VTMSX vs. FASGX

Last updated Jun 25, 2026

VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) and FASGX (Fidelity Asset Manager 70% Fund) are both mutual funds - VTMSX is a Small Cap Blend Equities fund managed by BlackRock, while FASGX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, VTMSX returned 11.34%/yr vs 10.12%/yr for FASGX. Their correlation of 0.84 suggests significant overlap in exposure. VTMSX charges 0.09%/yr vs 0.67%/yr for FASGX.

Performance

VTMSX vs. FASGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) and Fidelity Asset Manager 70% Fund (FASGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTMSX achieves a 19.68% return, which is significantly higher than FASGX's 10.04% return. Over the past 10 years, VTMSX has outperformed FASGX with an annualized return of 11.34%, while FASGX has yielded a comparatively lower 10.12% annualized return.

VTMSX

• 1D: -0.37%
• 1M: 4.28%
• YTD: 19.68%
• 6M: 16.75%
• 1Y: 33.50%
• 3Y*: 16.27%
• 5Y*: 6.42%
• 10Y*: 11.34%

FASGX

• 1D: -1.66%
• 1M: 0.36%
• YTD: 10.04%
• 6M: 9.49%
• 1Y: 21.84%
• 3Y*: 15.69%
• 5Y*: 7.80%
• 10Y*: 10.12%

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

VTMSX vs. FASGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	19.68%	5.93%	8.61%	15.95%	-16.16%	27.08%	11.05%	23.28%	-8.62%	13.05%
FASGX Fidelity Asset Manager 70% Fund	10.04%	18.23%	10.81%	16.45%	-16.83%	13.98%	17.19%	22.81%	-7.65%	17.34%

Correlation

The correlation between VTMSX and FASGX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Mar 25, 1999	0.84

The correlation between VTMSX and FASGX has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

Return for Risk

VTMSX vs. FASGX — Risk / Return Rank

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

VTMSX

VTMSX Risk / Return Rank: 65
VTMSX Sharpe Ratio Rank: 53
VTMSX Sortino Ratio Rank: 57
VTMSX Omega Ratio Rank: 46
VTMSX Calmar Ratio Rank: 88
VTMSX Martin Ratio Rank: 79

FASGX

FASGX Risk / Return Rank: 62
FASGX Sharpe Ratio Rank: 59
FASGX Sortino Ratio Rank: 56
FASGX Omega Ratio Rank: 60
FASGX Calmar Ratio Rank: 65
FASGX Martin Ratio Rank: 71

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.

VTMSX vs. FASGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) and Fidelity Asset Manager 70% Fund (FASGX). 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.

	VTMSX	FASGX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.07	-0.09
Sortino ratio: Return per unit of downside risk	2.87	2.86	0.00
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio: Return relative to maximum drawdown	4.08	2.92	+1.16
Martin ratio: Return relative to average drawdown	13.66	12.58	+1.08

VTMSX vs. FASGX - Sharpe Ratio Comparison

The current VTMSX Sharpe Ratio is 1.98, which is comparable to the FASGX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of VTMSX and FASGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VTMSX vs. FASGX - Drawdown Comparison

The maximum VTMSX drawdown since its inception was -57.84%, which is greater than FASGX's maximum drawdown of -47.35%. Use the drawdown chart below to compare losses from any high point for VTMSX and FASGX.

Drawdown Indicators

	VTMSX	FASGX	Difference
Max Drawdown Largest peak-to-trough decline	-57.84%	-47.35%	-10.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-7.95%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-27.93%	-12.80%	-15.13%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-23.54%	-4.39%
Max Drawdown (10Y) Largest decline over 10 years	-43.88%	-27.20%	-16.68%
Current Drawdown Current decline from peak	-0.37%	-1.78%	+1.41%
Average Drawdown Average peak-to-trough decline	-8.91%	-6.70%	-2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	1.84%	+0.72%

Volatility

VTMSX vs. FASGX - Volatility Comparison

Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) and Fidelity Asset Manager 70% Fund (FASGX) have volatilities of 4.92% and 4.90%, 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

	VTMSX	FASGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	4.90%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	9.43%	+2.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	11.21%	+6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	12.42%	+9.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.12%	12.68%	+10.44%

VTMSX vs. FASGX - Expense Ratio Comparison

VTMSX has a 0.09% expense ratio, which is lower than FASGX's 0.67% expense ratio.

Dividends

VTMSX vs. FASGX - Dividend Comparison

VTMSX's dividend yield for the trailing twelve months is around 1.12%, less than FASGX's 6.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FASGX Fidelity Asset Manager 70% Fund	6.67%	7.33%	4.60%	1.72%	6.69%	2.73%	2.20%	5.19%	6.31%	2.75%	0.20%	5.58%
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	1.12%	1.28%	1.44%	1.50%	1.51%	1.16%	1.09%	1.15%	1.26%	1.11%	1.01%	1.26%

Frequently Asked Questions

Can I hold both VTMSX and FASGX in my portfolio?

VTMSX and FASGX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTMSX or FASGX?

VTMSX has higher volatility (4.92%) compared to FASGX (4.90%). In terms of maximum drawdown, VTMSX dropped -57.84% vs FASGX's -47.35%.

Which has better risk-adjusted returns?

FASGX currently has the higher Sharpe Ratio (2.07 vs 1.98), 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.