FLCPX vs. VOO

Last updated Jun 23, 2026

FLCPX (Fidelity SAI U.S. Large Cap Index Fund) and VOO (Vanguard S&P 500 ETF) are both funds - FLCPX is a Large Cap Blend Equities fund managed by Fidelity, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FLCPX returned 15.58%/yr vs 15.77%/yr for VOO. With a 0.99 correlation, they move nearly in lockstep. FLCPX charges 0.02%/yr vs 0.03%/yr for VOO.

Performance

FLCPX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI U.S. Large Cap Index Fund (FLCPX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FLCPX having a 10.21% return and VOO slightly lower at 9.75%. Both investments have delivered pretty close results over the past 10 years, with FLCPX having a 15.58% annualized return and VOO not far ahead at 15.77%.

FLCPX

• 1D: 1.11%
• 1M: 0.47%
• YTD: 10.21%
• 6M: 9.69%
• 1Y: 27.18%
• 3Y*: 21.00%
• 5Y*: 14.11%
• 10Y*: 15.58%

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

FLCPX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLCPX Fidelity SAI U.S. Large Cap Index Fund	10.21%	17.84%	25.08%	26.25%	-18.06%	28.61%	18.24%	31.59%	-4.38%	21.74%
VOO Vanguard S&P 500 ETF	9.75%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between FLCPX and VOO is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Feb 12, 2016	0.99

The correlation between FLCPX and VOO has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

FLCPX vs. VOO — Risk / Return Rank

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

FLCPX

FLCPX Risk / Return Rank: 67
FLCPX Sharpe Ratio Rank: 65
FLCPX Sortino Ratio Rank: 58
FLCPX Omega Ratio Rank: 60
FLCPX Calmar Ratio Rank: 69
FLCPX Martin Ratio Rank: 80

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

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.

FLCPX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI U.S. Large Cap Index Fund (FLCPX) and Vanguard S&P 500 ETF (VOO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FLCPX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.17	0.00
Sortino ratio: Return per unit of downside risk	2.94	2.93	+0.01
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	3.05	3.02	+0.03
Martin ratio: Return relative to average drawdown	13.79	13.58	+0.21

FLCPX vs. VOO - Sharpe Ratio Comparison

The current FLCPX Sharpe Ratio is 2.18, which is comparable to the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FLCPX and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLCPX vs. VOO - Drawdown Comparison

The maximum FLCPX drawdown since its inception was -33.87%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FLCPX and VOO.

Drawdown Indicators

	FLCPX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-33.87%	-33.99%	+0.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-8.90%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-18.69%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-24.40%	-24.52%	+0.12%
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	-33.99%	+0.12%
Current Drawdown Current decline from peak	-1.35%	-1.74%	+0.39%
Average Drawdown Average peak-to-trough decline	-4.18%	-3.68%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.98%	-0.02%

Volatility

FLCPX vs. VOO - Volatility Comparison

Fidelity SAI U.S. Large Cap Index Fund (FLCPX) and Vanguard S&P 500 ETF (VOO) have volatilities of 4.76% and 4.60%, 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

	FLCPX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.60%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	9.73%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	12.39%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	16.90%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	18.05%	+0.15%

FLCPX vs. VOO - Expense Ratio Comparison

FLCPX has a 0.02% expense ratio, which is lower than VOO's 0.03% 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

FLCPX vs. VOO - Dividend Comparison

FLCPX's dividend yield for the trailing twelve months is around 0.51%, less than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLCPX Fidelity SAI U.S. Large Cap Index Fund	0.51%	0.56%	6.11%	7.05%	11.23%	10.38%	3.93%	1.74%	2.18%	1.57%	0.76%	0.00%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FLCPX and VOO in my portfolio?

With a correlation of 1.00, FLCPX and VOO 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, FLCPX or VOO?

FLCPX has higher volatility (4.76%) compared to VOO (4.60%). In terms of maximum drawdown, FLCPX dropped -33.87% vs VOO's -33.99%.

Which has better risk-adjusted returns?

FLCPX currently has the higher Sharpe Ratio (2.18 vs 2.17), 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.