FTHSX vs. VSS

Last updated Aug 5, 2026

FTHSX (FullerThaler Behavioral Small-Cap Equity Fund Class I) and VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) are both funds - FTHSX is a Small Cap Blend Equities fund actively managed by Fuller & Thaler Asset Mgmt, while VSS is a Foreign Small & Mid Cap Equities fund tracking the FTSE Global Small Cap ex US Index. FTHSX is actively managed, while VSS is passively managed. Over the past 10 years, FTHSX returned 14.18%/yr vs 7.80%/yr for VSS. Their 0.69 correlation means they have sometimes moved together and sometimes differently. FTHSX charges 0.76%/yr vs 0.07%/yr for VSS.

Performance

FTHSX vs. VSS - 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 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, FTHSX achieves a 18.50% return, which is significantly higher than VSS's 9.26% return. Over the past 10 years, FTHSX has outperformed VSS with an annualized return of 14.18%, while VSS has yielded a comparatively lower 7.80% annualized return.

FTHSX

• 1D: 1.28%
• 1M: 3.16%
• 6M: 12.84%
• YTD: 18.50%
• 1Y: 28.65%
• 3Y*: 19.14%
• 5Y*: 13.32%
• 10Y*: 14.18%
• ALL TIME*: 13.86%

VSS

• 1D: 2.16%
• 1M: 0.41%
• 6M: 1.90%
• YTD: 9.26%
• 1Y: 19.53%
• 3Y*: 15.01%
• 5Y*: 5.51%
• 10Y*: 7.80%
• ALL TIME*: 9.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTHSX FullerThaler Behavioral Small-Cap Equity Fund Class I	$0.00	$0.00	$0.00
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	$23.11M	$29.58M	$37.14M

FTHSX vs. VSS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTHSX FullerThaler Behavioral Small-Cap Equity Fund Class I	18.50%	12.02%	16.17%	22.55%	-7.49%	30.83%	10.38%	28.06%	-13.18%	17.35%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	9.26%	29.61%	2.94%	15.52%	-21.48%	13.05%	11.81%	21.36%	-18.48%	30.61%

Correlation

The correlation between FTHSX and VSS is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Oct 28, 2015	0.69

The correlation between FTHSX and VSS has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

Return for Risk

FTHSX vs. VSS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTHSX

FTHSX Risk / Return Rank: 83
FTHSX Sharpe Ratio Rank: 83
FTHSX Sortino Ratio Rank: 84
FTHSX Omega Ratio Rank: 76
FTHSX Calmar Ratio Rank: 86
FTHSX Martin Ratio Rank: 85

VSS

VSS Risk / Return Rank: 42
VSS Sharpe Ratio Rank: 43
VSS Sortino Ratio Rank: 41
VSS Omega Ratio Rank: 43
VSS Calmar Ratio Rank: 43
VSS Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FTHSX vs. VSS - 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 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.

	FTHSX	VSS	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.20	+0.87
Sortino ratio: Return per unit of downside risk	3.04	1.70	+1.34
Omega ratio: Gain probability vs. loss probability	1.36	1.22	+0.14
Calmar ratio: Return relative to maximum drawdown	3.26	1.69	+1.57
Martin ratio: Return relative to average drawdown	11.73	5.33	+6.40

FTHSX vs. VSS - Sharpe Ratio Comparison

The current FTHSX Sharpe Ratio is 2.07, which is higher than the VSS Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of FTHSX 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

FTHSX vs. VSS - Drawdown Comparison

The maximum FTHSX drawdown since its inception was -37.74%, smaller than the maximum VSS drawdown of -43.51%. Use the drawdown chart below to compare losses from any high point for FTHSX and VSS.

Drawdown Indicators

	FTHSX	VSS	Difference
Max Drawdown Largest peak-to-trough decline	-37.74%	-43.51%	+5.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.42%	-11.62%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-15.73%	-8.85%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-33.93%	+9.35%
Max Drawdown (10Y) Largest decline over 10 years	-37.74%	-43.51%	+5.77%
Current Drawdown Current decline from peak	0.00%	-3.74%	+3.74%
Average Drawdown Average peak-to-trough decline	-5.56%	-9.60%	+4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	3.67%	-1.06%

Volatility

FTHSX vs. VSS - Volatility Comparison

The current volatility for FullerThaler Behavioral Small-Cap Equity Fund Class I (FTHSX) is 3.55%, while Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) has a volatility of 5.58%. This indicates that FTHSX 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

	FTHSX	VSS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	5.58%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	10.79%	14.43%	-3.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.88%	16.39%	-1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	16.72%	+2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	17.16%	+2.91%

FTHSX vs. VSS - Expense Ratio Comparison

FTHSX has a 0.76% expense ratio, which is higher than VSS's 0.07% expense ratio.

Dividends

FTHSX vs. VSS - Dividend Comparison

FTHSX's dividend yield for the trailing twelve months is around 0.46%, less than VSS's 3.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTHSX FullerThaler Behavioral Small-Cap Equity Fund Class I	0.46%	0.54%	8.05%	1.81%	1.23%	3.77%	0.35%	0.39%	0.55%	0.26%	0.00%	15.40%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	3.19%	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 FTHSX and VSS in my portfolio?

FTHSX and VSS have a correlation of 0.62, 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 VSS?

VSS has higher volatility (5.58%) compared to FTHSX (3.55%). In terms of maximum drawdown, FTHSX dropped -37.74% vs VSS's -43.51%.

Which has better risk-adjusted returns?

FTHSX currently has the higher Sharpe Ratio (2.07 vs 1.20), 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.