FSMAX vs. VEMPX
FSMAX (Fidelity Extended Market Index Fund) and VEMPX (Vanguard Extended Market Index Fund Institutional Plus Shares) are both Mid Cap Blend Equities funds. Over the past 10 years, FSMAX returned 12.60%/yr vs 12.65%/yr for VEMPX. With a 1.00 correlation, they move nearly in lockstep. FSMAX charges 0.04%/yr vs 0.04%/yr for VEMPX.
Performance
FSMAX vs. VEMPX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FSMAX having a 15.43% return and VEMPX slightly higher at 15.57%. Both investments have delivered pretty close results over the past 10 years, with FSMAX having a 12.60% annualized return and VEMPX not far ahead at 12.65%.
FSMAX
- 1D
- -0.11%
- 1M
- 4.21%
- YTD
- 15.43%
- 6M
- 13.08%
- 1Y
- 29.23%
- 3Y*
- 20.24%
- 5Y*
- 6.38%
- 10Y*
- 12.60%
VEMPX
- 1D
- -0.12%
- 1M
- 4.30%
- YTD
- 15.57%
- 6M
- 13.22%
- 1Y
- 29.41%
- 3Y*
- 20.29%
- 5Y*
- 6.41%
- 10Y*
- 12.65%
FSMAX vs. VEMPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSMAX Fidelity Extended Market Index Fund | 15.43% | 11.40% | 16.99% | 25.36% | -26.44% | 12.41% | 32.28% | 28.01% | -9.44% | 18.04% |
VEMPX Vanguard Extended Market Index Fund Institutional Plus Shares | 15.57% | 11.43% | 15.50% | 26.98% | -26.45% | 12.48% | 32.24% | 28.06% | -9.35% | 18.13% |
Correlation
The correlation between FSMAX and VEMPX 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 | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011 | 1.00 |
The correlation between FSMAX and VEMPX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
FSMAX vs. VEMPX — Risk / Return Rank
FSMAX
VEMPX
FSMAX vs. VEMPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Extended Market Index Fund (FSMAX) and Vanguard Extended Market Index Fund Institutional Plus Shares (VEMPX). 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.
| FSMAX | VEMPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 2.99 | -0.02 |
| Martin ratioReturn relative to average drawdown | 10.42 | 10.49 | -0.07 |
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Drawdowns
FSMAX vs. VEMPX - Drawdown Comparison
The maximum FSMAX drawdown since its inception was -50.55%, which is greater than VEMPX's maximum drawdown of -41.62%. Use the drawdown chart below to compare losses from any high point for FSMAX and VEMPX.
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Drawdown Indicators
| FSMAX | VEMPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.55% | -41.62% | -8.93% |
Max Drawdown (1Y)Largest decline over 1 year | -10.26% | -10.25% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -26.82% | -26.83% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -36.31% | -36.32% | +0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -50.55% | -41.62% | -8.93% |
Current DrawdownCurrent decline from peak | -0.22% | -0.24% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -12.13% | -7.94% | -4.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 2.91% | +0.01% |
Volatility
FSMAX vs. VEMPX - Volatility Comparison
Fidelity Extended Market Index Fund (FSMAX) and Vanguard Extended Market Index Fund Institutional Plus Shares (VEMPX) have volatilities of 6.07% and 6.09%, 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.
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Volatility by Period
| FSMAX | VEMPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.07% | 6.09% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 13.28% | 13.29% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.83% | 17.84% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.43% | 22.45% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.28% | 22.41% | +7.87% |
FSMAX vs. VEMPX - Expense Ratio Comparison
FSMAX has a 0.04% expense ratio, which is lower than VEMPX's 0.04% 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
FSMAX vs. VEMPX - Dividend Comparison
FSMAX's dividend yield for the trailing twelve months is around 0.50%, less than VEMPX's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMAX Fidelity Extended Market Index Fund | 0.50% | 0.57% | 0.48% | 1.17% | 1.90% | 7.49% | 2.14% | 4.30% | 6.09% | 5.44% | 4.85% | 6.34% |
VEMPX Vanguard Extended Market Index Fund Institutional Plus Shares | 1.01% | 1.15% | 1.11% | 1.27% | 1.17% | 1.15% | 1.09% | 1.32% | 1.68% | 1.27% | 1.46% | 1.39% |
Frequently Asked Questions
With a correlation of 1.00, FSMAX and VEMPX 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.
VEMPX has higher volatility (6.09%) compared to FSMAX (6.07%). In terms of maximum drawdown, FSMAX dropped -50.55% vs VEMPX's -41.62%.
VEMPX currently has the higher Sharpe Ratio (1.72 vs 1.71), 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.
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