
Country	More in SMMDMore in VTWO	SMMD	VTWO
United States	VTWO +1.7 points	98.3%	100.0%
United Kingdom	SMMD +0.6 points	0.6%	0.0%
Other countries (13)	SMMD +1.0 points	1.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SMMD3.1%
VTWO5.4%

Securities held

SMMD2,479
VTWO1,998

Asset class

SMMD: Equity
VTWO: Equity

Holdings

Only in SMMD524
In both1,955
Only in VTWO43

Only in SMMD

524 securities, 59.0% of SMMD by weight

Guardant Health0.32%
Us Foods Holding0.32%
Ati0.31%
Packaging Corp of America0.31%
Reliance Steel & Aluminum0.31%
Viatris0.31%
Tenet Healthcare Corp0.31%
Nisource0.30%
Sofi Technologies0.30%
Affirm Holdings Class A0.29%
Permian Resources Class A0.29%
Roku Class A0.28%
Nvent Electric PLC0.28%
Skyworks Solutions0.28%
Ovintiv0.28%
Royal Gold0.27%
Rubrik Class A0.27%
F50.27%
Roivant Sciences Ltd0.27%
Apa0.26%
Woodward0.25%
Td Synnex0.25%
Snap On Inc0.25%
Nutanix Class A0.25%
East West Bancorp0.25%
Itt Inc0.25%
Hf Sinclair0.25%
Revvity0.25%
Sharkninja0.24%
Reinsurance Group of America0.24%
Exelixis Inc0.24%
Charles River Laboratories Interna0.24%
Host Hotels & Resorts Reit0.24%
Zebra Technologies Corp Class A0.24%
Nordson0.24%
Api Group0.24%
Dynatrace Inc0.23%
Hasbro0.23%
Jones Lang Lasalle0.23%
Wesco International0.23%
Kimco Realty Reit Corp0.23%
Macom Technology Solutions0.22%
Docusign0.22%
Gfl Environmental Subordinate Voti0.22%
Everest Group0.22%
Allegion PLC0.22%
Stanley Black & Decker0.22%
Gen Digital0.22%
Halozyme Therapeutics0.22%
Clean Harbors Inc0.22%

Only in VTWO

43 securities, 3.1% of VTWO by weight

SLBBH11422.36%
Arcosa Inc0.24%
Atkore Inc0.11%
Energy Fuels Inc/Canada0.09%
Novagold Resources Inc0.07%
ACV Auctions Inc0.06%
BioLife Solutions Inc0.05%
Clear Channel Outdoor Holdings Inc0.03%
Beazer Homes USA Inc0.03%
Weave Communications Inc0.02%
Ur-Energy Inc0.01%
Caledonia Mining Corp PLC0.01%
Vista Gold Corp0.01%
Simulations Plus Inc0.01%
Nathan's Famous Inc<0.01%
Forbright Inc<0.01%
Accelevation Holdings Corp<0.01%
Attovia Therapeutics Inc<0.01%
Orion180 Insurance Group Inc<0.01%
Lyntris Inc<0.01%
Electra Therapeutics Inc<0.01%
Blossomhill Therapeutics Inc<0.01%
Braveheart Bio Inc<0.01%
LanzaTech Global Inc<0.01%
Latigo Biotherapeutics Inc<0.01%
Vogenx Inc<0.01%
PEDEVCO Corp<0.01%
American Savings Bank NA<0.01%
Inhibrx Inc - Cvr (May 2024)<0.01%
ADARx Pharmaceuticals Inc<0.01%
WeShop Holdings Ltd<0.01%
Tobira Therapeutics Inc - Cvr 2018<0.01%
Pfizer Inc - Cvr (Nov 25)0.00%
Aduro Biotech Cvr0.00%
GD Culture Group Ltd0.00%
Gtx Inc Cvr0.00%
Neighborhood Intell Inc0.00%
Gen Digital Inc - Cvr (April 2025)0.00%
Flexion Therapeutics Inc Cvr0.00%
Coherus Biosciences Inc-Cvr (Sept 2026)0.00%
Trinseo PLC0.00%
Third Harmonic Bio Inc0.00%
Sterling Bancorp Inc/MI0.00%

Weight gaps

The 100 widest of 1,955 Holdings in both funds.

