VV vs. FXAIX

Last updated Jul 29, 2026

VV (Vanguard Large-Cap ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - VV is a Large Cap Blend Equities fund tracking the CRSP US Large Cap Index, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VV returned 14.95%/yr vs 14.95%/yr for FXAIX. Their 1.00 correlation means they have historically moved very closely together. VV charges 0.04%/yr vs 0.02%/yr for FXAIX.

Performance

VV vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Large-Cap ETF (VV) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VV having a 8.88% return and FXAIX slightly higher at 8.99%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: VV at 14.95% and FXAIX at 14.95%.

VV

• 1D: 0.24%
• 1M: 1.27%
• 6M: 6.92%
• YTD: 8.88%
• 1Y: 17.21%
• 3Y*: 19.17%
• 5Y*: 12.05%
• 10Y*: 14.95%
• ALL TIME*: 10.94%

FXAIX

• 1D: 0.02%
• 1M: 0.87%
• 6M: 6.84%
• YTD: 8.99%
• 1Y: 17.40%
• 3Y*: 18.96%
• 5Y*: 12.59%
• 10Y*: 14.95%
• ALL TIME*: 13.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FXAIX Fidelity 500 Index Fund	$0.00	$0.00	$0.00
VV Vanguard Large-Cap ETF	$75.39M	$71.90M	$96.35M

VV vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VV Vanguard Large-Cap ETF	8.88%	18.11%	25.25%	27.18%	-19.91%	27.41%	21.04%	31.25%	-4.46%	22.00%
FXAIX Fidelity 500 Index Fund	8.99%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between VV and FXAIX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since May 4, 2011	1.00

The correlation between VV and FXAIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

VV vs. FXAIX — Risk / Return Rank

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

VV

VV Risk / Return Rank: 58
VV Sharpe Ratio Rank: 58
VV Sortino Ratio Rank: 56
VV Omega Ratio Rank: 56
VV Calmar Ratio Rank: 54
VV Martin Ratio Rank: 66

FXAIX

FXAIX Risk / Return Rank: 54
FXAIX Sharpe Ratio Rank: 52
FXAIX Sortino Ratio Rank: 49
FXAIX Omega Ratio Rank: 50
FXAIX Calmar Ratio Rank: 55
FXAIX 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.

VV vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Large-Cap ETF (VV) and Fidelity 500 Index Fund (FXAIX). 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.

	VV	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.38	-0.03
Sortino ratio: Return per unit of downside risk	1.90	1.94	-0.04
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.88	1.97	-0.09
Martin ratio: Return relative to average drawdown	7.96	8.51	-0.55

VV vs. FXAIX - Sharpe Ratio Comparison

The current VV Sharpe Ratio is 1.35, which is comparable to the FXAIX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of VV and FXAIX, 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

VV vs. FXAIX - Drawdown Comparison

The maximum VV drawdown since its inception was -54.81%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for VV and FXAIX.

Drawdown Indicators

	VV	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-54.81%	-33.79%	-21.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-8.89%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-18.97%	-18.76%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-24.50%	-1.16%
Max Drawdown (10Y) Largest decline over 10 years	-34.28%	-33.79%	-0.49%
Current Drawdown Current decline from peak	-2.34%	-2.43%	+0.09%
Average Drawdown Average peak-to-trough decline	-6.80%	-3.77%	-3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	2.05%	+0.12%

Volatility

VV vs. FXAIX - Volatility Comparison

Vanguard Large-Cap ETF (VV) has a higher volatility of 3.11% compared to Fidelity 500 Index Fund (FXAIX) at 2.94%. This indicates that VV's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VV	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	2.94%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	9.85%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	12.69%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.33%	17.00%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	18.07%	+0.13%

VV vs. FXAIX - Expense Ratio Comparison

VV has a 0.04% expense ratio, which is higher than FXAIX's 0.02% 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

VV vs. FXAIX - Dividend Comparison

VV's dividend yield for the trailing twelve months is around 1.03%, less than FXAIX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.07%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
VV Vanguard Large-Cap ETF	1.03%	1.08%	1.24%	1.41%	1.66%	1.19%	1.46%	1.81%	2.09%	1.75%	1.98%	1.96%

Frequently Asked Questions

Can I hold both VV and FXAIX in my portfolio?

With a correlation of 1.00, VV and FXAIX 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, VV or FXAIX?

VV has higher volatility (3.11%) compared to FXAIX (2.94%). In terms of maximum drawdown, VV dropped -54.81% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (1.38 vs 1.35), 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.