VTWAX vs. FISMX

Last updated Jun 13, 2026

VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) and FISMX (Fidelity International Small Cap Fund) are both mutual funds - VTWAX is a Global Equities fund tracking the FTSE Global All Cap Index, while FISMX is a Foreign Small & Mid Cap Equities fund managed by Fidelity. Over the past 5 years, VTWAX returned 10.51%/yr vs 5.98%/yr for FISMX. Their correlation of 0.82 suggests significant overlap in exposure. VTWAX charges 0.09%/yr vs 1.01%/yr for FISMX.

Performance

VTWAX vs. FISMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) and Fidelity International Small Cap Fund (FISMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTWAX achieves a 10.38% return, which is significantly higher than FISMX's 8.75% return.

VTWAX

• 1D: 2.34%
• 1M: -0.02%
• YTD: 10.38%
• 6M: 11.15%
• 1Y: 25.06%
• 3Y*: 19.75%
• 5Y*: 10.51%
• 10Y*: —

FISMX

• 1D: 2.56%
• 1M: -1.31%
• YTD: 8.75%
• 6M: 10.42%
• 1Y: 15.32%
• 3Y*: 13.58%
• 5Y*: 5.98%
• 10Y*: 9.03%

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

VTWAX vs. FISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	10.38%	22.43%	16.43%	21.85%	-18.02%	18.17%	16.67%	17.53%
FISMX Fidelity International Small Cap Fund	8.75%	24.73%	0.05%	19.62%	-16.66%	13.44%	9.98%	13.76%

Correlation

The correlation between VTWAX and FISMX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.82

The correlation between VTWAX and FISMX has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

Return for Risk

VTWAX vs. FISMX — Risk / Return Rank

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

VTWAX

VTWAX Risk / Return Rank: 72
VTWAX Sharpe Ratio Rank: 72
VTWAX Sortino Ratio Rank: 68
VTWAX Omega Ratio Rank: 69
VTWAX Calmar Ratio Rank: 71
VTWAX Martin Ratio Rank: 79

FISMX

FISMX Risk / Return Rank: 29
FISMX Sharpe Ratio Rank: 30
FISMX Sortino Ratio Rank: 30
FISMX Omega Ratio Rank: 32
FISMX Calmar Ratio Rank: 25
FISMX Martin Ratio Rank: 27

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.

VTWAX vs. FISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) 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.

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.

	VTWAX	FISMX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.24	+0.73
Sortino ratio: Return per unit of downside risk	2.69	1.82	+0.87
Omega ratio: Gain probability vs. loss probability	1.36	1.23	+0.12
Calmar ratio: Return relative to maximum drawdown	2.66	1.48	+1.19
Martin ratio: Return relative to average drawdown	11.61	5.19	+6.42

VTWAX vs. FISMX - Sharpe Ratio Comparison

The current VTWAX Sharpe Ratio is 1.97, which is higher than the FISMX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of VTWAX 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.

Drawdowns

VTWAX vs. FISMX - Drawdown Comparison

The maximum VTWAX drawdown since its inception was -34.20%, smaller than the maximum FISMX drawdown of -60.94%. Use the drawdown chart below to compare losses from any high point for VTWAX and FISMX.

Drawdown Indicators

	VTWAX	FISMX	Difference
Max Drawdown Largest peak-to-trough decline	-34.20%	-60.94%	+26.74%
Max Drawdown (1Y) Largest decline over 1 year	-9.64%	-10.71%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-16.43%	-12.70%	-3.73%
Max Drawdown (5Y) Largest decline over 5 years	-26.40%	-31.07%	+4.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.80%	—
Current Drawdown Current decline from peak	-2.45%	-2.37%	-0.08%
Average Drawdown Average peak-to-trough decline	-5.29%	-10.63%	+5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	3.04%	-0.83%

Volatility

VTWAX vs. FISMX - Volatility Comparison

Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) has a higher volatility of 5.19% compared to Fidelity International Small Cap Fund (FISMX) at 4.94%. This indicates that VTWAX'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

	VTWAX	FISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	4.94%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	10.71%	10.81%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	12.78%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	13.67%	+2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	14.08%	+4.15%

VTWAX vs. FISMX - Expense Ratio Comparison

VTWAX has a 0.09% expense ratio, which is lower than FISMX's 1.01% expense ratio.

Dividends

VTWAX vs. FISMX - Dividend Comparison

VTWAX's dividend yield for the trailing twelve months is around 1.59%, less than FISMX's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISMX Fidelity International Small Cap Fund	3.29%	3.58%	2.64%	1.87%	0.70%	7.28%	0.83%	2.32%	6.14%	2.46%	2.70%	2.80%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	1.59%	1.80%	1.92%	2.06%	2.17%	1.79%	1.64%	2.28%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTWAX and FISMX in my portfolio?

VTWAX and FISMX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTWAX or FISMX?

VTWAX has higher volatility (5.19%) compared to FISMX (4.94%). In terms of maximum drawdown, VTWAX dropped -34.20% vs FISMX's -60.94%.

Which has better risk-adjusted returns?

VTWAX currently has the higher Sharpe Ratio (1.97 vs 1.24), 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.