If I use large icon view in Explorer, the icons are larger than in Fences with wider spacing, but the captions are about the same type size so they fit well under the icons.
If I use medium icon view, the icons are similar size with similar spacing (maybe a bit smaller). The caption text is perhaps a bit smaller.
In both cases the vertical spacing allows for four lines of captions under each icon, enough to handle all captions in the folder but with caption words broken as needed.