VSMAX vs. FSSNX: Vanguard Small-Cap Index Fun or Fidelity Small Cap Index Fund?
Figures last verified October 31, 2026
Small-cap indexing, Vanguard versus Fidelity — with a subtle index difference (CRSP vs Russell 2000) that has historically nudged returns.
| VSMAX | FSSNX | |
|---|---|---|
| Fund | Vanguard Small-Cap Index Fund Admiral Shares | Fidelity Small Cap Index Fund |
| Family | Vanguard | Fidelity |
| Category | Small Cap | Small Cap |
| Type | Index | Index |
| Expense ratio | 0.05% | 0.025% |
| Cost per $10k/yr | $5 | $2.50 |
| Minimum | $3,000 | $0 |
| Strategy | Tracks the CRSP US Small Cap Index — roughly 1,300 smaller US companies. | Tracks the Russell 2000 Index — 2,000 small US companies. |
Near-identical on cost (0.05% vs 0.025%). VSMAX's CRSP index runs slightly larger and has historically edged the Russell 2000 that FSSNX tracks, owing to the Russell's mechanical June reconstitution. A small lean toward VSMAX in a vacuum; let your brokerage decide in practice.
About VSMAX
The academic case for small caps — that they've historically outpaced large caps over very long periods — has had a rough couple of decades, with mega-cap tech doing most of the market's work. VSMAX is the cheap way to bet the pattern reasserts itself: 1,300-odd smaller companies at 0.05%, no manager trying to outsmart the category.
About FSSNX
FSSNX tracks the Russell 2000, the small-cap benchmark every financial channel quotes, for 0.025% — a fee so low it's worth remembering that active small-cap managers justify 1%+ fees precisely by claiming this segment is inefficient. Some genuinely beat it; predicting which ones, in advance, net of fees, remains the unsolved problem.
Whichever you pick, the principle is the same one that runs through this whole site: minimize cost, hold for decades, ignore the noise. See how both stack up against the field in our best index funds by category, or run the numbers yourself with the expense ratio calculator.
Expense ratios and minimums drawn from fund provider documentation; last verified October 31, 2026. Editorial opinion, not investment advice. Confirm figures against the official prospectus before investing.