FMCX vs QLTY
FM Focus Equity ETF vs GMO US Quality ETF
Which is better, FMCX or QLTY?
QLTY has been ahead.
QLTY has a lower expense ratio. QLTY led over 1Y, 3Y and the full window. QLTY is less concentrated, with 45.5% of the fund in its ten largest positions against 54.3%.
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 | FMCX | QLTY |
|---|---|---|
| Expense Ratio | 0.72% | 0.50%Best |
| AUM | $118M | $5.4B |
| Dividend Yield | 0.29% | 0.66% |
| Holdings | 32 | 90 |
| YTD Return | +5.03% | +14.13%Best |
| 1Y Return | +3.97% | +20.95%Best |
| 3Y Return (annualized) | +15.01% | +21.84%Best |
| Volatility (annualized) | 12.7% | 11.9%Best |
| Max Drawdown | -18.5% | -17.0%Best |
| $10,000 over 2.9 years | $14,634 | $17,733Best |
| Top 10 Weight | 54.3% | 45.5%Best |
| Fund Family | First Manhattan | GMO |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 22, 2022 | Nov 13, 2023 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 2.9 years row, are measured over the window both funds cover: Nov 15, 2023 to Oct 14, 2026 (2.9 years).
FMCX vs QLTY 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 2.9 years both funds cover.
FMCX vs QLTY Performance
FM Focus Equity ETF (FMCX) is an ETF from First Manhattan and GMO US Quality ETF (QLTY) is an ETF from GMO. Over the past year FMCX returned +3.97% while QLTY returned +20.95%. Year to date, FMCX is up 5.03% versus a gain of 14.13% for QLTY.
Over three years, FMCX compounded at +15.01% per year against +21.84% for QLTY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMCX has been the more volatile fund, with annualized monthly volatility of 12.7% compared with 11.9% for QLTY. 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 -18.5% for FMCX and -17.0% for QLTY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FMCX charges 0.72% per year while QLTY charges 0.50%. On a $10,000 position that is $72 vs $50 annually, a gap of $22 per year that compounds over a long holding period. On income, FMCX currently yields 0.29% against 0.66% for QLTY.
Holdings Overlap
39.4% of FMCX's money is in holdings QLTY also owns. 44.2% of QLTY's money is in holdings FMCX also owns.
The two portfolios partly overlap.
The two holdings books were reported 129 days apart, FMCX as of May 31, 2026 and QLTY as of Oct 7, 2026, so some of the difference between them is the time between the two reports rather than the funds.
13 positions in common, counted across the 32 positions we hold weights for in FMCX and 45 in QLTY, against full books of 32 and 90.
What only one of them owns
Our book lists 32 positions for QLTY that do not appear in our book for FMCX (55.5% of the fund), and 17 for FMCX that do not appear in QLTY (57.4%).
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 FMCX | Weight in QLTY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 6.63% | 8.00% | 1.37% |
| AMZNAmazon.Com Inc | 4.87% | 3.50% | 1.37% |
| AVGOBroadcom Inc | 3.83% | 3.70% | 0.13% |
| GEGeneral Electric Co. | 5.69% | 1.60% | 4.09% |
| METAMeta Platforms Inc | 1.79% | 4.80% | 3.01% |
| TMOThermo Fisherscientific Inc. | 1.63% | 4.30% | 2.67% |
| GOOGLAlphabet Inc | 0.53% | 4.90% | 4.37% |
| CRMSalesforce Inc Crm Us Equity | 3.35% | 2.00% | 1.35% |
| NVDANvidia Corp | 1.93% | 3.30% | 1.37% |
| UNHUnitedhealth Group Incorporated | 2.67% | 2.40% | 0.27% |
44.2% of QLTY is already inside FMCX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FMCX or QLTY?
FMCX has an expense ratio of 0.72% while QLTY charges 0.50%. QLTY is the cheaper option, by $22 a year on a $10,000 investment.
Which performed better, FMCX or QLTY?
Over the past year FMCX returned +3.97% vs +20.95% for QLTY, so QLTY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMCX or QLTY?
FMCX has been the more volatile fund at 12.7% annualized versus 11.9% for QLTY. Worst drawdown: FMCX -18.5% vs QLTY -17.0%.
Should I hold both FMCX and QLTY?
FMCX and QLTY have a monthly-return correlation of 0.88, 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 FMCX and QLTY?
44.2% of QLTY's money is in holdings FMCX also owns. 44.2% of QLTY's is in holdings FMCX also owns. They hold 13 positions in common, counted across the 32 positions we hold weights for in FMCX and 45 in QLTY.
Which pays a higher dividend, FMCX or QLTY?
FMCX yields 0.29% while QLTY yields 0.66%, so QLTY currently pays the higher dividend yield.
Is QLTY better than FMCX?
QLTY has a lower expense ratio. QLTY led over 1Y, 3Y and the full window. QLTY is less concentrated, with 45.5% of the fund in its ten largest positions against 54.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.