FGBMX vs. VEGBX

Last updated Jul 2, 2026

FGBMX (Fidelity Advisor New Markets Income Fund Class Z) and VEGBX (Vanguard Emerging Markets Bond Fund Admiral Shares) are both Emerging Markets Bonds funds. Over the past 5 years, FGBMX returned 3.96%/yr vs 4.47%/yr for VEGBX. Their correlation of 0.88 suggests significant overlap in exposure. FGBMX charges 0.73%/yr vs 0.40%/yr for VEGBX.

Performance

FGBMX vs. VEGBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Markets Income Fund Class Z (FGBMX) and Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGBMX achieves a 4.48% return, which is significantly higher than VEGBX's 3.52% return.

FGBMX

• 1D: 0.47%
• 1M: 0.76%
• YTD: 4.48%
• 6M: 4.48%
• 1Y: 13.55%
• 3Y*: 12.23%
• 5Y*: 3.96%
• 10Y*: —

VEGBX

• 1D: -0.04%
• 1M: 0.84%
• YTD: 3.52%
• 6M: 3.52%
• 1Y: 11.27%
• 3Y*: 11.33%
• 5Y*: 4.47%
• 10Y*: —

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

FGBMX vs. VEGBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FGBMX Fidelity Advisor New Markets Income Fund Class Z	4.48%	14.93%	6.88%	14.10%	-16.03%	-2.36%	4.63%	10.73%	0.15%
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	3.52%	14.46%	7.60%	13.81%	-13.02%	-1.44%	15.18%	17.87%	0.46%

Correlation

The correlation between FGBMX and VEGBX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 4, 2018	0.88

The correlation between FGBMX and VEGBX has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

FGBMX vs. VEGBX — Risk / Return Rank

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

FGBMX

FGBMX Risk / Return Rank: 93
FGBMX Sharpe Ratio Rank: 97
FGBMX Sortino Ratio Rank: 97
FGBMX Omega Ratio Rank: 94
FGBMX Calmar Ratio Rank: 87
FGBMX Martin Ratio Rank: 92

VEGBX

VEGBX Risk / Return Rank: 88
VEGBX Sharpe Ratio Rank: 92
VEGBX Sortino Ratio Rank: 94
VEGBX Omega Ratio Rank: 88
VEGBX Calmar Ratio Rank: 79
VEGBX Martin Ratio Rank: 86

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.

FGBMX vs. VEGBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New Markets Income Fund Class Z (FGBMX) and Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX). 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.

	FGBMX	VEGBX	Difference
Sharpe ratio: Return per unit of total volatility	3.19	2.69	+0.50
Sortino ratio: Return per unit of downside risk	5.29	4.31	+0.98
Omega ratio: Gain probability vs. loss probability	1.67	1.54	+0.13
Calmar ratio: Return relative to maximum drawdown	3.63	3.07	+0.56
Martin ratio: Return relative to average drawdown	15.81	13.41	+2.41

FGBMX vs. VEGBX - Sharpe Ratio Comparison

The current FGBMX Sharpe Ratio is 3.19, which is comparable to the VEGBX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of FGBMX and VEGBX, 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

FGBMX vs. VEGBX - Drawdown Comparison

The maximum FGBMX drawdown since its inception was -27.12%, which is greater than VEGBX's maximum drawdown of -24.27%. Use the drawdown chart below to compare losses from any high point for FGBMX and VEGBX.

Drawdown Indicators

	FGBMX	VEGBX	Difference
Max Drawdown Largest peak-to-trough decline	-27.12%	-24.27%	-2.85%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-3.79%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-6.40%	-5.53%	-0.87%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-24.27%	-2.85%
Current Drawdown Current decline from peak	-0.03%	-0.12%	+0.09%
Average Drawdown Average peak-to-trough decline	-6.07%	-3.81%	-2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.87%	+0.01%

Volatility

FGBMX vs. VEGBX - Volatility Comparison

Fidelity Advisor New Markets Income Fund Class Z (FGBMX) and Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX) have volatilities of 1.12% and 1.09%, 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

	FGBMX	VEGBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.09%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	3.65%	3.67%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	4.42%	4.35%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	6.35%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.26%	6.35%	+0.91%

FGBMX vs. VEGBX - Expense Ratio Comparison

FGBMX has a 0.73% expense ratio, which is higher than VEGBX's 0.40% expense ratio.

Dividends

FGBMX vs. VEGBX - Dividend Comparison

FGBMX's dividend yield for the trailing twelve months is around 4.96%, less than VEGBX's 5.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGBMX Fidelity Advisor New Markets Income Fund Class Z	4.96%	5.13%	4.79%	5.24%	4.00%	3.55%	4.14%	4.62%	0.43%	0.00%
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	5.61%	6.34%	7.02%	7.20%	5.61%	5.14%	4.62%	6.42%	5.00%	0.39%

Frequently Asked Questions

Can I hold both FGBMX and VEGBX in my portfolio?

FGBMX and VEGBX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGBMX or VEGBX?

FGBMX has higher volatility (1.12%) compared to VEGBX (1.09%). In terms of maximum drawdown, FGBMX dropped -27.12% vs VEGBX's -24.27%.

Which has better risk-adjusted returns?

FGBMX currently has the higher Sharpe Ratio (3.19 vs 2.69), 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.