VSIAX vs. FISMX

Last updated Jun 9, 2026

VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) and FISMX (Fidelity International Small Cap Fund) are both mutual funds - VSIAX is a Small Cap Value Equities fund managed by Vanguard, while FISMX is a Foreign Small & Mid Cap Equities fund managed by Fidelity. Over the past 10 years, VSIAX returned 10.32%/yr vs 8.45%/yr for FISMX. A 0.65 correlation means they provide meaningful diversification when combined. VSIAX charges 0.07%/yr vs 1.01%/yr for FISMX.

Performance

VSIAX vs. FISMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and Fidelity International Small Cap Fund (FISMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSIAX achieves a 11.22% return, which is significantly higher than FISMX's 6.71% return. Over the past 10 years, VSIAX has outperformed FISMX with an annualized return of 10.32%, while FISMX has yielded a comparatively lower 8.45% annualized return.

VSIAX

• 1D: -1.12%
• 1M: 0.27%
• YTD: 11.22%
• 6M: 11.96%
• 1Y: 24.56%
• 3Y*: 15.88%
• 5Y*: 7.88%
• 10Y*: 10.32%

FISMX

• 1D: -2.43%
• 1M: -2.46%
• YTD: 6.71%
• 6M: 8.63%
• 1Y: 14.65%
• 3Y*: 13.10%
• 5Y*: 5.49%
• 10Y*: 8.45%

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

VSIAX vs. FISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	11.22%	9.09%	11.34%	17.06%	-9.31%	28.10%	5.80%	22.76%	-12.24%	11.80%
FISMX Fidelity International Small Cap Fund	6.71%	24.73%	0.05%	19.62%	-16.66%	13.44%	9.98%	21.45%	-16.08%	31.58%

Correlation

The correlation between VSIAX and FISMX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	0.65

The correlation between VSIAX and FISMX shifts across timeframes, from 0.57 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VSIAX vs. FISMX — Risk / Return Rank

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

VSIAX

VSIAX Risk / Return Rank: 46
VSIAX Sharpe Ratio Rank: 38
VSIAX Sortino Ratio Rank: 39
VSIAX Omega Ratio Rank: 35
VSIAX Calmar Ratio Rank: 64
VSIAX Martin Ratio Rank: 53

FISMX

FISMX Risk / Return Rank: 19
FISMX Sharpe Ratio Rank: 19
FISMX Sortino Ratio Rank: 19
FISMX Omega Ratio Rank: 21
FISMX Calmar Ratio Rank: 17
FISMX Martin Ratio Rank: 21

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.

VSIAX vs. FISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and Fidelity International Small Cap Fund (FISMX). 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.

	VSIAX	FISMX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.18	+0.55
Sortino ratio: Return per unit of downside risk	2.54	1.72	+0.82
Omega ratio: Gain probability vs. loss probability	1.30	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	2.95	1.37	+1.58
Martin ratio: Return relative to average drawdown	10.46	4.89	+5.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSIAX vs. FISMX - Sharpe Ratio Comparison

The current VSIAX Sharpe Ratio is 1.72, which is higher than the FISMX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of VSIAX and FISMX, 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

	VSIAX	FISMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.18	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.41	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.60	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.72	-0.14

Drawdowns

VSIAX vs. FISMX - Drawdown Comparison

The maximum VSIAX drawdown since its inception was -45.39%, smaller than the maximum FISMX drawdown of -60.94%. Use the drawdown chart below to compare losses from any high point for VSIAX and FISMX.

Drawdown Indicators

	VSIAX	FISMX	Difference
Max Drawdown Largest peak-to-trough decline	-45.39%	-60.94%	+15.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-10.71%	+1.84%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-12.70%	-11.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.09%	-31.07%	+6.98%
Max Drawdown (10Y) Largest decline over 10 years	-45.39%	-38.80%	-6.59%
Current Drawdown Current decline from peak	-1.12%	-4.19%	+3.07%
Average Drawdown Average peak-to-trough decline	-5.49%	-10.64%	+5.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	3.00%	-0.50%

Volatility

VSIAX vs. FISMX - Volatility Comparison

Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and Fidelity International Small Cap Fund (FISMX) have volatilities of 3.87% and 4.04%, 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

	VSIAX	FISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	4.04%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	10.46%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.20%	12.47%	+2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	13.61%	+6.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.45%	14.07%	+8.38%

VSIAX vs. FISMX - Expense Ratio Comparison

VSIAX has a 0.07% expense ratio, which is lower than FISMX's 1.01% expense ratio.

Dividends

VSIAX vs. FISMX - Dividend Comparison

VSIAX's dividend yield for the trailing twelve months is around 1.76%, less than FISMX's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISMX Fidelity International Small Cap Fund	3.36%	3.58%	2.64%	1.87%	0.70%	7.28%	0.83%	2.32%	6.14%	2.46%	2.70%	2.80%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.76%	1.95%	1.98%	2.10%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both VSIAX and FISMX in my portfolio?

VSIAX and FISMX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSIAX or FISMX?

FISMX has higher volatility (4.04%) compared to VSIAX (3.87%). In terms of maximum drawdown, VSIAX dropped -45.39% vs FISMX's -60.94%.

Which has better risk-adjusted returns?

VSIAX currently has the higher Sharpe Ratio (1.72 vs 1.18), 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.