VB vs. FZIPX

Last updated Jun 3, 2026

VB (Vanguard Small-Cap ETF) and FZIPX (Fidelity ZERO Extended Market Index Fund) are both funds - VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index, while FZIPX is a Mid Cap Blend Equities fund managed by Fidelity. Over the past 5 years, VB returned 7.35%/yr vs 7.43%/yr for FZIPX. With a 0.99 correlation, they move nearly in lockstep. VB charges 0.05%/yr vs 0.00%/yr for FZIPX.

Performance

VB vs. FZIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap ETF (VB) and Fidelity ZERO Extended Market Index Fund (FZIPX). 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 VB having a 14.91% return and FZIPX slightly higher at 15.53%.

VB

• 1D: 0.75%
• 1M: 3.68%
• YTD: 14.91%
• 6M: 16.03%
• 1Y: 31.39%
• 3Y*: 17.31%
• 5Y*: 7.35%
• 10Y*: 11.38%

FZIPX

• 1D: -0.06%
• 1M: 2.76%
• YTD: 15.53%
• 6M: 16.69%
• 1Y: 34.94%
• 3Y*: 18.21%
• 5Y*: 7.43%
• 10Y*: —

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

VB vs. FZIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VB Vanguard Small-Cap ETF	14.91%	8.87%	14.17%	18.22%	-17.51%	17.57%	19.19%	27.34%	-18.36%
FZIPX Fidelity ZERO Extended Market Index Fund	15.53%	12.51%	12.39%	18.13%	-18.01%	21.31%	16.64%	26.50%	-17.57%

Correlation

The correlation between VB and FZIPX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.99

The correlation between VB and FZIPX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

VB vs. FZIPX — Risk / Return Rank

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

VB

VB Risk / Return Rank: 61
VB Sharpe Ratio Rank: 56
VB Sortino Ratio Rank: 57
VB Omega Ratio Rank: 54
VB Calmar Ratio Rank: 69
VB Martin Ratio Rank: 68

FZIPX

FZIPX Risk / Return Rank: 57
FZIPX Sharpe Ratio Rank: 48
FZIPX Sortino Ratio Rank: 47
FZIPX Omega Ratio Rank: 42
FZIPX Calmar Ratio Rank: 78
FZIPX Martin Ratio Rank: 71

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.

VB vs. FZIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap ETF (VB) and Fidelity ZERO Extended Market Index Fund (FZIPX). 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.

	VB	FZIPX	Difference
Sharpe ratio Return per unit of total volatility	1.94	2.05	-0.11
Sortino ratio Return per unit of downside risk	2.75	2.88	-0.13
Omega ratio Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio Return relative to maximum drawdown	3.48	3.57	-0.10
Martin ratio Return relative to average drawdown	12.82	13.64	-0.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VB vs. FZIPX - Sharpe Ratio Comparison

The current VB Sharpe Ratio is 1.94, which is comparable to the FZIPX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of VB and FZIPX, 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

	VB	FZIPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	2.05	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.36	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.42	+0.02

Drawdowns

VB vs. FZIPX - Drawdown Comparison

The maximum VB drawdown since its inception was -59.56%, which is greater than FZIPX's maximum drawdown of -42.71%. Use the drawdown chart below to compare losses from any high point for VB and FZIPX.

Drawdown Indicators

	VB	FZIPX	Difference
Max Drawdown Largest peak-to-trough decline	-59.56%	-42.71%	-16.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-9.61%	+0.63%
Max Drawdown (3Y) Largest decline over 3 years	-25.36%	-25.16%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-28.15%	-28.19%	+0.04%
Max Drawdown (10Y) Largest decline over 10 years	-42.05%	—	—
Current Drawdown Current decline from peak	0.00%	-0.29%	+0.29%
Average Drawdown Average peak-to-trough decline	-8.44%	-8.92%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.52%	-0.09%

Volatility

VB vs. FZIPX - Volatility Comparison

Vanguard Small-Cap ETF (VB) and Fidelity ZERO Extended Market Index Fund (FZIPX) have volatilities of 4.40% and 4.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VB	FZIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	4.23%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	11.73%	12.40%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	16.27%	17.13%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	20.93%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.43%	23.83%	-2.40%

VB vs. FZIPX - Expense Ratio Comparison

VB has a 0.05% expense ratio, which is higher than FZIPX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VB vs. FZIPX - Dividend Comparison

VB's dividend yield for the trailing twelve months is around 1.19%, more than FZIPX's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZIPX Fidelity ZERO Extended Market Index Fund	1.08%	1.24%	1.22%	1.43%	1.64%	6.97%	2.15%	1.80%	0.50%	0.00%	0.00%	0.00%
VB Vanguard Small-Cap ETF	1.19%	1.33%	1.30%	1.55%	1.59%	1.24%	1.14%	1.39%	1.67%	1.35%	1.50%	1.48%

Frequently Asked Questions

Can I hold both VB and FZIPX in my portfolio?

With a correlation of 0.99, VB and FZIPX 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.

Which is riskier, VB or FZIPX?

VB has higher volatility (4.40%) compared to FZIPX (4.23%). In terms of maximum drawdown, VB dropped -59.56% vs FZIPX's -42.71%.

Which has better risk-adjusted returns?

FZIPX currently has the higher Sharpe Ratio (2.05 vs 1.94), 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.