VBK vs. FCPGX

Last updated Jun 4, 2026

VBK (Vanguard Small-Cap Growth ETF) and FCPGX (Fidelity Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, VBK returned 11.74%/yr vs 14.82%/yr for FCPGX. With a 0.96 correlation, they move nearly in lockstep. VBK charges 0.07%/yr vs 1.00%/yr for FCPGX.

Performance

VBK vs. FCPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Growth ETF (VBK) and Fidelity Small Cap Growth Fund (FCPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBK achieves a 17.41% return, which is significantly lower than FCPGX's 18.56% return. Over the past 10 years, VBK has underperformed FCPGX with an annualized return of 11.74%, while FCPGX has yielded a comparatively higher 14.82% annualized return.

VBK

• 1D: -1.06%
• 1M: 4.84%
• YTD: 17.41%
• 6M: 16.96%
• 1Y: 32.77%
• 3Y*: 17.73%
• 5Y*: 5.68%
• 10Y*: 11.74%

FCPGX

• 1D: 0.80%
• 1M: 4.20%
• YTD: 18.56%
• 6M: 16.63%
• 1Y: 37.99%
• 3Y*: 20.82%
• 5Y*: 8.35%
• 10Y*: 14.82%

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

VBK vs. FCPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBK Vanguard Small-Cap Growth ETF	17.41%	8.50%	16.50%	21.45%	-28.44%	5.66%	35.44%	32.75%	-5.70%	21.87%
FCPGX Fidelity Small Cap Growth Fund	18.56%	11.20%	20.56%	19.02%	-25.34%	10.50%	36.41%	36.31%	-4.57%	28.99%

Correlation

The correlation between VBK and FCPGX is 0.95 - 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	0.95
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	0.97
Correlation (All Time) Calculated using the full available price history since Nov 5, 2004	0.96

The correlation between VBK and FCPGX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

VBK vs. FCPGX — Risk / Return Rank

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

VBK

VBK Risk / Return Rank: 51
VBK Sharpe Ratio Rank: 49
VBK Sortino Ratio Rank: 46
VBK Omega Ratio Rank: 44
VBK Calmar Ratio Rank: 57
VBK Martin Ratio Rank: 60

FCPGX

FCPGX Risk / Return Rank: 48
FCPGX Sharpe Ratio Rank: 42
FCPGX Sortino Ratio Rank: 38
FCPGX Omega Ratio Rank: 36
FCPGX Calmar Ratio Rank: 63
FCPGX Martin Ratio Rank: 62

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.

VBK vs. FCPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth ETF (VBK) and Fidelity Small Cap Growth Fund (FCPGX). 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.

	VBK	FCPGX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.89	-0.18
Sortino ratio: Return per unit of downside risk	2.38	2.58	-0.20
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.88	3.06	-0.18
Martin ratio: Return relative to average drawdown	10.98	12.29	-1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBK vs. FCPGX - Sharpe Ratio Comparison

The current VBK Sharpe Ratio is 1.72, which is comparable to the FCPGX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of VBK and FCPGX, 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

	VBK	FCPGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.89	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.36	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.65	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.53	-0.10

Drawdowns

VBK vs. FCPGX - Drawdown Comparison

The maximum VBK drawdown since its inception was -58.68%, roughly equal to the maximum FCPGX drawdown of -59.11%. Use the drawdown chart below to compare losses from any high point for VBK and FCPGX.

Drawdown Indicators

	VBK	FCPGX	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-59.11%	+0.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.44%	-13.12%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-28.69%	+1.15%
Max Drawdown (5Y) Largest decline over 5 years	-38.39%	-39.04%	+0.65%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-39.04%	+0.34%
Current Drawdown Current decline from peak	-1.06%	-0.38%	-0.68%
Average Drawdown Average peak-to-trough decline	-10.15%	-10.70%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	3.26%	-0.27%

Volatility

VBK vs. FCPGX - Volatility Comparison

The current volatility for Vanguard Small-Cap Growth ETF (VBK) is 5.37%, while Fidelity Small Cap Growth Fund (FCPGX) has a volatility of 6.50%. This indicates that VBK experiences smaller price fluctuations and is considered to be less risky than FCPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBK	FCPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	6.50%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	14.62%	16.30%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	19.21%	21.18%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.48%	23.48%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.86%	22.84%	+0.02%

VBK vs. FCPGX - Expense Ratio Comparison

VBK has a 0.07% expense ratio, which is lower than FCPGX's 1.00% expense ratio.

Dividends

VBK vs. FCPGX - Dividend Comparison

VBK's dividend yield for the trailing twelve months is around 0.45%, less than FCPGX's 5.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCPGX Fidelity Small Cap Growth Fund	5.38%	6.38%	1.37%	0.00%	0.00%	19.27%	8.19%	5.31%	14.35%	6.88%	1.53%	4.32%
VBK Vanguard Small-Cap Growth ETF	0.45%	0.54%	0.54%	0.68%	0.55%	0.36%	0.44%	0.57%	0.79%	0.82%	1.08%	0.98%

Frequently Asked Questions

Can I hold both VBK and FCPGX in my portfolio?

With a correlation of 0.95, VBK and FCPGX 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, VBK or FCPGX?

FCPGX has higher volatility (6.50%) compared to VBK (5.37%). In terms of maximum drawdown, VBK dropped -58.68% vs FCPGX's -59.11%.

Which has better risk-adjusted returns?

FCPGX currently has the higher Sharpe Ratio (1.89 vs 1.72), 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.