VIOO vs. FESM
Compare and contrast key facts about Vanguard S&P Small-Cap 600 ETF (VIOO) and Fidelity Enhanced Small Cap ETF (FESM).
VIOO and FESM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VIOO is a passively managed fund by Vanguard that tracks the performance of the S&P SmallCap 600 Index. It was launched on Sep 7, 2010. FESM is an actively managed fund by Fidelity. It was launched on Dec 20, 2007.
Performance
VIOO vs. FESM - Performance Comparison
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VIOO vs. FESM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VIOO Vanguard S&P Small-Cap 600 ETF | 4.04% | 6.04% | 8.48% | 12.59% |
FESM Fidelity Enhanced Small Cap ETF | 1.59% | 17.88% | 16.22% | 12.19% |
Returns By Period
In the year-to-date period, VIOO achieves a 4.04% return, which is significantly higher than FESM's 1.59% return.
VIOO
- 1D
- 0.53%
- 1M
- -4.14%
- YTD
- 4.04%
- 6M
- 5.50%
- 1Y
- 20.96%
- 3Y*
- 10.70%
- 5Y*
- 4.20%
- 10Y*
- 9.90%
FESM
- 1D
- 0.76%
- 1M
- -4.92%
- YTD
- 1.59%
- 6M
- 5.19%
- 1Y
- 30.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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VIOO vs. FESM - Expense Ratio Comparison
VIOO has a 0.10% expense ratio, which is lower than FESM's 0.28% expense ratio.
Return for Risk
VIOO vs. FESM — Risk / Return Rank
VIOO
FESM
VIOO vs. FESM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) and Fidelity Enhanced Small Cap ETF (FESM). 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.
| VIOO | FESM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | 1.34 | -0.41 |
Sortino ratioReturn per unit of downside risk | 1.43 | 1.91 | -0.47 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.25 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.45 | 2.27 | -0.82 |
Martin ratioReturn relative to average drawdown | 5.76 | 8.66 | -2.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VIOO | FESM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 1.34 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.98 | -0.43 |
Correlation
The correlation between VIOO and FESM is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VIOO vs. FESM - Dividend Comparison
VIOO's dividend yield for the trailing twelve months is around 1.31%, more than FESM's 0.63% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VIOO Vanguard S&P Small-Cap 600 ETF | 1.31% | 1.36% | 1.48% | 1.47% | 1.51% | 1.16% | 1.09% | 1.37% | 1.32% | 1.11% | 1.06% | 1.26% |
FESM Fidelity Enhanced Small Cap ETF | 0.63% | 0.82% | 1.08% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VIOO vs. FESM - Drawdown Comparison
The maximum VIOO drawdown since its inception was -44.15%, which is greater than FESM's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for VIOO and FESM.
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Drawdown Indicators
| VIOO | FESM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.15% | -26.93% | -17.22% |
Max Drawdown (1Y)Largest decline over 1 year | -14.66% | -13.54% | -1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -44.15% | — | — |
Current DrawdownCurrent decline from peak | -5.30% | -6.52% | +1.22% |
Average DrawdownAverage peak-to-trough decline | -7.40% | -5.04% | -2.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.68% | 3.55% | +0.13% |
Volatility
VIOO vs. FESM - Volatility Comparison
The current volatility for Vanguard S&P Small-Cap 600 ETF (VIOO) is 6.32%, while Fidelity Enhanced Small Cap ETF (FESM) has a volatility of 7.30%. This indicates that VIOO experiences smaller price fluctuations and is considered to be less risky than FESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIOO | FESM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.32% | 7.30% | -0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 13.11% | 14.27% | -1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.67% | 22.99% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.50% | 21.48% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.98% | 21.48% | +1.50% |