DFSVX vs. FSMAX

Last updated Apr 1, 2026

Compare and contrast key facts about DFA U.S. Small Cap Value Portfolio I (DFSVX) and Fidelity Extended Market Index Fund (FSMAX).

DFSVX is managed by Dimensional. It was launched on Mar 2, 1993. FSMAX is managed by Fidelity.

Performance

DFSVX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA U.S. Small Cap Value Portfolio I (DFSVX) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

DFSVX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSVX DFA U.S. Small Cap Value Portfolio I	4.70%	8.37%	9.58%	19.02%	-3.57%	39.97%	2.24%	18.15%	-15.13%	6.82%
FSMAX Fidelity Extended Market Index Fund	-4.54%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Returns By Period

In the year-to-date period, DFSVX achieves a 4.70% return, which is significantly higher than FSMAX's -4.54% return. Both investments have delivered pretty close results over the past 10 years, with DFSVX having a 10.61% annualized return and FSMAX not far behind at 10.54%.

DFSVX

• 1D: -0.56%
• 1M: -5.28%
• YTD: 4.70%
• 6M: 8.23%
• 1Y: 23.60%
• 3Y*: 13.98%
• 5Y*: 9.57%
• 10Y*: 10.61%

FSMAX

• 1D: -1.03%
• 1M: -7.76%
• YTD: -4.54%
• 6M: -4.39%
• 1Y: 16.77%
• 3Y*: 13.78%
• 5Y*: 3.66%
• 10Y*: 10.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFSVX vs. FSMAX - Expense Ratio Comparison

DFSVX has a 0.30% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

DFSVX

DFA U.S. Small Cap Value Portfolio I

FSMAX

Fidelity Extended Market Index Fund

Return for Risk

DFSVX vs. FSMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFSVX

DFSVX Risk / Return Rank: 57
DFSVX Sharpe Ratio Rank: 58
DFSVX Sortino Ratio Rank: 62
DFSVX Omega Ratio Rank: 57
DFSVX Calmar Ratio Rank: 58
DFSVX Martin Ratio Rank: 51

FSMAX

FSMAX Risk / Return Rank: 35
FSMAX Sharpe Ratio Rank: 33
FSMAX Sortino Ratio Rank: 36
FSMAX Omega Ratio Rank: 33
FSMAX Calmar Ratio Rank: 36
FSMAX Martin Ratio Rank: 38

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFSVX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA U.S. Small Cap Value Portfolio I (DFSVX) and Fidelity Extended Market Index Fund (FSMAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DFSVX	FSMAX	Difference
Sharpe ratio Return per unit of total volatility	1.03	0.72	+0.31
Sortino ratio Return per unit of downside risk	1.55	1.16	+0.39
Omega ratio Gain probability vs. loss probability	1.22	1.16	+0.06
Calmar ratio Return relative to maximum drawdown	1.34	0.95	+0.40
Martin ratio Return relative to average drawdown	4.99	3.91	+1.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSVX vs. FSMAX - Sharpe Ratio Comparison

The current DFSVX Sharpe Ratio is 1.03, which is higher than the FSMAX Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of DFSVX and FSMAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DFSVX	FSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	0.72	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.16	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.35	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.41	+0.10

Correlation

The correlation between DFSVX and FSMAX is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DFSVX vs. FSMAX - Dividend Comparison

DFSVX's dividend yield for the trailing twelve months is around 1.66%, more than FSMAX's 0.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSVX DFA U.S. Small Cap Value Portfolio I	1.66%	1.69%	1.47%	3.67%	6.77%	10.40%	1.96%	2.83%	7.54%	5.18%	4.18%	5.29%
FSMAX Fidelity Extended Market Index Fund	0.60%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%

Drawdowns

DFSVX vs. FSMAX - Drawdown Comparison

The maximum DFSVX drawdown since its inception was -66.70%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for DFSVX and FSMAX.

Drawdown Indicators

	DFSVX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-66.70%	-50.55%	-16.15%
Max Drawdown (1Y) Largest decline over 1 year	-15.11%	-14.64%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-27.69%	-36.31%	+8.62%
Max Drawdown (10Y) Largest decline over 10 years	-52.12%	-50.55%	-1.57%
Current Drawdown Current decline from peak	-7.77%	-10.26%	+2.49%
Average Drawdown Average peak-to-trough decline	-9.51%	-12.29%	+2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	3.54%	+0.60%

Volatility

DFSVX vs. FSMAX - Volatility Comparison

The current volatility for DFA U.S. Small Cap Value Portfolio I (DFSVX) is 5.00%, while Fidelity Extended Market Index Fund (FSMAX) has a volatility of 6.01%. This indicates that DFSVX experiences smaller price fluctuations and is considered to be less risky than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSVX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	6.01%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	13.07%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	23.31%	22.79%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.67%	22.32%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.92%	30.19%	-6.27%