FSISX vs. VFSAX

Last updated Jun 24, 2026

FSISX (Fidelity SAI International Small Cap Index Fund) and VFSAX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, FSISX returned 5.75%/yr vs 6.12%/yr for VFSAX. Their correlation of 0.93 suggests significant overlap in exposure. FSISX charges 0.10%/yr vs 0.16%/yr for VFSAX.

Performance

FSISX vs. VFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI International Small Cap Index Fund (FSISX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSISX achieves a 9.14% return, which is significantly lower than VFSAX's 10.43% return.

FSISX

• 1D: -0.26%
• 1M: -0.53%
• YTD: 9.14%
• 6M: 9.14%
• 1Y: 23.34%
• 3Y*: 16.89%
• 5Y*: 5.75%
• 10Y*: —

VFSAX

• 1D: 0.05%
• 1M: -0.50%
• YTD: 10.43%
• 6M: 10.34%
• 1Y: 25.62%
• 3Y*: 16.96%
• 5Y*: 6.12%
• 10Y*: —

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

FSISX vs. VFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSISX Fidelity SAI International Small Cap Index Fund	9.14%	32.61%	1.74%	13.23%	-21.18%	-0.40%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	10.43%	29.89%	2.58%	15.13%	-21.30%	1.28%

Correlation

The correlation between FSISX and VFSAX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 27, 2021	0.93

The correlation between FSISX and VFSAX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

FSISX vs. VFSAX — Risk / Return Rank

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

FSISX

FSISX Risk / Return Rank: 39
FSISX Sharpe Ratio Rank: 42
FSISX Sortino Ratio Rank: 41
FSISX Omega Ratio Rank: 42
FSISX Calmar Ratio Rank: 34
FSISX Martin Ratio Rank: 36

VFSAX

VFSAX Risk / Return Rank: 45
VFSAX Sharpe Ratio Rank: 48
VFSAX Sortino Ratio Rank: 45
VFSAX Omega Ratio Rank: 48
VFSAX Calmar Ratio Rank: 41
VFSAX Martin Ratio Rank: 43

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.

FSISX vs. VFSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI International Small Cap Index Fund (FSISX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). 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.

	FSISX	VFSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.89	-0.13
Sortino ratio: Return per unit of downside risk	2.51	2.60	-0.09
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.07	2.31	-0.24
Martin ratio: Return relative to average drawdown	7.59	8.62	-1.03

FSISX vs. VFSAX - Sharpe Ratio Comparison

The current FSISX Sharpe Ratio is 1.76, which is comparable to the VFSAX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FSISX and VFSAX, 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

FSISX vs. VFSAX - Drawdown Comparison

The maximum FSISX drawdown since its inception was -36.84%, smaller than the maximum VFSAX drawdown of -39.86%. Use the drawdown chart below to compare losses from any high point for FSISX and VFSAX.

Drawdown Indicators

	FSISX	VFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.84%	-39.86%	+3.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-11.48%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-14.73%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-36.84%	-33.81%	-3.03%
Current Drawdown Current decline from peak	-2.33%	-2.22%	-0.11%
Average Drawdown Average peak-to-trough decline	-13.00%	-9.21%	-3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.07%	+0.12%

Volatility

FSISX vs. VFSAX - Volatility Comparison

The current volatility for Fidelity SAI International Small Cap Index Fund (FSISX) is 4.39%, while Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) has a volatility of 5.38%. This indicates that FSISX experiences smaller price fluctuations and is considered to be less risky than VFSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSISX	VFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	5.38%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	12.08%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	14.03%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	15.15%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.89%	17.05%	-1.16%

FSISX vs. VFSAX - Expense Ratio Comparison

FSISX has a 0.10% expense ratio, which is lower than VFSAX's 0.16% 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

FSISX vs. VFSAX - Dividend Comparison

FSISX's dividend yield for the trailing twelve months is around 3.39%, more than VFSAX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSISX Fidelity SAI International Small Cap Index Fund	3.39%	3.70%	3.33%	3.13%	3.02%	1.30%	0.00%	0.00%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	3.09%	3.31%	3.36%	3.06%	2.22%	2.67%	1.85%	3.19%

Frequently Asked Questions

Can I hold both FSISX and VFSAX in my portfolio?

With a correlation of 0.91, FSISX and VFSAX 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, FSISX or VFSAX?

VFSAX has higher volatility (5.38%) compared to FSISX (4.39%). In terms of maximum drawdown, FSISX dropped -36.84% vs VFSAX's -39.86%.

Which has better risk-adjusted returns?

VFSAX currently has the higher Sharpe Ratio (1.89 vs 1.76), 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.