FSMAX vs. VTI

Last updated Jun 13, 2026

FSMAX (Fidelity Extended Market Index Fund) and VTI (Vanguard Total Stock Market ETF) are both funds - FSMAX is a Mid Cap Blend Equities fund tracking the Dow Jones U.S. Completion Total Stock Market Index, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Both are passively managed. Over the past 10 years, FSMAX returned 12.22%/yr vs 15.02%/yr for VTI. Their correlation of 0.92 suggests significant overlap in exposure. FSMAX charges 0.04%/yr vs 0.03%/yr for VTI.

Performance

FSMAX vs. VTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Extended Market Index Fund (FSMAX) and Vanguard Total Stock Market ETF (VTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMAX achieves a 13.83% return, which is significantly higher than VTI's 9.62% return. Over the past 10 years, FSMAX has underperformed VTI with an annualized return of 12.22%, while VTI has yielded a comparatively higher 15.02% annualized return.

FSMAX

• 1D: 2.96%
• 1M: 4.31%
• YTD: 13.83%
• 6M: 11.67%
• 1Y: 27.30%
• 3Y*: 18.98%
• 5Y*: 6.06%
• 10Y*: 12.22%

VTI

• 1D: 0.57%
• 1M: 0.45%
• YTD: 9.62%
• 6M: 9.69%
• 1Y: 24.78%
• 3Y*: 20.60%
• 5Y*: 12.20%
• 10Y*: 15.02%

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

FSMAX vs. VTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMAX Fidelity Extended Market Index Fund	13.83%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%
VTI Vanguard Total Stock Market ETF	9.62%	17.10%	23.81%	26.05%	-19.52%	25.68%	21.08%	30.67%	-5.23%	21.21%

Correlation

The correlation between FSMAX and VTI is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.92

The correlation between FSMAX and VTI has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

FSMAX vs. VTI — Risk / Return Rank

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

FSMAX

FSMAX Risk / Return Rank: 51
FSMAX Sharpe Ratio Rank: 44
FSMAX Sortino Ratio Rank: 43
FSMAX Omega Ratio Rank: 40
FSMAX Calmar Ratio Rank: 70
FSMAX Martin Ratio Rank: 58

VTI

VTI Risk / Return Rank: 70
VTI Sharpe Ratio Rank: 70
VTI Sortino Ratio Rank: 68
VTI Omega Ratio Rank: 69
VTI Calmar Ratio Rank: 64
VTI Martin Ratio Rank: 76

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.

FSMAX vs. VTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Extended Market Index Fund (FSMAX) and Vanguard Total Stock Market ETF (VTI). 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	VTI	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.97	-0.44
Sortino ratio: Return per unit of downside risk	2.16	2.67	-0.52
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.09
Calmar ratio: Return relative to maximum drawdown	2.65	2.79	-0.14
Martin ratio: Return relative to average drawdown	9.29	12.52	-3.23

FSMAX vs. VTI - Sharpe Ratio Comparison

The current FSMAX Sharpe Ratio is 1.53, which is comparable to the VTI Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of FSMAX and VTI, 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

FSMAX vs. VTI - Drawdown Comparison

The maximum FSMAX drawdown since its inception was -50.55%, smaller than the maximum VTI drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for FSMAX and VTI.

Drawdown Indicators

	FSMAX	VTI	Difference
Max Drawdown Largest peak-to-trough decline	-50.55%	-55.45%	+4.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.26%	-8.92%	-1.34%
Max Drawdown (3Y) Largest decline over 3 years	-26.82%	-19.30%	-7.52%
Max Drawdown (5Y) Largest decline over 5 years	-36.31%	-25.36%	-10.95%
Max Drawdown (10Y) Largest decline over 10 years	-50.55%	-35.00%	-15.55%
Current Drawdown Current decline from peak	-1.04%	-2.14%	+1.10%
Average Drawdown Average peak-to-trough decline	-12.15%	-8.02%	-4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	1.99%	+0.93%

Volatility

FSMAX vs. VTI - Volatility Comparison

Fidelity Extended Market Index Fund (FSMAX) has a higher volatility of 6.48% compared to Vanguard Total Stock Market ETF (VTI) at 4.50%. This indicates that FSMAX's price experiences larger fluctuations and is considered to be riskier than VTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMAX	VTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	4.50%	+1.98%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	9.82%	+3.53%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	12.64%	+5.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.42%	17.47%	+4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.26%	18.33%	+11.93%

FSMAX vs. VTI - Expense Ratio Comparison

FSMAX has a 0.04% expense ratio, which is higher than VTI's 0.03% expense ratio. However, 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. VTI - Dividend Comparison

FSMAX's dividend yield for the trailing twelve months is around 0.50%, less than VTI's 1.03% 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%
VTI Vanguard Total Stock Market ETF	1.03%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both FSMAX and VTI in my portfolio?

FSMAX and VTI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMAX or VTI?

FSMAX has higher volatility (6.48%) compared to VTI (4.50%). In terms of maximum drawdown, FSMAX dropped -50.55% vs VTI's -55.45%.

Which has better risk-adjusted returns?

VTI currently has the higher Sharpe Ratio (1.97 vs 1.53), 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.