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 - FSMAX tracks the Dow Jones U.S. Completion Total Stock Market Index while VEMPX tracks the Spliced Extended Market Index. Both are passively managed. Over the past 10 years, FSMAX returned 11.70%/yr vs 11.75%/yr for VEMPX. Their 1.00 correlation means they have historically moved very closely together. Both charge a 0.04% expense ratio.
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 13.37% return and VEMPX slightly higher at 13.52%. Both investments have delivered pretty close results over the past 10 years, with FSMAX having a 11.70% annualized return and VEMPX not far ahead at 11.75%.
FSMAX
- 1D
- -0.41%
- 1M
- -3.05%
- 6M
- 10.02%
- YTD
- 13.37%
- 1Y
- 23.10%
- 3Y*
- 15.94%
- 5Y*
- 6.08%
- 10Y*
- 11.70%
- ALL TIME*
- 12.08%
VEMPX
- 1D
- -0.41%
- 1M
- -3.02%
- 6M
- 10.17%
- YTD
- 13.52%
- 1Y
- 23.28%
- 3Y*
- 16.00%
- 5Y*
- 6.12%
- 10Y*
- 11.75%
- ALL TIME*
- 11.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FSMAX vs. VEMPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSMAX Fidelity Extended Market Index Fund | 13.37% | 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 | 13.52% | 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 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | 1.20 | 1.21 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 2.03 | -0.02 |
| Martin ratioReturn relative to average drawdown | 6.81 | 6.89 | -0.08 |
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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 | -4.16% | -4.13% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -12.05% | -7.90% | -4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 3.02% | +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 3.88% and 3.88%, 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 | 3.88% | 3.88% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 13.30% | 13.31% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.80% | 17.81% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.39% | 22.40% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.22% | 22.34% | +7.88% |
FSMAX vs. VEMPX - Expense Ratio Comparison
Both FSMAX and VEMPX have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically 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 1.05% 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 | 1.05% | 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 (3.88%) compared to FSMAX (3.88%). In terms of maximum drawdown, FSMAX dropped -50.55% vs VEMPX's -41.62%.
VEMPX currently has the higher Sharpe Ratio (1.17 vs 1.16), 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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