FSPGX vs. VTEB

Last updated Jun 16, 2026

FSPGX (Fidelity Large Cap Growth Index Fund) and VTEB (Vanguard Tax-Exempt Bond ETF) are both funds - FSPGX is a Large Cap Growth Equities fund managed by Fidelity, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Over the past 5 years, FSPGX returned 14.08%/yr vs 0.88%/yr for VTEB. At a 0.08 correlation, their price movements are largely independent. FSPGX charges 0.04%/yr vs 0.03%/yr for VTEB.

Performance

FSPGX vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Large Cap Growth Index Fund (FSPGX) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSPGX achieves a 3.00% return, which is significantly higher than VTEB's 1.54% return.

FSPGX

• 1D: 0.02%
• 1M: -2.20%
• YTD: 3.00%
• 6M: 4.01%
• 1Y: 20.62%
• 3Y*: 22.52%
• 5Y*: 14.08%
• 10Y*: —

VTEB

• 1D: 0.10%
• 1M: 1.32%
• YTD: 1.54%
• 6M: 1.95%
• 1Y: 6.68%
• 3Y*: 3.38%
• 5Y*: 0.88%
• 10Y*: 2.02%

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

FSPGX vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSPGX Fidelity Large Cap Growth Index Fund	3.00%	18.54%	33.27%	42.77%	-29.17%	27.57%	38.46%	36.38%	-1.79%	27.70%
VTEB Vanguard Tax-Exempt Bond ETF	1.54%	3.72%	1.31%	6.15%	-7.99%	1.14%	5.19%	7.35%	1.04%	4.87%

Correlation

The correlation between FSPGX and VTEB is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.08

The correlation between FSPGX and VTEB shifts across timeframes, from 0.08 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FSPGX vs. VTEB — Risk / Return Rank

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

FSPGX

FSPGX Risk / Return Rank: 20
FSPGX Sharpe Ratio Rank: 23
FSPGX Sortino Ratio Rank: 21
FSPGX Omega Ratio Rank: 22
FSPGX Calmar Ratio Rank: 16
FSPGX Martin Ratio Rank: 17

VTEB

VTEB Risk / Return Rank: 76
VTEB Sharpe Ratio Rank: 87
VTEB Sortino Ratio Rank: 90
VTEB Omega Ratio Rank: 92
VTEB Calmar Ratio Rank: 55
VTEB Martin Ratio Rank: 55

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.

FSPGX vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Large Cap Growth Index Fund (FSPGX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.

	FSPGX	VTEB	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.52	-1.31
Sortino ratio: Return per unit of downside risk	1.68	3.71	-2.03
Omega ratio: Gain probability vs. loss probability	1.21	1.55	-0.34
Calmar ratio: Return relative to maximum drawdown	1.19	2.48	-1.29
Martin ratio: Return relative to average drawdown	3.92	8.75	-4.83

FSPGX vs. VTEB - Sharpe Ratio Comparison

The current FSPGX Sharpe Ratio is 1.20, which is lower than the VTEB Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FSPGX and VTEB, 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

FSPGX vs. VTEB - Drawdown Comparison

The maximum FSPGX drawdown since its inception was -32.66%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for FSPGX and VTEB.

Drawdown Indicators

	FSPGX	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-32.66%	-17.00%	-15.66%
Max Drawdown (1Y) Largest decline over 1 year	-16.17%	-2.71%	-13.46%
Max Drawdown (3Y) Largest decline over 3 years	-23.32%	-5.53%	-17.79%
Max Drawdown (5Y) Largest decline over 5 years	-32.66%	-12.64%	-20.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.00%	—
Current Drawdown Current decline from peak	-5.51%	-0.44%	-5.07%
Average Drawdown Average peak-to-trough decline	-6.36%	-2.32%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.89%	0.77%	+4.12%

Volatility

FSPGX vs. VTEB - Volatility Comparison

Fidelity Large Cap Growth Index Fund (FSPGX) has a higher volatility of 5.42% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.92%. This indicates that FSPGX's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSPGX	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	0.92%	+4.50%
Volatility (6M) Calculated over the trailing 6-month period	12.42%	2.04%	+10.38%
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	2.67%	+13.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.56%	3.90%	+17.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.56%	5.26%	+16.30%

FSPGX vs. VTEB - Expense Ratio Comparison

FSPGX has a 0.04% expense ratio, which is higher than VTEB'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

FSPGX vs. VTEB - Dividend Comparison

FSPGX's dividend yield for the trailing twelve months is around 0.33%, less than VTEB's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSPGX Fidelity Large Cap Growth Index Fund	0.33%	0.34%	0.37%	0.73%	0.86%	2.22%	1.76%	1.04%	1.32%	0.22%	0.00%	0.00%
VTEB Vanguard Tax-Exempt Bond ETF	3.35%	3.29%	3.14%	2.79%	2.09%	1.64%	1.99%	2.30%	2.25%	1.96%	1.66%	0.58%

Frequently Asked Questions

Can I hold both FSPGX and VTEB in my portfolio?

FSPGX and VTEB have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSPGX or VTEB?

FSPGX has higher volatility (5.42%) compared to VTEB (0.92%). In terms of maximum drawdown, FSPGX dropped -32.66% vs VTEB's -17.00%.

Which has better risk-adjusted returns?

VTEB currently has the higher Sharpe Ratio (2.52 vs 1.20), 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.