FSMAX vs. VFWSX
FSMAX (Fidelity Extended Market Index Fund) and VFWSX (Vanguard FTSE All-World ex-US Index Fund Institutional Shares) are both mutual funds - FSMAX is a Mid Cap Growth Equities fund managed by Fidelity, while VFWSX is a Foreign Large Cap Equities fund managed by Vanguard. Over the past 10 years, FSMAX returned 12.17%/yr vs 10.06%/yr for VFWSX. A 0.76 correlation means they provide meaningful diversification when combined. FSMAX charges 0.04%/yr vs 0.08%/yr for VFWSX.
Performance
FSMAX vs. VFWSX - Performance Comparison
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Returns By Period
In the year-to-date period, FSMAX achieves a 14.89% return, which is significantly lower than VFWSX's 15.78% return. Over the past 10 years, FSMAX has outperformed VFWSX with an annualized return of 12.17%, while VFWSX has yielded a comparatively lower 10.06% annualized return.
FSMAX
- 1D
- 1.07%
- 1M
- 5.80%
- YTD
- 14.89%
- 6M
- 13.61%
- 1Y
- 30.08%
- 3Y*
- 20.13%
- 5Y*
- 6.91%
- 10Y*
- 12.17%
VFWSX
- 1D
- 0.66%
- 1M
- 5.91%
- YTD
- 15.78%
- 6M
- 18.57%
- 1Y
- 33.79%
- 3Y*
- 20.08%
- 5Y*
- 9.08%
- 10Y*
- 10.06%
FSMAX vs. VFWSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSMAX Fidelity Extended Market Index Fund | 14.89% | 11.40% | 16.99% | 25.36% | -26.44% | 12.41% | 32.28% | 28.01% | -9.44% | 18.04% |
VFWSX Vanguard FTSE All-World ex-US Index Fund Institutional Shares | 15.78% | 32.38% | 5.45% | 15.59% | -15.48% | 8.11% | 11.37% | 21.58% | -13.97% | 27.24% |
Correlation
The correlation between FSMAX and VFWSX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.76 |
The correlation between FSMAX and VFWSX has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.
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Return for Risk
FSMAX vs. VFWSX — Risk / Return Rank
FSMAX
VFWSX
FSMAX vs. VFWSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Extended Market Index Fund (FSMAX) and Vanguard FTSE All-World ex-US Index Fund Institutional Shares (VFWSX). 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.
| FSMAX | VFWSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.43 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 2.94 | +0.19 |
| Martin ratioReturn relative to average drawdown | 11.05 | 11.55 | -0.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FSMAX | VFWSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 2.32 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.60 | -0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 0.63 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.28 | +0.18 |
Drawdowns
FSMAX vs. VFWSX - Drawdown Comparison
The maximum FSMAX drawdown since its inception was -50.55%, smaller than the maximum VFWSX drawdown of -61.60%. Use the drawdown chart below to compare losses from any high point for FSMAX and VFWSX.
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Drawdown Indicators
| FSMAX | VFWSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.55% | -61.60% | +11.05% |
Max Drawdown (1Y)Largest decline over 1 year | -10.26% | -11.34% | +1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -26.82% | -13.26% | -13.56% |
Max Drawdown (5Y)Largest decline over 5 years | -36.31% | -29.37% | -6.94% |
Max Drawdown (10Y)Largest decline over 10 years | -50.55% | -34.87% | -15.68% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -12.17% | -13.25% | +1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 2.88% | +0.02% |
Volatility
FSMAX vs. VFWSX - Volatility Comparison
Fidelity Extended Market Index Fund (FSMAX) and Vanguard FTSE All-World ex-US Index Fund Institutional Shares (VFWSX) have volatilities of 4.70% and 4.89%, 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 | VFWSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 4.89% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 12.06% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.17% | 14.41% | +2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.33% | 15.18% | +7.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.24% | 16.08% | +14.16% |
FSMAX vs. VFWSX - Expense Ratio Comparison
FSMAX has a 0.04% expense ratio, which is lower than VFWSX'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
FSMAX vs. VFWSX - Dividend Comparison
FSMAX's dividend yield for the trailing twelve months is around 0.50%, less than VFWSX's 2.57% 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% |
VFWSX Vanguard FTSE All-World ex-US Index Fund Institutional Shares | 2.57% | 3.08% | 3.23% | 3.31% | 3.10% | 3.06% | 1.99% | 3.10% | 3.28% | 2.67% | 2.97% | 2.97% |
Frequently Asked Questions
FSMAX and VFWSX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VFWSX has higher volatility (4.89%) compared to FSMAX (4.70%). In terms of maximum drawdown, FSMAX dropped -50.55% vs VFWSX's -61.60%.
VFWSX currently has the higher Sharpe Ratio (2.32 vs 1.87), 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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