FCPGX vs. VNQ

Last updated Jun 13, 2026

FCPGX (Fidelity Small Cap Growth Fund) and VNQ (Vanguard Real Estate ETF) are both funds - FCPGX is a Small Cap Growth Equities fund managed by Fidelity, while VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. Over the past 10 years, FCPGX returned 14.97%/yr vs 5.65%/yr for VNQ. A 0.61 correlation means they provide meaningful diversification when combined. FCPGX charges 1.00%/yr vs 0.13%/yr for VNQ.

Performance

FCPGX vs. VNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small Cap Growth Fund (FCPGX) and Vanguard Real Estate ETF (VNQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCPGX achieves a 18.99% return, which is significantly higher than VNQ's 12.51% return. Over the past 10 years, FCPGX has outperformed VNQ with an annualized return of 14.97%, while VNQ has yielded a comparatively lower 5.65% annualized return.

FCPGX

• 1D: 4.26%
• 1M: 1.29%
• YTD: 18.99%
• 6M: 16.17%
• 1Y: 36.82%
• 3Y*: 20.10%
• 5Y*: 7.60%
• 10Y*: 14.97%

VNQ

• 1D: 0.92%
• 1M: 2.73%
• YTD: 12.51%
• 6M: 12.32%
• 1Y: 12.92%
• 3Y*: 10.14%
• 5Y*: 2.55%
• 10Y*: 5.65%

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

FCPGX vs. VNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCPGX Fidelity Small Cap Growth Fund	18.99%	11.20%	20.56%	19.02%	-25.34%	10.50%	36.41%	36.31%	-4.57%	28.99%
VNQ Vanguard Real Estate ETF	12.51%	3.24%	4.81%	11.85%	-26.25%	40.54%	-4.61%	28.91%	-6.03%	4.90%

Correlation

The correlation between FCPGX and VNQ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Nov 4, 2004	0.61

Over the past year, the correlation between FCPGX and VNQ has dropped to 0.40 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

Return for Risk

FCPGX vs. VNQ — Risk / Return Rank

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

FCPGX

FCPGX Risk / Return Rank: 59
FCPGX Sharpe Ratio Rank: 52
FCPGX Sortino Ratio Rank: 48
FCPGX Omega Ratio Rank: 45
FCPGX Calmar Ratio Rank: 75
FCPGX Martin Ratio Rank: 76

VNQ

VNQ Risk / Return Rank: 32
VNQ Sharpe Ratio Rank: 30
VNQ Sortino Ratio Rank: 28
VNQ Omega Ratio Rank: 28
VNQ Calmar Ratio Rank: 35
VNQ Martin Ratio Rank: 36

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.

FCPGX vs. VNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small Cap Growth Fund (FCPGX) and Vanguard Real Estate ETF (VNQ). 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.

	FCPGX	VNQ	Difference
Sharpe ratio: Return per unit of total volatility	1.66	0.96	+0.70
Sortino ratio: Return per unit of downside risk	2.29	1.39	+0.90
Omega ratio: Gain probability vs. loss probability	1.28	1.17	+0.11
Calmar ratio: Return relative to maximum drawdown	2.80	1.56	+1.24
Martin ratio: Return relative to average drawdown	11.15	4.90	+6.25

FCPGX vs. VNQ - Sharpe Ratio Comparison

The current FCPGX Sharpe Ratio is 1.66, which is higher than the VNQ Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of FCPGX and VNQ, 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

FCPGX vs. VNQ - Drawdown Comparison

The maximum FCPGX drawdown since its inception was -59.11%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for FCPGX and VNQ.

Drawdown Indicators

	FCPGX	VNQ	Difference
Max Drawdown Largest peak-to-trough decline	-59.11%	-73.07%	+13.96%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-8.34%	-4.78%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-17.46%	-11.23%
Max Drawdown (5Y) Largest decline over 5 years	-39.04%	-34.48%	-4.56%
Max Drawdown (10Y) Largest decline over 10 years	-39.04%	-42.40%	+3.36%
Current Drawdown Current decline from peak	-0.19%	0.00%	-0.19%
Average Drawdown Average peak-to-trough decline	-10.69%	-13.61%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.65%	+0.64%

Volatility

FCPGX vs. VNQ - Volatility Comparison

Fidelity Small Cap Growth Fund (FCPGX) has a higher volatility of 8.73% compared to Vanguard Real Estate ETF (VNQ) at 4.72%. This indicates that FCPGX's price experiences larger fluctuations and is considered to be riskier than VNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCPGX	VNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	4.72%	+4.01%
Volatility (6M) Calculated over the trailing 6-month period	17.37%	9.77%	+7.60%
Volatility (1Y) Calculated over the trailing 1-year period	22.11%	13.54%	+8.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.65%	18.84%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.92%	20.72%	+2.20%

FCPGX vs. VNQ - Expense Ratio Comparison

FCPGX has a 1.00% expense ratio, which is higher than VNQ's 0.13% expense ratio.

Dividends

FCPGX vs. VNQ - Dividend Comparison

FCPGX's dividend yield for the trailing twelve months is around 5.37%, more than VNQ's 3.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCPGX Fidelity Small Cap Growth Fund	5.37%	6.38%	1.37%	0.00%	0.00%	19.27%	8.19%	5.31%	14.35%	6.88%	1.53%	4.32%
VNQ Vanguard Real Estate ETF	3.54%	3.92%	3.85%	3.95%	3.91%	2.56%	3.93%	3.39%	4.74%	4.23%	4.82%	3.92%

Frequently Asked Questions

Can I hold both FCPGX and VNQ in my portfolio?

FCPGX and VNQ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCPGX or VNQ?

FCPGX has higher volatility (8.73%) compared to VNQ (4.72%). In terms of maximum drawdown, FCPGX dropped -59.11% vs VNQ's -73.07%.

Which has better risk-adjusted returns?

FCPGX currently has the higher Sharpe Ratio (1.66 vs 0.96), 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.