FJACX vs. VIOO

Last updated Jun 3, 2026

FJACX (Fidelity Series Small Cap Discovery Fund) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both Small Cap Blend Equities funds. Over the past 10 years, FJACX returned 10.46%/yr vs 10.77%/yr for VIOO. Their correlation of 0.94 suggests significant overlap in exposure. FJACX charges 0.00%/yr vs 0.10%/yr for VIOO.

Performance

FJACX vs. VIOO - Performance Comparison

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

Returns By Period

In the year-to-date period, FJACX achieves a 12.74% return, which is significantly lower than VIOO's 16.37% return. Both investments have delivered pretty close results over the past 10 years, with FJACX having a 10.46% annualized return and VIOO not far ahead at 10.77%.

FJACX

• 1D: -0.24%
• 1M: 3.08%
• YTD: 12.74%
• 6M: 14.79%
• 1Y: 30.85%
• 3Y*: 14.46%
• 5Y*: 8.19%
• 10Y*: 10.46%

VIOO

• 1D: 0.91%
• 1M: 1.63%
• YTD: 16.37%
• 6M: 16.85%
• 1Y: 34.98%
• 3Y*: 14.74%
• 5Y*: 5.91%
• 10Y*: 10.77%

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

FJACX vs. VIOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJACX Fidelity Series Small Cap Discovery Fund	12.74%	11.80%	3.11%	21.79%	-13.96%	36.36%	9.62%	30.01%	-17.37%	9.59%
VIOO Vanguard S&P Small-Cap 600 ETF	16.37%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	22.68%	-8.65%	13.16%

Correlation

The correlation between FJACX and VIOO is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 20, 2013	0.94

The correlation between FJACX and VIOO has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

FJACX vs. VIOO — Risk / Return Rank

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

FJACX

FJACX Risk / Return Rank: 38
FJACX Sharpe Ratio Rank: 35
FJACX Sortino Ratio Rank: 36
FJACX Omega Ratio Rank: 31
FJACX Calmar Ratio Rank: 49
FJACX Martin Ratio Rank: 41

VIOO

VIOO Risk / Return Rank: 64
VIOO Sharpe Ratio Rank: 58
VIOO Sortino Ratio Rank: 61
VIOO Omega Ratio Rank: 55
VIOO Calmar Ratio Rank: 76
VIOO Martin Ratio Rank: 70

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.

FJACX vs. VIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Small Cap Discovery Fund (FJACX) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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.

	FJACX	VIOO	Difference
Sharpe ratio Return per unit of total volatility	1.73	2.00	-0.27
Sortino ratio Return per unit of downside risk	2.53	2.88	-0.35
Omega ratio Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio Return relative to maximum drawdown	2.69	3.93	-1.24
Martin ratio Return relative to average drawdown	8.90	13.17	-4.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FJACX vs. VIOO - Sharpe Ratio Comparison

The current FJACX Sharpe Ratio is 1.73, which is comparable to the VIOO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FJACX and VIOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FJACX	VIOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.00	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.28	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.47	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.58	-0.13

Drawdowns

FJACX vs. VIOO - Drawdown Comparison

The maximum FJACX drawdown since its inception was -45.60%, roughly equal to the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for FJACX and VIOO.

Drawdown Indicators

	FJACX	VIOO	Difference
Max Drawdown Largest peak-to-trough decline	-45.60%	-44.15%	-1.45%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-8.77%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-22.71%	-27.93%	+5.22%
Max Drawdown (5Y) Largest decline over 5 years	-23.69%	-27.93%	+4.24%
Max Drawdown (10Y) Largest decline over 10 years	-45.60%	-44.15%	-1.45%
Current Drawdown Current decline from peak	-0.96%	-0.01%	-0.95%
Average Drawdown Average peak-to-trough decline	-6.56%	-7.34%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.62%	+0.76%

Volatility

FJACX vs. VIOO - Volatility Comparison

Fidelity Series Small Cap Discovery Fund (FJACX) has a higher volatility of 5.57% compared to Vanguard S&P Small-Cap 600 ETF (VIOO) at 4.40%. This indicates that FJACX's price experiences larger fluctuations and is considered to be riskier than VIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJACX	VIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	4.40%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	12.89%	11.69%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.84%	17.57%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	21.40%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	22.99%	-1.41%

FJACX vs. VIOO - Expense Ratio Comparison

FJACX has a 0.00% expense ratio, which is lower than VIOO's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FJACX vs. VIOO - Dividend Comparison

FJACX's dividend yield for the trailing twelve months is around 9.26%, more than VIOO's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJACX Fidelity Series Small Cap Discovery Fund	9.26%	10.44%	10.79%	2.90%	24.03%	17.66%	2.67%	6.65%	8.36%	1.15%	0.45%	5.64%
VIOO Vanguard S&P Small-Cap 600 ETF	1.17%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%

Frequently Asked Questions

Can I hold both FJACX and VIOO in my portfolio?

With a correlation of 0.93, FJACX and VIOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FJACX or VIOO?

FJACX has higher volatility (5.57%) compared to VIOO (4.40%). In terms of maximum drawdown, FJACX dropped -45.60% vs VIOO's -44.15%.

Which has better risk-adjusted returns?

VIOO currently has the higher Sharpe Ratio (2.00 vs 1.73), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.