FSSNX vs. SMLF
FSSNX (Fidelity Small Cap Index Fund) and SMLF (iShares MSCI USA Small-Cap Multifactor ETF) are both Small Cap Blend Equities funds - FSSNX tracks the Russell 2000 Index while SMLF tracks the MSCI USA Small Cap Diversified Multi-Factor. Both are passively managed. Over the past 10 years, FSSNX returned 11.85%/yr vs 12.68%/yr for SMLF. Their correlation of 0.91 suggests significant overlap in exposure. FSSNX charges 0.03%/yr vs 0.30%/yr for SMLF.
Performance
FSSNX vs. SMLF - Performance Comparison
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Returns By Period
In the year-to-date period, FSSNX achieves a 21.76% return, which is significantly higher than SMLF's 16.28% return. Over the past 10 years, FSSNX has underperformed SMLF with an annualized return of 11.85%, while SMLF has yielded a comparatively higher 12.68% annualized return.
FSSNX
- 1D
- 0.83%
- 1M
- 4.84%
- YTD
- 21.76%
- 6M
- 18.99%
- 1Y
- 42.83%
- 3Y*
- 19.92%
- 5Y*
- 7.03%
- 10Y*
- 11.85%
SMLF
- 1D
- -0.85%
- 1M
- 3.41%
- YTD
- 16.28%
- 6M
- 14.19%
- 1Y
- 32.00%
- 3Y*
- 20.44%
- 5Y*
- 11.09%
- 10Y*
- 12.68%
FSSNX vs. SMLF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSSNX Fidelity Small Cap Index Fund | 21.76% | 12.94% | 11.71% | 17.11% | -20.28% | 14.70% | 19.99% | 25.70% | -11.24% | 14.54% |
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 16.28% | 12.30% | 16.33% | 19.99% | -12.19% | 26.53% | 8.38% | 21.56% | -8.42% | 12.70% |
Correlation
The correlation between FSSNX and SMLF is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2015 | 0.91 |
The correlation between FSSNX and SMLF has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
FSSNX vs. SMLF — Risk / Return Rank
FSSNX
SMLF
FSSNX vs. SMLF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Small Cap Index Fund (FSSNX) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF). 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.
| FSSNX | SMLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.31 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.05 | 3.69 | +0.37 |
| Martin ratioReturn relative to average drawdown | 14.35 | 12.66 | +1.70 |
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Drawdowns
FSSNX vs. SMLF - Drawdown Comparison
The maximum FSSNX drawdown since its inception was -41.72%, roughly equal to the maximum SMLF drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for FSSNX and SMLF.
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Drawdown Indicators
| FSSNX | SMLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.72% | -41.89% | +0.17% |
Max Drawdown (1Y)Largest decline over 1 year | -11.00% | -8.71% | -2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -27.45% | -26.28% | -1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -31.87% | -26.28% | -5.59% |
Max Drawdown (10Y)Largest decline over 10 years | -41.72% | -41.89% | +0.17% |
Current DrawdownCurrent decline from peak | 0.00% | -0.85% | +0.85% |
Average DrawdownAverage peak-to-trough decline | -8.27% | -6.57% | -1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 2.53% | +0.57% |
Volatility
FSSNX vs. SMLF - Volatility Comparison
Fidelity Small Cap Index Fund (FSSNX) has a higher volatility of 6.43% compared to iShares MSCI USA Small-Cap Multifactor ETF (SMLF) at 5.35%. This indicates that FSSNX's price experiences larger fluctuations and is considered to be riskier than SMLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSSNX | SMLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.43% | 5.35% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 12.92% | +1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.75% | 17.61% | +2.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.67% | 21.12% | +1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.50% | 21.81% | +1.69% |
FSSNX vs. SMLF - Expense Ratio Comparison
FSSNX has a 0.03% expense ratio, which is lower than SMLF's 0.30% expense ratio.
Dividends
FSSNX vs. SMLF - Dividend Comparison
FSSNX's dividend yield for the trailing twelve months is around 0.89%, less than SMLF's 1.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSSNX Fidelity Small Cap Index Fund | 0.89% | 1.08% | 1.04% | 1.43% | 1.26% | 3.92% | 0.94% | 2.96% | 4.94% | 3.37% | 2.27% | 2.66% |
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 1.02% | 1.14% | 1.33% | 1.13% | 1.23% | 1.07% | 1.33% | 1.39% | 1.17% | 0.93% | 0.78% | 0.79% |
Frequently Asked Questions
With a correlation of 0.96, FSSNX and SMLF 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.
FSSNX has higher volatility (6.43%) compared to SMLF (5.35%). In terms of maximum drawdown, FSSNX dropped -41.72% vs SMLF's -41.89%.
FSSNX currently has the higher Sharpe Ratio (2.26 vs 1.83), 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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