VTSAX vs FSTVX impact of quarterly vs semi annual dividends

[muskie28]

VTSAX and FSTVX are esentially the same fund. One is Vanguard and one is fidelity.

The one spot I found a difference was on the dividend schedule.
VTSAX is quarterly and FSTVX is twice a year

VTSAX
Dividend $0.26200 09/09/2016
Dividend $0.22800 06/10/2016
Dividend $0.23400 03/11/2016
Dividend $0.28300 12/17/2015

FSTVX
4/15/16 $0.18068 
12/18/15 $0.97285 
4/10/15 $0.16744   
12/19/14 $0.82089

Has anyone seen any research and it doesn't have to be on these 2 funds on the impact of quarterly vs semi annual dividends in the long term?

[Proud Foot]

I have not seen any actual research on these but I did a quick comparison of VTSAX and whether it was paid quarterly or semiannually. Using the assumptions that semiannual dividends were paid on 3/11 and 9/9 and the total dividends paid for each calculation had the same total and were reinvested here is what I found:

For one share held before the 12/17/15 dividend through the 9/9/16 dividend you held 1.019787 shares for quarterly dividends and 1.019544 shares for the semiannual dividends. A small difference but over a long time the compounding would take effect and create a larger difference.  This is just looking at shares held and assuming the same NAV for each fund on the day the dividends are reinvested.

Because of more frequent reinvesting, the quarterly payer may see a higher return if the "off quarter" (times quarterly dividends paid but not semiannual) dividends are paid/reinvested in a down market which has recovered by the time the next dividend has been paid.

For VTSAX/FSTVX I think they may be hard to compare as although they are essentially the same fund I imagine there are still differences in the exact holdings which will change the amount of dividends the fund receives from their holdings.

ETA: Just looked at VTSAX/FSTVX over the short term 10/1/15-9/1/16 and VTSAX had a 16.98% return while FSTVX had a 17.03% return (17.88% including cap gains distributed)

[wapiti]

Assuming the holdings are the same, it's better to have quarterly dividends, because of the interest compounding.
You need also to take in account the fees, the fund liquidity and tacking error.