VSMSX vs. FXAIX
Compare and contrast key facts about Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) and Fidelity 500 Index Fund (FXAIX).
VSMSX is managed by Vanguard. It was launched on Apr 1, 2011. FXAIX is a passively managed fund by Fidelity that tracks the performance of the S&P 500 Index. It was launched on Feb 17, 1988.
Performance
VSMSX vs. FXAIX - Performance Comparison
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VSMSX vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares | 0.71% | 6.04% | 7.20% | 17.57% | -16.19% | 26.72% | 11.46% | 22.73% | -8.51% | 13.39% |
FXAIX Fidelity 500 Index Fund | -7.05% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Returns By Period
In the year-to-date period, VSMSX achieves a 0.71% return, which is significantly higher than FXAIX's -7.05% return. Over the past 10 years, VSMSX has underperformed FXAIX with an annualized return of 9.58%, while FXAIX has yielded a comparatively higher 13.75% annualized return.
VSMSX
- 1D
- -0.71%
- 1M
- -6.66%
- YTD
- 0.71%
- 6M
- 2.43%
- 1Y
- 17.27%
- 3Y*
- 9.49%
- 5Y*
- 3.87%
- 10Y*
- 9.58%
FXAIX
- 1D
- -0.39%
- 1M
- -7.68%
- YTD
- -7.05%
- 6M
- -4.59%
- 1Y
- 14.42%
- 3Y*
- 17.17%
- 5Y*
- 11.40%
- 10Y*
- 13.75%
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VSMSX vs. FXAIX - Expense Ratio Comparison
VSMSX has a 0.08% expense ratio, which is higher than FXAIX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
VSMSX vs. FXAIX — Risk / Return Rank
VSMSX
FXAIX
VSMSX vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) and Fidelity 500 Index Fund (FXAIX). 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.
| VSMSX | FXAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.79 | 0.84 | -0.04 |
Sortino ratioReturn per unit of downside risk | 1.26 | 1.30 | -0.04 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.20 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.03 | 1.05 | -0.02 |
Martin ratioReturn relative to average drawdown | 4.20 | 5.13 | -0.93 |
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
| VSMSX | FXAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.84 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.68 | -0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.77 | -0.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.75 | -0.24 |
Correlation
The correlation between VSMSX and FXAIX is 0.80, 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
VSMSX vs. FXAIX - Dividend Comparison
VSMSX's dividend yield for the trailing twelve months is around 1.38%, more than FXAIX's 1.20% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSMSX Vanguard S&P Small-Cap 600 Index Fund Institutional Shares | 1.38% | 1.39% | 1.49% | 1.47% | 1.52% | 1.17% | 1.10% | 1.38% | 1.39% | 1.11% | 1.00% | 1.33% |
FXAIX Fidelity 500 Index Fund | 1.20% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
Drawdowns
VSMSX vs. FXAIX - Drawdown Comparison
The maximum VSMSX drawdown since its inception was -44.42%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for VSMSX and FXAIX.
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Drawdown Indicators
| VSMSX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.42% | -33.79% | -10.63% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -12.13% | -2.74% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -24.50% | -3.43% |
Max Drawdown (10Y)Largest decline over 10 years | -44.42% | -33.79% | -10.63% |
Current DrawdownCurrent decline from peak | -8.30% | -8.89% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -3.83% | -3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 2.50% | +1.15% |
Volatility
VSMSX vs. FXAIX - Volatility Comparison
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) has a higher volatility of 5.55% compared to Fidelity 500 Index Fund (FXAIX) at 4.24%. This indicates that VSMSX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSMSX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 4.24% | +1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 12.75% | 9.08% | +3.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.62% | 18.13% | +4.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 16.88% | +4.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.19% | 18.03% | +5.16% |