Taken from
http://webster.cs.ucr.edu/ Which Assembler is the Best?
MASM is somewhere in the middle of the pack. For various reasons, MASM has a reputation as a very slow assembler. In fact, for large projects (where speed is most important), MASM actually does better than most other assemblers. Largely, the performance of the MASM assember tends to be related to the advanced features you use in your source code. If you limit the feature set you use to those features found in other assemblers, MASM generally translates the source code at a comparable speed to those other assemblers.
TASM generally seems to run about two to three times faster than MASM, though on really large files using certain features, MASM can edge out TASM.
A(3)86 is purportedly a lot faster than MASM (and possibly TASM, too). But I've never run it personally, so I cannot comment on its performance.
FASM has recently undergone some performance boosts to improve performance (particularly for large projects). So it generally is quite a bit faster than MASM.
NASM is usually slower than MASM for most reasonable sized projects.
SpAsm/RosAsm seems to be all over the map with respect to speed. For certain source files it assembles quite quickly; for others, it runs rather slowly. This is partly due to the fact that it was written in assembly language, however, a large reason it sometimes much faster is because it doesn't incorporate the sophisticated features found in MASM and other assemblers.
On modern machines, the speed of the assembler is almost a non-issue. Assemblers like A(3)86, TASM, and FASM may be very fast indeed. However, on a 300 MHz Pentium II machine, HLA chugs along at a rate of 10,000 lines per second. This means that you can assemble a 20,000 line Win32 application in just a few seconds. True, an assembler like FASM would process such a file almost instantaneously, but in real-world situations, the difference between the two is not going to make a difference. Nevertheless, assembly programmers in particular are sensitive to the speed of the applications they use and some will pick a faster, though less powerful, assembler over a slower one. All other things being equal, this is a good metric; however, when it comes to choosing an assembler, the products are rarely equal except for speed.