VIOG vs. FFSM

Last updated Aug 4, 2026

VIOG (Vanguard S&P Small-Cap 600 Growth ETF) and FFSM (Fidelity Fundamental Small-Mid Cap ETF) are both exchange-traded funds - VIOG is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Growth Index, while FFSM is a Mid Cap Blend Equities fund actively managed by Fidelity. VIOG is passively managed, while FFSM is actively managed. Over the past 5 years, VIOG returned 7.08%/yr vs 10.93%/yr for FFSM. Their correlation of 0.94 means they have usually moved in the same direction. VIOG charges 0.15%/yr vs 0.43%/yr for FFSM.

Performance

VIOG vs. FFSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Growth ETF (VIOG) and Fidelity Fundamental Small-Mid Cap ETF (FFSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOG achieves a 24.91% return, which is significantly higher than FFSM's 21.43% return.

VIOG

• 1D: 1.77%
• 1M: 0.05%
• 6M: 17.89%
• YTD: 24.91%
• 1Y: 34.56%
• 3Y*: 15.08%
• 5Y*: 7.08%
• 10Y*: 11.09%
• ALL TIME*: 12.94%

FFSM

• 1D: 1.20%
• 1M: -0.08%
• 6M: 14.38%
• YTD: 21.43%
• 1Y: 37.13%
• 3Y*: 19.05%
• 5Y*: 10.93%
• 10Y*: —
• ALL TIME*: 12.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FFSM Fidelity Fundamental Small-Mid Cap ETF	$11.20M	$10.45M	$7.00M
VIOG Vanguard S&P Small-Cap 600 Growth ETF	$3.70M	$4.45M	$4.82M

VIOG vs. FFSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VIOG Vanguard S&P Small-Cap 600 Growth ETF	24.91%	5.40%	9.23%	16.92%	-21.14%	12.22%
FFSM Fidelity Fundamental Small-Mid Cap ETF	21.43%	14.89%	14.38%	17.30%	-16.35%	20.44%

Correlation

The correlation between VIOG and FFSM is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.94

The correlation between VIOG and FFSM has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

VIOG vs. FFSM - Sectors Allocation Comparison

Sectors	VIOG	FFSM
Industrials	19.5%	21.9%
Technology	17.6%	19.9%
Healthcare	16.9%	9.8%
Financial Services	13.7%	13.9%
Consumer Cyclical	11.0%	11.3%
Real Estate	6.8%	5.0%
Energy	3.8%	4.2%
Consumer Defensive	3.4%	4.3%
Basic Materials	3.1%	6.9%
Communication Services	2.4%	0.6%
Utilities	1.6%	2.3%

Return for Risk

VIOG vs. FFSM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VIOG

VIOG Risk / Return Rank: 84
VIOG Sharpe Ratio Rank: 82
VIOG Sortino Ratio Rank: 85
VIOG Omega Ratio Rank: 78
VIOG Calmar Ratio Rank: 89
VIOG Martin Ratio Rank: 86

FFSM

FFSM Risk / Return Rank: 83
FFSM Sharpe Ratio Rank: 82
FFSM Sortino Ratio Rank: 82
FFSM Omega Ratio Rank: 78
FFSM Calmar Ratio Rank: 87
FFSM Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VIOG vs. FFSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Growth ETF (VIOG) and Fidelity Fundamental Small-Mid Cap ETF (FFSM). 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.

	VIOG	FFSM	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.98	-0.03
Sortino ratio: Return per unit of downside risk	2.88	2.80	+0.08
Omega ratio: Gain probability vs. loss probability	1.34	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	3.84	3.60	+0.25
Martin ratio: Return relative to average drawdown	12.84	13.42	-0.58

VIOG vs. FFSM - Sharpe Ratio Comparison

The current VIOG Sharpe Ratio is 1.95, which is comparable to the FFSM Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VIOG and FFSM, 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

VIOG vs. FFSM - Drawdown Comparison

The maximum VIOG drawdown since its inception was -41.73%, which is greater than FFSM's maximum drawdown of -26.65%. Use the drawdown chart below to compare losses from any high point for VIOG and FFSM.

Drawdown Indicators

	VIOG	FFSM	Difference
Max Drawdown Largest peak-to-trough decline	-41.73%	-26.65%	-15.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-10.37%	+1.34%
Max Drawdown (3Y) Largest decline over 3 years	-27.35%	-24.78%	-2.57%
Max Drawdown (5Y) Largest decline over 5 years	-29.15%	-26.65%	-2.50%
Max Drawdown (10Y) Largest decline over 10 years	-41.73%	—	—
Current Drawdown Current decline from peak	-1.58%	-2.70%	+1.12%
Average Drawdown Average peak-to-trough decline	-7.56%	-7.69%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.77%	-0.07%

Volatility

VIOG vs. FFSM - Volatility Comparison

Vanguard S&P Small-Cap 600 Growth ETF (VIOG) and Fidelity Fundamental Small-Mid Cap ETF (FFSM) have volatilities of 4.44% and 4.27%, 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

	VIOG	FFSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	4.27%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	13.00%	14.76%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.87%	18.88%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	20.74%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	20.53%	+2.31%

VIOG vs. FFSM - Expense Ratio Comparison

VIOG has a 0.15% expense ratio, which is lower than FFSM's 0.43% expense ratio.

Dividends

VIOG vs. FFSM - Dividend Comparison

VIOG's dividend yield for the trailing twelve months is around 0.75%, more than FFSM's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFSM Fidelity Fundamental Small-Mid Cap ETF	0.44%	0.56%	0.62%	0.56%	0.58%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIOG Vanguard S&P Small-Cap 600 Growth ETF	0.75%	1.04%	1.03%	1.15%	1.17%	0.69%	0.68%	1.09%	0.76%	0.87%	0.92%	1.04%

Frequently Asked Questions

Can I hold both VIOG and FFSM in my portfolio?

VIOG and FFSM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIOG or FFSM?

VIOG has higher volatility (4.44%) compared to FFSM (4.27%). In terms of maximum drawdown, VIOG dropped -41.73% vs FFSM's -26.65%.

Which ETF is better, VIOG or FFSM?

On 5-year performance, FFSM leads with 10.93% vs 7.08% for VIOG. On fees, VIOG is cheaper at 0.15% per year. On volatility, FFSM has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOG or FFSM?

Over the 5-year period, FFSM has performed better with a 10.93% return vs 7.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOG or FFSM?

VIOG is cheaper with a 0.15% expense ratio, compared with 0.43% for FFSM.

Which ETF pays a higher dividend yield, VIOG or FFSM?

VIOG has the higher dividend yield at 0.75%, compared with 0.44% for FFSM.

What is the main difference between VIOG and FFSM?

VIOG is categorized as Small Cap Growth Equities, while FFSM is Mid Cap Blend Equities. They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.15% for VIOG and 0.43% for FFSM.

Which has better risk-adjusted returns?

FFSM currently has the higher Sharpe Ratio (1.98 vs 1.95), 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.