VBK vs. FSGS

Last updated Jun 4, 2026

VBK (Vanguard Small-Cap Growth ETF) and FSGS (First Trust SMID Growth Strength ETF) are both Small Cap Growth Equities funds - VBK tracks the CRSP US Small Cap Growth Index while FSGS tracks the SMID Growth Strength Index. Both are passively managed. Over the past 5 years, VBK returned 5.68%/yr vs 2.19%/yr for FSGS. A 0.74 correlation means they provide meaningful diversification when combined. VBK charges 0.07%/yr vs 0.60%/yr for FSGS.

Performance

VBK vs. FSGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Growth ETF (VBK) and First Trust SMID Growth Strength ETF (FSGS). 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 higher than FSGS's 1.27% 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%

FSGS

• 1D: -0.37%
• 1M: 0.83%
• YTD: 1.27%
• 6M: 0.20%
• 1Y: 4.81%
• 3Y*: 7.06%
• 5Y*: 2.19%
• 10Y*: —

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

VBK vs. FSGS - 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%	10.67%
FSGS First Trust SMID Growth Strength ETF	1.27%	2.41%	6.38%	15.98%	-13.17%	25.56%	10.26%	21.31%	-11.92%	10.39%

Correlation

The correlation between VBK and FSGS is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.74

The correlation between VBK and FSGS shifts across timeframes, from 0.74 (all time) to 0.85 (3 years), reflecting how their relationship changes across market environments.

VBK vs. FSGS - Sectors Allocation Comparison

Sectors	VBK	FSGS
Technology	25.9%	18.8%
Industrials	24.7%	22.0%
Healthcare	15.3%	16.7%
Consumer Cyclical	9.6%	8.0%
Financial Services	5.6%	19.5%
Energy	4.8%	4.2%
Real Estate	3.9%	0.9%
Communication Services	3.5%	3.1%
Basic Materials	3.2%	1.7%
Consumer Defensive	2.4%	5.0%
Utilities	1.2%	-

Return for Risk

VBK vs. FSGS — 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

FSGS

FSGS Risk / Return Rank: 14
FSGS Sharpe Ratio Rank: 14
FSGS Sortino Ratio Rank: 13
FSGS Omega Ratio Rank: 13
FSGS Calmar Ratio Rank: 14
FSGS Martin Ratio Rank: 15

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. FSGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth ETF (VBK) and First Trust SMID Growth Strength ETF (FSGS). 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	FSGS	Difference
Sharpe ratio: Return per unit of total volatility	1.72	0.32	+1.40
Sortino ratio: Return per unit of downside risk	2.38	0.57	+1.81
Omega ratio: Gain probability vs. loss probability	1.29	1.06	+0.23
Calmar ratio: Return relative to maximum drawdown	2.88	0.43	+2.45
Martin ratio: Return relative to average drawdown	10.98	1.21	+9.76
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. FSGS - Sharpe Ratio Comparison

The current VBK Sharpe Ratio is 1.72, which is higher than the FSGS Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of VBK and FSGS, 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	FSGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	0.32	+1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.11	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.30	+0.13

Drawdowns

VBK vs. FSGS - Drawdown Comparison

The maximum VBK drawdown since its inception was -58.68%, which is greater than FSGS's maximum drawdown of -43.26%. Use the drawdown chart below to compare losses from any high point for VBK and FSGS.

Drawdown Indicators

	VBK	FSGS	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-43.26%	-15.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.44%	-11.31%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-24.08%	-3.46%
Max Drawdown (5Y) Largest decline over 5 years	-38.39%	-24.08%	-14.31%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	—	—
Current Drawdown Current decline from peak	-1.06%	-4.73%	+3.67%
Average Drawdown Average peak-to-trough decline	-10.15%	-8.03%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	3.97%	-0.98%

Volatility

VBK vs. FSGS - Volatility Comparison

Vanguard Small-Cap Growth ETF (VBK) has a higher volatility of 5.37% compared to First Trust SMID Growth Strength ETF (FSGS) at 3.74%. This indicates that VBK's price experiences larger fluctuations and is considered to be riskier than FSGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBK	FSGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	3.74%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	14.62%	10.73%	+3.89%
Volatility (1Y) Calculated over the trailing 1-year period	19.21%	15.24%	+3.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.48%	20.14%	+3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.86%	22.81%	+0.05%

VBK vs. FSGS - Expense Ratio Comparison

VBK has a 0.07% expense ratio, which is lower than FSGS's 0.60% expense ratio.

Dividends

VBK vs. FSGS - Dividend Comparison

VBK's dividend yield for the trailing twelve months is around 0.45%, while FSGS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSGS First Trust SMID Growth Strength ETF	0.00%	0.00%	2.71%	2.29%	1.95%	1.35%	1.32%	1.77%	2.13%	1.15%	0.00%	0.00%
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 FSGS in my portfolio?

VBK and FSGS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBK or FSGS?

VBK has higher volatility (5.37%) compared to FSGS (3.74%). In terms of maximum drawdown, VBK dropped -58.68% vs FSGS's -43.26%.

Which ETF is better, VBK or FSGS?

On 5-year performance, VBK leads with 5.68% vs 2.19% for FSGS. On fees, VBK is cheaper at 0.07% per year. On volatility, FSGS has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VBK or FSGS?

Over the 5-year period, VBK has performed better with a 5.68% return vs 2.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBK or FSGS?

VBK is cheaper with a 0.07% expense ratio, compared with 0.60% for FSGS.

Which ETF pays a higher dividend yield, VBK or FSGS?

VBK has the higher dividend yield at 0.45%, compared with 0.00% for FSGS.

What is the main difference between VBK and FSGS?

VBK tracks CRSP US Small Cap Growth Index, while FSGS tracks SMID Growth Strength Index. They also come from different issuers: Vanguard and First Trust. Their fees differ too: 0.07% for VBK and 0.60% for FSGS.

Which has better risk-adjusted returns?

VBK currently has the higher Sharpe Ratio (1.72 vs 0.32), 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.