VTSIX vs. FSMD
Compare and contrast key facts about Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX) and Fidelity Small-Mid Multifactor ETF (FSMD).
VTSIX is managed by BlackRock. It was launched on Apr 21, 1999. FSMD is a passively managed fund by Fidelity that tracks the performance of the Fidelity Small-Mid Multifactor Index. It was launched on Feb 26, 2019.
Performance
VTSIX vs. FSMD - Performance Comparison
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VTSIX vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VTSIX Vanguard Tax-Managed Small-Cap Fund Institutional Shares | 0.88% | 5.96% | 8.64% | 15.99% | -16.14% | 27.12% | 11.09% | 6.67% |
FSMD Fidelity Small-Mid Multifactor ETF | 1.72% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
Returns By Period
In the year-to-date period, VTSIX achieves a 0.88% return, which is significantly lower than FSMD's 1.72% return.
VTSIX
- 1D
- -0.72%
- 1M
- -6.66%
- YTD
- 0.88%
- 6M
- 2.55%
- 1Y
- 17.36%
- 3Y*
- 9.53%
- 5Y*
- 3.96%
- 10Y*
- 9.56%
FSMD
- 1D
- 3.04%
- 1M
- -4.67%
- YTD
- 1.72%
- 6M
- 2.29%
- 1Y
- 15.81%
- 3Y*
- 13.07%
- 5Y*
- 7.84%
- 10Y*
- —
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VTSIX vs. FSMD - Expense Ratio Comparison
VTSIX has a 0.06% expense ratio, which is lower than FSMD's 0.29% expense ratio.
Return for Risk
VTSIX vs. FSMD — Risk / Return Rank
VTSIX
FSMD
VTSIX vs. FSMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.
| VTSIX | FSMD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.80 | 0.79 | +0.01 |
Sortino ratioReturn per unit of downside risk | 1.26 | 1.26 | +0.01 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.33 | -0.30 |
Martin ratioReturn relative to average drawdown | 4.24 | 5.61 | -1.37 |
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
| VTSIX | FSMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 0.79 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.43 | -0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.47 | -0.05 |
Correlation
The correlation between VTSIX and FSMD is 0.95, 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
VTSIX vs. FSMD - Dividend Comparison
VTSIX's dividend yield for the trailing twelve months is around 1.36%, which matches FSMD's 1.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTSIX Vanguard Tax-Managed Small-Cap Fund Institutional Shares | 1.36% | 1.31% | 1.47% | 1.52% | 1.54% | 1.19% | 1.11% | 1.17% | 1.29% | 1.13% | 1.03% | 1.30% |
FSMD Fidelity Small-Mid Multifactor ETF | 1.37% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VTSIX vs. FSMD - Drawdown Comparison
The maximum VTSIX drawdown since its inception was -57.81%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for VTSIX and FSMD.
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Drawdown Indicators
| VTSIX | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.81% | -40.67% | -17.14% |
Max Drawdown (1Y)Largest decline over 1 year | -14.85% | -12.63% | -2.22% |
Max Drawdown (5Y)Largest decline over 5 years | -27.92% | -22.16% | -5.76% |
Max Drawdown (10Y)Largest decline over 10 years | -43.86% | — | — |
Current DrawdownCurrent decline from peak | -8.24% | -5.65% | -2.59% |
Average DrawdownAverage peak-to-trough decline | -8.98% | -6.12% | -2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 3.01% | +0.63% |
Volatility
VTSIX vs. FSMD - Volatility Comparison
The current volatility for Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX) is 5.51%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 6.73%. This indicates that VTSIX experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTSIX | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.51% | 6.73% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 12.75% | 11.32% | +1.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.59% | 20.07% | +2.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.54% | 18.43% | +3.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.09% | 21.54% | +1.55% |