VSPMX vs. FZFLX
VSPMX (Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares) and FZFLX (Fidelity SAI Small-Mid Cap 500 Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, VSPMX returned 11.21%/yr vs 14.09%/yr for FZFLX. With a 0.97 correlation, they move nearly in lockstep. VSPMX charges 0.08%/yr vs 0.05%/yr for FZFLX.
Performance
VSPMX vs. FZFLX - Performance Comparison
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Returns By Period
In the year-to-date period, VSPMX achieves a 14.08% return, which is significantly lower than FZFLX's 33.26% return. Over the past 10 years, VSPMX has underperformed FZFLX with an annualized return of 11.21%, while FZFLX has yielded a comparatively higher 14.09% annualized return.
VSPMX
- 1D
- -0.09%
- 1M
- 2.50%
- YTD
- 14.08%
- 6M
- 13.80%
- 1Y
- 25.73%
- 3Y*
- 15.97%
- 5Y*
- 8.09%
- 10Y*
- 11.21%
FZFLX
- 1D
- 0.17%
- 1M
- 4.01%
- YTD
- 33.26%
- 6M
- 33.08%
- 1Y
- 49.00%
- 3Y*
- 24.46%
- 5Y*
- 11.93%
- 10Y*
- 14.09%
VSPMX vs. FZFLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares | 14.08% | 7.11% | 12.83% | 17.42% | -13.12% | 24.66% | 13.53% | 26.12% | -11.14% | 16.18% |
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund | 33.26% | 10.76% | 15.52% | 17.75% | -15.62% | 20.40% | 19.78% | 31.96% | -9.25% | 18.41% |
Correlation
The correlation between VSPMX and FZFLX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2015 | 0.97 |
The correlation between VSPMX and FZFLX has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
VSPMX vs. FZFLX — Risk / Return Rank
VSPMX
FZFLX
VSPMX vs. FZFLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). 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.
| VSPMX | FZFLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.41 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 4.61 | -1.71 |
| Martin ratioReturn relative to average drawdown | 10.60 | 19.48 | -8.88 |
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
| VSPMX | FZFLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.66 | 2.37 | -0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.57 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.67 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.63 | 0.00 |
Drawdowns
VSPMX vs. FZFLX - Drawdown Comparison
The maximum VSPMX drawdown since its inception was -42.04%, roughly equal to the maximum FZFLX drawdown of -42.03%. Use the drawdown chart below to compare losses from any high point for VSPMX and FZFLX.
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Drawdown Indicators
| VSPMX | FZFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.04% | -42.03% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -8.82% | -10.68% | +1.86% |
Max Drawdown (3Y)Largest decline over 3 years | -24.27% | -22.29% | -1.98% |
Max Drawdown (5Y)Largest decline over 5 years | -24.27% | -24.77% | +0.50% |
Max Drawdown (10Y)Largest decline over 10 years | -42.04% | -42.03% | -0.01% |
Current DrawdownCurrent decline from peak | -0.09% | -0.17% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -5.09% | -5.74% | +0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.52% | -0.11% |
Volatility
VSPMX vs. FZFLX - Volatility Comparison
The current volatility for Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) is 4.37%, while Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) has a volatility of 7.40%. This indicates that VSPMX experiences smaller price fluctuations and is considered to be less risky than FZFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSPMX | FZFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 7.40% | -3.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 17.70% | -6.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.44% | 20.84% | -5.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.65% | 21.11% | -1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.01% | 21.10% | -0.09% |
VSPMX vs. FZFLX - Expense Ratio Comparison
VSPMX has a 0.08% expense ratio, which is higher than FZFLX's 0.05% 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%.
Dividends
VSPMX vs. FZFLX - Dividend Comparison
VSPMX's dividend yield for the trailing twelve months is around 1.22%, less than FZFLX's 43.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund | 43.35% | 57.77% | 10.20% | 2.35% | 79.79% | 50.77% | 7.19% | 6.49% | 7.69% | 1.68% | 0.93% | 0.67% |
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares | 1.22% | 1.07% | 1.32% | 1.26% | 1.59% | 1.15% | 1.24% | 1.49% | 1.64% | 1.27% | 1.54% | 1.52% |
Frequently Asked Questions
With a correlation of 0.91, VSPMX and FZFLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FZFLX has higher volatility (7.40%) compared to VSPMX (4.37%). In terms of maximum drawdown, VSPMX dropped -42.04% vs FZFLX's -42.03%.
FZFLX currently has the higher Sharpe Ratio (2.37 vs 1.66), 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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