FARMX vs. VEGI

Last updated Jun 24, 2026

FARMX (Fidelity Agricultural Productivity Fund) and VEGI (iShares MSCI Agriculture Producers ETF) are both funds - FARMX is a Energy Equities fund managed by Fidelity, while VEGI is a Mid Cap Value Equities fund tracking the MSCI ACWI Select Agriculture Producers Investable Market Index. Over the past 5 years, FARMX returned 4.73%/yr vs 3.64%/yr for VEGI. With a 0.97 correlation, they move nearly in lockstep. FARMX charges 0.99%/yr vs 0.39%/yr for VEGI.

Performance

FARMX vs. VEGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Agricultural Productivity Fund (FARMX) and iShares MSCI Agriculture Producers ETF (VEGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FARMX achieves a 16.91% return, which is significantly higher than VEGI's 11.86% return.

FARMX

• 1D: 0.14%
• 1M: 0.24%
• YTD: 16.91%
• 6M: 16.46%
• 1Y: 10.28%
• 3Y*: 5.35%
• 5Y*: 4.73%
• 10Y*: —

VEGI

• 1D: -0.88%
• 1M: -1.59%
• YTD: 11.86%
• 6M: 11.31%
• 1Y: 7.98%
• 3Y*: 5.45%
• 5Y*: 3.64%
• 10Y*: 8.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FARMX vs. VEGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FARMX Fidelity Agricultural Productivity Fund	16.91%	7.99%	-4.83%	-11.61%	13.68%	23.36%	53.58%
VEGI iShares MSCI Agriculture Producers ETF	11.86%	11.34%	-4.85%	-8.59%	6.34%	21.56%	55.10%

Correlation

The correlation between FARMX and VEGI is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 16, 2020	0.97

The correlation between FARMX and VEGI has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

FARMX vs. VEGI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FARMX

FARMX Risk / Return Rank: 8
FARMX Sharpe Ratio Rank: 8
FARMX Sortino Ratio Rank: 8
FARMX Omega Ratio Rank: 8
FARMX Calmar Ratio Rank: 11
FARMX Martin Ratio Rank: 7

VEGI

VEGI Risk / Return Rank: 18
VEGI Sharpe Ratio Rank: 17
VEGI Sortino Ratio Rank: 17
VEGI Omega Ratio Rank: 16
VEGI Calmar Ratio Rank: 21
VEGI Martin Ratio Rank: 18

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FARMX vs. VEGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Agricultural Productivity Fund (FARMX) and iShares MSCI Agriculture Producers ETF (VEGI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FARMX	VEGI	Difference
Sharpe ratio: Return per unit of total volatility	0.62	0.54	+0.08
Sortino ratio: Return per unit of downside risk	1.02	0.89	+0.13
Omega ratio: Gain probability vs. loss probability	1.12	1.10	+0.01
Calmar ratio: Return relative to maximum drawdown	0.99	0.93	+0.06
Martin ratio: Return relative to average drawdown	1.92	1.89	+0.03

FARMX vs. VEGI - Sharpe Ratio Comparison

The current FARMX Sharpe Ratio is 0.62, which is comparable to the VEGI Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of FARMX and VEGI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FARMX vs. VEGI - Drawdown Comparison

The maximum FARMX drawdown since its inception was -30.27%, smaller than the maximum VEGI drawdown of -37.37%. Use the drawdown chart below to compare losses from any high point for FARMX and VEGI.

Drawdown Indicators

	FARMX	VEGI	Difference
Max Drawdown Largest peak-to-trough decline	-30.27%	-37.37%	+7.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	-8.61%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-19.81%	-17.71%	-2.10%
Max Drawdown (5Y) Largest decline over 5 years	-30.27%	-28.86%	-1.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.37%	—
Current Drawdown Current decline from peak	-6.16%	-8.52%	+2.36%
Average Drawdown Average peak-to-trough decline	-12.77%	-9.81%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.10%	4.23%	+0.87%

Volatility

FARMX vs. VEGI - Volatility Comparison

Fidelity Agricultural Productivity Fund (FARMX) and iShares MSCI Agriculture Producers ETF (VEGI) have volatilities of 3.93% and 4.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FARMX	VEGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	4.12%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	12.03%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.81%	14.91%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.90%	17.85%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	18.89%	+0.76%

FARMX vs. VEGI - Expense Ratio Comparison

FARMX has a 0.99% expense ratio, which is higher than VEGI's 0.39% expense ratio.

Dividends

FARMX vs. VEGI - Dividend Comparison

FARMX's dividend yield for the trailing twelve months is around 1.58%, less than VEGI's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FARMX Fidelity Agricultural Productivity Fund	1.58%	1.85%	2.29%	1.33%	1.17%	0.71%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%
VEGI iShares MSCI Agriculture Producers ETF	2.00%	2.33%	2.62%	2.54%	1.49%	1.46%	1.55%	1.84%	2.02%	1.75%	2.13%	2.49%

Frequently Asked Questions

Can I hold both FARMX and VEGI in my portfolio?

With a correlation of 0.95, FARMX and VEGI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FARMX or VEGI?

VEGI has higher volatility (4.12%) compared to FARMX (3.93%). In terms of maximum drawdown, FARMX dropped -30.27% vs VEGI's -37.37%.

Which has better risk-adjusted returns?

FARMX currently has the higher Sharpe Ratio (0.62 vs 0.54), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.