VTWO vs. FSSNX
VTWO (Vanguard Russell 2000 ETF) and FSSNX (Fidelity Small Cap Index Fund) are both Small Cap Blend Equities funds tracking the Russell 2000 Index, from Vanguard and Fidelity respectively. Both are passively managed. Over the past 10 years, VTWO returned 10.91%/yr vs 10.99%/yr for FSSNX. With a 0.99 correlation, they move nearly in lockstep. VTWO charges 0.06%/yr vs 0.03%/yr for FSSNX.
Performance
VTWO vs. FSSNX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VTWO having a 19.78% return and FSSNX slightly higher at 20.76%. Both investments have delivered pretty close results over the past 10 years, with VTWO having a 10.91% annualized return and FSSNX not far ahead at 10.99%.
VTWO
- 1D
- -0.87%
- 1M
- 0.44%
- 6M
- 12.81%
- YTD
- 19.78%
- 1Y
- 34.05%
- 3Y*
- 16.84%
- 5Y*
- 7.53%
- 10Y*
- 10.91%
FSSNX
- 1D
- -0.48%
- 1M
- 1.25%
- 6M
- 13.67%
- YTD
- 20.76%
- 1Y
- 35.03%
- 3Y*
- 17.61%
- 5Y*
- 7.06%
- 10Y*
- 10.99%
VTWO vs. FSSNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTWO Vanguard Russell 2000 ETF | 19.78% | 12.90% | 11.55% | 17.08% | -20.49% | 14.79% | 20.22% | 25.81% | -11.15% | 14.69% |
FSSNX Fidelity Small Cap Index Fund | 20.76% | 12.94% | 11.71% | 17.11% | -20.28% | 14.70% | 19.99% | 25.70% | -11.24% | 14.54% |
Correlation
The correlation between VTWO and FSSNX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.99 |
The correlation between VTWO and FSSNX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
VTWO vs. FSSNX — Risk / Return Rank
VTWO
FSSNX
VTWO vs. FSSNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 2000 ETF (VTWO) and Fidelity Small Cap Index Fund (FSSNX). 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.
| VTWO | FSSNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 3.04 | +0.07 |
| Martin ratioReturn relative to average drawdown | 11.02 | 10.77 | +0.25 |
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Drawdowns
VTWO vs. FSSNX - Drawdown Comparison
The maximum VTWO drawdown since its inception was -41.19%, roughly equal to the maximum FSSNX drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for VTWO and FSSNX.
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Drawdown Indicators
| VTWO | FSSNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.19% | -41.72% | +0.53% |
Max Drawdown (1Y)Largest decline over 1 year | -10.99% | -11.00% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -27.57% | -27.45% | -0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -31.88% | -31.87% | -0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -41.19% | -41.72% | +0.53% |
Current DrawdownCurrent decline from peak | -2.33% | -1.51% | -0.82% |
Average DrawdownAverage peak-to-trough decline | -8.34% | -8.24% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 3.11% | -0.01% |
Volatility
VTWO vs. FSSNX - Volatility Comparison
Vanguard Russell 2000 ETF (VTWO) and Fidelity Small Cap Index Fund (FSSNX) have volatilities of 4.85% and 4.88%, 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.
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Volatility by Period
| VTWO | FSSNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 4.88% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 14.17% | 14.21% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.49% | 19.53% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.52% | 22.63% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.05% | 23.41% | -0.36% |
VTWO vs. FSSNX - Expense Ratio Comparison
VTWO has a 0.06% expense ratio, which is higher than FSSNX's 0.03% 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. FSSNX - Dividend Comparison
VTWO's dividend yield for the trailing twelve months is around 1.10%, more than FSSNX's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSSNX Fidelity Small Cap Index Fund | 1.04% | 1.08% | 1.04% | 1.43% | 1.26% | 3.92% | 0.94% | 2.96% | 4.94% | 3.37% | 2.27% | 2.66% |
VTWO Vanguard Russell 2000 ETF | 1.10% | 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
With a correlation of 1.00, VTWO and FSSNX 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.
FSSNX has higher volatility (4.88%) compared to VTWO (4.85%). In terms of maximum drawdown, VTWO dropped -41.19% vs FSSNX's -41.72%.
VTWO currently has the higher Sharpe Ratio (1.76 vs 1.71), 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.
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