FSSNX vs. VTIVX

Last updated Jun 9, 2026

FSSNX (Fidelity Small Cap Index Fund) and VTIVX (Vanguard Target Retirement 2045 Fund) are both mutual funds - FSSNX is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while VTIVX is a Target Retirement Date fund managed by Vanguard. Over the past 10 years, FSSNX returned 10.69%/yr vs 10.91%/yr for VTIVX. Their correlation of 0.86 suggests significant overlap in exposure. FSSNX charges 0.03%/yr vs 0.08%/yr for VTIVX.

Performance

FSSNX vs. VTIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small Cap Index Fund (FSSNX) and Vanguard Target Retirement 2045 Fund (VTIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSSNX achieves a 14.74% return, which is significantly higher than VTIVX's 7.80% return. Both investments have delivered pretty close results over the past 10 years, with FSSNX having a 10.69% annualized return and VTIVX not far ahead at 10.91%.

FSSNX

• 1D: -3.48%
• 1M: -0.87%
• YTD: 14.74%
• 6M: 13.12%
• 1Y: 34.70%
• 3Y*: 16.90%
• 5Y*: 5.93%
• 10Y*: 10.69%

VTIVX

• 1D: -2.58%
• 1M: -0.77%
• YTD: 7.80%
• 6M: 8.61%
• 1Y: 21.54%
• 3Y*: 17.21%
• 5Y*: 8.80%
• 10Y*: 10.91%

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

FSSNX vs. VTIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSSNX Fidelity Small Cap Index Fund	14.74%	12.94%	11.71%	17.11%	-20.28%	14.70%	19.99%	25.70%	-11.24%	14.54%
VTIVX Vanguard Target Retirement 2045 Fund	7.80%	20.01%	13.68%	19.72%	-17.38%	16.16%	16.31%	24.94%	-7.89%	19.16%

Correlation

The correlation between FSSNX and VTIVX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.86

The correlation between FSSNX and VTIVX has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

FSSNX vs. VTIVX — Risk / Return Rank

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

FSSNX

FSSNX Risk / Return Rank: 53
FSSNX Sharpe Ratio Rank: 45
FSSNX Sortino Ratio Rank: 42
FSSNX Omega Ratio Rank: 38
FSSNX Calmar Ratio Rank: 77
FSSNX Martin Ratio Rank: 63

VTIVX

VTIVX Risk / Return Rank: 53
VTIVX Sharpe Ratio Rank: 52
VTIVX Sortino Ratio Rank: 48
VTIVX Omega Ratio Rank: 51
VTIVX Calmar Ratio Rank: 53
VTIVX Martin Ratio Rank: 62

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.

FSSNX vs. VTIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small Cap Index Fund (FSSNX) and Vanguard Target Retirement 2045 Fund (VTIVX). 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.

	FSSNX	VTIVX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.06	-0.16
Sortino ratio: Return per unit of downside risk	2.63	2.83	-0.19
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	3.38	2.69	+0.68
Martin ratio: Return relative to average drawdown	11.95	11.85	+0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSSNX vs. VTIVX - Sharpe Ratio Comparison

The current FSSNX Sharpe Ratio is 1.90, which is comparable to the VTIVX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of FSSNX and VTIVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSSNX	VTIVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.06	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.65	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.74	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.54	-0.02

Drawdowns

FSSNX vs. VTIVX - Drawdown Comparison

The maximum FSSNX drawdown since its inception was -41.72%, smaller than the maximum VTIVX drawdown of -51.69%. Use the drawdown chart below to compare losses from any high point for FSSNX and VTIVX.

Drawdown Indicators

	FSSNX	VTIVX	Difference
Max Drawdown Largest peak-to-trough decline	-41.72%	-51.69%	+9.97%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-8.30%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	-27.45%	-13.40%	-14.05%
Max Drawdown (5Y) Largest decline over 5 years	-31.87%	-25.10%	-6.77%
Max Drawdown (10Y) Largest decline over 10 years	-41.72%	-31.42%	-10.30%
Current Drawdown Current decline from peak	-3.48%	-2.95%	-0.53%
Average Drawdown Average peak-to-trough decline	-8.29%	-6.33%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	1.88%	+1.22%

Volatility

FSSNX vs. VTIVX - Volatility Comparison

Fidelity Small Cap Index Fund (FSSNX) has a higher volatility of 6.59% compared to Vanguard Target Retirement 2045 Fund (VTIVX) at 3.88%. This indicates that FSSNX's price experiences larger fluctuations and is considered to be riskier than VTIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSSNX	VTIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	3.88%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	8.81%	+5.22%
Volatility (1Y) Calculated over the trailing 1-year period	19.52%	10.85%	+8.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	13.54%	+9.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.47%	14.81%	+8.66%

FSSNX vs. VTIVX - Expense Ratio Comparison

FSSNX has a 0.03% expense ratio, which is lower than VTIVX'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

FSSNX vs. VTIVX - Dividend Comparison

FSSNX's dividend yield for the trailing twelve months is around 0.94%, less than VTIVX's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSSNX Fidelity Small Cap Index Fund	0.94%	1.08%	1.04%	1.43%	1.26%	3.92%	0.94%	2.96%	4.94%	3.37%	2.27%	2.66%
VTIVX Vanguard Target Retirement 2045 Fund	2.31%	2.50%	2.36%	2.27%	2.75%	15.40%	1.90%	2.23%	2.52%	0.04%	2.47%	3.29%

Frequently Asked Questions

Can I hold both FSSNX and VTIVX in my portfolio?

FSSNX and VTIVX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSSNX or VTIVX?

FSSNX has higher volatility (6.59%) compared to VTIVX (3.88%). In terms of maximum drawdown, FSSNX dropped -41.72% vs VTIVX's -51.69%.

Which has better risk-adjusted returns?

VTIVX currently has the higher Sharpe Ratio (2.06 vs 1.90), 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.