Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Does VSMAX invest in smaller companies than FSEVX?
You are comparing apples and oranges: the charts show the capital appreciation excluding dividends. If you include dividends and calculate a total return over that period you see VSMAX up 132% vs. FSEVX up 129%, i.e. quite close. That residual difference is possibly due to a performance difference between the two benchmarks.