FSTSX vs. VSS

Last updated Jun 23, 2026

FSTSX (Fidelity Series International Small Cap Fund) and VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, FSTSX returned 9.97%/yr vs 8.76%/yr for VSS. Their correlation of 0.88 suggests significant overlap in exposure. FSTSX charges 0.03%/yr vs 0.07%/yr for VSS.

Performance

FSTSX vs. VSS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series International Small Cap Fund (FSTSX) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSTSX achieves a 6.76% return, which is significantly lower than VSS's 10.76% return. Over the past 10 years, FSTSX has outperformed VSS with an annualized return of 9.97%, while VSS has yielded a comparatively lower 8.76% annualized return.

FSTSX

• 1D: 0.37%
• 1M: -1.29%
• YTD: 6.76%
• 6M: 7.42%
• 1Y: 16.55%
• 3Y*: 14.80%
• 5Y*: 6.53%
• 10Y*: 9.97%

VSS

• 1D: 0.22%
• 1M: -0.37%
• YTD: 10.76%
• 6M: 11.06%
• 1Y: 26.93%
• 3Y*: 17.08%
• 5Y*: 6.23%
• 10Y*: 8.76%

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

FSTSX vs. VSS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSTSX Fidelity Series International Small Cap Fund	6.76%	27.49%	4.97%	18.36%	-26.25%	18.29%	19.61%	28.24%	-13.19%	34.44%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	10.76%	29.61%	2.94%	15.52%	-21.48%	13.05%	11.81%	21.36%	-18.48%	30.61%

Correlation

The correlation between FSTSX and VSS is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 4, 2009	0.88

The correlation between FSTSX and VSS has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

FSTSX vs. VSS — Risk / Return Rank

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

FSTSX

FSTSX Risk / Return Rank: 18
FSTSX Sharpe Ratio Rank: 18
FSTSX Sortino Ratio Rank: 18
FSTSX Omega Ratio Rank: 18
FSTSX Calmar Ratio Rank: 18
FSTSX Martin Ratio Rank: 20

VSS

VSS Risk / Return Rank: 51
VSS Sharpe Ratio Rank: 53
VSS Sortino Ratio Rank: 50
VSS Omega Ratio Rank: 53
VSS Calmar Ratio Rank: 48
VSS Martin Ratio Rank: 52

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.

FSTSX vs. VSS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series International Small Cap Fund (FSTSX) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). 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.

	FSTSX	VSS	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.74	-0.61
Sortino ratio: Return per unit of downside risk	1.68	2.38	-0.70
Omega ratio: Gain probability vs. loss probability	1.21	1.32	-0.12
Calmar ratio: Return relative to maximum drawdown	1.42	2.33	-0.91
Martin ratio: Return relative to average drawdown	4.75	8.70	-3.95

FSTSX vs. VSS - Sharpe Ratio Comparison

The current FSTSX Sharpe Ratio is 1.13, which is lower than the VSS Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of FSTSX and VSS, 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

FSTSX vs. VSS - Drawdown Comparison

The maximum FSTSX drawdown since its inception was -38.91%, smaller than the maximum VSS drawdown of -43.51%. Use the drawdown chart below to compare losses from any high point for FSTSX and VSS.

Drawdown Indicators

	FSTSX	VSS	Difference
Max Drawdown Largest peak-to-trough decline	-38.91%	-43.51%	+4.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.22%	-11.62%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-14.47%	-15.73%	+1.26%
Max Drawdown (5Y) Largest decline over 5 years	-38.91%	-33.93%	-4.98%
Max Drawdown (10Y) Largest decline over 10 years	-38.91%	-43.51%	+4.60%
Current Drawdown Current decline from peak	-1.95%	-2.41%	+0.46%
Average Drawdown Average peak-to-trough decline	-7.88%	-9.62%	+1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	3.10%	+0.25%

Volatility

FSTSX vs. VSS - Volatility Comparison

The current volatility for Fidelity Series International Small Cap Fund (FSTSX) is 4.68%, while Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) has a volatility of 5.97%. This indicates that FSTSX experiences smaller price fluctuations and is considered to be less risky than VSS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSTSX	VSS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	5.97%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	13.61%	-2.01%
Volatility (1Y) Calculated over the trailing 1-year period	14.16%	15.59%	-1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	16.59%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.94%	17.28%	-1.34%

FSTSX vs. VSS - Expense Ratio Comparison

FSTSX has a 0.03% expense ratio, which is lower than VSS's 0.07% 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

FSTSX vs. VSS - Dividend Comparison

FSTSX's dividend yield for the trailing twelve months is around 14.27%, more than VSS's 3.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSTSX Fidelity Series International Small Cap Fund	14.27%	15.24%	10.22%	3.34%	6.38%	13.22%	0.81%	4.27%	10.99%	6.30%	4.01%	7.32%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	3.15%	3.39%	3.44%	3.14%	2.30%	2.74%	1.90%	3.25%	2.80%	2.83%	2.93%	2.66%

Frequently Asked Questions

Can I hold both FSTSX and VSS in my portfolio?

FSTSX and VSS have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSTSX or VSS?

VSS has higher volatility (5.97%) compared to FSTSX (4.68%). In terms of maximum drawdown, FSTSX dropped -38.91% vs VSS's -43.51%.

Which has better risk-adjusted returns?

VSS currently has the higher Sharpe Ratio (1.74 vs 1.13), 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.