FSML vs KSM vs SMLL vs VSO - Compare ETFs side by side

At a glance

Comparing FSML, KSM, SMLL, and VSO. VSO has the lowest management fee at 0.3% a year, FSML has the highest 5 years return at 7.6% a year, and FSML offers the highest at 6.1%.

Lowest fee

VSO 0.3% p.a.

Highest 5 years return

FSML 7.6% p.a.

Highest yield

FSML 6.1%

Highest risk-adjusted

FSML Sharpe 0.33 (5y)

Lowest volatility

VSO 15.6% (5y)

Largest fund

VSO $1.1bn

Side-by-side comparison

Metric	FSML Firetrail Australian Small Companies Fund - Active ETF	KSM K2 Australian Small Cap Hedge Fund - Complex ETF	SMLL BetaShares Australian Small Companies Select ETF	VSO Vanguard MSCI Australian Small Companies Index ETF
Snapshot
Provider	—	—	BetaShares	Vanguard
Tracks index	S&P/ASX Small Ordinaries Index	—	Nasdaq Australia Small Cap Select Index	MSCI Australian Shares Small Cap Index
Categories	AU, Small-Cap	AU, Small-Cap, Active	AU, Small-Cap, Factor, Quality	AU, Small-Cap, Market-Cap
Listed since	2020 (6 yrs)	—	2017 (9 yrs)	2011 (15 yrs)
Fund size (AUM)	$765m	$4m	—	$1.1bn
Cost & income
Management fee	0.85%	1.31%	0.39%	0.3%
Dividend yield	6.1%	—	—	4.92%
Franking	60%	0%	70%	65%
Turnover	90%	150%	35%	18%
Tax drag	3.05%	3.6%	0.84%	1.07%
Returns	Tax bracket - adjusts tax drag & net returns
1-year return	10.8% net	—	—	7% net
3-year return	19.1% net	—	—	9.3% net
5-year return	7.6% net	—	—	5.5% net
10-year return	—	—	—	8.4% net
Risk
Volatility (3y)	15.4%	—	—	13.2%
Volatility (5y)	16.9%	—	—	15.6%
Volatility (10y)	—	—	—	16.6%
Sharpe ratio (3y)	0.95	—	—	0.43
Sharpe ratio (5y)	0.33	—	—	0.22
Sharpe ratio (10y)	—	—	—	0.44
Bid/ask spread	—	—	—	—

marks the strongest fund in each row. “net” shows the after-tax return at your selected bracket. “—” means we don’t have that data point yet.

Each fund at a glance

FSML Firetrail Australian Small Companies Fund - Active ETF

Top-13% returns over 3 years (29th of 226 ETFs we track).
High 6.1% income yield — good for investors who want regular cash flow.

A 0.85% management fee is high and compounds against you over time.

Full FSML analysis →

KSM K2 Australian Small Cap Hedge Fund - Complex ETF

A 1.31% management fee is high and compounds against you over time.

Full KSM analysis →

SMLL BetaShares Australian Small Companies Select ETF

Low-cost: a 0.39% management fee keeps more of the return in your pocket.

Pricier than similar ETFs, which average around 0.34%.

Full SMLL analysis →

VSO Vanguard MSCI Australian Small Companies Index ETF

Low-cost: a 0.3% management fee keeps more of the return in your pocket.
Pays a useful 4.92% income yield.

Cheaper alternatives exist: VAS and EX20.

Full VSO analysis →

Frequently Asked Questions

What's the difference between FSML vs KSM vs SMLL vs VSO?

FSML, KSM, SMLL, and VSO are 4 Australian-listed ETFs we compare side by side. VSO carries the lowest management fee (0.3%). Over 5 years, FSML has delivered the highest total return (7.6% a year). The table above breaks down fees, returns, income and risk for each.

Which has the lowest fees - FSML vs KSM vs SMLL vs VSO?

VSO has the lowest management fee at 0.3% a year, versus FSML 0.85%, KSM 1.31%, and SMLL 0.39%.

Which has performed highest - FSML vs KSM vs SMLL vs VSO?

Over the past 5 years, FSML has delivered the highest total return at 7.6% a year. Past performance is not a reliable indicator of future returns.

Which pays the highest dividend yield?

FSML pays the highest at 6.1%. Remember distributions are taxed each year at your marginal rate.

Which is the largest and most liquid?

VSO is the largest fund by assets ($1.1bn). Larger funds are typically more liquid and trade on tighter spreads.

Related comparisons

FSML vs MVW FSML vs EX20 FSML vs IMPQ FSML vs ISO KSM vs MVE SMLL vs MVW SMLL vs EX20 SMLL vs IMPQ

← Back to all ETFs

General information only, generated from each fund's published data — not personal financial advice. Past performance is not a reliable indicator of future returns. Consider your own circumstances or seek licensed advice before investing.