NTFS and FAT32 are very similar in speed, but as the size of the disk increases, the gap widens. NTFS actually stores small files in the Master File Table (MFT), to increase performance. Rather than moving the heads to the beginning of the disk to read the MFT entry, and then to the middle or end of the disk to read the actual file, the heads simply move to the beginning of the disk, and read both at the same time. This can account for a considerable increase in speed when reading lots of small files.