Holding weights in SMMD and VTWO, widest gap first
Holding	More in SMMDMore in VTWO	SMMD	VTWO
Twist BioscienceTWST	VTWO +0.28 points	0.14%	0.42%
10X Genomics Class ATXG	VTWO +0.24 points	0.11%	0.35%
Moog Inc Class AMOG.A	VTWO +0.22 points	0.14%	0.36%
Hut CorpHUT	VTWO +0.21 points	0.08%	0.29%
JfrogFROG	VTWO +0.21 points	0.14%	0.35%
Firstcash Holdings IncFCFS	VTWO +0.18 points	0.10%	0.28%
Umb FinancialUMBF	VTWO +0.18 points	0.14%	0.32%
MaxlinearMXL	VTWO +0.18 points	0.08%	0.26%
CytokineticsCYTK	VTWO +0.17 points	0.12%	0.29%
Riot PlatformsRIOT	VTWO +0.18 points	0.06%	0.24%
Caretrust ReitCTRE	VTWO +0.17 points	0.12%	0.29%
Interdigital IncIDCC	VTWO +0.17 points	0.11%	0.28%
Krystal BiotechKRYS	VTWO +0.17 points	0.12%	0.29%
Protagonist TherapeuticsPTGX	VTWO +0.17 points	0.12%	0.29%
Viasat IncVSAT	VTWO +0.16 points	0.14%	0.30%
Old National BancorpONB	VTWO +0.16 points	0.12%	0.28%
Jackson Financial Class AJXN	VTWO +0.16 points	0.12%	0.28%
Brightspring Health Services IncBTSG	VTWO +0.16 points	0.15%	0.31%
Plexus CorpPLXS	VTWO +0.15 points	0.08%	0.23%
Ssr MiningSSRM	VTWO +0.15 points	0.08%	0.23%
Stonex Group IncSNEX	VTWO +0.15 points	0.08%	0.23%
Brinker International IncEAT	VTWO +0.15 points	0.13%	0.28%
Iovance Biotherapeutics IncIOVA	VTWO +0.14 points	0.05%	0.19%
D Wave QuantumQBTS	VTWO +0.15 points	0.05%	0.20%
Tg TherapeuticsTGTX	VTWO +0.15 points	0.12%	0.27%
Esco TechnologiesESE	VTWO +0.14 points	0.09%	0.23%
Pbf Energy Class APBF	VTWO +0.14 points	0.11%	0.25%
Oscar Health Class AOSCR	VTWO +0.14 points	0.10%	0.24%
Ryman Hospitality Properties ReitRHP	VTWO +0.15 points	0.12%	0.27%
Cipher Digital IncCIFR	VTWO +0.15 points	0.03%	0.18%
Praxis Precision MedicinesPRAX	VTWO +0.14 points	0.10%	0.24%
EnersysENS	VTWO +0.14 points	0.08%	0.22%
Silicon LaboratoriesSLAB	VTWO +0.14 points	0.10%	0.24%
Zurn Elkay Water Solutions CorpZWS	VTWO +0.14 points	0.09%	0.23%
Zeta Global Holdings Class AZETA	VTWO +0.14 points	0.10%	0.24%
EnproNPO	VTWO +0.14 points	0.08%	0.22%
Sm EnergySM	VTWO +0.13 points	0.14%	0.27%
Commercial MetalsCMC	VTWO +0.13 points	0.10%	0.23%
Terreno Realty ReitTRNO	VTWO +0.13 points	0.10%	0.23%
Fluor CorpFLR	VTWO +0.13 points	0.09%	0.22%
Hims Hers Health Class AHIMS	VTWO +0.13 points	0.08%	0.21%
VaxcytePCVX	VTWO +0.13 points	0.12%	0.25%
Federal Signal CorpFSS	VTWO +0.13 points	0.09%	0.22%
Matson IncMATX	VTWO +0.13 points	0.09%	0.22%
HealthequityHQY	VTWO +0.12 points	0.12%	0.24%
Txnm Energy IncTXNM	VTWO +0.12 points	0.09%	0.21%
Lantheus HoldingsLNTH	VTWO +0.12 points	0.09%	0.21%
GlaukosGKOS	VTWO +0.12 points	0.19%	0.31%
Compass Inc Class ACOMP	VTWO +0.12 points	0.09%	0.21%
Spyre Therapeutics IncSYRE	VTWO +0.12 points	0.10%	0.22%
MaterionMTRN	VTWO +0.13 points	0.06%	0.19%
Kymera TherapeuticsKYMR	VTWO +0.12 points	0.11%	0.23%
Rigetti ComputingRGTI	VTWO +0.12 points	0.05%	0.17%
United BanksharesUBSI	VTWO +0.12 points	0.09%	0.21%
AlkermesALKS	VTWO +0.12 points	0.10%	0.22%
Ligand PharmaceuticalsLGND	VTWO +0.12 points	0.09%	0.21%
Acm Research Class AACMR	VTWO +0.11 points	0.04%	0.15%
Sensient TechnologiesSXT	VTWO +0.12 points	0.07%	0.19%
Victoria’s SecretVSXY	VTWO +0.11 points	0.10%	0.21%
Macerich ReitMAC	VTWO +0.11 points	0.10%	0.21%
Hancock WhitneyHWC	VTWO +0.12 points	0.08%	0.20%
Lumen TechnologiesLUMN	VTWO +0.11 points	0.07%	0.18%
AxtAXTI	VTWO +0.11 points	0.05%	0.16%
Kodiak Gas Services IncKGS	VTWO +0.11 points	0.07%	0.18%
Commvault SystemsCVLT	VTWO +0.11 points	0.10%	0.21%
GatxGATX	VTWO +0.11 points	0.09%	0.20%
Ormat Tech IncORA	VTWO +0.11 points	0.08%	0.19%
Travere TherapeuticsTVTX	VTWO +0.11 points	0.06%	0.17%
TerexTEX	VTWO +0.11 points	0.09%	0.20%
QualysQLYS	VTWO +0.11 points	0.11%	0.22%
Scholar Rock HoldingSRRK	VTWO +0.11 points	0.07%	0.18%
Core Scientific IncCORZ	VTWO +0.11 points	0.06%	0.17%
Grail IncGRAL	VTWO +0.11 points	0.08%	0.19%
Life Time Group HoldingsLTH	VTWO +0.11 points	0.10%	0.21%
Xometry Class AXMTR	VTWO +0.11 points	0.07%	0.18%
Ptc TherapeuticsPTCT	VTWO +0.11 points	0.07%	0.18%
Mara HoldingsMARA	VTWO +0.10 points	0.04%	0.14%
Kulicke and Soffa Industries IncKLIC	VTWO +0.11 points	0.05%	0.16%
Rhythm PharmaceuticalsRYTM	VTWO +0.11 points	0.07%	0.18%
Valley NationalVLY	VTWO +0.10 points	0.10%	0.20%
Cg OncologyCGON	VTWO +0.10 points	0.07%	0.17%
ArganAGX	VTWO +0.11 points	0.06%	0.17%
Essential Properties Realty TrustEPRT	VTWO +0.11 points	0.08%	0.19%
Jbt MarelJBTM	VTWO +0.10 points	0.08%	0.18%
Cogent BiosciencesCOGT	VTWO +0.11 points	0.07%	0.18%
Garrett MotionGTX	VTWO +0.11 points	0.05%	0.16%
Southwest Gas HoldingsSWX	VTWO +0.10 points	0.10%	0.20%
BalchemBCPC	VTWO +0.10 points	0.08%	0.18%
Varonis SystemsVRNS	VTWO +0.10 points	0.08%	0.18%
Home Bancshares IncHOMB	VTWO +0.10 points	0.08%	0.18%
Atlantic Union BanksharesAUB	VTWO +0.10 points	0.08%	0.18%
Uranium EnergyUEC	VTWO +0.10 points	0.05%	0.15%
Portland General ElectricPOR	VTWO +0.10 points	0.07%	0.17%
ImpinjPI	VTWO +0.10 points	0.07%	0.17%
Crispr Therapeutics AGCRSP	VTWO +0.10 points	0.06%	0.16%
Merit Medical Systems IncMMSI	VTWO +0.10 points	0.07%	0.17%
Glacier Bancorp IncGBCI	VTWO +0.10 points	0.09%	0.19%
Vishay IntertechnologyVSH	VTWO +0.10 points	0.05%	0.15%
ArchrockAROC	VTWO +0.09 points	0.08%	0.17%
NovantaNOVT	VTWO +0.10 points	0.07%	0.17%

