This is a multipurpose and very powerful tool which I have used with success for some time.
http://www.lazesoft.com/lazesoft-recovery-suite.html
You need the top item, which is Free for private Home use,
or for business use you get the Professional version at $27-95 which has even more capability.
Caution - for the Free version you are linked to CNET which requires cautious clicking to ensure you only get the 25.5 MB download.
I have just been advised of a feature I had never needed or inspected.
It can clone and shrink from a large VHD to a smaller VHD.
Bottom left corner is "Disk Image and Clone"
On the left side are all the tools/options/wizards you need :-
Disk Tools section, next to last item, "Create VHD"
It created :-
4500 MB at R:/#-R-VHD/4500.vhd = 4.39 GB
1500 MB at R:/#-R-VHD/1500.vhd = 1.46 GB
2900 MB at R:/#-R-VHD/2900.vhd = 2.83 GB
1800 MB at R:/#-R-VHD/1800.vhd = 1.76 GB
To the 4500.vhd I restored a 3.39 GB D:\ from a Macrium image backup.
The used space was 761 MB
Defraggler shows the MFT is in the final 34% of the disk
I fear that might be unmovable so I start by cloning down to 2900 MB
On the Left Side under "Drive Clone" I chose "Clone Disk"
Select Source Disk - chose "4 Disk 4.72 GBMsft Virtual Disk"
and tick "Specify Partitions to Copy / Next
Selected Disk2-h_Portable,(D:). NTFS 3.39 GB /next
Select destination Disk - chose "6 Disk 2.83 GBMsft Virtual Disk /next
Tick option “Shrink partitions size on target disk”
( Different Disk signature pre-ticked for convenience ) / Next
End result = 2.785 GB F:\ with all user data followed immediately by the MFT zone in the first 34 % of the disk.
The last 64% of the disk was completely free space.
Then I tried Cloning from the 2900 MB "6 Disk 2.83 GBMsft Virtual Disk"
down to the 1500 MB "Disk 5 1.46 GBMsft Virtual Disk",
but this failed perhaps I would have been lucky the second time - perhaps my Malware Blocker wrongly kicked into action.
I retied cloning down from
2900 MB “6 Disk 2.83 GBMsft Virtual Disk”
to
1800 MB at R:/#-R-VHD/1800.vhd = 1.76 GB
That was perfectly successful.
I had been advised to use the option "Shrink partitions size on target disk"
I noticed above this the option "Fit partitions to entire disk".
By using this option I was able to directly clone down from
"4 Disk 4.72 GBMsft Virtual Disk"
to
"5 Disk 1.46 GBMsft Virtual Disk"
For some of my tests there were warnings of Disk Signature collisions after a Clone,
and the option to restart Windows - which I always declined.
Only once did did Windows fail to fix the collision and so automatically put the latest Clone "Offline"
When I launched Windows Disk Management and put the Disk "Online" then Windows fixed its signature and all was well.
Please note that some Lazesoft operations require that it "Lock" a drive,
and if you have an application that prevents locking you have to close that application.
Defraggler is one such application.
Please note that Lazesoft needs to be closed before placing the computer in SLEEP mode.
I have very briefly explored this Clone capability on a small VHD
If you have problems I suggest reading the Help and visiting the site FAQ's or emailing their Support.