VIGI vs. FSMD

Last updated Jun 14, 2026

VIGI (Vanguard International Dividend Appreciation ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - VIGI is a Dividend fund tracking the S&P Global Ex-U.S. Dividend Growers Index, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, VIGI returned 4.27%/yr vs 10.00%/yr for FSMD. A 0.70 correlation means they provide meaningful diversification when combined. VIGI charges 0.15%/yr vs 0.29%/yr for FSMD.

Performance

VIGI vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard International Dividend Appreciation ETF (VIGI) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIGI achieves a 3.10% return, which is significantly lower than FSMD's 17.58% return.

VIGI

• 1D: -0.22%
• 1M: 0.88%
• YTD: 3.10%
• 6M: 3.92%
• 1Y: 6.49%
• 3Y*: 9.51%
• 5Y*: 4.27%
• 10Y*: 8.31%

FSMD

• 1D: 1.00%
• 1M: 4.34%
• YTD: 17.58%
• 6M: 15.58%
• 1Y: 29.65%
• 3Y*: 17.46%
• 5Y*: 10.00%
• 10Y*: —

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

VIGI vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VIGI Vanguard International Dividend Appreciation ETF	3.10%	16.88%	2.73%	16.30%	-16.79%	12.51%	14.66%	17.01%
FSMD Fidelity Small-Mid Multifactor ETF	17.58%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between VIGI and FSMD is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.70

The correlation between VIGI and FSMD has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.

VIGI vs. FSMD - Sectors Allocation Comparison

Sectors	VIGI	FSMD
Financial Services	29.0%	14.8%
Industrials	17.1%	20.1%
Healthcare	14.6%	11.7%
Technology	11.5%	20.5%
Consumer Defensive	9.7%	3.1%
Utilities	4.8%	2.1%
Basic Materials	4.1%	4.0%
Consumer Cyclical	3.1%	10.6%
Energy	2.8%	4.1%
Communication Services	1.3%	2.9%
Real Estate	1.3%	6.2%

Return for Risk

VIGI vs. FSMD — Risk / Return Rank

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

VIGI

VIGI Risk / Return Rank: 16
VIGI Sharpe Ratio Rank: 16
VIGI Sortino Ratio Rank: 15
VIGI Omega Ratio Rank: 15
VIGI Calmar Ratio Rank: 16
VIGI Martin Ratio Rank: 18

FSMD

FSMD Risk / Return Rank: 66
FSMD Sharpe Ratio Rank: 61
FSMD Sortino Ratio Rank: 64
FSMD Omega Ratio Rank: 58
FSMD Calmar Ratio Rank: 74
FSMD Martin Ratio Rank: 73

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.

VIGI vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard International Dividend Appreciation ETF (VIGI) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

	VIGI	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	0.39	1.78	-1.39
Sortino ratio: Return per unit of downside risk	0.64	2.58	-1.94
Omega ratio: Gain probability vs. loss probability	1.08	1.31	-0.23
Calmar ratio: Return relative to maximum drawdown	0.48	3.30	-2.82
Martin ratio: Return relative to average drawdown	1.70	11.89	-10.19

VIGI vs. FSMD - Sharpe Ratio Comparison

The current VIGI Sharpe Ratio is 0.39, which is lower than the FSMD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of VIGI and FSMD, 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

VIGI vs. FSMD - Drawdown Comparison

The maximum VIGI drawdown since its inception was -31.01%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for VIGI and FSMD.

Drawdown Indicators

	VIGI	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-31.01%	-40.67%	+9.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-8.44%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-14.50%	-22.16%	+7.66%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-22.16%	-6.64%
Max Drawdown (10Y) Largest decline over 10 years	-31.01%	—	—
Current Drawdown Current decline from peak	-2.03%	0.00%	-2.03%
Average Drawdown Average peak-to-trough decline	-6.17%	-5.98%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.34%	+0.70%

Volatility

VIGI vs. FSMD - Volatility Comparison

The current volatility for Vanguard International Dividend Appreciation ETF (VIGI) is 3.35%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 5.14%. This indicates that VIGI experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIGI	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	5.14%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	10.40%	11.85%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	13.20%	15.69%	-2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.47%	18.55%	-4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.87%	21.43%	-5.56%

VIGI vs. FSMD - Expense Ratio Comparison

VIGI has a 0.15% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

VIGI vs. FSMD - Dividend Comparison

VIGI's dividend yield for the trailing twelve months is around 2.14%, more than FSMD's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%
VIGI Vanguard International Dividend Appreciation ETF	2.14%	2.14%	1.93%	1.92%	2.06%	7.02%	1.29%	1.83%	1.99%	1.75%	1.05%

Frequently Asked Questions

Can I hold both VIGI and FSMD in my portfolio?

VIGI and FSMD have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIGI or FSMD?

FSMD has higher volatility (5.14%) compared to VIGI (3.35%). In terms of maximum drawdown, VIGI dropped -31.01% vs FSMD's -40.67%.

Which ETF is better, VIGI or FSMD?

On 5-year performance, FSMD leads with 10.00% vs 4.27% for VIGI. On fees, VIGI is cheaper at 0.15% per year. On volatility, VIGI has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIGI or FSMD?

Over the 5-year period, FSMD has performed better with a 10.00% return vs 4.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIGI or FSMD?

VIGI is cheaper with a 0.15% expense ratio, compared with 0.29% for FSMD.

Which ETF pays a higher dividend yield, VIGI or FSMD?

VIGI has the higher dividend yield at 2.14%, compared with 1.18% for FSMD.

What is the main difference between VIGI and FSMD?

VIGI is categorized as Dividend, while FSMD is Small Cap Growth Equities. VIGI tracks S&P Global Ex-U.S. Dividend Growers Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.15% for VIGI and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.78 vs 0.39), 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.