FESM vs. VIOG

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Enhanced Small Cap ETF (FESM) and Vanguard S&P Small-Cap 600 Growth ETF (VIOG).

FESM and VIOG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FESM is an actively managed fund by Fidelity. It was launched on Dec 20, 2007. VIOG is a passively managed fund by Vanguard that tracks the performance of the S&P SmallCap 600 Growth Index. It was launched on Sep 7, 2010.

Performance

FESM vs. VIOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Small Cap ETF (FESM) and Vanguard S&P Small-Cap 600 Growth ETF (VIOG). The values are adjusted to include any dividend payments, if applicable.

FESM vs. VIOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FESM Fidelity Enhanced Small Cap ETF	0.82%	17.88%	16.22%	12.19%
VIOG Vanguard S&P Small-Cap 600 Growth ETF	2.81%	5.40%	9.23%	11.51%

Returns By Period

In the year-to-date period, FESM achieves a 0.82% return, which is significantly lower than VIOG's 2.81% return.

FESM

• 1D: 3.29%
• 1M: -4.77%
• YTD: 0.82%
• 6M: 4.42%
• 1Y: 29.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VIOG

• 1D: 3.50%
• 1M: -4.59%
• YTD: 2.81%
• 6M: 2.72%
• 1Y: 17.58%
• 3Y*: 10.75%
• 5Y*: 3.16%
• 10Y*: 9.89%

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

FESM vs. VIOG - Expense Ratio Comparison

FESM has a 0.28% expense ratio, which is higher than VIOG's 0.15% expense ratio.

FESM

Fidelity Enhanced Small Cap ETF

VIOG

Vanguard S&P Small-Cap 600 Growth ETF

Return for Risk

FESM vs. VIOG — Risk / Return Rank

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

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 76
FESM Omega Ratio Rank: 69
FESM Calmar Ratio Rank: 82
FESM Martin Ratio Rank: 80

VIOG

VIOG Risk / Return Rank: 51
VIOG Sharpe Ratio Rank: 47
VIOG Sortino Ratio Rank: 50
VIOG Omega Ratio Rank: 45
VIOG Calmar Ratio Rank: 56
VIOG Martin Ratio Rank: 58

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.

FESM vs. VIOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap ETF (FESM) and Vanguard S&P Small-Cap 600 Growth ETF (VIOG). 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.

	FESM	VIOG	Difference
Sharpe ratio Return per unit of total volatility	1.30	0.80	+0.50
Sortino ratio Return per unit of downside risk	1.87	1.28	+0.59
Omega ratio Gain probability vs. loss probability	1.24	1.17	+0.08
Calmar ratio Return relative to maximum drawdown	2.19	1.33	+0.86
Martin ratio Return relative to average drawdown	8.40	5.39	+3.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FESM vs. VIOG - Sharpe Ratio Comparison

The current FESM Sharpe Ratio is 1.30, which is higher than the VIOG Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of FESM and VIOG, 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

	FESM	VIOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	0.80	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.15	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.56	+0.40

Correlation

The correlation between FESM and VIOG is 0.96, 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

FESM vs. VIOG - Dividend Comparison

FESM's dividend yield for the trailing twelve months is around 0.63%, less than VIOG's 0.94% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FESM Fidelity Enhanced Small Cap ETF	0.63%	0.82%	1.08%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIOG Vanguard S&P Small-Cap 600 Growth ETF	0.94%	1.04%	1.03%	1.15%	1.17%	0.69%	0.68%	1.09%	0.76%	0.87%	0.92%	1.04%

Drawdowns

FESM vs. VIOG - Drawdown Comparison

The maximum FESM drawdown since its inception was -26.93%, smaller than the maximum VIOG drawdown of -41.73%. Use the drawdown chart below to compare losses from any high point for FESM and VIOG.

Drawdown Indicators

	FESM	VIOG	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-41.73%	+14.80%
Max Drawdown (1Y) Largest decline over 1 year	-13.54%	-13.82%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.73%	—
Current Drawdown Current decline from peak	-7.23%	-5.85%	-1.38%
Average Drawdown Average peak-to-trough decline	-5.04%	-7.69%	+2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	3.41%	+0.12%

Volatility

FESM vs. VIOG - Volatility Comparison

Fidelity Enhanced Small Cap ETF (FESM) and Vanguard S&P Small-Cap 600 Growth ETF (VIOG) have volatilities of 7.40% and 7.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FESM	VIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	7.21%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	13.04%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	22.98%	22.01%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.49%	21.54%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.49%	22.82%	-1.33%