Data as of Oct 28, 2026.
FESM vs VIOO: Differences, Returns & Fees
Over the year to Oct 28, 2026, FESM returned +23.0% to VIOO's +17.5%; 25% of their weight is in the same names.
askIQ about this page
askIQ about FESM and VIOO
Net assets on Sep 30, 2026: $6.4bn for Fidelity Enhanced Small Cap Core ETF and $4.0bn for Vanguard S&P Small-Cap 600 ETF.
Pair scorecard
VIOO costs 0.21 points a year less; their one-year returns differ by 5.5 points; FESM is 1.6 times larger.
| Measure | FESM | VIOO |
|---|---|---|
| Return | ||
| Total return, 1 year | +23.0% | +17.5% |
| Drawdown | ||
| Below its high | 5.9%, high on Aug 14, 2026 | 6.8%, high on Aug 14, 2026 |
| Benchmark | ||
| What it tracks | No index, actively managed | S&P SmallCap 600 Index |
| Cost and size | ||
| Expense ratio | 0.28% | 0.07% |
| Net assets, as of Sep 30, 2026 | $6.4bn | $4.0bn |
| Holdings | ||
| Holdings in common | 25% | |
| Top ten holdings, share of the fund | 8.0% | 5.3% |
Holdings in common uses holdings dated Jun 30, 2026 and Sep 30, 2026. Method
Risk and return
Dec 1, 2023 to Oct 23, 2026 · 151 weekly returnsFESM returned more: +80.6% to +46.3%. VIOO swung slightly less: 18.0% to 19.4%. FESM and VIOO fell about the same at their worst: −24.5% and −24.2%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FESM | VIOO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +80.6% | +46.3% | FESM | Price change plus distributions, reinvested. |
| Annualized | +22.6% | +14.0% | FESM | Total return as a yearly rate. |
| Price return | +75.5% | +40.2% | FESM | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.4% | 18.0% | VIOO (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.7% | 12.1% | VIOO (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −24.5% | −24.2% | Tie | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.92 | 0.57 | FESM | Return above Treasury bills per unit of volatility. |
| Sortino | 1.41 | 0.85 | FESM | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.92 | 0.58 | FESM | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 151 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, FESM and VIOO hold 25% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Sep 30, 2026.
half
25% in common
Only in one fund ↓
Side by side
FESM and VIOO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FESM and VIOO are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FESM follows No index, actively managed and VIOO follows S&P SmallCap 600 Index.
- Holdings in common. 25% of the weight is in the same securities (holdings dated Jun 30, 2026 and Sep 30, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 FESM returned +23.0% and VIOO +17.5% with distributions reinvested, a gap of 5.5 points.
Data as of Oct 28, 2026.
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
FESM
FESM is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +23.0% with distributions reinvested. The prospectus expense ratio is 0.28% a year. By its holdings filed for Jun 30, 2026, 1% of the fund by weight is stocks the S&P 500 also holds, across 779 positions, with the top ten at 8.0%. It sat 5.9% below its high of Aug 14, 2026 on Oct 28, 2026.
VIOO
VIOO tracks an index. Over the year to Oct 28, 2026 it returned +17.5% with distributions reinvested, against +17.5% for its benchmark, the S&P SmallCap 600 Index. The prospectus expense ratio is 0.07% a year. By its holdings published by its issuer as of Sep 30, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 607 positions, with the top ten at 5.3%. It sat 6.8% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, FESM or VIOO?
- In the year to Oct 28, 2026, with distributions reinvested, FESM returned +23.0% and VIOO +17.5%.
- Which is cheaper, FESM or VIOO?
- VIOO is cheaper, by 0.21 percentage points a year. That is about $21 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, FESM against VIOO, data as of Oct 28, 2026. https://etfiq.com/compare/any/fesm-vs-vioo
ETFIQ. (Oct 28, 2026). FESM against VIOO. Retrieved from https://etfiq.com/compare/any/fesm-vs-vioo
[FESM against VIOO (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/fesm-vs-vioo)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.