SMLF vs. FSSNX
SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and FSSNX (Fidelity Small Cap Index Fund) are both Small Cap Blend Equities funds - SMLF tracks the MSCI USA Small Cap Diversified Multi-Factor while FSSNX tracks the Russell 2000 Index. Both are passively managed. Over the past 10 years, SMLF returned 12.77%/yr vs 11.46%/yr for FSSNX. Their correlation of 0.91 suggests significant overlap in exposure. SMLF charges 0.30%/yr vs 0.03%/yr for FSSNX.
Performance
SMLF vs. FSSNX - Performance Comparison
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Returns By Period
In the year-to-date period, SMLF achieves a 17.27% return, which is significantly lower than FSSNX's 20.76% return. Over the past 10 years, SMLF has outperformed FSSNX with an annualized return of 12.77%, while FSSNX has yielded a comparatively lower 11.46% annualized return.
SMLF
- 1D
- 0.39%
- 1M
- 4.30%
- YTD
- 17.27%
- 6M
- 14.40%
- 1Y
- 34.32%
- 3Y*
- 20.78%
- 5Y*
- 11.57%
- 10Y*
- 12.77%
FSSNX
- 1D
- 2.10%
- 1M
- 3.98%
- YTD
- 20.76%
- 6M
- 17.19%
- 1Y
- 43.21%
- 3Y*
- 18.44%
- 5Y*
- 7.47%
- 10Y*
- 11.46%
SMLF vs. FSSNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 17.27% | 12.30% | 16.33% | 19.99% | -12.19% | 26.53% | 8.38% | 21.56% | -8.42% | 12.70% |
FSSNX Fidelity Small Cap Index Fund | 20.76% | 12.94% | 11.71% | 17.11% | -20.28% | 14.70% | 19.99% | 25.70% | -11.24% | 14.54% |
Correlation
The correlation between SMLF and FSSNX 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 | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2015 | 0.91 |
The correlation between SMLF and FSSNX has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
SMLF vs. FSSNX — Risk / Return Rank
SMLF
FSSNX
SMLF vs. FSSNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Fidelity Small Cap Index Fund (FSSNX). 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.
| SMLF | FSSNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.36 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.96 | 3.92 | +0.04 |
| Martin ratioReturn relative to average drawdown | 13.58 | 13.88 | -0.30 |
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Drawdowns
SMLF vs. FSSNX - Drawdown Comparison
The maximum SMLF drawdown since its inception was -41.89%, roughly equal to the maximum FSSNX drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for SMLF and FSSNX.
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Drawdown Indicators
| SMLF | FSSNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.89% | -41.72% | -0.17% |
Max Drawdown (1Y)Largest decline over 1 year | -8.71% | -11.00% | +2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -26.28% | -27.45% | +1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -26.28% | -31.87% | +5.59% |
Max Drawdown (10Y)Largest decline over 10 years | -41.89% | -41.72% | -0.17% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -8.27% | +1.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 3.10% | -0.57% |
Volatility
SMLF vs. FSSNX - Volatility Comparison
The current volatility for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) is 5.25%, while Fidelity Small Cap Index Fund (FSSNX) has a volatility of 6.79%. This indicates that SMLF experiences smaller price fluctuations and is considered to be less risky than FSSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMLF | FSSNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.25% | 6.79% | -1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 12.90% | 14.37% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.62% | 19.71% | -2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.12% | 22.68% | -1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.82% | 23.50% | -1.68% |
SMLF vs. FSSNX - Expense Ratio Comparison
SMLF has a 0.30% expense ratio, which is higher than FSSNX's 0.03% expense ratio.
Dividends
SMLF vs. FSSNX - Dividend Comparison
SMLF's dividend yield for the trailing twelve months is around 1.01%, more than FSSNX's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSSNX Fidelity Small Cap Index Fund | 0.90% | 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 | 1.01% | 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, SMLF and FSSNX 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 (6.79%) compared to SMLF (5.25%). In terms of maximum drawdown, SMLF dropped -41.89% vs FSSNX's -41.72%.
FSSNX currently has the higher Sharpe Ratio (2.19 vs 1.96), 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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