VSS vs. FISMX

Last updated Jun 4, 2026

VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) and FISMX (Fidelity International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, VSS returned 8.07%/yr vs 8.90%/yr for FISMX. Their correlation of 0.89 suggests significant overlap in exposure. VSS charges 0.07%/yr vs 1.01%/yr for FISMX.

Performance

VSS vs. FISMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) and Fidelity International Small Cap Fund (FISMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VSS having a 10.57% return and FISMX slightly lower at 10.18%. Over the past 10 years, VSS has underperformed FISMX with an annualized return of 8.07%, while FISMX has yielded a comparatively higher 8.90% annualized return.

VSS

• 1D: -1.12%
• 1M: 1.27%
• YTD: 10.57%
• 6M: 13.10%
• 1Y: 27.32%
• 3Y*: 16.67%
• 5Y*: 5.76%
• 10Y*: 8.07%

FISMX

• 1D: -0.37%
• 1M: 3.42%
• YTD: 10.18%
• 6M: 12.14%
• 1Y: 18.96%
• 3Y*: 14.44%
• 5Y*: 6.29%
• 10Y*: 8.90%

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

VSS vs. FISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	10.57%	29.61%	2.94%	15.52%	-21.48%	13.05%	11.81%	21.36%	-18.48%	30.61%
FISMX Fidelity International Small Cap Fund	10.18%	24.73%	0.05%	19.62%	-16.66%	13.44%	9.98%	21.45%	-16.08%	31.58%

Correlation

The correlation between VSS and FISMX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 7, 2009	0.89

The correlation between VSS and FISMX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

VSS vs. FISMX — Risk / Return Rank

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

VSS

VSS Risk / Return Rank: 51
VSS Sharpe Ratio Rank: 53
VSS Sortino Ratio Rank: 51
VSS Omega Ratio Rank: 54
VSS Calmar Ratio Rank: 47
VSS Martin Ratio Rank: 53

FISMX

FISMX Risk / Return Rank: 27
FISMX Sharpe Ratio Rank: 29
FISMX Sortino Ratio Rank: 28
FISMX Omega Ratio Rank: 30
FISMX Calmar Ratio Rank: 22
FISMX Martin Ratio Rank: 25

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.

VSS vs. FISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) 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.

	VSS	FISMX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.52	+0.33
Sortino ratio: Return per unit of downside risk	2.54	2.21	+0.33
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	2.36	1.74	+0.63
Martin ratio: Return relative to average drawdown	9.13	6.22	+2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSS vs. FISMX - Sharpe Ratio Comparison

The current VSS Sharpe Ratio is 1.85, which is comparable to the FISMX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VSS 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

	VSS	FISMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	1.52	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.47	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.64	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.73	-0.19

Drawdowns

VSS vs. FISMX - Drawdown Comparison

The maximum VSS drawdown since its inception was -43.51%, smaller than the maximum FISMX drawdown of -60.94%. Use the drawdown chart below to compare losses from any high point for VSS and FISMX.

Drawdown Indicators

	VSS	FISMX	Difference
Max Drawdown Largest peak-to-trough decline	-43.51%	-60.94%	+17.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-10.71%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.73%	-12.70%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	-33.93%	-31.07%	-2.86%
Max Drawdown (10Y) Largest decline over 10 years	-43.51%	-38.80%	-4.71%
Current Drawdown Current decline from peak	-2.58%	-1.07%	-1.51%
Average Drawdown Average peak-to-trough decline	-9.64%	-10.65%	+1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.98%	+0.02%

Volatility

VSS vs. FISMX - Volatility Comparison

Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) has a higher volatility of 5.33% compared to Fidelity International Small Cap Fund (FISMX) at 3.80%. This indicates that VSS's price experiences larger fluctuations and is considered to be riskier than FISMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSS	FISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	3.80%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	10.15%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	12.24%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.46%	13.57%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	14.05%	+3.22%

VSS vs. FISMX - Expense Ratio Comparison

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

Dividends

VSS vs. FISMX - Dividend Comparison

VSS's dividend yield for the trailing twelve months is around 3.07%, less than FISMX's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISMX Fidelity International Small Cap Fund	3.25%	3.58%	2.64%	1.87%	0.70%	7.28%	0.83%	2.32%	6.14%	2.46%	2.70%	2.80%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	3.07%	3.39%	3.44%	3.14%	2.30%	2.74%	1.90%	3.25%	2.80%	2.83%	2.93%	2.66%

Frequently Asked Questions

Can I hold both VSS and FISMX in my portfolio?

VSS and FISMX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSS or FISMX?

VSS has higher volatility (5.33%) compared to FISMX (3.80%). In terms of maximum drawdown, VSS dropped -43.51% vs FISMX's -60.94%.

Which has better risk-adjusted returns?

VSS currently has the higher Sharpe Ratio (1.85 vs 1.52), 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.