FESM vs SMLL
Fidelity Enhanced Small Cap Core ETF vs Harbor Active Small Cap ETF
Which is better, FESM or SMLL?
FESM has been ahead.
FESM has a lower expense ratio. FESM led over 1Y and the full window. FESM is less concentrated, with 7.1% of the fund in its ten largest positions against 36.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FESM | SMLL |
|---|---|---|
| Expense Ratio | 0.28%Best | 0.80% |
| AUM | $6.4B | $12M |
| Dividend Yield | 0.87% | 1.63% |
| Holdings | 875 | 103 |
| YTD Return | +17.52%Best | +2.49% |
| 1Y Return | +21.75%Best | -0.71% |
| 3Y Return (annualized) | +22.94% | - |
| Volatility (annualized) | 19.3% | 17.4%Best |
| Max Drawdown | -26.9% | -23.6%Best |
| $10,000 over 2.1 years | $14,247Best | $10,541 |
| Top 10 Weight | 7.1%Best | 36.3% |
| Fund Family | Fidelity Investments (US) | Harbor Funds |
| Category | Equity | Equity |
| Style | Small Cap Blend | Small Cap Blend |
| Inception | Nov 20, 2023 | Aug 27, 2024 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 2.1 years row, are measured over the window both funds cover: Aug 29, 2024 to Oct 14, 2026 (2.1 years).
FESM vs SMLL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.1 years both funds cover.
FESM vs SMLL Performance
Fidelity Enhanced Small Cap Core ETF (FESM) is an ETF from Fidelity Investments (US) and Harbor Active Small Cap ETF (SMLL) is an ETF from Harbor Funds. Over the past year FESM returned +21.75% while SMLL returned -0.71%. Year to date, FESM is up 17.52% versus a gain of 2.49% for SMLL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FESM has been the more volatile fund, with annualized monthly volatility of 19.3% compared with 17.4% for SMLL. 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 -26.9% for FESM and -23.6% for SMLL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FESM charges 0.28% per year while SMLL charges 0.80%. On a $10,000 position that is $28 vs $80 annually, a gap of $52 per year that compounds over a long holding period. On income, FESM currently yields 0.87% against 1.63% for SMLL.
Holdings Overlap
1.7% of FESM's money is in holdings SMLL also owns. 18.0% of SMLL's money is in holdings FESM also owns.
SMLL and FESM share little of their money.
9 positions in common, counted across the 883 positions we hold weights for in FESM and 51 in SMLL, against full books of 875 and 103.
What only one of them owns
Our book lists 42 positions for SMLL that do not appear in our book for FESM (79.4% of the fund), and 706 for FESM that do not appear in SMLL (94.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FESM | Weight in SMLL | Difference |
|---|---|---|---|
| UBSIUnited Bankshares Inc/Wv | 0.19% | 3.38% | 3.19% |
| APAMArtisan Partners Asset Management, Inc. | 0.04% | 2.51% | 2.47% |
| RELYRemitly Global, Inc. | 0.03% | 2.40% | 2.37% |
| HLMNHillman Solutions Corp | 0.21% | 2.10% | 1.89% |
| LBRTLiberty Oilfield Services, Inc. | 0.04% | 2.26% | 2.22% |
| PECOPhillips Edison & Company Inc. | 0.61% | 1.63% | 1.02% |
| FRSHFreshworks Inc-Cl A | 0.17% | 1.76% | 1.59% |
| QTWOQ2 Holdings, Inc. | 0.24% | 1.05% | 0.81% |
| MCRIMonarch Casino & Resort Inc | 0.20% | 0.94% | 0.74% |
You are not choosing between two funds in isolation.
Whichever of FESM and SMLL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FESM or SMLL?
FESM has an expense ratio of 0.28% while SMLL charges 0.80%. FESM is the cheaper option, by $52 a year on a $10,000 investment.
Which performed better, FESM or SMLL?
Over the past year FESM returned +21.75% vs -0.71% for SMLL, so FESM leads on 1-year performance. Over the longest common window we track (2 years), FESM annualized +18.36% vs +2.54% for SMLL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FESM or SMLL?
FESM has been the more volatile fund at 19.3% annualized versus 17.4% for SMLL. Worst drawdown: FESM -26.9% vs SMLL -23.6%.
Should I hold both FESM and SMLL?
FESM and SMLL have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between FESM and SMLL?
18.0% of SMLL's money is in holdings FESM also owns. 18.0% of SMLL's is in holdings FESM also owns. They hold 9 positions in common, counted across the 883 positions we hold weights for in FESM and 51 in SMLL.
Which pays a higher dividend, FESM or SMLL?
FESM yields 0.87% while SMLL yields 1.63%, so SMLL currently pays the higher dividend yield.
Is SMLL better than FESM?
FESM has a lower expense ratio. FESM led over 1Y and the full window. FESM is less concentrated, with 7.1% of the fund in its ten largest positions against 36.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.