The effects of precipitation (Pr) and evapotranspiration (ET) on soil moisture play an essential role in the land-atmosphere system. Here we evaluate multimodel differences of these effects within the Coupled Model Intercomparison Project Phase 5 (CMIP5) compared to Soil Moisture Active Passive (SMAP) products in the frequency domain. The variability of surface soil moisture (SSM), Pr, and ET within three frequency bands (7 ~ 30 days, 30 ~ 90 days, and 90 ~ 365 days) after normalization is quantified using Fourier transform. We then analyze the impact of ET and Pr on SSM variability based on a transfer function assuming these variables with a linear time-invariant (LTI) system. For the simulated effects of ET and Pr on SSM variability, models underestimate them in the two higher frequency bands and overestimate them in the lowest frequency band but show better estimates in transitional zones between dry and wet climates. Besides, the effects on SSM by Pr and ET are found to be different across the three frequency bands, and models underestimate the one of Pr and ET as the dominant factor controlling SSM variability in each frequency band. This study identifies the spatiotemporal distribution of the CMIP5 model deficiencies in simulating ET and Pr effects on SSM. Overcoming these deficiencies could improve the interpretability and predictability of Earth system models in simulating interactions among the three variables.