VITPX vs. FSMAX
VITPX (Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares) and FSMAX (Fidelity Extended Market Index Fund) are both mutual funds - VITPX is a Large Cap Blend Equities fund managed by Vanguard, while FSMAX is a Mid Cap Blend Equities fund tracking the Dow Jones U.S. Completion Total Stock Market Index. Over the past 10 years, VITPX returned 14.54%/yr vs 11.60%/yr for FSMAX. Their correlation of 0.92 means they have usually moved in the same direction. VITPX charges 0.02%/yr vs 0.04%/yr for FSMAX.
Performance
VITPX vs. FSMAX - Performance Comparison
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Returns By Period
In the year-to-date period, VITPX achieves a 9.88% return, which is significantly lower than FSMAX's 13.84% return. Over the past 10 years, VITPX has outperformed FSMAX with an annualized return of 14.54%, while FSMAX has yielded a comparatively lower 11.60% annualized return.
VITPX
- 1D
- 1.63%
- 1M
- -0.78%
- 6M
- 8.17%
- YTD
- 9.88%
- 1Y
- 21.14%
- 3Y*
- 19.14%
- 5Y*
- 11.94%
- 10Y*
- 14.54%
- ALL TIME*
- 9.60%
FSMAX
- 1D
- 1.41%
- 1M
- -2.65%
- 6M
- 11.17%
- YTD
- 13.84%
- 1Y
- 23.61%
- 3Y*
- 15.94%
- 5Y*
- 6.17%
- 10Y*
- 11.60%
- ALL TIME*
- 12.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VITPX vs. FSMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VITPX Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares | 9.88% | 17.17% | 25.43% | 26.01% | -19.48% | 25.76% | 20.95% | 30.87% | -5.59% | 20.51% |
FSMAX Fidelity Extended Market Index Fund | 13.84% | 11.40% | 16.99% | 25.36% | -26.44% | 12.41% | 32.28% | 28.01% | -9.44% | 18.04% |
Correlation
The correlation between VITPX and FSMAX is 0.88, 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. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011 | 0.92 |
The correlation between VITPX and FSMAX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.
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Return for Risk
VITPX vs. FSMAX — Risk / Return Rank
VITPX
FSMAX
VITPX vs. FSMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares (VITPX) and Fidelity Extended Market Index Fund (FSMAX). 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.
| VITPX | FSMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.20 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.00 | +0.10 |
| Martin ratioReturn relative to average drawdown | 9.11 | 6.80 | +2.31 |
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Drawdowns
VITPX vs. FSMAX - Drawdown Comparison
The maximum VITPX drawdown since its inception was -55.28%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for VITPX and FSMAX.
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Drawdown Indicators
| VITPX | FSMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.28% | -50.55% | -4.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.92% | -10.26% | +1.34% |
Max Drawdown (3Y)Largest decline over 3 years | -19.35% | -26.82% | +7.47% |
Max Drawdown (5Y)Largest decline over 5 years | -25.31% | -36.31% | +11.00% |
Max Drawdown (10Y)Largest decline over 10 years | -34.99% | -50.55% | +15.56% |
Current DrawdownCurrent decline from peak | -1.88% | -3.77% | +1.89% |
Average DrawdownAverage peak-to-trough decline | -7.98% | -12.06% | +4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 3.02% | -0.96% |
Volatility
VITPX vs. FSMAX - Volatility Comparison
The current volatility for Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares (VITPX) is 3.41%, while Fidelity Extended Market Index Fund (FSMAX) has a volatility of 3.90%. This indicates that VITPX experiences smaller price fluctuations and is considered to be less risky than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VITPX | FSMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.41% | 3.90% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 10.27% | 13.31% | -3.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.13% | 17.80% | -4.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.46% | 22.39% | -4.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.41% | 30.22% | -11.81% |
VITPX vs. FSMAX - Expense Ratio Comparison
VITPX has a 0.02% expense ratio, which is lower than FSMAX's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VITPX vs. FSMAX - Dividend Comparison
VITPX's dividend yield for the trailing twelve months is around 2.33%, more than FSMAX's 0.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMAX Fidelity Extended Market Index Fund | 0.50% | 0.57% | 0.48% | 1.17% | 1.90% | 7.49% | 2.14% | 4.30% | 6.09% | 5.44% | 4.85% | 6.34% |
VITPX Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares | 2.33% | 2.64% | 4.14% | 2.41% | 6.48% | 5.38% | 11.57% | 2.91% | 3.93% | 1.90% | 2.80% | 2.30% |
Frequently Asked Questions
VITPX and FSMAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMAX has higher volatility (3.90%) compared to VITPX (3.41%). In terms of maximum drawdown, VITPX dropped -55.28% vs FSMAX's -50.55%.
VITPX currently has the higher Sharpe Ratio (1.43 vs 1.16), 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.
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