FTHSX vs. VOO

Last updated Jun 4, 2026

FTHSX (FullerThaler Behavioral Small-Cap Equity Fund Class I) and VOO (Vanguard S&P 500 ETF) are both funds - FTHSX is a Small Cap Blend Equities fund actively managed by Fuller & Thaler Asset Mgmt, while VOO is a S&P 500 fund tracking the S&P 500 Index. FTHSX is actively managed, while VOO is passively managed. Over the past 10 years, FTHSX returned 14.13%/yr vs 15.56%/yr for VOO. A 0.80 correlation means they provide meaningful diversification when combined. FTHSX charges 0.76%/yr vs 0.03%/yr for VOO.

Performance

FTHSX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FullerThaler Behavioral Small-Cap Equity Fund Class I (FTHSX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FTHSX having a 10.63% return and VOO slightly higher at 10.91%. Over the past 10 years, FTHSX has underperformed VOO with an annualized return of 14.13%, while VOO has yielded a comparatively higher 15.56% annualized return.

FTHSX

• 1D: 0.47%
• 1M: 1.61%
• YTD: 10.63%
• 6M: 11.14%
• 1Y: 27.04%
• 3Y*: 19.70%
• 5Y*: 11.55%
• 10Y*: 14.13%

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

FTHSX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTHSX FullerThaler Behavioral Small-Cap Equity Fund Class I	10.63%	12.02%	16.17%	22.55%	-7.49%	30.83%	10.38%	28.06%	-13.18%	17.35%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between FTHSX and VOO is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 29, 2015	0.80

The correlation between FTHSX and VOO has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

Return for Risk

FTHSX vs. VOO — Risk / Return Rank

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

FTHSX

FTHSX Risk / Return Rank: 48
FTHSX Sharpe Ratio Rank: 42
FTHSX Sortino Ratio Rank: 44
FTHSX Omega Ratio Rank: 38
FTHSX Calmar Ratio Rank: 63
FTHSX Martin Ratio Rank: 53

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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.

FTHSX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FullerThaler Behavioral Small-Cap Equity Fund Class I (FTHSX) and Vanguard S&P 500 ETF (VOO). 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.

	FTHSX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.39	-0.50
Sortino ratio: Return per unit of downside risk	2.79	3.25	-0.46
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.11
Calmar ratio: Return relative to maximum drawdown	3.05	3.16	-0.11
Martin ratio: Return relative to average drawdown	10.87	14.73	-3.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTHSX vs. VOO - Sharpe Ratio Comparison

The current FTHSX Sharpe Ratio is 1.89, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of FTHSX and VOO, 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

	FTHSX	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.39	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.83	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.87	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.89	-0.22

Drawdowns

FTHSX vs. VOO - Drawdown Comparison

The maximum FTHSX drawdown since its inception was -37.74%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FTHSX and VOO.

Drawdown Indicators

	FTHSX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-37.74%	-33.99%	-3.75%
Max Drawdown (1Y) Largest decline over 1 year	-9.42%	-8.90%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-18.69%	-5.89%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-24.52%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-37.74%	-33.99%	-3.75%
Current Drawdown Current decline from peak	-0.48%	-0.70%	+0.22%
Average Drawdown Average peak-to-trough decline	-5.65%	-3.69%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	1.91%	+0.73%

Volatility

FTHSX vs. VOO - Volatility Comparison

FullerThaler Behavioral Small-Cap Equity Fund Class I (FTHSX) has a higher volatility of 4.22% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that FTHSX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTHSX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	2.84%	+1.38%
Volatility (6M) Calculated over the trailing 6-month period	10.79%	8.90%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	11.80%	+3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	16.81%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	18.01%	+2.12%

FTHSX vs. VOO - Expense Ratio Comparison

FTHSX has a 0.76% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

FTHSX vs. VOO - Dividend Comparison

FTHSX's dividend yield for the trailing twelve months is around 0.49%, less than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTHSX FullerThaler Behavioral Small-Cap Equity Fund Class I	0.49%	0.54%	8.05%	1.81%	1.23%	3.77%	0.35%	0.39%	0.55%	0.26%	0.00%	15.40%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FTHSX and VOO in my portfolio?

FTHSX and VOO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTHSX or VOO?

FTHSX has higher volatility (4.22%) compared to VOO (2.84%). In terms of maximum drawdown, FTHSX dropped -37.74% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 1.89), 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.