FSKAX vs. VFORX

Last updated Jun 13, 2026

FSKAX (Fidelity Total Market Index Fund) and VFORX (Vanguard Target Retirement 2040 Fund) are both mutual funds - FSKAX is a Large Cap Blend Equities fund managed by Fidelity, while VFORX is a Target Retirement Date fund managed by Vanguard. Over the past 10 years, FSKAX returned 14.91%/yr vs 10.63%/yr for VFORX. With a 0.96 correlation, they move nearly in lockstep. FSKAX charges 0.01%/yr vs 0.08%/yr for VFORX.

Performance

FSKAX vs. VFORX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total Market Index Fund (FSKAX) and Vanguard Target Retirement 2040 Fund (VFORX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSKAX achieves a 9.19% return, which is significantly higher than VFORX's 8.11% return. Over the past 10 years, FSKAX has outperformed VFORX with an annualized return of 14.91%, while VFORX has yielded a comparatively lower 10.63% annualized return.

FSKAX

• 1D: 1.89%
• 1M: -0.76%
• YTD: 9.19%
• 6M: 9.26%
• 1Y: 25.69%
• 3Y*: 20.78%
• 5Y*: 12.13%
• 10Y*: 14.91%

VFORX

• 1D: 1.91%
• 1M: -0.18%
• YTD: 8.11%
• 6M: 8.81%
• 1Y: 21.22%
• 3Y*: 16.17%
• 5Y*: 8.20%
• 10Y*: 10.63%

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

FSKAX vs. VFORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSKAX Fidelity Total Market Index Fund	9.19%	17.06%	23.89%	26.12%	-19.53%	25.66%	20.79%	30.92%	-5.32%	20.85%
VFORX Vanguard Target Retirement 2040 Fund	8.11%	18.77%	12.90%	18.56%	-17.00%	14.55%	15.48%	23.86%	-7.32%	18.45%

Correlation

The correlation between FSKAX and VFORX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.96

The correlation between FSKAX and VFORX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

FSKAX vs. VFORX — Risk / Return Rank

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

FSKAX

FSKAX Risk / Return Rank: 72
FSKAX Sharpe Ratio Rank: 70
FSKAX Sortino Ratio Rank: 66
FSKAX Omega Ratio Rank: 66
FSKAX Calmar Ratio Rank: 74
FSKAX Martin Ratio Rank: 83

VFORX

VFORX Risk / Return Rank: 73
VFORX Sharpe Ratio Rank: 73
VFORX Sortino Ratio Rank: 71
VFORX Omega Ratio Rank: 72
VFORX Calmar Ratio Rank: 71
VFORX Martin Ratio Rank: 79

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.

FSKAX vs. VFORX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Market Index Fund (FSKAX) and Vanguard Target Retirement 2040 Fund (VFORX). 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.

	FSKAX	VFORX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.00	-0.07
Sortino ratio: Return per unit of downside risk	2.63	2.78	-0.15
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	2.77	2.67	+0.10
Martin ratio: Return relative to average drawdown	12.40	11.49	+0.91

FSKAX vs. VFORX - Sharpe Ratio Comparison

The current FSKAX Sharpe Ratio is 1.93, which is comparable to the VFORX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FSKAX and VFORX, 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

FSKAX vs. VFORX - Drawdown Comparison

The maximum FSKAX drawdown since its inception was -35.01%, smaller than the maximum VFORX drawdown of -51.63%. Use the drawdown chart below to compare losses from any high point for FSKAX and VFORX.

Drawdown Indicators

	FSKAX	VFORX	Difference
Max Drawdown Largest peak-to-trough decline	-35.01%	-51.63%	+16.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-7.70%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-19.43%	-12.12%	-7.31%
Max Drawdown (5Y) Largest decline over 5 years	-25.39%	-24.32%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-35.01%	-29.35%	-5.66%
Current Drawdown Current decline from peak	-2.58%	-1.82%	-0.76%
Average Drawdown Average peak-to-trough decline	-4.01%	-6.77%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.78%	+0.21%

Volatility

FSKAX vs. VFORX - Volatility Comparison

Fidelity Total Market Index Fund (FSKAX) has a higher volatility of 4.64% compared to Vanguard Target Retirement 2040 Fund (VFORX) at 4.19%. This indicates that FSKAX's price experiences larger fluctuations and is considered to be riskier than VFORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSKAX	VFORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	4.19%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	8.47%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	10.27%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.49%	12.51%	+4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	13.70%	+4.79%

FSKAX vs. VFORX - Expense Ratio Comparison

FSKAX has a 0.02% expense ratio, which is lower than VFORX's 0.08% 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

FSKAX vs. VFORX - Dividend Comparison

FSKAX's dividend yield for the trailing twelve months is around 0.96%, less than VFORX's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSKAX Fidelity Total Market Index Fund	0.96%	1.01%	1.19%	1.41%	1.62%	1.15%	1.45%	1.94%	2.54%	2.07%	2.43%	0.82%
VFORX Vanguard Target Retirement 2040 Fund	2.56%	2.77%	2.86%	2.38%	2.60%	20.68%	2.06%	2.28%	2.58%	0.04%	2.40%	2.99%

Frequently Asked Questions

Can I hold both FSKAX and VFORX in my portfolio?

With a correlation of 0.96, FSKAX and VFORX 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, FSKAX or VFORX?

FSKAX has higher volatility (4.64%) compared to VFORX (4.19%). In terms of maximum drawdown, FSKAX dropped -35.01% vs VFORX's -51.63%.

Which has better risk-adjusted returns?

VFORX currently has the higher Sharpe Ratio (2.00 vs 1.93), 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.