FSML vs SSO - Compare ETFs side by side

At a glance

Comparing FSML and SSO. SSO has the lower management fee at 0.5% a year, FSML has the higher 5 years return at 7.6% a year, and SSO offers the higher at 9.5%.

Lower fee

SSO 0.5% p.a.

Higher 5 years return

FSML 7.6% p.a.

Higher yield

SSO 9.5%

Higher risk-adjusted

FSML Sharpe 0.33 (5y)

Lower volatility

SSO 16.4% (5y)

Larger fund

FSML $765m

Side-by-side comparison

Metric	FSML Firetrail Australian Small Companies Fund - Active ETF	SSO State Street SPDR S&P/ASX Small Ordinaries ETF
Snapshot
Provider	—	State Street
Tracks index	S&P/ASX Small Ordinaries Index	S&P/ASX Small Ordinaries Index
Categories	AU, Small-Cap	AU, Small-Cap
Listed since	2020 (6 yrs)	—
Fund size (AUM)	$765m	$25m
Cost & income
Management fee	0.85%	0.5%
Dividend yield	6.1%	9.5%
Franking	60%	50%
Turnover	90%	20%
Tax drag	3.05%	2.14%
Returns	Tax bracket - adjusts tax drag & net returns
1-year return	10.8% net	1.1% net
3-year return	19.1% net	6.6% net
5-year return	7.6% net	1.7% net
10-year return	—	5.4% net
Risk
Volatility (3y)	15.4%	13.9%
Volatility (5y)	16.9%	16.4%
Volatility (10y)	—	16.7%
Sharpe ratio (3y)	0.95	0.24
Sharpe ratio (5y)	0.33	0.11
Sharpe ratio (10y)	—	0.27
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 →

SSO State Street SPDR S&P/ASX Small Ordinaries ETF

High 9.5% income yield — good for investors who want regular cash flow.

Has lagged most peers over 5 years (150th of 188).

Full SSO analysis →

Frequently Asked Questions

What's the difference between FSML vs SSO?

FSML and SSO are 2 Australian-listed ETFs we compare side by side. SSO carries the lower management fee (0.5%). Over 5 years, FSML has delivered the higher total return (7.6% a year). The table above breaks down fees, returns, income and risk for each.

Which has the lower fees - FSML vs SSO?

SSO has the lower management fee at 0.5% a year, versus FSML 0.85%.

Which has performed higher - FSML vs SSO?

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

Which pays the higher dividend yield?

SSO pays the higher at 9.5%. Remember distributions are taxed each year at your marginal rate.

Which is the larger and most liquid?

FSML is the larger fund by assets ($765m). Larger funds are typically more liquid and trade on tighter spreads.

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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.