FSSAX vs. VSGAX

Last updated Jun 23, 2026

FSSAX (Franklin Small Cap Growth Fund) and VSGAX (Vanguard Small-Cap Growth Index Fund Admiral Shares) are both Small Cap Growth Equities funds. Over the past 10 years, FSSAX returned 12.53%/yr vs 11.89%/yr for VSGAX. With a 0.96 correlation, they move nearly in lockstep. FSSAX charges 0.78%/yr vs 0.07%/yr for VSGAX.

Performance

FSSAX vs. VSGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Small Cap Growth Fund (FSSAX) and Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSSAX achieves a 12.05% return, which is significantly lower than VSGAX's 18.37% return. Over the past 10 years, FSSAX has outperformed VSGAX with an annualized return of 12.53%, while VSGAX has yielded a comparatively lower 11.89% annualized return.

FSSAX

• 1D: 1.67%
• 1M: 3.72%
• YTD: 12.05%
• 6M: 8.94%
• 1Y: 28.83%
• 3Y*: 15.73%
• 5Y*: 3.07%
• 10Y*: 12.53%

VSGAX

• 1D: 1.99%
• 1M: 2.79%
• YTD: 18.37%
• 6M: 14.66%
• 1Y: 32.89%
• 3Y*: 16.98%
• 5Y*: 5.57%
• 10Y*: 11.89%

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

FSSAX vs. VSGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSSAX Franklin Small Cap Growth Fund	12.05%	7.88%	13.02%	31.05%	-30.29%	-0.24%	41.68%	42.14%	-3.08%	21.32%
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	18.37%	8.44%	14.94%	23.04%	-28.39%	5.70%	35.26%	32.76%	-5.69%	21.92%

Correlation

The correlation between FSSAX and VSGAX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.96

The correlation between FSSAX and VSGAX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

FSSAX vs. VSGAX — Risk / Return Rank

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

FSSAX

FSSAX Risk / Return Rank: 37
FSSAX Sharpe Ratio Rank: 33
FSSAX Sortino Ratio Rank: 32
FSSAX Omega Ratio Rank: 28
FSSAX Calmar Ratio Rank: 45
FSSAX Martin Ratio Rank: 47

VSGAX

VSGAX Risk / Return Rank: 44
VSGAX Sharpe Ratio Rank: 36
VSGAX Sortino Ratio Rank: 34
VSGAX Omega Ratio Rank: 32
VSGAX Calmar Ratio Rank: 62
VSGAX Martin Ratio Rank: 58

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.

FSSAX vs. VSGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Small Cap Growth Fund (FSSAX) and Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX). 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.

	FSSAX	VSGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.63	-0.09
Sortino ratio: Return per unit of downside risk	2.20	2.26	-0.06
Omega ratio: Gain probability vs. loss probability	1.26	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.46	2.90	-0.44
Martin ratio: Return relative to average drawdown	9.35	10.83	-1.48

FSSAX vs. VSGAX - Sharpe Ratio Comparison

The current FSSAX Sharpe Ratio is 1.54, which is comparable to the VSGAX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of FSSAX and VSGAX, 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

FSSAX vs. VSGAX - Drawdown Comparison

The maximum FSSAX drawdown since its inception was -59.61%, which is greater than VSGAX's maximum drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for FSSAX and VSGAX.

Drawdown Indicators

	FSSAX	VSGAX	Difference
Max Drawdown Largest peak-to-trough decline	-59.61%	-38.70%	-20.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-11.37%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-29.48%	-27.47%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-42.58%	-38.36%	-4.22%
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	-38.70%	-4.10%
Current Drawdown Current decline from peak	0.00%	-0.31%	+0.31%
Average Drawdown Average peak-to-trough decline	-14.72%	-8.53%	-6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	3.04%	+0.10%

Volatility

FSSAX vs. VSGAX - Volatility Comparison

The current volatility for Franklin Small Cap Growth Fund (FSSAX) is 6.30%, while Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) has a volatility of 7.28%. This indicates that FSSAX experiences smaller price fluctuations and is considered to be less risky than VSGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSSAX	VSGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.30%	7.28%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	14.31%	15.86%	-1.55%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	20.28%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.44%	23.70%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.98%	23.07%	+0.91%

FSSAX vs. VSGAX - Expense Ratio Comparison

FSSAX has a 0.78% expense ratio, which is higher than VSGAX's 0.07% expense ratio.

Dividends

FSSAX vs. VSGAX - Dividend Comparison

FSSAX's dividend yield for the trailing twelve months is around 6.82%, more than VSGAX's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSSAX Franklin Small Cap Growth Fund	6.82%	7.64%	0.00%	0.00%	0.54%	16.49%	9.31%	12.17%	22.72%	1.77%	0.00%	1.92%
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	0.44%	0.54%	0.54%	0.67%	0.55%	0.36%	0.44%	0.57%	0.79%	0.81%	1.08%	0.98%

Frequently Asked Questions

Can I hold both FSSAX and VSGAX in my portfolio?

With a correlation of 0.92, FSSAX and VSGAX 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.

Which is riskier, FSSAX or VSGAX?

VSGAX has higher volatility (7.28%) compared to FSSAX (6.30%). In terms of maximum drawdown, FSSAX dropped -59.61% vs VSGAX's -38.70%.

Which has better risk-adjusted returns?

VSGAX currently has the higher Sharpe Ratio (1.63 vs 1.54), 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.