FEQHX vs. VDIGX

Last updated Jun 23, 2026

FEQHX (Fidelity Hedged Equity Fund) and VDIGX (Vanguard Dividend Growth Fund) are both mutual funds - FEQHX is a Large Cap Blend Equities fund actively managed by Fidelity, while VDIGX is a Dividend fund actively managed by Vanguard. Both are actively managed. Over the past 3 years, FEQHX returned 16.28%/yr vs 13.24%/yr for VDIGX. A 0.73 correlation means they provide meaningful diversification when combined. FEQHX charges 0.55%/yr vs 0.22%/yr for VDIGX.

Performance

FEQHX vs. VDIGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity Fund (FEQHX) and Vanguard Dividend Growth Fund (VDIGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEQHX achieves a 8.26% return, which is significantly higher than VDIGX's 2.69% return.

FEQHX

• 1D: 0.88%
• 1M: 0.00%
• YTD: 8.26%
• 6M: 7.75%
• 1Y: 20.17%
• 3Y*: 16.28%
• 5Y*: —
• 10Y*: —

VDIGX

• 1D: 0.51%
• 1M: 0.93%
• YTD: 2.69%
• 6M: 2.42%
• 1Y: 10.98%
• 3Y*: 13.24%
• 5Y*: 10.35%
• 10Y*: 12.33%

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

FEQHX vs. VDIGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FEQHX Fidelity Hedged Equity Fund	8.26%	13.61%	19.46%	17.65%	-4.85%
VDIGX Vanguard Dividend Growth Fund	2.69%	11.11%	20.84%	8.11%	3.35%

Correlation

The correlation between FEQHX and VDIGX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.73

The correlation between FEQHX and VDIGX has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

FEQHX vs. VDIGX — Risk / Return Rank

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

FEQHX

FEQHX Risk / Return Rank: 55
FEQHX Sharpe Ratio Rank: 57
FEQHX Sortino Ratio Rank: 55
FEQHX Omega Ratio Rank: 54
FEQHX Calmar Ratio Rank: 54
FEQHX Martin Ratio Rank: 55

VDIGX

VDIGX Risk / Return Rank: 16
VDIGX Sharpe Ratio Rank: 16
VDIGX Sortino Ratio Rank: 17
VDIGX Omega Ratio Rank: 14
VDIGX Calmar Ratio Rank: 13
VDIGX Martin Ratio Rank: 19

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.

FEQHX vs. VDIGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity Fund (FEQHX) and Vanguard Dividend Growth Fund (VDIGX). 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.

	FEQHX	VDIGX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.05	+1.00
Sortino ratio: Return per unit of downside risk	2.86	1.60	+1.26
Omega ratio: Gain probability vs. loss probability	1.37	1.19	+0.19
Calmar ratio: Return relative to maximum drawdown	2.70	1.18	+1.52
Martin ratio: Return relative to average drawdown	10.42	4.58	+5.84

FEQHX vs. VDIGX - Sharpe Ratio Comparison

The current FEQHX Sharpe Ratio is 2.06, which is higher than the VDIGX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of FEQHX and VDIGX, 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

FEQHX vs. VDIGX - Drawdown Comparison

The maximum FEQHX drawdown since its inception was -10.42%, smaller than the maximum VDIGX drawdown of -45.23%. Use the drawdown chart below to compare losses from any high point for FEQHX and VDIGX.

Drawdown Indicators

	FEQHX	VDIGX	Difference
Max Drawdown Largest peak-to-trough decline	-10.42%	-45.23%	+34.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-9.09%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	-10.42%	-10.23%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.98%	—
Current Drawdown Current decline from peak	-1.59%	-0.63%	-0.96%
Average Drawdown Average peak-to-trough decline	-2.22%	-6.64%	+4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	2.34%	-0.43%

Volatility

FEQHX vs. VDIGX - Volatility Comparison

Fidelity Hedged Equity Fund (FEQHX) has a higher volatility of 4.05% compared to Vanguard Dividend Growth Fund (VDIGX) at 3.11%. This indicates that FEQHX's price experiences larger fluctuations and is considered to be riskier than VDIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEQHX	VDIGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	3.11%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	7.50%	7.81%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	10.22%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	13.89%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.33%	15.71%	-4.38%

FEQHX vs. VDIGX - Expense Ratio Comparison

FEQHX has a 0.55% expense ratio, which is higher than VDIGX's 0.22% expense ratio.

Dividends

FEQHX vs. VDIGX - Dividend Comparison

FEQHX's dividend yield for the trailing twelve months is around 0.51%, less than VDIGX's 23.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEQHX Fidelity Hedged Equity Fund	0.51%	0.43%	0.61%	0.77%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VDIGX Vanguard Dividend Growth Fund	23.91%	21.90%	21.94%	2.29%	6.06%	5.45%	2.83%	4.70%	8.72%	5.16%	2.86%	5.70%

Frequently Asked Questions

Can I hold both FEQHX and VDIGX in my portfolio?

FEQHX and VDIGX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEQHX or VDIGX?

FEQHX has higher volatility (4.05%) compared to VDIGX (3.11%). In terms of maximum drawdown, FEQHX dropped -10.42% vs VDIGX's -45.23%.

Which has better risk-adjusted returns?

FEQHX currently has the higher Sharpe Ratio (2.06 vs 1.05), 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.