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

At a glance

Comparing IMPQ, VSO, SMLL, and FSML. VSO has the lowest management fee at 0.3% a year, FSML has the highest 5 years return at 6.9% a year, and FSML offers the highest at 5.89%.

Lowest fee

VSO 0.3% p.a.

Highest 5 years return

FSML 6.9% p.a.

Highest yield

FSML 5.89%

Highest risk-adjusted

FSML Sharpe 0.28 (5y)

Lowest volatility

VSO 15.8% (5y)

Largest fund

VSO $1.2bn

Side-by-side comparison

Metric	IMPQ Perennial Better Future Active ETF	VSO Vanguard MSCI Australian Small Companies Index ETF	SMLL BetaShares Australian Small Companies Select ETF	FSML Firetrail Australian Small Companies Fund - Active ETF
Snapshot
Provider	—	Vanguard	BetaShares	—
Tracks index	—	MSCI Australian Shares Small Cap Index	Nasdaq Australia Small Cap Select Index	S&P/ASX Small Ordinaries Index
Categories	AU, Small-Cap, ESG, Active	AU, Small-Cap, Market-Cap	AU, Small-Cap, Factor, Quality	AU, Small-Cap
Listed since	—	2011 (15 yrs)	2017 (9 yrs)	2020 (6 yrs)
Fund size (AUM)	$32m	$1.2bn	—	$957m
Cost & income
Management fee	0.98%	0.3%	0.39%	0.85%
Dividend yield	—	4.78%	—	5.89%
Franking	10%	65%	70%	60%
Turnover	45%	18%	35%	90%
Tax drag	1.08%	1.06%	0.84%	3.01%
Returns	Tax bracket - adjusts tax drag & net returns
1-year return	—	-0.1% net	—	-1.3% net
3-year return	—	12.1% net	—	20.9% net
5-year return	—	5.6% net	—	6.9% net
10-year return	—	8.7% net	—	—
Risk
Volatility (3y)	—	13.3%	—	15.3%
Volatility (5y)	—	15.8%	—	16.9%
Volatility (10y)	—	16.7%	—	—
Sharpe ratio (3y)	—	0.62	—	1.06
Sharpe ratio (5y)	—	0.21	—	0.28
Sharpe ratio (10y)	—	0.45	—	—
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

IMPQ Perennial Better Future Active ETF

A 0.98% management fee is high and compounds against you over time.

Full IMPQ 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 4.78% income yield.

Cheaper alternatives exist: VAS and EX20.

Full VSO 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 →

FSML Firetrail Australian Small Companies Fund - Active ETF

Top-16% returns over 3 years (37th of 236 ETFs we track).
High 5.89% income yield — good for investors who want regular cash flow.

Has lagged most peers over 1 year (237th of 318).

Full FSML analysis →

Frequently Asked Questions

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

IMPQ, VSO, SMLL, and FSML 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 (6.9% a year). The table above breaks down fees, returns, income and risk for each.

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

VSO has the lowest management fee at 0.3% a year, versus IMPQ 0.98%, SMLL 0.39%, and FSML 0.85%.

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

Over the past 5 years, FSML has delivered the highest total return at 6.9% a year. Past performance is not a reliable indicator of future returns.

Which pays the highest dividend yield?

FSML pays the highest at 5.89%. Remember distributions are taxed each year at your marginal rate.

Which is the largest and most liquid?

VSO is the largest fund by assets ($1.2bn). Larger funds are typically more liquid and trade on tighter spreads.

Related comparisons

IMPQ vs MVE VSO vs MVW VSO vs VAS VSO vs EX20 VSO vs ISO SMLL vs MVW SMLL vs EX20 SMLL vs ISO

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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.