VTWO vs. FLAPX

Last updated Jun 4, 2026

VTWO (Vanguard Russell 2000 ETF) and FLAPX (Fidelity Flex Mid Cap Index Fund) are both funds - VTWO is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while FLAPX is a Mid Cap Blend Equities fund managed by Fidelity. Over the past 5 years, VTWO returned 6.28%/yr vs 9.56%/yr for FLAPX. Their correlation of 0.93 suggests significant overlap in exposure. VTWO charges 0.06%/yr vs 0.00%/yr for FLAPX.

Performance

VTWO vs. FLAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 2000 ETF (VTWO) and Fidelity Flex Mid Cap Index Fund (FLAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTWO achieves a 17.08% return, which is significantly higher than FLAPX's 15.19% return.

VTWO

• 1D: -1.38%
• 1M: 3.51%
• YTD: 17.08%
• 6M: 15.89%
• 1Y: 39.34%
• 3Y*: 18.11%
• 5Y*: 6.28%
• 10Y*: 11.07%

FLAPX

• 1D: 0.37%
• 1M: 3.60%
• YTD: 15.19%
• 6M: 15.35%
• 1Y: 28.95%
• 3Y*: 19.67%
• 5Y*: 9.56%
• 10Y*: —

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

VTWO vs. FLAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTWO Vanguard Russell 2000 ETF	17.08%	12.90%	11.55%	17.08%	-20.49%	14.79%	20.22%	25.81%	-11.15%	14.18%
FLAPX Fidelity Flex Mid Cap Index Fund	15.19%	14.33%	15.30%	17.28%	-17.28%	22.59%	17.30%	30.56%	-9.10%	14.01%

Correlation

The correlation between VTWO and FLAPX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 10, 2017	0.93

The correlation between VTWO and FLAPX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

VTWO vs. FLAPX — Risk / Return Rank

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

VTWO

VTWO Risk / Return Rank: 62
VTWO Sharpe Ratio Rank: 60
VTWO Sortino Ratio Rank: 60
VTWO Omega Ratio Rank: 54
VTWO Calmar Ratio Rank: 71
VTWO Martin Ratio Rank: 68

FLAPX

FLAPX Risk / Return Rank: 54
FLAPX Sharpe Ratio Rank: 45
FLAPX Sortino Ratio Rank: 45
FLAPX Omega Ratio Rank: 42
FLAPX Calmar Ratio Rank: 72
FLAPX Martin Ratio Rank: 67

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.

VTWO vs. FLAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 2000 ETF (VTWO) and Fidelity Flex Mid Cap Index Fund (FLAPX). 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.

	VTWO	FLAPX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.96	+0.11
Sortino ratio: Return per unit of downside risk	2.88	2.81	+0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	3.60	3.31	+0.29
Martin ratio: Return relative to average drawdown	12.79	13.10	-0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTWO vs. FLAPX - Sharpe Ratio Comparison

The current VTWO Sharpe Ratio is 2.07, which is comparable to the FLAPX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VTWO and FLAPX, 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

	VTWO	FLAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.96	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.52	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.61	-0.09

Drawdowns

VTWO vs. FLAPX - Drawdown Comparison

The maximum VTWO drawdown since its inception was -41.19%, roughly equal to the maximum FLAPX drawdown of -40.31%. Use the drawdown chart below to compare losses from any high point for VTWO and FLAPX.

Drawdown Indicators

	VTWO	FLAPX	Difference
Max Drawdown Largest peak-to-trough decline	-41.19%	-40.31%	-0.88%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-9.21%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	-27.57%	-21.02%	-6.55%
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	-26.09%	-5.79%
Max Drawdown (10Y) Largest decline over 10 years	-41.19%	—	—
Current Drawdown Current decline from peak	-1.50%	0.00%	-1.50%
Average Drawdown Average peak-to-trough decline	-8.39%	-6.12%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.32%	+0.76%

Volatility

VTWO vs. FLAPX - Volatility Comparison

Vanguard Russell 2000 ETF (VTWO) has a higher volatility of 5.73% compared to Fidelity Flex Mid Cap Index Fund (FLAPX) at 3.80%. This indicates that VTWO's price experiences larger fluctuations and is considered to be riskier than FLAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTWO	FLAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	3.80%	+1.93%
Volatility (6M) Calculated over the trailing 6-month period	13.50%	11.55%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	15.51%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.48%	18.58%	+3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.08%	19.95%	+3.13%

VTWO vs. FLAPX - Expense Ratio Comparison

VTWO has a 0.06% expense ratio, which is higher than FLAPX's 0.00% 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

VTWO vs. FLAPX - Dividend Comparison

VTWO's dividend yield for the trailing twelve months is around 1.08%, while FLAPX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLAPX Fidelity Flex Mid Cap Index Fund	0.00%	0.00%	1.08%	1.99%	1.82%	2.83%	2.16%	2.18%	2.24%	0.44%	0.00%	0.00%
VTWO Vanguard Russell 2000 ETF	1.08%	1.25%	1.21%	1.45%	1.48%	1.13%	0.92%	1.36%	1.41%	1.18%	1.27%	1.23%

Frequently Asked Questions

Can I hold both VTWO and FLAPX in my portfolio?

With a correlation of 0.92, VTWO and FLAPX 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.

Which is riskier, VTWO or FLAPX?

VTWO has higher volatility (5.73%) compared to FLAPX (3.80%). In terms of maximum drawdown, VTWO dropped -41.19% vs FLAPX's -40.31%.

Which has better risk-adjusted returns?

VTWO currently has the higher Sharpe Ratio (2.07 vs 1.96), 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.