All SMMD holdings⁠All 1,969 VTWO 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.

SMMD vs VTWO Cost

Overpaying SMMD vs VTWO

$1,867

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

SMMD 0.15%
$3,137
VTWO 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

SMMD 0.15%
VTWO 0.06%
Overpaying

Year by year

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

Expense ratio

0.15%SMMD
0.06%VTWO, cheaper

VTWO0.06%SMMD0.15%

0.03%0.60%

Middle half of US Small-Cap funds
Median 0.20%

VTWO 4th cheapest of 16 funds

SMMD 7th cheapest of 16 funds

SMMD vs VTWO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SMMD 1.15%; VTWO 1.20%, better
Payout (12M): SMMD $1.00; VTWO $1.36
Last payment: SMMD $0.28; VTWO $0.39
Ex-dividend: SMMD Sep 15, 2026; VTWO Sep 23, 2026
Paid on: SMMD Sep 18, 2026; VTWO Sep 25, 2026
Frequency: SMMD Quarterly; VTWO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SMMDQuarterly · 38 paymentsAll SMMD payments⁠

VTWOQuarterly · 39 paymentsAll VTWO payments⁠

SMMD vs VTWO Risk

Fall from peak · 5 years

SMMD
VTWO

Risk facts

VolatilityStd dev, 3 years: SMMD 17.1%, betterVTWO 19.0%
Return per unit of riskSharpe ratio, 3 years: SMMD 0.93, betterVTWO 0.86
Worst fallMax drawdown, 5 years: SMMD −28.2%, betterVTWO −31.9%
Market sensitivityBeta, 5 years: SMMD 1.09VTWO 1.14; Market = 1

SMMD and VTWO in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026VTWO
Head-to-Head
Hold VB over IWM for a small-cap stake
Oct 30, 2026VTWO
New ETFs
Longnook's compounders ETF leads with tankers, Newmont and Exxon Mobil
Oct 5, 2026VTWO
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026VTWO

Popular comparisons

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SMMD vs VTWO

In short

Stated mandate

Why people hold it